It would be interesting to see what your plan is and why you want to spend that much cash all at once .  

In my mind you could find some terrible happenings by spending a little extra time and effort.

I am also biased towards the Hampton Roads area over Richmond.I grew up in Hampton Roads and know that market fairly better than I do about Richmond (I didn’t spend too much personal time there).Hampton Roads does have a lot of little gems.

Lets see , the house is in foreclosure , so the sellers are losing it and they dont live there , you think they are going to spend their money to turn on the water and electric for 1 day ?  

Be careful about spending money on courses promoted at group meetings.

There are risks involved but still very good return.If you are willing to spend more money, you will  be in a decent neighborhood, in a better tenant pool with less headache.It is all about what you want to do.

I'd suggest spending about a week on ChooseFI website/podcast/facebook before jumping in with a financial advisor.

I will spend between 3 to 5K fixing bathroom, carpets and painting. 

I have $20,000 to spend.

So if you spend $50K on the rehab, you should strive for at least $100K value add for an equity increase of $50K.