Looking for advise on Northern VA Condos

[cruz878]

Appreciate the feedback from everyone. Luckily I have another 6-9 months to overthink this!

Going up there for the weekend at the end of the month so I think looking around the different areas will shed some light on whether or not we would consider living in any of these neighborhoods. My standards are not high, but my wife's are somewhat higher than mine!

Seems the consensus is I have to spend more $$. To get what I am after is 250k even really enough? I can stretch the budget but the more I spend the more years I will need to stay in the condo, so the middle schools will become important as I move up in price. With condo fees +$500 I definitely don't want to end up without a tenant for long periods of time if we purchase and rent out some years down the road.

You all have just about swayed me back to renting. I just hate the idea of putting out almost 50k over 2 years in rent and having absolutely nothing to show for it. Better that than negative equity / cash flow in a condo though I suppose.

[goldenage1]

I tend to agree with Boyd about negative cash flow in an older building. When you are on the ground visiting, you will have a better feel for the neighborhoods.

I personally think the South 5th Street place would be attractive to yuppies working for the Defense or State Departments. I would also check if the building allows short-term rentals, as you might be able to make more money. The other places near Seven Corners are going to attract immigrant families.

If you still want to buy, I am going to again recommend looking at the places near the Mosby Woods or Providence Elementary Schools in Fairfax City. I suspect you would attract small families. There was one townhouse with 3-bedrooms and a laundry on 10115 Mosby Woods for about $210K, another nearby at $229.5K.

Other places to look at if you purchase are Dunn Loring, Vienna or Oakton.

[TheWatchmen]

Originally Posted by cruz878

How much will being away from the Metro impact my ability to rent it out down the road? In my mind I want to get as close as possible to the Metro as if I was a renter without kids (as I imagine most renters are here) that would be my primary concern. Adding my son to the equation is what is making this more difficult as I need to get him in a somewhat acceptable elementary school for at least a few years.

Laundry, while nice, is not a requirement as we will spend the weekends/holidays/etc at our primary residence. No allergies (other than the dog) and we lived in Philadelphia for years so we are definitely used to the city smog factor.

Using the school scoring system on Zillow (still need to run them through Schooldigger) I bookmarked these for further review:

Alexandria:

5602 Bismach Dr # 4 - 200k, 2bd, 2 bth, 1038 sqft, nice remodel, avg schools, HOA = unknown -
5602 Bismach Dr # 4, Alexandria, VA 22312 | Zillow

Arlington:

3601 5th St S APT 513 - 205k, 2bd, 1 bth, 956 sqft, good schools, HOA = $688 -
3601 5th St S APT 513, Arlington, VA 22204 | Zillow

1519 S George Mason Dr APT 21 - 198k, 2bd, 1 bth, 844 sqft, avg schools, HOA = unknown -
1519 S George Mason Dr APT 21, Arlington, VA 22204 | Zillow

Falls Church:

2921 Willston Pl APT 150 - 195k, 2 bd, 1 bth, 718 sqft, good schools, HOA = unknown -
2921 Willston Pl APT 150, Falls Church, VA 22044 | Zillow

7366 Lee Hwy UNIT 101 - 209k, 2bd, 1 bth, 891 sqst, good schools, HOA = unknown -
7366 Lee Hwy UNIT 101, Falls Church, VA 22046 | Zillow

7314 Lee Hwy UNIT T3 - 190k, 2bd, 1 bth, 861 sqft, good schools, HOA = $393 -
7314 Lee Hwy UNIT T3, Falls Church, VA 22046 | Zillow

7528 Savannah St APT 203 - 195k, 2 bd, 1 bth, 833 sqft, good schools, HOA = unknown -
7528 Savannah St APT 203, Falls Church, VA 22043 | Zillow

None of these are near a metro.

You are going about this the wrong way. Agree with the poster above that you should just rent for the time being.

If I was looking to purchase an condo investment property, I would prioritize metro accessibility over other factors.

[BarqCider]

at least you've put more effort into this than 99% of those who post here asking for half a mile land, 6 bed rooms, 4 bathrooms, good schools all for 120k.

id personally would advise renting at least a year. find you like and rent an apartment for a year. get to know this area.