Rental Property Investor · Virginia Beach, VA · Member since 2019 · 24 posts · 5 votes
Hello fellow BPers!! I joined BP several weeks ago and it's been full steam ahead looking for my first investment here! I'm in pursuit of a MFH to house hack in Virginia Beach or Chesapeake, VA that falls within an elementary school district that has a rating of 8 or greater. The MFH also has to have a backyard for my 2 dogs. I'm starting to feel like this is a tall order, but there has to be something out there and I'm determined to find it! :) This has already been a very exciting journey and I look forward to learning and building a solid foundation for my REI portfolio here on BP.
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
7y
You are going to have to pay top dollar if you can even find something that meets that criteria. There are some duplexes at the Oceanfront, but not many. Right now VB only has 3 duplexes listed for sale in our MLS, and they are very expensive - $399K, $875K, and $929K. Yikes! There were 8 duplexes sold in VB in the last 6 months and the average sale price was $342K. I actually sold the lowest price duplex, which sold for $195K to an owner occupant. That elementary school is only rated a 4 though, so it would not have met your criteria.
Norfolk has the same number of elementary schools rated an 8 (the highest score of any elem in either city according to greatschools.org) - 2 each. Norfolk has many more duplexes than either VB or Ches. You may want to open up your search criteria to include Norfolk.
Other than schools, city, and back yard fence, what is the financial criteria you are working with?
Rental Property Investor · Norfolk, VA · Member since 2016 · 23 posts · 7 votes
7y
@Shannon Brill welcome! Good luck with your ventures. You are in the right place for the knowledge needed to achieve your goals. We are looking for multi family properties as well and always looking for good people to connect with.
Rental Property Investor · Virginia Beach, VA · Member since 2016 · 22 posts · 33 votes
7y
Hi @Shannon Brill! Welcome to the area! I am a Real Estate Agent and Investor. Luckily, this is a great area for house hacking! I would be happy to create a search on the MLS for you with your criteria if you would like.
Rental Property Investor · Virginia Beach, VA · Member since 2019 · 24 posts · 5 votes
7y
Thank you so much for all your support!! :) @Sierra Alderman, I will gladly accept any help I can get in my pursuit to find a MFH for my son and I. I know there's not much out there (if anything at all) in the areas that I'm looking so I definitely have my work cut out for me in generating leads.
Rental Property Investor · Clovis, NM · Member since 2018 · 118 posts · 55 votes
7y
Welcome! I am always on the hunt for MFH in the Hampton Roads area, but the market is hot right now and definitely a seller's market. Take all the advice you can from BP and make sure you do not pay too much!
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
7y
You are going to have to pay top dollar if you can even find something that meets that criteria. There are some duplexes at the Oceanfront, but not many. Right now VB only has 3 duplexes listed for sale in our MLS, and they are very expensive - $399K, $875K, and $929K. Yikes! There were 8 duplexes sold in VB in the last 6 months and the average sale price was $342K. I actually sold the lowest price duplex, which sold for $195K to an owner occupant. That elementary school is only rated a 4 though, so it would not have met your criteria.
Norfolk has the same number of elementary schools rated an 8 (the highest score of any elem in either city according to greatschools.org) - 2 each. Norfolk has many more duplexes than either VB or Ches. You may want to open up your search criteria to include Norfolk.
Other than schools, city, and back yard fence, what is the financial criteria you are working with?