Out of State Investor Looking for Help
Hi Everyone!
I’m an out-of-state apartment investor looking for some help. I need to branch out into a new state, and I’m doing some research on the District of Columbia. Below are the criteria I’m looking for in the property:
- 5+ Units
- Purchase Price between $800K and $3M.
- C-class properties in B/C neighborhoods
- Light rehab (no full guts or extensive deferred maintenance)
- Reasonable price. I don’t need home runs, I need base hits and doubles.
- Less than a 45 commute to the downtown area.
Some areas I’m considering include:
- Alexandra, VA
- Arlington, VA
- Reston, VA
- Annandale, VA
- Gaithersburg, MD
- Potomac, MD
I’d love your help answering the following questions:
- Which city / market would you start your search in?
- What are some of the potential pros and cons of the cities I’d mentioned?
- What’s the price range per unit in the area?
- What’s the rent range per bedroom in the area?
Thanks in advance for the help!
Clinton