Buying foreclosure near Inova hospital (Arlington: bank owned, apartment, rentals)

[krishna1]

I am looking to buy a bank owned foreclosed 1/2 bed apartment thru a foreclosure website around inova hospital (near gallows road). Is it a good place to buy to rent it out? Do they rent easily in this location?
Or is there a better place for this purpose in NOVA? My budget is not more than 200k. Any advice welcome.

[goozer]

It is not a high-crime area, if that is what you mean. As far as the ease with which you could rent it, it all depends (like selling a house) on how you price it. Overall, though, I would think it is better than a lot of areas for a rental property. It is near a big shopping plaza on Rte. 50 and it sits almost right on the Beltway which makes it convenient for getting to other parts of the DC metro area. It sounds like you haven't seen the place though. Be careful. Foreclosure purchases always sound like a bargain, but it is important to be fully informed. Most people who tend to do well picking up foreclosure properties are often very familiar with the neighborhoods they buy in. Also, since you take a property "as is" at a foreclosure sale, it helps to be handy in case the place needs major repairs. I have heard horror stories about disgruntled homeowners venting their anger at the foreclosing bank by ripping out fixtures and pipes and vandalizing the place before they leave.

[rwillwer]

Let me know if you're looking for a partner at all. I of course would be invested as well. We strongly prefer the Arlington area. I'm a class A licensed contractor with experience in the area. let me know if you're interested Enhanced Roofing & Remodeling Bathroom Remodeling Roofing Kitchen Remodeling Siding Photos Design

[claremarie]

If the apartment were easy to rent out (at a rent that would pay your costs), wouldn't the owner have done so?

[lchoro]

At 200K, can you get enough rent on a 1/2 br to cover your expenses, let alone make a decent return?

[krishna1]

Thanks everyone for all your replies. Yes, I am new to NOVA. And I am new to this foreclosure stuff , so I wish to use all the advice I can get.

I focussed on this area thinking proximity to a hospital and dunn loring metro would make this area a good rental location.

I noticed a 3 bed 3 bath bank owned condo sold in that vicinity for $ 261 k. Assuming , it would at least rent out for $ 2000k ( craigslist rentals) , isn't that a good rental return?