Newbie Looking to Buy/Hold and Househack in Silver Spring, MD

[Justin Saunders]

Hello Everyone,

I am new to this game so forgive me in advance. I am interested in buying a property (preferably a condo) in the downtown Silver Spring area in MD. My intention is to househack for a couple of years and eventually rent out the entire space. 

The draws: the area has been booming for years. A lot of college students or recent college grads live there and it's becoming a city of its own independent of DC with plenty to do.

However, after some quick research, I am finding it near impossible to hit the 1% rule in that area. Most of the condos are $300K+ (not to mention the HOA's or any renovations), but average rent is around $2K.

Is there any possible way to come out above water in this area or should I give up hope and look somewhere else? Much appreciated!

[Michael Upshur]

@Justin Saunders, Unfortunately, Downtown Silver Spring is pretty maxed out.  I agree that you would be better looking further out.  Even something up Route 29 would give you a little more to see.