Houses under $70k in Fredericksburg, VA (22401)

[Nilesh Makhija]

Do you still find properties (single family or townhouses), 2/1, 3/1 in zip code 22401 around class C neighborhood areas? I am looking for $60-$70k all in with purchase price and rehab costs and having a 10% cap rate. But recently it has become hard to find any deals in the market. Do you still see if this criteria is good enough for this market or need to look in other markets to meet the criteria?

[Wynn L.]

@Nilesh Makhija - I live and work in Spotsylvania County and can see the growth all around me. Some examples include several brand new apartment complexes and the approval of multiple subdivisions with more than 10,000 units slated over the next 10 years. Also, Lidl, a European grocery chain with its US headquarters in Arlington, VA, is nearing completion of a one million square foot distribution facility and its first stateside grocery store. There are plans to build a second store, also in Spotsylvania.

The rental market seems to be pretty saturated right now and some of the complexes are nearing completion, at least in phases.  Also, there aren't a lot of low priced properties on the market.  If you can find the properties and rehab them, this looks to be more of a flip market.

You're quite welcome!

Wynn