Converting Current Home as First Rental
Current home is a TH in Chantilly, valued at just over 500K, owe 350k. I have a VA loan on it now, which I am constantly checking Bankrate for a good rate for conventional non-VA, non-FHA loan. Rentometer is showing that a neighbor in my row of THs is renting out at 2200/mo. With current rates, taxes, and HOA, I would *make* $170/mo. This is not including any capex, repairs, warranties, property management, vacancy, etc. I feel I can charge 2300 since we have a larger deck and fence. I understand that $270/mo, saved away for expenses, is not an attractive deal, but I am still considering it because of appreciation. It has gone up over 100K in 9 years.
I want to buy another TH in the area and pay down its principle and repeat the process. Tons of tech jobs are surrounding the area, Google, Amazon, MS, etc. all have a major presence. I can afford to float both THs for as long as necessary and pay for repairs, new roof, whatever. Is anyone else considering a similar move, or have already done it?