Interested in Richmond Va Buy and Hold.
Hi folks
I'm an investor up in the Washington DC area, where the returns on a holding strategy are small to nonexistent... I was looking at my long term plan the other day (which I drew up in 2013) and realized it is going to be an impossibility in the northern Virginia market because returns are so slim.
I love Richmond and while I'm not crazy about long distance investing and property managers, I know there's a lot of potential in that market.
Bottom line, I'm looking for stable, low vacancy SFH's in the $100-120k range, in up and coming areas, which rent for about 1%/month, and I plan on using a management company. This appears within reach in some zips near Richmond.
My questions for the forum: Is what I'm looking for possible in Richmond? What zips should I be focusing on? Are there other areas I should look into when I'm down there? I'm also happy to consider multifamily.
Thanks for guidance! Really appreciate the BP community.