It does a great job of breaking things down for you. I would almost always say that buying is better than owning (tax incentives, etc...) As long as you have good credit, there are conventional loans and FHA that require just 3-3.5% down and a good agent (hint hint) can negotiate your closing costs. (I work with a fabulous lender I can refer you to.)
Now is a great time to buy as I can't imagine interest rates getting any lower. And who wants to pay someone else's mortgage when they can build their own equity?
Lot's of great suggestions already. Feel free to contact me at firstname.lastname@example.org or 703-517-5608 if you have any questions. I'm always happy to help!
I suggest you expand your search into nearby Alexandria and Falls Church. Alexandria, in particular, has lower priced condos. This is also the time to talk with lenders while your are making your plans to buy. If you belong to a credit union, check with them first. If not, ask friends and colleagues for referrals to good local lenders. Please let me know if you need lender recommendations. That is a critical first step as you begin this process.
Currently I see one listing in Arlington County listed under $150K, it is 695 sq feet, and has a $524 a month condo fee. You need to be careful focusing on a low priced unit, because there is normally a reason that a unit is low priced; high condo fee, poorly run association, or aging community assets.
It might make sense for you to consider an FHA loan, though it has higher fees than conventional financing, and increase your price point to a better located/managed condo association.
McEnearney Associates Inc.
Licensed in Virginia
Also, don't forget about the condo fees when calculating your monthly payment and comparing to the $1100/mo rent.
Let me know if you have additional question.