The answer is a definite "maybe."
Sorry about that.
I probably wouldn't do that. I was involved in some condos in Reston a few years ago, and I'm not too optimistic about prices recovering soon.
If you're willing to hold for perhaps longer than 5 years and are willing to focus on cash flow, what you can do is attempt to buy a low-end foreclosure or short sale and then rent it out. In Shadowood, for instance, the condos (2 and 3 bedroom) are selling for $120,000-$150,000. And they're renting for about $1,250-$1,450. So you could buy one, get a positive cash flow, and just sit on it awhile. But there tends to be a lot of competition for those units. Long-term, that strategy should pay off. You'll get cash flow now, and at some point (though who knows when) appreciation.
Still, I'd probably look elsewhere for investment properties.
Hope that helps.... more
I personally love the Haymarket area of Northern Virginia. Wonderful community, hometown feel, and the schools are among the best in Prince William County. Feel free to give me a call or shoot me an email with more questions about Northern Virginia!
Suzanne Majali, Realtor
This is what I know;
2 years of last 5 years. It does Not have to be consecutive but 2 in Last 5
You can only sell one primary residence in last 2 years.
PLEASE buzz a tax accountant to be SURE..... more
Your question is not showing the property you are asking about. Could you please post the address? then I can tell you.
This link will show you a few on the homes that are in the same areas you looked at:
Click the following URL to see the general group of listings:
And this next link will show you all single family homes priced below $500 currently for sale in Reston:
Click the following URL to see the listings:
If you can let me know which you are asking about in specific, I can try and help you a little more.