No Cashflow Northern VA
I've been eager to enter the real estate market for a while now and have been a dedicated fan of BiggerPockets for years.
I visited a 1-bedroom condo in Ballston yesterday, and it has a small den.
After researching comparable rental prices, I believe I can rent it out for $2,700, with the lowest comp being $2,400. This would be after I’ve lived in it for a year.
Considering the current interest rate, my monthly payment would likely be $4,200 with a 5% down payment.
Another option would be to put 20% down instead making my payment $3,500.
Should I rely on the expectation of interest rates decreasing, property appreciation, and rising rental rates? This area typically sees rent increases.
I’ve been analyzing property numbers in my area, and it doesn’t appear to be cash-flow positive at the moment.