New Construction Investment: Anything I'm missing?

[Haythem Hedda]

Hi All, 

I'm a licenced agent in DC, VA, and MD, and have been a long time follower, but first time posting. I've come across what I think is a great opportunity, which I plan to go in on for myself, and share with my investor clients, but I wanted to make sure that I don't overlook anything. New condos are about to be released for sale (phase 1 of 3), for delivery in early 2021. The location is in Tyson's Corner, VA, and tied to the great school systems of McLean, VA (which is highly sought after). There's a lot of upside, as billions of dollars is being pumped into this area, and there's a lot of growth in the pipeline.

A 3 bd unit will start at $750,000, with a monthly estimate exp of ~$1000 (taxes, insurance, condo fee). Rentals for near by apartment complex's offering same size and finish are renting for ~$4,500+. In my mind it being a new build, there's a lot less risk, since grounds and roof are covered by the condo, and all the systems will be new.  With 25% down, I would cash flow ~$1,000 a month. 

The developer is well known and I don't foresee them going under. I know sometimes we get tunnel vision when we focus on a deal, but from an outside perspective, or from those who have dealt with purchasing new construction for rental purposes, what else should I be looking out for?

Feel free to share your thoughts whether good or bad. Much appreciated!