I'd absolutely want to get into multi-unit row housing within Richmond City. Lakeside has a lot of multi-unit housing in the $100s, but it's a rougher neighborhood that doesn't seem to be growing with the rest of Richmond. Church Hill has been up-and-coming for a while, but that makes the $100s properties harder to come by. The Fan and Museum District are in the $300s but boy do they have some high rents to make up for it.
There's good and bad in each neighborhood, and I'm relying on the spreadsheets to tell me a little better about which is which. I'm mostly interested in positive cash-flow after a 50%-of-PITI maintenance budget and 92% vacancy. 2% per month in rent is a hard number to come by, but 1% and above seems do-able.
My plan and the specifics within it are always up for modification, and I feel like it will change drastically from where it is currently.
That being said, I'm currently attempting to save a set amount per month on top of all the retirement accounts to get my emergency fund up to 6 months living expenses within the next year. Afterwards, I'll split that monthly bill in half between money market accounts and the down payment fund. At the end of five years at my current income, negating the first year for the emergency fund, I hope to have a $40,000 down payment ready with additional funding for closing costs.
I could buy a $100,000 property when I get to half of the goal, or I could wait another year and shoot for something in the $300s. I don't know what I will come across just yet, but I know I need funding to do it so that's what I'm doing.
