Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
These look like cashflow markets for small multifamily properties. Is anyone having success there with buy & hold? How is the crime? Are there areas to avoid?
Petersburg is a totally different market from Colonial Heights which is a total different market from Hopewell which is a totally different market from the surrounding counties Chesterfield, Prince George, and Dinwiddie. Virginia is the only state where the cities are actually standalone localities and totally separate from their neighboring county.
@Wesley W. The market here is not great. I started here in Colonial Heights late last year and did a couple flips (flops) that didn't make nearly what I hoped. I'm now looking seriously into some buy and hold properties for Petersburg. There's a lot of potential but only in a particular area of the town. You should attend the Petersburg REI meetings. I can let you know the details for the next one when they put it out.