I like to invest in Richmond metros, in west side or north.
Long term rental.

I am about 2-3 hours away. And may retire in Richmond or Raleigh area. Raleigh is further yet I have some friends there so it is worthy consideration.

I prefer area A or B or C plus.

Short pump , Moseley , Midlothian etc areas.

How is the tenant profile ? Compare to northern VA.

There are so many new homes for sale. Is it possible to break even? Townhouses.

Which one is easier to rent ? New townhouse. 1700-2000 da ft Or small
Single family house with smaller footage 1309-1600 sq ft.

Thanks you!
If you are a realtor has investor experience. Please send me msg directly.

Thanks!

For Raleigh ur allows ADU. Also easier to buy duplex etc. also considerable.

Please contact me as well.

I have rentals now but will like to add more.

I remember early on in my investing journey, I thought I had the perfect BRRRR deal lined up. I bought a tired property, put in a beautiful new kitchen, laid down fresh LVP flooring, and got a great tenant in place. It looked perfect on Zillow.

Then I went to the bank to pull my cash out. The appraiser came back, and the lender abruptly halted the process.

Why? Because I didn’t understand how appraisers actually grade properties.

It’s easy to assume that if a house looks great and cash-flows well, the bank will love it. But appraisers use a standardized system called the UAD (Uniform Appraisal Dataset), which grades the physical condition of the property from C1 to C6.

Here is the catch that trips up a lot of out-of-state investors: Cosmetics do not erase deferred maintenance.

You can have granite countertops and stainless steel appliances, but if the appraiser spots an aging electrical panel, a roof near the end of its life, or slight foundational moisture, they won't give you a C3 rating (which is the standard "good to go" rating for most favorable lending terms). They will tag it as a C4 or C5.

Once a property hits C4, some lenders will increase your interest rate (risk premium) or lower your LTV. If it hits C5, they will completely freeze the loan until you fix the underlying issues.

It was a frustrating and expensive delay for me. It taught me that when you look at a potential deal, you can't just look at it through the eyes of a renter. You have to look at it through the eyes of the appraiser.

Has anyone else gotten burned by a surprise condition rating during a refinance?

I currently own 6 properties 4 Single Family 1 Condo and 1 Townhouse.

Right now the whole portfolio is running negative cash flow per month, so I’m trying to figure out how to turn that around and squeeze more value out of what I already have.

I’m open to pretty much any ideas things like installing solar panels on the roofs, looking into alternative uses of the land/properties (I even saw something about helium mining, not sure if that’s realistic), or any other creative ways to increase income or cut expenses.

Basically, what else can I do with a residential portfolio besides just renting the houses out?

Are there ways to maximize cash flow or extract more value that I’m not thinking of?

What’s worked out for you or any suggestions on how to get the most out of these properties?