If you’re looking at investing in the real estate market, you might have your eye on one of the suburbs around Washington, D.C. There are lots of jobs in D.C., and the culture there is growing, making it a great long-term investment. But buying in the capital itself can be expensive and may limit your options for a good property.
Just across the river, however, you can find some of the best apartments in Rosslyn VA. Read on to learn about this neighborhood and why it should be on the top of your list for your next investment opportunity.
Welcome to Rosslyn
Before we dive into the advantages of investing in Rosslyn, let’s talk some about the neighborhood. Rosslyn is a neighborhood of Arlington, Virginia, and is just across the river from Washington, D.C. It has amazing access to historic landmarks, a thriving culture, and plentiful job opportunities.
Rosslyn features a three-acre park with an amphitheater, an ornamental garden, and an enormous sandbox. Every September, your tenants can enjoy the Rosslyn Jazz Festival, and in between, they can enjoy more than two dozen sit-down restaurants in the neighborhood. The area is walkable, with lots of green space and plenty of broad sidewalks.
One of the best reasons to invest in Rosslyn real estate is its premium location. Rosslyn is just a fifteen-minute drive from the heart of Washington, D.C., and is even closer to some key national monuments. In fact, you can get to the National Mall in under ten minutes, thanks to the nearby I-66!
In addition to providing easy access to D.C.’s many cultural treasures, Rosslyn is close to a number of major employers. Deloitte and Lockheed Martin are both located in Arlington, employing more than 6,000 people between them. The United States Department of Defense, which employs 36,000 people, is also nearby, as is the United States Department of Justice.
While living in Washington, D.C., offers a lot of benefits, one of the major downsides is the cost. On the landlord side, properties in D.C. cost more than $600,000 on average, which means you have to have a lot of money to invest upfront. And on the tenant side, rent is more than $2,200 a month.
In Rosslyn, however, property is much more affordable, making it a much more accessible investment. Median list prices in Rosslyn are under $400,000, and property taxes are much lower. Rent, however, is about the same as in D.C., making this a much more profitable area to invest in than D.C. proper.
When you’re trying to draw in quality tenants, you want to be able to show them that the area they’ll be living in has a lot for them to do. Rosslyn has an amazing array of restaurants, museums, bars, shopping, theater, and more. Your tenants will never be left on a Friday night wondering what to do in the city.
Arlington offers a wide variety of restaurants ranging from sports bars and pie companies to breweries and Greek food. If your tenants don’t feel like going to D.C. for some history, the Arlington National Cemetery and the Iwo Jima memorial are just two of Arlington’s most well-known attractions. And when it comes to shopping, you can find major shopping malls, European-style promenades, local boutiques, and more scattered across the city.
Excellent Public Transportation
One of the biggest benefits of living in a city is that there’s easily accessible public transportation. This can be an important factor for tenants who don’t have access to a car, don’t like driving, or want to reduce their environmental impact. And living in Rosslyn, Virginia, your tenants will be able to get to lots of public transport options.
There are more than ten different bus lines in Rosslyn, including the D.C. Circulator, which runs to Georgetown and Dupont. There are also three different subway stations in Rosslyn: Rosslyn Station, Clarendon Station, and Court House Station. And if your tenants do have a car, I-66 makes it easy to get in and out of D.C., as well as around Arlington.
Arrange Your Finances
Before you start investing in Rosslyn, you’ll need to get your financial situation in order. First of all, you’ll have to figure out if you can afford to pay cash for your investment property or if you need to finance it. If you do decide to get a mortgage, you’ll need at least a 20 percent down payment for the property – and the more you have, the better.
Once you’ve figured out your budget and financing, you’ll need to figure out what sort of profit margin you need to cover all the expenses for your property. Make sure you account for unexpected costs, such as appliance replacements, roof repairs, and so on. From there, you can arrange to pay the mortgage and start your passive income stream.
Find the Best Apartments in Rosslyn VA
Investing in Rosslyn, Virginia, can be a great way to set up your passive income streams. The neighborhood provides excellent access to D.C., a thriving culture, and fantastic public transport. You can also get a higher profit here, since property values are much lower, while rent is about the same as in D.C.
If you’d like to find the best apartments in Rosslyn, VA, check out the rest of our site at Nomadic Real Estate. We provide leasing, management, sales, and, most importantly, peace of mind. Contact us today and start making your D.C. investment the smart way.