Investing in Danville, VA

[Jason Davis]

Just curious about anyone that own's property in and around Danville and how it's working out. I've done a little bit of research and it looks like most of the places are pretty inexpensive, but I'm familiar enough with the area to know that the population is lower now than it was 20 years ago, which would seem to be a negative.  I've looked at a few places on zillow/realtor etc. and they are all generally 3/2 and 1200ish square feet and are listed between 10-20k. Most note that they are section 8 rentals at right around 400/month.  Based on that, the initial numbers seem to make sense, but I'd love to hear from someone that has actually invested there.

[Ian MacDougall]

I don't have too much experience with Danville other than seeing that there are revitalization efforts going on for its downtown area for the past several years. As others have said, an industrial town like this has definitely suffered economically. That casino will definitely be beneficial though - maybe it has been approved by now?

Regardless, it sounds like the area is more of a cash flow play than a cash flow + appreciation. Not sure if you're weighing options, but I invest in Lynchburg (45-1hr north of Danville) which is a great market to invest in if you want to ensure more appreciation in your investments. Three colleges/universities plus a community college in town with a rapidly developing downtown area. Has a hospital network as well. I recently rented a townhouse for above market rent within a week of listing to awesome tenants. Hope this at least somewhat helps!