Well that's news to me, as it's population has been growing, and we still can't satisfy demand with the new condos being built.

His mother is going into an assisted living facility and needs to sell...all they are looking for is to pay off the mortgage owed (about $108K) I would prefer not to come out of pocket to satisfy in full b/c i have other projects going on and i'm a bit cash strapped until they close.

I just bought a leasehold condo in the Marco Polo building a couple weeks ago -- it's all about the comps and making sure there's enough time remaining on the lease to still make it a marketable product.

There was a proposed reduction in the monthly cost of all FHA loans that was Trumped, but that proposal hadn't made it to implementation, so what you read that was written in November 2016 about FHA financing will remain true in February 2017.

John - did the foreclosure process conclude prior to BK filing and only the transfer of deed remained, or did the BK filing precede foreclosure conclusion? 

. = $(140,000)Step 2) Divid additional square footage by remaining sale price. 1000/$50,000= $50/sqftStep 3) Calculate value of Target property using original and enclosed values. 1350*100+550*50= $162,500This is a big difference over $190,000 you might mistakenly value the property at if you apply a $$/sqft equal to a base square footage.

The situation is that the home is under a lease for a remaining 6 months (assuming they won't leave earlier with incentives) prior to the time when I would move in.  

Banks are pretty real estate friendly right now, and as long as your credit remains strong and  you are buying with equity and cashflow, you should be able to grow a very healthy portfolio with commercial loans.To get some education, speak out a commercial lender to see what your options are.

I know that is not alot in northern Virginia, so if you need to, do it for two years, save the $38,400 and you can then buy a property for $326,400.Use the other part of the income you mentioned to increase those numbers to one that satisfies your investment strategy.  

If you want to know if your scenario would work, send me 4 pieces of information; Sale Price, Original Purchase Price, Depreciation (if any), Remaining Mortgage (if any).