Proof there is profit in low income areas! ~ Petersburg, VA ~
Alright BP, here's my first success story!
It's a 3 bed 2 bath, 1500 sq ft house in Petersburg, VA. When we bought it, it had structure issues, mold, no HVAC, leaky roof(cough, cough-- 4 layers of shingles), stolen copper pipes, closed off floor plan pretty much all the bad cards were thrown our way... but $39K and 5-months later, it's the prettiest house in the neighborhood!
We only do buy/hold and it's currently rented for $900/mo. When we bought it, my realtor told me I was "overly optimistic" for thinking I could rent it for $850-$1,000/mo--- so don't let other drag you down when they doubt your vision. It's proof that if you work really hard, and see what others can't, there's a money to be made!
Purchase price: - $20K
Renovation Cost - $39K
Total Cost - $59K
Appraisal Value: - $90K
Equity- - $31K