Is Richmond a good buy and hold market?

[Weis Sherdel]

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.

[Daniel Harnsberger]

@Weis Sherdel,

Yes, very attainable.  I buy-and-hold in the city of Richmond.  I would recommend sticking to Chesterfield, Richmond city and Chester for your criteria.  

Prince George is not in the Richmond-metro area, while Hopewell and Petersburg are not the best areas overall.  

However, I am aware of an MLS deal in Petersburg that meets your criteria. I would be happy to refer you to the agent that showed me the deal.