In regards to first-time homebuyer financing, lending is a critical pivot to start with. While there are several very good programs, each vary in DC/MD and VA for owner occupant loans but will not for a lot and/or land investor.
Have you been pre-approved for your loan, budget, property-type price range or do you need a recommendation for a local reputable lender, who can review your options, at no cost or obligation?
In general, areas within the Beltway will be pricier and have held or increased in value, over the last 2 years vs other areas located further outside the Beltway. All the markets quite literally are local and very different. For example most of DC, Arlington, Alexandria, Bethesda and Chevy Chase has not only stabilized but are seeing multiple offers on bank and non-bank owned homes and rental price increases because of the close-in demand.
Has your lender given you the price points and property types you'll be looking at?
How important is a commiute to you?
Does a 5% return take into account your potential interest and property tax deductions or is there another type of calculation, or method, you're using?
Please, feel free to email or call me, directly, with any other important questions or if you'd like to set up an appointment to discuss anything further.