Looking to buy a condo in NW, given my current budget (550k ish), I can only afford 1x1 (maybe den as a 2nd bedroom + parking) in a "luxury" apartment .
Does it make sense to get a 1x1? Cont'd

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If you’re looking to rent your condo for $2500-$3000/mo, that’s a pretty common rent in DC even for a 1BR. I don’t think you’ll have priced yourself out of the rental market, but you’ll probably be looking for young couples or a successful single person at that price. If you haven’t already looked, I’d recommend checking out urbanturf DC’s website - they do listings of the week and in the past I’ve seen some really beautiful 1-2BR condos in the 450-650K range.

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Thanks a lot M1!

No

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I know I asked a few questions 🙃, but kindly be more specific

Later down the line, I would like to rent it out and get a 2nd place.

Does it make sense to just wait until I can afford a 2x2? Will it significantly increase my chances of getting rental income to cover at least 70-80% of the mortgage?

With 1x1, it seems like potentially rental income will only cover about 55-70% of the mortgage

Random question, given my budget can I get a 2 level loft? Or is that wishful thinking 😑🙃

How much are you putting down? If you put a lot down you will find someone to cover the mortgage. Depends also on location some areas you can get higher rents. They are building an apartment building on the waterfront with rents starting at $5k.

5-10%

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