Looking to invest in Richmond, VA

Out of State Investing
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Looking to invest in Richmond, VA

Victoria NadelPro Member
Salem, MA · Member since 2024 · 10 posts · 4 votes

Friends - I live and have been investing in MA but it is just prohibitive these days so I am looking for a new market. Thinking a lot about Richmond, VA. Hoping for a small multi-family (2-4 units) with a "walk score" of 70 or higher.

Anyone reading this who invests there or is an agent there willing to talk to me about the lay of the land would be very much appreciated.

Thanks in advance!!

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Muyees Ayilara
Lender · Boynton Beach, FL · Member since 2026 · 240 posts · 110 votes
4d

Hi Victoria — good move looking at Richmond. MA is tough for cash flow right now, Richmond is a lot more forgiving for 2-4 units.

For walk score 70+, you want to stay close to the core:

1. The Fan / Museum District — Best walk score, older 2-4 units, strong rents, but higher entry price and older systems. Great for long-term hold.

2. Church Hill — Still walkable, more affordable entry, good appreciation over last few years. Watch the block-by-block difference.

3. Manchester / South Richmond — A little more affordable, growing fast, still walkable near Hull St. Good for first out-of-state deal.

4. Scott's Addition — Very walkable, but more condos / new builds. 2-4 units are harder to find there.

For financing from out of state, most of my investors in Richmond use DSCR for 2-4 units — it qualifies on the rent, not your MA W-2, so it makes the out-of-state part easier. Lenders will want 6 months reserves and a local PM in place.

Two quick tips that save my borrowers a lot of pain in Richmond:

1. Get a PM before you offer. Out-of-state + small multifamily without a PM is how deals go bad.

2. Check flood zone + VCU / hospital rental demand. A lot of the walkable areas near VCU rent well but turn over faster.

Are you looking for turnkey / light rehab, or are you open to a heavier rehab for more equity? That changes which neighborhood I would point you to.

Happy to run a quick DSCR number for you once you have a property in mind — what price range are you targeting?

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  • Kyle Jones
    Chicago, Cook County · Member since 2026 · 41 posts · 18 votes
    5d

    Victoria, I can't speak to current Richmond comps or which walkable pockets cash-flow best, so I'll leave market/agent intros to people on the ground. On the rehab side for older 2–4 units:

    - Walk-score buildings are often older, which usually means shared systems, basements, old wiring/plumbing, and roofs that decide the deal more than the kitchen.

    - Before you waive inspection, get clear on: roof, foundation/moisture, electrical capacity per unit, plumbing supply and drains, and whether the units can be turned independently without a full gut.

    - Ask for a unit-by-unit punch list, not one building-level "cosmetic" number. Deferred maintenance hides in the worst unit.

    - If you're buying from Massachusetts, decide up front who walks during rehab and how photos prove draw milestones. Remote small multifamily gets expensive when the scope was never written down.

    - Budget contingency for common-area and exterior work (stairs, porches, masonry, drainage). Those show up after you fall in love with the interior.

    If you already have a price range and whether you want light turns vs heavier rehabs, locals can point you better.

    Kyle

    0Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    4d

    Welcome, Victoria, and you're right that Massachusetts has gotten tough for small multifamily. I can't speak to Richmond comps, so I'll leave the lay of the land to people there, but a few things are worth keeping in mind for any 2-4 unit search. Walkable, high walk-score pockets tend to be the most competitive and the most expensive per door, so check the rent-to-price ratio before you fall for the location. Get a local property manager's rent opinion before you offer, and ask about rental registration or inspection requirements in the city.

    Since you're open to a new market, it's also worth putting a second one next to Richmond for comparison. Columbus is worth a look for someone coming from Massachusetts: deals there often hit the 1% rule and cash flow after every expense, most come with $20K-$30K of built-in equity at purchase, and multifamily starts around $200K. Landlord-friendly rules and evictions that wrap in about 30 days when uncontested help for someone investing from a distance.

    Happy to connect and compare notes, and glad to introduce you to investor-friendly lenders, property managers and contractors here if Columbus makes your shortlist.

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9124 Reviews
    WebsiteView Page
    0Reply
  • Stephen Foster
    Member since 2026 · 40 posts · 6 votes
    4d

    Victoria — Richmond's walkable 2–4 unit pockets behave differently by neighborhood on rents, taxes, and insurance, so the financing box (conventional vs DSCR, LLC vs personal) should follow the specific deal. I'm a mortgage broker licensed in Virginia and work investor purchases there — if you share a target price range and whether you'll vest in an LLC, I can outline what usually qualifies cleanly. — Stephen

    0Reply
    • Victoria NadelPro Member
      OP
      Salem, MA · Member since 2024 · 10 posts · 4 votes
      4d

      Thank you so much! I just want to get a lay of the land first.

