I am new to investing in the Richmond area and new to Richmond, VA. I was wondering what are some of the neighborhoods in the city like? What are the areas to stay away from? Low- and High-income areas? Popular areas? Etc...
@Joedocei Hill Richmond has an extremely diverse slate of neighborhoods across the metro area, from the old-school row-homes of the Fan and Museum Districts, to the suburbs of Short Pump and Chesterfield, to the country lifestyle of Hanover. Within that, just a few blocks difference can be a world apart.
One great thing about Richmond is that many neighborhoods are very popular, but for extremely different reasons. Outdoors, good schools, shopping, dining, arts, etc. The diversity of Richmond makes it beg the question what are you looking for? That should guide you.
I 100% agree with @William Webb , you need to determine what you are looking for, A/B/C/D neighborhood, and then we can help point you in the right direction! If you're looking for CF or appreciation, flip or rental. I don't think there's any areas to stay away from, because it's all specific to your business plan if it's a good fit or not. In general Short Pump, Midlothian, Western Henrico and Hanover county are where a lot of $$$$$, and anything near the courts-- mosby court, fairmouth (sp?), gilpin court, etc.. those will be the lowest and cheapest because crime is the highest.
Check the school districts, the quality of the school district corresponds to the area.. but again-- what you want needs to be determined to find the best fit! The popular areas I'd say Scotts Addison, anything new VCU/fan/museum district, and short pump area, but it all depends on what you're looking for! To quickly get an idea of the area, check out rental prices... you'll notice Short Pump can command $2K+, whereas southside rentals can be as low as $700.. the price ranges of rentals will correspond with the area.
Personally, I would like to live somewhere that is pretty "city" i.e. close to food and a Walmart lol.
But for investing I was wanting to know where the A, B, and C class neighborhoods are. From Linda's post is seems that "Short Pump, Midlothian, Western Henrico and Hanover county" would be the A class areas and "anything near the courts-- mosby court, fairmouth (sp?), gilpin court, etc.." would be C class. Are there any notable B class areas? I am looking to purchase my first rental and would like something that won't cause too many headaches for my first go around.
I appreciate all the help and insight. This is exactly the information I am trying to figure out.
Welcome to the area Joedocei! I have been a lurker on BigPockets for a very long time but have lived most of my life around central VA. I am getting very interested in investing in real estate and have been doing a little research as I get started. I would say anything close to the courts is closer to D than C. I have a co-worker who purchased two properties for rent in Henrico this year that sounds like what you have in mind. They are in the Glen Allen area - maybe about 3 to 5 miles from the Short Pump, Innsbrook area. I am a newbie but I would expect them to be solid Bs.
I think Lakeside, and the nicer parts of northside, essentially central henrico and portions of chesterfield I'd consider B. Colonial Heights I'd consider B as the school district is decent. I only focus on C/C-, so again those areas are just my personal opinion. Good luck!
Everyone shares valid points - I believe the best way to find a good deal is to identify what you’re looking for (which it sounds like you already have 👍) and drive through the neighborhoods. Lakeside is a great area if you’re looking for a reasonable purchase price and reliable rental. I personally love Northside and that’s where I invest - the homes have so much character and there’s TONS of revitalization taking place - but it varies literally block to block. Northside is also great for its proximity to downtown and other shopping :)
My dad and I are looking to start investing in the Richmond market as well. We're primarily looking for cash flow, but it seems tough to find deals that satisfy the 1% rule. Should we set our sights lower? Has anyone had success hunting for off-market deals?
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