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Multi-Family Properties For Sale In Charlottesville VA
* Multi-Family Properties For Sale In Charlottesville VA
Some of the best investment properties around the Charlottesville area are 2-4 unit multi-family buildings.
There are many construction styles - brick exterior, wood, vinyl, clapboard, as well as many designs - side-by-side, over/under, larger main floor unit with legally rentable lower level.
Prices for a 2-unit property have ranged between $89,900 to $1,760,000 in the past year (get the 2013 Sold list). Difference between list-to-sale price is usually less than single family homes primarily because there has been little inventory for the savvy investor to choose from and oftentimes investors are bidding against eachother if it is a particularly strong property.
And, what makes for a strong investment property?
* Good bones - i.e. major systems are in relatively good condition.
* Strong rental prospects - either because of strong demand and/or location
* Price - the most important point. More to consider than just initial cost outlay. How much will renovations cost to get up to livable standards? What are projected costs of advertising, taxes, up-keep/maintenance, HOA's?, insurance(s), vacancies, management? Factor also your cost of financing, loan % rate, etc. against your tax rate.
* ROI - you here it ... more
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