Is Richmond a good buy and hold market?

3 Replies

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.

@Weis Sherdel ,

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.

@Weis Sherdel

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. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here