Real Estate Investor · Springfield, VA · Member since 2014 · 41 posts · 17 votes
I am considering markets outside of my local market and was interested in Richmond. I live in northern va and have 1 rental here and one in buffalo. I have considered some of the hotter markets like Memphis, Indianapolis etc; a place like Richmond would be 1.5 hour by drive so some more comfort there. Looking for long term buy and hold. Not really looking for fixer upper. Something that is ready or close to ready. Not looking for super cheap neighborhoods either. Maybe something in the 80-100k. Is that possible?Any suggestions on area and good management companies? I could do MLS or off market as I have some direct mail experience. I know little about the market beyond zillow.
Thanks!
Richmond, VA · Member since 2013 · 293 posts · 96 votes
11y
Richmond is definitely solid as a buy and hold given all of the economic development happening here and in the surrounding counties. Not just college driven, though being near U of R, VCU, VUU, and VSU definitely doesn't hurt. Speaking of VSU, the tri-cities area of Petersburg, Hopewell, and Colonial Heights is also a good place to look considering the proximity to Fort Lee and the numerous industrial/manufacturing employers in that area.
Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
11y
@Patrick Young I have friends who are investing in Richmond and love the market for buy and hold purposes. Specifically the college grads stick around to work there and it's heavy in the tech scene.
Investor · Washington, DC · Member since 2014 · 57 posts · 13 votes
11y
Hello everyone - I am a real estate investor from the surburbs of Washington, DC and looking for buy-and-hold in Richmond, VA since it's only 1.5 hours from me. Looking for SFR in price range of $70-$90K, rent-to-price ratio of 1.2 or better, CAP of 8.5% or better. Are these numbers attainable in Richmond? If so, what areas would you recommend for buy-and-hold in Richmond? So far I have heard Chesterfield, Prince George, Chester, Petersburg, Hopewell, Colonial Heights. Any specific observations and recommendations would be appreciated. I like a "C+/B" neighborhood.
Yes. Realty track just listed their top 50 buy and hold markets and Richmond was number 4.
I don't know if anyone else was, but I was very curious to see more of the list Adam referred to. I love reading stuff like that. I found it after a little digging, but I found it in an article from January 29. If anyone else is interested, here it is: