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 all the time: what is the properties estimated Rate On Investment?
What side-by-side duplexes are available For Sale in Charlottesville?
I tend to gravitate towards side-by-side multi-families for my first investment property because:
1. Both units in same place - makes managing easier all around
2. If one unit goes vacant for any reason, I still have one unit supplying some income
3. Easier to rent a side-by-side since both are basically equal, doesn't create any jealousy or feelings of inequality amongst parties
4. Usually pretty straightforward - they are what they are. Two identical sides, usually with separate utilities, separate HVAC and electric and water, no basement or garage
I try and find ones that have:
- some sort of grass, level lawn, ideally both in front and back
- washer & dryer hook-ups
- fully applianced - meaning refridge, disposal, dishwasher, oven and stove.
- I like it if there is central A/C, but in smaller units, sometimes can eek by if window units installed
- off-street parking
- nearby access to bus/transit system
All of these are concerns potential tenants have and would be looking to satisfy. They don't want to pack-up all their clothes and drive to the laundrymat, sweltering in the heat of the summer as they load up their car, which they had to park 1/4 mile down the road cause no on-site parking.
Just some thoughts. Obviously there's more involved than just this short narrative can cover. These types of property are located all over the Charlottesville area, not just in the city.
To see all the multi-families for sale in/around Charlottesville: Go To MLS List
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Provided courtesy of Fulton W. Gaylord
Keller Williams Realty – Charlottesville
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