Generally very good. But, be sure to get a strong rental CMA before you buy anything. I work with many investors throughout the Dulles area and would be pleased to talk with you about ways I might be able to assist you. Please let me know if I can help!
I would say that you need to look at your goals in finding and running a rental property. It could be possible in this market to find a property that you could settle on and then rent for a positive cash flow. It will take much more work to find one and you will have to be will to look outside of Centreville. If you think of the investment as a future value of cash formula you will see that it is possible to borrow enough money to purchase a small condo and then rent it to cover the mortgage and keep a little extra for yourself. This only works out when the entrust rates are low like they are currently.
Currently there is a property in the 22304 zip code for sale with an asking price of $249,900 the Property next to it is for rent for$1895.00 a month. The question you should ask your mortgage lender is could I have bought the one for 249,900 and paid less than 1895.00 a month in mortgage and other ownership costs.
I agree with the other comments. Centreville is a good area, but you probably shouldn't restrict yourself to just there. And some of the other comments raise the legitimate point about the quality of renters. You've got an awful lot of them with bruised credit--short sales or foreclosures, for instance. (And some are just flakey!) So make sure you do your due dilligence.
The rental market is good but even better are the deals for first time homebuyers! See a mortgage company first and weigh your options of how much it will cost you at the end of the year to rent vs own, the numbers will surprise you once you figure in your tax deduction and how much money you lose paying rent over 12 months.
Why Centreville? There are some other areas you may wish to consider as well depending on price range and what your expectations are.
The rental market..though pretty strong..is full of under-qualified applicants. The days of putting a post in the ground and picking your creampuff tenant from a host of qualified credit worthy applicants is over. Many applicants have poor credit and creativity with these applicants is key.
Best of luck to you and if you would like assistance..
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
There are currently over 30 rental properties in Centreville area, more if you include Chantilly area.
You can use the MAP search to find Residential Rentals on my web site to learn about the rental market:
We are very experinced with investors in Real Estate.
The entire Northern Va area has been strong in rentals for years. This is driven by the need for military housing, the general transient nature of the Metro area, and fact that the administration turns over at least once every 8 years.
We work with investors to find the best fit for their portfolio. Although the rental market is very good in Centreville, you need to match the market with what you are trying to accomplish from an ROI and cash flow target.
Rentals in the Centreville area are moving rapidly. Rents generally range from $1,400 to $3,800 hundred depending on size, style and of course location. I would be happy to pursue availability if you will give me your needs and prefernces i.e. single family detached, townhomes, condomiiums, location etc.
Centreville has always been - and always will be - a very strong rental market. Access to transportation, number of rental units available and central location in Northern Virginia are key factors. Don't be afraid, the rental market has been very steady over the years. Sale prices are not coming down, interest rates on commercial property will not get much lower. Buy now.