Will SE DC and PG County ever turn around?
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!