Rental Property Investor · Aldie, VA · Member since 2017 · 26 posts · 16 votes
Hello BP community-- new investor from NOVA looking to expand my market education, and Charlottesville seems to have decent metrics (1.9% job growth, lots of good retailers/restaurants, increasing population, UVA, etc.), though I could see the area being a little pricey. Anyone have experience here? Thanks so much.
I've lived in Charlottesville for 10+ years and focus on multifamily units. It is difficult to find a multi with ROI of 8+% in Charlottesville but deals still come along. There are a few areas I would personally stay away from. I can find multiple deals with 13+% in neighboring cities such as Waynesboro, Staunton, or Harrisonburg if 1 hour is within reach for you. If you want to discuss offline I'd be happy to do so.
I personally would never invest there. I lived there for 6 years, steady jobs and growth, and rgeat quality oflife... however the housing cost is ridiculous and not for investors IMO. Check out Richmond/Chesterfield/Colonial Heights/Petersburg/Hopewell or the Hampton Roads area instead!
I've lived in Charlottesville for 10+ years and focus on multifamily units. It is difficult to find a multi with ROI of 8+% in Charlottesville but deals still come along. There are a few areas I would personally stay away from. I can find multiple deals with 13+% in neighboring cities such as Waynesboro, Staunton, or Harrisonburg if 1 hour is within reach for you. If you want to discuss offline I'd be happy to do so.
Thanks-- sounds like where I live. The areas you mentioned were on my radar, so at least I'm on the right path. Do you use a single agent covering that much area or a few who specialize in said neighborhoods? I guess ultimately it can depend on how plugged in/knowledgeable the agent is...
@David D'Arcy Hey David, where are you finding these deals in Waynesboro and staunton?
I agree, @Scott Holmes, You're better off in Richmond area or even better further east. But Charlottesville is pricey. We currently have about 50 units in Charlottesville, but we are not growing very fast, and for that reason.
And if you're looking for a good agent west of Charlottesville (waynesboro, stauton), I'd talk to @Cesar Rebolledo.
@Account Closed Nothing unusual. We try and find off market deals through our network (realtor, wholesale) and through direct mail but typically find deals right off the MLS.
I think I remember looking into that market awhile back and the numbers don't pan out - at least in the downtown/beltway area. Don't know about outside areas like mentioned. Almost as pricey as Ashburn.
@Scott Holmes I live not too far from you and I had to invest in outside markets where the numbers work much better than here. You can PM me if you want to know more.
I've lived in Charlottesville for 10+ years and focus on multifamily units. It is difficult to find a multi with ROI of 8+% in Charlottesville but deals still come along. There are a few areas I would personally stay away from. I can find multiple deals with 13+% in neighboring cities such as Waynesboro, Staunton, or Harrisonburg if 1 hour is within reach for you. If you want to discuss offline I'd be happy to do so.
Still steadily finding these deals? Though 13% is pretty far on the low side which is mostly why I've bought nothing in a while
I agree however we see that return on most listings in outer Charlottesville markets and 18% is certainly not uncommon. Here in town that is no small accomplishment.
This is an older thread but the Charlottesville and surrounding markets are exploding right now. We have seen significant increases in rents across the board over the last 2 years and that's not to say they were low before. Charlottesville multifamily market is excellent and there is tons of money to be made. The surrounding areas like Waynesboro do ok but they are less desirable than Charlottesville or even Louisa.
Does this still hold true? Just bought my first place (and long distance it is from me) in waynesboro as c’ville just seemed way too high. I’m anxious about this house (plan on str’ing it) as I jumped in with my heart before my head. Never wise, but the “it’s got 20 offers on it, can’t you go up a little” last minute auction mindset got me.
@Jake Johnson When you say Charlottesville multifamily, are you talking du/triplexes or 4+ units? I keep my eye on the Charlottesville SFR inventory but am curious what that side of things is like. Either way, watching prices hike over the past year and see the kind of offers that win bidding wars has been mind boggling.
@Jake Johnson When you say Charlottesville multifamily, are you talking du/triplexes or 4+ units? I keep my eye on the Charlottesville SFR inventory but am curious what that side of things is like. Either way, watching prices hike over the past year and see the kind of offers that win bidding wars has been mind boggling.
Both single family and multi family are strong at the moment.