Home Buying in Alexandria>Question Details

Salman.haq, Real Estate Pro in Washington, DC

What should I know before I buy an investment condo in the Huntington metro area?

Asked by Salman.haq, Washington, DC Mon Jun 17, 2013

I've been eyeing several condo developments in that area which were built pre-1970. These appeal to me because they are within my budget and their proximity to a metro station. Many investors seem to be snapping up similar properties in that area. I'd like to get their perspective on the overall experience of being a landlord around Huntington metro area.

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The area is undergoing some new development in the past few years. I concur with Karen's answer and would also add that the properties affected by the flooding were the duplexes, not the condos. You should check with owners of the condo association to find out if there are any offers from potential developers to buy out the entire condo project.
0 votes Thank Flag Link Mon Jun 17, 2013
I'm not an investor, and I don't know how experienced you may already be as an investor yourself...but good questions to find out answers to other there are how much condo fees are, what is included, what is the state of the condo association financially (percentage of delinquent home owners), ratio of investor vs occupant owned properties and specific to that area....are they in the flood zone and/or did they have flood damage several years back when much of that area was under water and evacuated. Also, a market analysis for expected rental income with special consideration to competition with newer condo buildings that provide lots of amenities like Midtown. Hope that helps, and again apologies in advance if you already know all those questions.

Karen Hall
Principal Broker, @home real estate
Alexandria, VA 22314
0 votes Thank Flag Link Mon Jun 17, 2013
Those are good considerations. Thanks.
Flag Mon Jun 17, 2013
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