Hello everyone - I am a real estate investor from the surburbs of Washington, DC and looking for buy-and-hold in Richmond, VA since it's only 1.5 hours from me. Looking for SFR in price range of $70-$90K, rent-to-price ratio of 1.2 or better, CAP of 8.5% or better. Are these numbers attainable in Richmond? If so, what areas would you recommend for buy-and-hold in Richmond? So far I have heard Chesterfield, Prince George, Chester, Petersburg, Hopewell, Colonial Heights. Any specific observations and recommendations would be appreciated. I like a "C+/B" neighborhood.
Yes, very attainable. I buy-and-hold in the city of Richmond. I would recommend sticking to Chesterfield, Richmond city and Chester for your criteria.
Prince George is not in the Richmond-metro area, while Hopewell and Petersburg are not the best areas overall.
However, I am aware of an MLS deal in Petersburg that meets your criteria. I would be happy to refer you to the agent that showed me the deal.
Definitely some properties that meet your criteria in the Richmond metro and Tri-Cities areas (Petersburg, Hopewell, Colonial Heights). North Chesterfield/South Richmond is a good place to look and I like the tri-cities for rentals due to the heavy military population from Fort Lee.
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