Neighborhood to invest in Richmond, VA

[Erjia Mao]

Hi, I'm a fairly new investor in Richmond, VA. I have purchased two rental properties (1 townhouse and 1 duplex) on the west end last year. They are not the traditional type of properties investors would buy to BRRRR, but it does cash flow well ($400+ for the townhouse and $800+ for the duplex) and fairly easy to self-manage. As both me and my husband work full-time and have a young baby, we prefer properties that do not require tons of rehab and can rent out after quick fixes with good cashflow and potential for appreciation. What are some neighborhood that I should focus on in Richmond the the surrounding areas? The West End does have some townhouses/condos that meet our criteria, but it's getting very competitive. I want to ask my fellow Richmond investors if there is any other neighborhood that may have similar properties (hoping to buy some detached SFHs too to diversify). Thank you!!

[Sarah Stamper]

@Erjia Mao hi! I invest in Richmond. I suggest investing in a areas that aren’t far from you if you don’t have a lot of time. I am not sure where you live. If you are new to the area drive the different areas to get a feel for what you like. I manage our rentals (and am a mom) so I like to invest in neighborhoods that are not more then 30mins away, areas that I would feel safe going to at night, also if the house/townhouse is in a good school district it will almost always be rentable if it’s fixed up. Try to find houses that aren’t too old that don’t need a lot of repairs. I suggest going to meet ups when they open back up. To ask around where others invest. I invest in henrico county mostly because I live in henrico. Chesterfield is also a rental able area. West end is expensive so it’s hard to find deals there. Downtown richmond is hard to find deals that aren’t old and need a lot of work. Good look and I look forward to meeting you!