I am looking into buying my first property just north of Richmond in North Highland Park. I was wondering if anyone knows about the area. I've read some articles that its sort of up and coming or gentrifying and that it might be a good place to get some value. I would be purchasing a 3 or 4 bedroom home for around $100,000 and renting it out for a few years. I really just need to know about the neighborhood around there as I know very little about the area. Thanks!
I have experience in North Highland Park. My houses are all rented Section 8. A 3 bedroom all-electric house (with a heat pump) should rent for $1085.
I wouldn't get a 4 bedroom rental in that area. It's a low income area and big houses have high utility costs. That means that you don't get paid. Also nobody has a 4-bedroom voucher, so Section 8 isn't really feasible.
@John Pierce Thanks for the reply John! The houses I am looking into are not section 8, however, I will be wary of the 4 bedrooms thing, that's a good point to look out for. Do you the demographics of renters there then? I was thinking I might be able to rent to college students. I will probably focus on some of the 3 bedroom 2 bathroom households in that case.
Can you say anything about the area in particular? Would you advise for or against investing in real estate in North Highland Park?
I own a property in the area. It’s very block to block. I also live pretty close by in Barton heights. What would you like to know?
VCU students do not typically rent in the Northside, and definitely not in North Highland Park.
It's true that Battery Park and Barton Heights are dramatically improving. The renovation of the Highland Park School into a retirement home may prove to be a catalyst for change in Highland Park. The new traffic circle at the Six Points intersection in Highland Park is a dramatic improvement. Also, Brookland Park Boulevard is undergoing a transformation near Chamberlayne Avenue that may help Highland Park as well.
Still, I don't like to bank on appreciation with real estate investments and I don't think that the housing stock in Highland Park will lead to the high end renovations going on in surrounding neighborhoods.
@Scott Berman I agree with @John Pierce about all of the positive changes happening in Northside as well as the caution on baking appreciation into the deal. This may seem a little obvious if you look at a map, but North Highland Park is actually at the eastern end of Northside and the area directly north of Highland park is a much different market than North Highland park proper. That area has several different "names" but is generally lumped in with Northside. Can also be referred to as Providence Park. One of the biggest differences is the types of homes. North Highland Park has plenty of big American Foursquares that make for good flip material and so the competition is hotter for those properties there and drives up market value on the smaller ones to a certain extent. Providence park is mostly small single families (most are under 1000 sqft) and so the owner-occupant/flip market is cooler. Therefor you can find great cash-flow for less capital and lower competition from owner-occupants/flippers.
Lesson to be learned is getting feet on the ground in those neighborhoods to understand the differences in product type and highest/best use. There are lots of local meetups and investment focused agents in the Richmond area who can help you better understand the area.
Best of luck!
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