      0Reply
  • BJ Everson
    Realtor · Columbus, Franklin County · Member since 2026 · 144 posts · 56 votes
    4d

    Victoria, I buy 2–4s in Columbus rather than Richmond, but the underwriting habit travels: price older walkable stock with real insurance quotes, rental registration/lead-safe costs, and leased rents — not pro forma. Walk score is a lifestyle filter; cash flow still lives in taxes, insurance, vacancy and a full PM fee if you won't be there. What rent-to-price and unit count are you screening before you fly down?

    0Reply
  • Austin JonesPro Member
    Realtor · Richmond VA · Member since 2023 · 49 posts · 17 votes
    4d

    Hey Ms. Victory! I'm an agent and investor in the Richmond, VA area. I'd be happy to connect, learn more about what you're looking for, and help you determine which area would be the best fit. Feel free to reach out.

    0Reply
    • Victoria NadelPro Member
      OP
      Salem, MA · Member since 2024 · 10 posts · 4 votes
      4d

      Thank you! Just sent you a message - looking forward to chatting soon!

      0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 972 votes
    4d
    Quote from @Victoria Nadel:

    Friends - I live and have been investing in MA but it is just prohibitive these days so I am looking for a new market. Thinking a lot about Richmond, VA. Hoping for a small multi-family (2-4 units) with a "walk score" of 70 or higher.

    Anyone reading this who invests there or is an agent there willing to talk to me about the lay of the land would be very much appreciated.

    Thanks in advance!!

    Hey Victoria, completely understand wanting to branch out when prices back home make the numbers harder to work. Richmond is worth exploring, but I’d also keep the Midwest on your radar. There are still some solid 2–4 unit opportunities with better cash flow potential, and you don't necessarily need to be local to invest successfully with the right boots-on-the-ground team. Happy to share a few opportunities and give you another market to compare.

    [email protected]614-418-6081
    0Reply
  • Victoria NadelPro Member
    OP
    Salem, MA · Member since 2024 · 10 posts · 4 votes
    4d

    Hey everyone! Thanks so much for responding!! So many of you trying to convince me to buy in the midwest, especially Ohio! The reason I am looking at Richmond (and possibly Pittsburgh) is because I wanted to narrow my search. I like the fundamentals of Richmond and I can easily fly there and back in a day for under $350. I have no idea why, but direct flights to Columbus are nearly $800 r/t from Boston! So weird - I do love Chicago and would consider (r/t flights are under $300). Another factor, and we have it here too, is snow. Last year's storms cost so much money to plow so that is why I wanted to look at less snowy markets. Richmond fit that bill.

    Great point about neighborhood to neighborhood (even block to block) differences in rental value. That is exactly why I want to be able to go for the day, meet with a knowledgeable agent, and see the lay of the land. I know I am not supposed to, but I do go on vibes a lot of the time and so far (knock wood) that has not yet let me down.

    Also thank you so much for all the points re: financing and older buildings and insurance costs and why walk scores can be more expensive! Always good to be thinking about. Not exactly sure why this seemed to play like this would be a first buy for me. It's not. I am just looking for a new market that fits my buy box and was hoping this brilliant hive mind might be able to help with one I am interested in.

    Love these responses! Thanks everyone so much!!

    0Reply
  • Muyees Ayilara
    Lender · Boynton Beach, FL · Member since 2026 · 240 posts · 110 votes
    4d

    Hi Victoria — good move looking at Richmond. MA is tough for cash flow right now, Richmond is a lot more forgiving for 2-4 units.

    For walk score 70+, you want to stay close to the core:

    1. The Fan / Museum District — Best walk score, older 2-4 units, strong rents, but higher entry price and older systems. Great for long-term hold.

    2. Church Hill — Still walkable, more affordable entry, good appreciation over last few years. Watch the block-by-block difference.

    3. Manchester / South Richmond — A little more affordable, growing fast, still walkable near Hull St. Good for first out-of-state deal.

    4. Scott's Addition — Very walkable, but more condos / new builds. 2-4 units are harder to find there.

    For financing from out of state, most of my investors in Richmond use DSCR for 2-4 units — it qualifies on the rent, not your MA W-2, so it makes the out-of-state part easier. Lenders will want 6 months reserves and a local PM in place.

    Two quick tips that save my borrowers a lot of pain in Richmond:

    1. Get a PM before you offer. Out-of-state + small multifamily without a PM is how deals go bad.

    2. Check flood zone + VCU / hospital rental demand. A lot of the walkable areas near VCU rent well but turn over faster.

    Are you looking for turnkey / light rehab, or are you open to a heavier rehab for more equity? That changes which neighborhood I would point you to.

    Happy to run a quick DSCR number for you once you have a property in mind — what price range are you targeting?

    1Reply
    • Victoria NadelPro Member
      OP
      Salem, MA · Member since 2024 · 10 posts · 4 votes
      4d

      Great thoughts, Muyees! Yes - Fan, Manchester and Church Hill are on my list of neighborhoods! Thanks so much.

      0Reply
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