Rental Property, Chesapeake Va

[Kristine F.]

Hello. I am new to investung and I just purchased a foreclosure in Chesapeake Va for $185K. I will spend about $25K in renovation costs. There is a $200/mo HOA fee. I will pay my property manager the first month's rent and $89/mo. The fair market rent in the area is around $1650. Can you please advise if I made a good deal? Also, how does the Chesapeake Va real estate market look like? I live in California so the properties are too expensive which is why I looked into purchasing out of state. I was initially going to purchase in Dallas because all of the articles I read say that the Dallas market is great. However, I decided on Chesapeake because I was worried that property values in Dallas are already inflated. I found a great realtor that helped me find the foreclosure and I read that Chesapeake is a great rental market since it is close to a lot of military bases. Any input would be greatly appreciated. Thanks in advance!