Looking for Laurel, MD Househack Expert!

[Joseph Girsch]

Hello Everyone,

I'm a new investor looking to purchase my first househack in Laurel, MD. I have a steady job, good credit, and just finished paying off my car loan, and some cash saved up for a downpayment. My plan is to purchase a property to live in it for a year, but with the intention to turn it into a full rental property after that.

The challenge I am facing now, is finding a property that will cashflow after I leave.

The properties in Laurel, MD (both PG County and Howard County side) are very high compared to the rents and I realized pretty early on that I am going to have to buy at least a moderate reno to be able to purchase at enough of a discount.

I have no experience flipping properties, so I thought maybe I could start small with an off market 2 bedroom, 2 full bath condo that needs a renovation. To summarize my research, the market rent for a 2-2 condo seems to be around $1500, ARVs of around $155,000, and Iv'e seen condo fees anywhere between $250 and $320. For a condo needing ~$25,000 in repairs, I would need to be able to purchase it around $94,000 to have any hope for cashflow. But is finding such a condo at this price realistic for this market?

Any locals with insight into the strategy or a list of Condo Associations to avoid would be super helpful!