Hello Team!

I'm new to Bigger Pockets but just got the word that the military is sending me to DC next summer. This will be my third (and most analyzed!) home purchase, both of the others are now rentals. I'm looking to purchase somewhere in Annandale area or towards DC but am looking forward to using all the tools I now have at my fingertips. I have some time before moving so not only is this not a rush but I like the possibility of a bit of a fixer upper.

Thanks!

Katie

@Katie Werback

I live in annandale and right now the market is out of control. I looked at a house today with ARV of $700k needs $200k worth of work and has offers over $600k.

For buy and hold you will not cash flow unless you have a significant down payment but your ROI will be very low. You will need to hold it for a long time to gain the appreciation

One thing to consider is right now rents on the area are down 5% and expected to be down next year before recovering.

Point being proceed with caution.

@Chris Seveney Thanks so much, that's nuts! I've got five to six months to look and keep my fingers crossed but I'll definitely keep an eye out for rentals.

Are you being posted within the District? If you will be nearer Andrews AFB or Fort Meade, consider Prince George's County for cash-flow and possibly Anne Arundel County for stable appreciation.

@Katie Werback , congrats on the orders. I love that area and am envious. I would expand your search from just Annandale for several reasons. First, the market is hot and you will need to analyze a lot more properties to find a prudent deal. Second, Annandale is a nice city, and a decent commute to the Pentagon, but there aren't as many commuting options. You have to drive or take the bus. With that, other cities/towns offer the same benefit: Springfield, Burke, Fairfax and Fairfax Station. Other areas offer the metrorail as well: Arlington, Alexandria, East(ish) Springfield. You can also look farther west now that the silver line(metrorail) is expanding out there, at areas like Chantilly, Herndon, Reston. Also, Maryland has some nice areas that are nice commutes as well: Bethesda for example. There is a great network of folks in the area that I have worked with and would be happy to put you in touch with them. Just let me know.

Good luck!!

@Kevin Hunter I would greatly appreciate local contacts! I'm trying to stick between Annandale and DC proper for family reasons, those silly self-imposed constraints. I'm super excited to be returning to the area, never thought it would happen the first or second time!

Congrats on your upcoming move to the DMV (you'll here this a lot out here...in this area it actually stands for "DC, Maryland, Virginia" rather than Dept of Motor Vehicles)! I'll echo what's already been said: if you can, you may want to consider expanding your search outside of just Annandale. There are lots of solid areas, and even though things look far on a map, they're not that far away. If you ever want anyone to bounce ideas or questions off of, I'd be happy to talk! Just send a DM :)

Welcome to the DMV!  Lots of value is still being found and purchased, just have to be careful with your numbers.  

Good luck!

I would say try close to Fort Meade, there are still some spots around there with good appreciation and rental cash flow.  Good luck!