Renting out a townhouse - suggestions where? (Virginia Beach, Norfolk: real estate, apartments)

[NJDevil]

Hi, I'm thinking about buying a condo or townhouse (many more townhouses it seems) this summer and renting it out for a year or so before I move into it. I will be looking in the area of Norfolk, Chesapeake, Portsmouth, Suffolk, Virginia Beach (but not on the beach). That's a lot of area, but I have no idea where I want to be. I'm in FB groups and I see people making recommendations as far as safe areas. My question for you guys is, are there plenty of rentals in the $1000-$1400 range in each of those towns? Is there more demand in certain areas? I don't want to buy something and have a hard time renting it. Finding a trustworthy renter will be another issue, that concerns me too. TIA

[NJDevil]

It looks like Chesapeake and Suffolk have significantly fewer rentals. Norfolk has the most. Are there any landlords on here who have advice / input about it and how to find a good renter? I know about a background check and security deposit.

[kyle19125]

Check out the Ghent neighborhood which is very in-demand and the West Ocean View neighborhood just south of the Chesapeake Bay mouth to the Atlantic Ocean, probably the best value on the whole Atlantic Coast given proximity to the water/views.

https://www.realtor.com/apartments/G...26,15&qdm=true

https://www.realtor.com/apartments/N...34,14&qdm=true

[Gerania]

Originally Posted by NJDevil

It looks like Chesapeake and Suffolk have significantly fewer rentals. Norfolk has the most. Are there any landlords on here who have advice / input about it and how to find a good renter? I know about a background check and security deposit.

City-Data has a real estate forum.

[NJDevil]

Thanks Kyle.

Thanks Gerania - I can use the real estate forum for renter advice, but it's not very helpful getting info on a specific area in VA.

[citydweller]

Some local realtor companies may charge you a fee to find someone however, I am not sure if they would do so without completely managing your property. It may be worth a call to find out.

[SaltwaterTherapy]

Having it publicly listed with a local property management company may give you the best opportunity to find a vetted renter as well as not having to worry about managing from afar. Fees for property management companies can vary. You can expect to pay somewhere between 8%-12% of the monthly rent. If the renter has an agent that showed them the home, the fee for that could be flat ($100+/- negotiable) or a percentage of the monthly rent (10%+/- negotiable). In addition, depending on your funding for the property you will want to factor in things that typically come with Townhomes and Condos such as monthly HOA or Regime fees. These fees will also vary depending on where you buy. I would highly suggest speaking with a local agent that can furnish you with all of this information upfront. Most of them will cover all 5 areas you mentioned (at least mine do).

[YorktownGal]

Originally Posted by NJDevil

Hi, I'm thinking about buying a condo or townhouse (many more townhouses it seems) this summer and renting it out for a year or so before I move into it.

I would do the opposite - find a house where you want to live - then worry about renting it out. There are good rental opportunities in Norfolk because it has the world's largest naval base. Lots of people! Some can't afford a downpayment so they rent. Some people plan on only staying a year. However, do you want to live in Norfolk?

Find your happy spot first.