Hello. I am new to investung and I just purchased a foreclosure in Chesapeake Va for $185K. I will spend about $25K in renovation costs. There is a $200/mo HOA fee. I will pay my property manager the first month's rent and $89/mo. The fair market rent in the area is around $1650. Can you please advise if I made a good deal? Also, how does the Chesapeake Va real estate market look like? I live in California so the properties are too expensive which is why I looked into purchasing out of state. I was initially going to purchase in Dallas because all of the articles I read say that the Dallas market is great. However, I decided on Chesapeake because I was worried that property values in Dallas are already inflated. I found a great realtor that helped me find the foreclosure and I read that Chesapeake is a great rental market since it is close to a lot of military bases. Any input would be greatly appreciated. Thanks in advance!
Use the calculators on here to run the numbers. If you are meeting your cashflow goals, then it’s a good deal!
As for chesapeake, yes the rental market seems strong. Chesapeake is a large area though and there is a spread of high and lower income areas, good and not so good schools. What area of chesapeake is it in?
My property is in River Breeze in Western Branch South.
Good schools, nice area! Check out Zillow or trulia to see school scores.
Good to know. Thanks so much! :)
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