Richmond, VA B+ or Better Neighborhood/Property

[A Holder]

Hi,

Out of state but interested in purchasing a long term rental property in Richmond, VA that's B+ or better in a neighborhood that has all the trappings to attract a stable tenant. This would be a longer term buy and hold rental (duplex/single family). I'm curious about Union hill, Church Hill North, Fan District, Museum District. Would appreciate any intel on what these areas are like. Thanks so much BP!

[Shera Gregory]

Hi @A Holder - As with many areas these days this is a pretty competitive market. I always recommend that you have a solid approach to evaluating potential rentals taking into account all the expenses that lie ahead like potential future capital expenses and maintenance. You need to good tool for determining market rents and you need to decide if there is any angle you want to use to try to get above market rent. For the areas you mention there's a wide range for current rent and where you fall in that spectrum can make or break a rental cash-flow wise.