Investment Property - Townhome - Manchester,VA
I am planning to buy my first investment property which is a brand new town home 2 miles south of James river in Manchester, VA city ( exactly 3 miles from Virginia State Capital ).
I started listening to the podcast of BiggerPockets on youtube & started taking small steps towards being financially independent.
Property price is 380K and i am planning to put down 20% down.
So here are my question's.
1) is it a good location? ( Schools are very bad )
2) can i expect minimum 2k rent ?
3) if you know of any other better location like suburbs of Richmond. let me know.
Appreciate your inputs.
Most Popular Reply
- Property Manager
- Virginia Beach, VA
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I in VA but not familiar with that market, but just wanted to chime in to say a purchase price of $380K to achieve a $2K rent is terrible. While our markets are high in VA right now, we can achieve way close to the 1% rule than that - especially in a poor performing school district. Find a bull dog of a buyer's agent in that market to help you search. If you need a referral, let me know.
- Patti Robertson
- 7574722547