Adrye, personally I've been buying houses around the uptown area, renovating, living in them for 2 years to get the tax free gains, and then selling and moving to the next upcoming area. I started this in the Midwood area and now am over in the Wilmore area. Now is a great time to buy in Midwood, Wilmore, Elizabeth, Chantilly, Wesley Heights and even Dilworth. The prices have rescinded back to 3-4 years ago in a lot of the neighborhoods. They will become hot again. Depending on how comfortable you are with certain neighborhoods can mean more equity in a short period of time. For instance, Wilmore isn't at the redevelopment phase of Dilworth yet so you can buy a lot more reasonably there but your neighbors may be renters....and vice versa.
Feel free to let me know if we can help.