Best location in the 804 area code (RVA) to do a traditional house hack?
I am looking into getting my first house hack at the end of this year by going the traditional route and getting a multi-family. Does anyone have any suggestions for the best locations in the 804 area code (Greater Richmond, Virginia) for me to start? I currently rent in RVA, but I'm wondering if there's a better location outside of the city for me to start and grow.
Would appreciate any advice, I love hearing different opinions! Thanks!
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
Church Hill / Church Hill North will have inventory of what you need.
Hey @Joshua Smith, Richmond-area investor and realtor here. Love your plan to house hack - it's the best and most affordable way to enter into the real estate investing game!
A quick answer to your question: you're mostly (not entirely) going to be limited to Richmond city limits if you want to buy a true multifamily property (duplex, triplex, etc). Northside, The Fan, Jackson Ward, Church Hill. There just aren't many true MF properties in the surrounding counties. I helped a client buy a duplex in Jackson Ward on Clay St. They rented out the big unit out front, while living in the 1 bedroom unit on the back of the building. They have since moved out and are now renting out both units, and on to their next property.
An alternative idea would be to house hack by renting out individual bedrooms (any single family house would do), a walkout basement (slightly more rare), or a garage apartment (even more rare). This could open your search up to almost anywhere you want to be in the 804 where you can find a single family home that would work.
Happy to chat more, feel free to shoot me a DM if interested.
^^I echo what Brandon shared. My biggest regret is not buying a house hack for my first property in 2017.
Hi Mr. Smith, You will need to stay within the city to find a small multifamily property. The neighborhoods of Church Hill and the Fan are known for having higher rents and better appreciation rates for multifamily properties. However, the higher prices in these areas can make it harder to afford and make the numbers work. On the other hand, Jackson Ward and Manchester offer lower prices and rents with less appreciation, but they are easier to afford and easier to cash flow/break even. Feel free to reach out to me if you need help with anything!