Lower Income Rental Property
I am currently house hacking my single family home in the Midlothian, VA market. I have been doing this for almost a year now and am eager to get my second deal. Due to the increased prices of single family homes in my market, I have been looking at cheaper places around me. Petersburg and Hopewell are south of Richmond but have much more affordable housing. I am looking at multifamily opportunities here but am worried about the lower income and lower ranked schools bringing in tenants that would not take care of my property. Are there any suggestions to help reduce these risks? The other multifamily and single family homes in my area are out of my price range for an investment property at the moment.