First Time Home Buyer in Washington DC (House Hack Help!)

[Tyler Holowach]

Hey everyone, 

I've been listening to BP podcasts for a few months now, educating myself on the house-hacking strategy, and now interested in taking the first cut at purchasing a home! I am interested in purchasing in Washington, DC. Given the high cost of entry, I am willing and able to put around 5-7% down (depending on listing price) for something in the $700-850k price range. Ideally, I would not purchase a condo (e.g., converted rowhouse) and purchase either a town/rowhouse that could be converted down the road. I am looking to purchase around June - August of this year. 

With that being said, I have a few questions given my criteria: 

1. What neighborhoods in Washington, DC do you recommend? (Been looking at Park View, H-Street Corridor, Eckington (or anywhere around the vicinity of Union Market), and Trinidad. I want to find an area that 1) is up and coming where my property can appreciate but 2) where rents are relatively high to cover my mortgage as best as possible. 

2. What's the best method to cover your mortgage/cashflow in a market like DC? Is it convert the basement to an AirBNB/1b 1ba? Or find additonal income streams like 1-2 parking spots? Curious if there are other ideas out there

3. With the high cost of entry, do you all have suggestions on any off-market buying strategies? I've heard of 'personal letters' but not sure if there are other ideas to purchase a home off-market during a time like this. 

Thanks in advance to everyone and looking forward to your thoughts! Thanks!