Investment Property - Townhome - Manchester,VA

[Arun K.]

I am planning to buy my first investment property which is a brand new town home 2 miles south of James river in Manchester, VA city ( exactly 3 miles from Virginia State Capital ).

I started listening to the podcast of BiggerPockets on youtube & started taking small steps towards being financially independent.

Property price is 380K and i am planning to put down 20% down. 

So here are my question's.

1) is it a good location? ( Schools are very bad )

2) can i expect minimum 2k rent ?

3) if you know of any other better location like suburbs of Richmond. let me know.

Appreciate your inputs.

[Patti Robertson]

I in VA but not familiar with that market, but just wanted to chime in to say a purchase price of $380K to achieve a $2K rent is terrible. While our markets are high in VA right now, we can achieve way close to the 1% rule than that - especially in a poor performing school district. Find a bull dog of a buyer's agent in that market to help you search. If you need a referral, let me know.