Renting out townhouse in northern VA

Washington, District of Columbia
Buying & Selling Real Estate
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Renting out townhouse in northern VA

Tommy Dishion
Member since 2022 · 4 posts · 2 votes

Considering downsizing to a cheaper condo in the northern Virginia area and renting out my current townhouse. Would have a negative cash flow on the month but would save 700-800 a month on my budget? Would I have trouble renting a townhouse a 1500 square feet townhouse for 2400 near the beltway?

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  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
    3y

    Hey Tommy, 

    It depends on how the townhome looks and where exactly is but that price point should be right on target. Townhomes in Burke - Springfield - South Alexandria go for around $2400 - $2900. A little northern and also close to the beltway Annandale, Fairfax, etc they are closer to $3000 or in the low $3000. Best way is to see the rented comps in the same community. Hope it helps.

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  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
    3y

    Adding to the above it should be rented in under 30 days.

    0Reply
  • Tommy Dishion
    OP
    Member since 2022 · 4 posts · 2 votes
    3y

    Thank you for the reply Joaquin! That was my largest concern, was how quickly I’d get it rented out, especially during the holiday season.

    1Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y

    Where specifically. Neat the beltway could be old town Alexandria, could be Annandale, could be Fairfax or Falls Church etc.

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  • Tommy Dishion
    OP
    Member since 2022 · 4 posts · 2 votes
    3y

    West Springfield! Thank you for the reply!

    0Reply
  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    3y

    Definitely not. If you want to get a feel of the demand, post it on facebook marketplace and see the response you get. If you get more than 15-20 requests, you should be fine. Also, look on bigger pockets rent estimator and see what rent you can get in the area. Also, look on zillow.com to see the rentals in your area to determine the demand. 

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  • John M.
    Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes
    3y

    No clue but just wanted to give you a local shout out.  Sounds like a good plan to save $800! Perhaps you will come out ahead if your only in the negative of say $400 in the old place?  It's all about perspective on the numbers

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  • Tommy Dishion
    OP
    Member since 2022 · 4 posts · 2 votes
    3y
    thanks for the shoutout John!


    Quote from @John M.:

    No clue but just wanted to give you a local shout out.  Sounds like a good plan to save $800! Perhaps you will come out ahead if your only in the negative of say $400 in the old place?  It's all about perspective on the numbersy


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  • Mike WebberPro Member
    Real Estate Agent · Reston, VA · Member since 2020 · 84 posts · 53 votes
    3y

    I don't think you would have a problem renting it in West Springfield. I have clients right now looking in that area. As somebody else said, facebook marketplace and Zillow are great places to see how much demand there is for it. I'd be happy to take a look at recent comps and let you know my feelings. I'm of the mind that if your budget allows for you to hold on to a property, hold it. It will be a cash cow for you later in life. All of the investors I look up to in our area have homes they've held for 10+ years and they are absolutely crushing it.

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