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Updated over 8 years ago on . Most recent reply

User Stats

24
Posts
14
Votes
Akiem Jones
  • Virginia Beach, VA
14
Votes |
24
Posts

New Hampton Roads Investor Looking for First Duplex Deal

Akiem Jones
  • Virginia Beach, VA
Posted

BiggerPockets Community, How's it going!

My name is Akiem and I am originally from the Hampton Roads Virginia area. Hampton, to be exact. I went to college at Old Dominion University in Norfolk then moved to Washington, DC to work shortly after graduation. I am a CPA by day and looking to make real estate my early retirement vehicle. Long story short, I will be returning home to the Hampton Roads Area this fall which gives me an opportunity to dive into a market that isn't crazy expensive. My plan is to research the market this fall and pull the trigger on a deal early 2017. 

What am I looking to invest in? 

I am looking for a duplex in Norfolk that I can house hack. Preferably I'd like to have at least one of the sides recently renovated (or up to date). As I am new to the area (investing wise) I have a couple questions I'm hoping the community can help me with.

1. A lot of duplexes I'm seeing are in the Oceanview Area. I'm having trouble finding flood insurance rates. Does anyone have any estimates or advice? I've heard that the numbers on these properties work until you factor in the flood insurance.

2. Is there a noticeable different between what renters will pay for central air vs window units? I am hoping to attract at least C+ tenants and I imagine the higher tenant class the less likely they will accept window units.

3. Any thoughts about the market? Is it topping? Is it typically stable? I'm not as concerned about his because I plan to hold for the long term, but its always nice to know what the community thinks.

I think I've made my first post long enough. I appreciate the feedback in advance. Looking forward to connecting with the Hampton Roads Community!

Akiem

Most Popular Reply

User Stats

244
Posts
69
Votes
Sean Ploskina
  • Investor
  • Virginia Beach, VA
69
Votes |
244
Posts
Sean Ploskina
  • Investor
  • Virginia Beach, VA
Replied

@Akiem Jones Norfolk's duplexes are generally built between the 40s and 70s so a detailed inspection will be needed. With older properties a larger Capex fund should be in place for things like roofs. The neighborhoods change quickly. As for flood insurance I have several policies with Jim Clark's state farm office. On average expect to pay 100/mo in flood insurance if it is required but do your research as some areas are zoned AE which require insurance and some are zone X which don't. I have units with and without central air and I haven't seem a real difference.

  • Sean Ploskina
  • Loading replies...