Any BP folks here experts in The FAN / Museum Districts?

Question

Looking for my next primary residence with an investor's eye in case we move away and convert to a rental. Since I have a spouse who is not interested in live-in flips, I will be looking at already renovated properties or cosmetic fixers.

We have no timeline so I am trying to get into as many homes during this Seller's market to educate myself on all of the variables involved with a historic home. Due to the high desirability of The FAN and Museum districts, I do not expect to find a 'deal' (but if you just happen to have one laying around, I am all ears!). I am more focused on which blocks to avoid, any lessons learned with your personal renovations or transactions, and what I would need to consider for a rental.

The proximity to VCU is a bonus for minimizing vacancy risk. As a primary residence, we would likely still rent out at least one bedroom if there is a market for that, student or otherwise. Have always rented to pet owners for a premium in the past. Are families attracted to rent in this area?

Would love any insight you natives and market experts can provide. Thanks so much!

Kevin C. · Answer

Happy to chat as well. We live in the Fan in our primary residence and have a rental in Maymont. Love the area. I disagree that you can't find cash flowing deals, and honestly if you plan it to be your primary residence you get the benefit of incredible interest rates while you house hack!

William Nuckols · Answer

You can defiantly find cash flowing properties in the fan, but you have to be patient and strike quickly. They do not last. I disagree about not being able to cash flow, I and many others I know have great cash flowing properties in the Fan. I honestly try and keep away from VCU to prevent students from wanting to rent and have never had a property listed for more than 3 days before a lease was signed. Money is made on the buy, not the sale; find the right house at the right time and you will be good to go. Welcome to chat more if you would like.

Dawn Roy · Answer

Liz, there are so many wonderful areas to consider in RVA. The Fan is definitely tops the list. There are many ways one can monetize a property. Feel free to reach out. Keep an eye out for something that would suit your family for the short term that can be turned into a STR for maximum cash flow in the longterm. Cheers!

Taylor L. · Answer

It's going to be extremely tough to find anything that will come anywhere close to cash flowing in the Fan or MD. The rents are high, but values are very high too. Richmond in general has a huge shortage of housing, so as long as you're in a safe part of town with good schools, the vacancy risk should be relatively low. As Brandon said, the physical vacancy risk for a nice rental is quite low.

Brandon Spurlock · Answer

Hi Liz! I'd be happy to talk and help! I live in the city, and have worked with VCU students and helping them find rentals. While I haven't rented in the Fan/Museum district personally, the rental market there is HUGE for students (if in the Fan) and for young adults in the Museum District and Byrd Park areas. Honestly, vacancy risk for any well-cared for rental, in that area, is almost nil. I think renting out individual rooms, while you're personally occupying would be a little less attractive, but it's doable. Richmond has a host of traveling nurses due to the number of hospitals, so you can consider that route as well for short-term rentals in an extra room.

Shoot me a message and we can find a time to talk if you're interested!

Any BP folks here experts in The FAN / Museum Districts?

Any BP folks here experts in The FAN / Museum Districts?

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