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@Andrew L.
can you say more about your situation? do you own or rent now? how much is your pile? are you pre-approved for any financing?
it's possible to house hack in the DC metro area, it's just more difficult and more expensive than in many other markets as @Russell Brazil alluded to
for example, you could try to find a multi in DC (there aren't very many) or maybe a single family home in a place like herndon or springfield with a basement that you could live in, and rent out the house.
going to be really tough and really expensive... but if it were cheap and easy, wouldn't everyone do it? =)
if you buy random condos off the MLS then yes, they won't cash flow.
or, you could get really creative, and BRRRR or live in flip something further out - like frederick md, or fredericksburg va
how much elbow grease are you willing to put in?
good luck
Very busy with the current job so as little elbow grease as possible.
I need to move out of the current place so whatever I purchase will be for myself too.
$500k - $600k in savings (not touching retirement funds).
So condos are probably out of the question. Part of me wants a single-family house but that also means I will exhaust all my savings and take out a mortgage.
I would highly recommend taking out the mortgage and buying a single family or multifamily home. Condos often do not cash flow due to the HOA fees and tighter restrictions on the use of the property. With the amount of you have in savings its feasible for you to house hack a turnkey multifamily in DC and can likely buy down the rate/pay points to lower your monthly payment (if thats what you want to do). If you put down enough money and rent the other unit youll be able to live very affordably in an asset that will appreciate exponentially more than a condo. Being young -- this will also put you in a fun location you want while giving you the long term appreciation that DC has to offer.
Along with Russell, you have convinced me to look deeper into a multifamily. There are a few available but all in area I am unfamiliar with. It's probably a bit handful for me to handle a multifamily...
So back to square one, single family house?
I agree with everyone here that said the condo fees can be prohibitive. Another option would be to buy a single family home that has a walkout basement with a full bathroom. You could add a small kitchenette (hot plate, sink, toaster oven, fridge) and rent the basement out or alternatively you could live in the basement and rent the upstairs. I use this approach in Baltimore but know people who do the same all over the DMV.
