Where in NOVA best for investment property (single family home)?

[oneasterisk]

I put down about 50k in down payment, rehab costs, holding costs, closing costs etc. So it'll take me a number of years to recoup my initial investment from the cash flow, but at the same time the tenants are paying down the mortgage and increasing my equity in an asset.

Beats keeping my money in the bank and getting a whole 1% return...

[sullyguy]

Originally Posted by oneasterisk

I put down about 50k in down payment, rehab costs, holding costs, closing costs etc.

That's 12% ROI per year.

Can't knock it!

[xlordjeff]

oneasterick-

Curious--what area of Eastern PWC if you feel comfortable revealing?

[oneasterisk]

Originally Posted by xlordjeff

oneasterick-

Curious--what area of Eastern PWC if you feel comfortable revealing?

No worries, it's in the Harbors of Newport neighborhood. It's an older split level home, about 1600 sq/ft. I figure it's close to MCB Quantico/Ft. Belvoir, NVCC, I95, VRE, state park and they opened a Wegmans nearby so it should be pretty easy to keep rented.

I agree there are probably better markets for investment property, but this is my first rental and it's suggested that you start in an area you're familiar. Since I live close by I was able to manage it for a year on my own. Now that I know what that entails, I leave it to the pros to do it and I'm going to focus on owning versus managing.

Another benefit of it being close to where I live was that I was able to do some rehab costs myself. I saved some money and I learned a few skills while doing it. It was a learning experience and I have no regrets. Comparable homes in the neighborhood have sold for $60k more than what I purchased so I could cash out and be ahead tomorrow, but I'm here for the long haul. I'm 31 and I'm just getting started.