First time investor starting out in Charlottesville
I have a somewhat unique situation. I am about to finish my last year of medical school. In June I will head out of state for my intern year training, and then I will return to Charlottesville. My plan was to purchase a home, rent it out for a year (possibly to some of my friends), and then live in it while I complete the last 3 years of my residency in Charlottesville. The hope would be to retain it and rent it out after I settle down somewhere.
My question is whether or not you all think it would be worth getting into the market right now? There are not many properties within my price range (175-225K) that also fit my specifications (2-3 bed, 2-3 bath).
A second question pertains to whether or not houses being on the market for quite some time is a bad sign? There are a handful of houses that would seem to work for me and work numbers-wise, but they have been on the market for almost a year, and in this volatile market, it makes me wary of making an offer...
Any suggestions/advice would be appreciated!
Thanks,
Martin