Reason being, Valdosta has experienced two hurricanes and inflation, like we all have, in the last 5 years and the property taxes have been rising every year for the last three.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

DM me if you'd like more details or a specific breakdown for your situation!

What is the cashflow like on those new constructions? 

Hey @Spencer Cuello, like my buds said, stay away from that.

If anyone has recommendations for what they've been using and like, we would appreciate it greatly as well as any tips you may have for us!

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

I’ve been diving into the idea of investing in midterm rentals in Portsmouth, VA, and surrounding areas like New Port at Victory, Cavalier Manor, and Waterview.

Sounds like a good plan.

I’m just concerned of legality of basement unit and like you mentioned permitted status.