Hi all, I'm new to the BP community and I'm an aspiring landlord in the DC area!
I will be moving down to start my new job in DC very close to the Navy Yard, and I am considering some homes & rentals to purchase when I move down to the area. I'm essentially looking to buy an "up and coming" income property that I will own for about 30 years, in the hopes that I can make some rental money to cover my mortgage in the short term, and then pay off my mortgage in 15 years as a long term goal. I am considering all areas in the DMV, but closer proximity to the Navy Yard is one of my goals. With this, I have a few questions that I feel others here might have some insight to share:
1). I've heard that the Navy Yard used to be a dump, and now it's generally a nice area. Are there any "up and coming" areas that aren't nice now, but may go through a similar transformation in 15-20 years that are worth looking in to? Anacostia? PG County? Fort Dupont?
2). How unfriendly are Maryland's laws regarding rental income? I realize there is a property tax in MD, but I also heard that it's difficult to find tenants that are not receiving section 8 subsidies.
As a newcomer to the area in the near future, I'm open to all of your input and suggestions. Thank you in advance!
Source of income is a protected class in most of the DC metro area.
Im not a fan of Anacostia. If you were going to buy there, Id suggest not straying too far off of Pennsylvania or Good Hope Rd. Deanwood/Benning Rd area I like a lot more than Anacostia
PG County in Mt Ranier and Hyattsville, College Park, Beltsville, Greenbelt all offer good upside, with less risk than say in SE DC.
@Iggy Smith Many areas in NE DC, such as around Union Market are seeing accelerated rates of development and flipping. There is opportunity in other areas as well such as those mentioned by @Russell Brazil ...DC tenant law can be a barrier, but depending on your budget, commercial multi all over DC is booming in the affordable housing class. Many groups that specialize in affordable housing are buying up many commercial multis in neighborhoods like Anacostia.
My feeling is that PG county is poised for a bounce back. DC is becoming more and more unaffordable and is going to have to start driving people to less expensive areas eventually. PG seems to have not recovered nearly as well after the 2008 bust as the rest of the region.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing