Pardon this for being short but today was an ambitious day of previewing. I just got done looking at thirteen properties in five subdivisions. One doesn't realize how much seeing homes can tire out the human body until they do it for a living. The constant up the steps down the steps has to be somewhat good for the heart though.
The first property I saw was in the Virginia Run subdivision. I can offer breakdowns of every subdivision in Northern Virginia and will do it when an offer is ready to be made or when the search has zeroed in on an area, but with so many properties to sum up I will just say this was your standard late-80's new American traditional home. It had an updated kitchen with solid surface countertops and modern appliances. It also had a nice office off of the master bedroom and a few other nice features.
After seeing this single family home it was time to get to the real work. Over the last couple days I have been putting together a spreadsheet of subdivisions in the area where a investor could get 6% or great capitalization rate. The first condos seen were in the Greys Pointe subdivision. Seeing the one condo gives an idea of what they look like and that more should be seen, but it only is one model.
The model was interesting. Up to this point in my life I had never been in a condo where enters and then has to walk down a short flight of steps to get into the living area. The living area was your standard condo living area with the kitchen in the back an entrance to the outside near it and two bedrooms at the front of the unit with a shared bathroom and a master bathroom.
The next subdivision was The Heights at Penderbrook and there were many more units on the market in their than in Greys Pointe, but we really only needed to see one. Even the one with the third bedroom was the same. The extra bedroom just took the place of the hall closet. All of these had the kitchen at the rear with the living room between it and a small hallway that led back to the master bedroom and second bedroom.
I am looking at these condos with an investor in mind but that doesn't mean a person shouldn't live in them, or contact me if they want to live in them. The next condo was the best of the bunch and made the person I was with comment, "This place is too nice to rent," and she may be right.
Upon opening the door to this unit it was stunning how bright it was. The back wall was nearly all windows and it was arranged in such a way to let the light in perfectly. It was hardwood flooring throughout with two bedrooms and a legal third that would be better used as a sitting room or library. The mast bedroom was large for a condo and the size that is expected in a single family home. The second bedroom was smaller, but still large and about the size of a master bedroom in an average townhome. The kitchen was large and would be great to prepare a meal in while entertaining in the large open living area.
After seeing this condo I headed to a Realtors Open House that was being put on by a property management company of an apartment complex. It is very interesting what apartment rentals can charge in this area. For the payment on the one bedroom one bath apartment a person could afford to buy the previously mentioned condo and for a lower monthly payment they could buy the condos mentioned before that.
After eating free sandwiches for lunch it was time to look at some more condos. This time it was in the Random Hills subdivision which is nearly an 8% cap rate for an investor. Truly an excellent investment. The first condo seen almost put a complete damper on the place and it is why more than one property needs to be previewed. The condo was a disaster. The carpet wasn't put down right in the first place and then was stained and in terrible condition. Two properties later we returned to the same model in a different building and it was night and day when comparing one to the other, and the one that was in great condition was the short sale.
The last subdivision seen was Ridge Top. These are luxury townhomes that come in a variety of styles as long as that is between two and four bedrooms and two and three baths. They are interesting townhomes with everything being above ground but having the traditional floor plan of a townhome. The entrance level is what would typically be the basement with the living level on the second level and the bedroom level as the top.
All of these communities are located close to my office which is close to Fair Oaks Mall, Wegmans, Fairfax Corner, Fairfax Towne Center, and the Fairfax Government Center. This is really a great neighborhood to live in and from my calculations it can also be a great neighborhood to invest in.
I learn something new in real estate everyday
so you don't have to
David Huzzard
www.SuperNoVaRealty.com
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