What Makes a Good Rental Property in Hampton Roads?

Most folks have heard that buying rental property is a good investment, but what exactly makes a good rental property in Hampton Roads? When seeking a profitable investment in real estate, there are a few things to consider.

Things to look for when buying:

• Location. The mantra "location, location, location" is repeated for a reason; it can be critical to the desirability of a property. There are many things which can be changed about a home; location is not one of them.
 
• Price. Investors should look for a good buy, but that doesn't necessarily mean purchasing the cheapest house in the neighborhood. Compare apples to apples when looking at comps to ensure you understand exactly what kind of property you're thinking of buying.
 
• Costs. The purchase price is just the beginning of costs involved with a rental property. Look at the age and condition of the home to help estimate how much maintenance may cost. There is also the usual taxes and insurance. Homeowners association fees may apply as well. Remember that each month your unit goes unrented depletes money from your wallet too.
 
• Profit potential. Your agent can help you determine what makes a good rental property, but the main thing to look for is a performing asset. Buyers will want real estate that puts money back into their pockets; nobody likes a money pit.
 
• Prospective tenants. Think about who the home will appeal to. Unless you're hiring a property management company, you'll most likely be dealing with these folks from time to time, so make sure you mesh well with this type. If you don't have patience for partying students, steer clear of areas within walking distance to area colleges.

Real estate agents come in very handy when looking for investment properties, but it's always good to learn to search yourself. When you know how to spot a deal, you can find a good rental property in Hampton Roads, Virginia.