Hey, Ingrid. The standard "Yes, real estate is a good investment" answer misses the mark for the areas around the rapidly expanding VCU campus. To answer your question effectively, questions needing your considered thought address how long you are willing to hold the property? as much nearby property is old, what is your ability to manage the maintenance both logitically (drive down from NoVa) and financially? How do you feel about going ''cash flow negative' from month to month and if you suddenly needed a $5000 repair, does your investment plan/strategy allow for such events without excess heartburn? Tho there is newer construction in the Carver area, in the price range mentioned, make sure your targeted houses don't require 'owner occupancy". Finally, I'd ask any potemtial investor about the 'type' of tenant" you wanted e.g. professional, student, number of occupants, which essebtially points to wear and tear and how watchful an eye does your tenant have over the overall conditin and repair of YOUR investment. Whatever your answer to this last question, Richmond's real estate values have historically maintained value, avoided ups and downs and been solid long term 'holds'...the quality of the experience truly comes down to the reasons for purchasing a long distance real estate investment: straight forward ROI or net-zero-ing on the college room and board ? Hope this helps frame your decision process, let me know if I can assist you further, ok?
Michael Scott, Realtor,