Buying an investment property in Marumsco Village? (Woodbridge, Fairfax: sales, renters)

[itsaspicypizaa]

Hello, looking to buy an investment property. Have an opportunity to buy a below market house in Marumsco Village in Woodbridge. I know the area pretty well as I live in Lorton. Would love to buy Fairfax but at this time can't afford it. Looking for a long term ten plus year investment.

So these are the pro's that I see;

Good location to 95 and the VRE
Route One Corridor being completely redone in that area
Many odd and older establishments are being torn down
Fort Belvior is very close and that area is being redone as well
I go to that area often and I feel safe, it to me seems like a typical immigrant blue collar area
I can see that houses in the neighborhood are undergoing renovation
Fairfax is just too expensive, I don't see how a normal income family can afford anything


These are the con's I can see;

The roads are very narrow
The houses are the typical 1950's cookie cutter houses
The elementary and the middle school are beyond abysmal, probably because most students do not speak English as their first language.
Will the neighborhoods improve as time goes on? Will it get worse?
The immediate area stores are not high end at all

[ChristineVA]

I would not buy in that area for investment. If you can get it dirt cheap and maximize on rent, then you could at least get some income, I suppose but the houses have barely appreciated there for decades and I don't care what they do to Rt. 1. It might see something ONE day but we are talking 20 years at least if not longer. It's just the pits there and has been forever.

[Bigfoot424]

This area has been bad for many years and in my opinion will remain so. The calls for service for the PD is pretty much non stop there and as you said, the schools.

[boyd888]

Woodbridge is not an investment area. Agreed on it potentially being worth it if you can get it way below market and get some good tenants in there.

[kww]

You'll have no problem renting it out there. Renters are not going to be concerned with width of the streets, nor if the house is cookie cutter (provided it has enough space in their eyes). Your proximity to 95 will be helpful. Yes, the schools tend to score lower than other parts of Woodbridge, but a lot of renters (in that $1,700-2000 range, which is what I assume you'd be shooting for) are more concerned with just getting an application accepted nowadays, the schools might be a secondary concern..

[itsaspicypizaa]

We are paying cash, and would have 50k equity right off the bat. The house is in good shape, with a new roof and furnace. Kitchen cabinets could be redone. We have had rental properties before with no problems.

[spencgr]

Originally Posted by itsaspicypizaa

We are paying cash, and would have 50k equity right off the bat.

How do you have 50K equity off the bat? Are you saying the sellers are letting it go for 50k less than what it's worth?

[itsaspicypizaa]

Yes, he is moving out of town and just want to sell quickly and needs money for new business start up. House is good to go via inspector. It's a good deal looking at past sales in same neighborhood. Its attractive inside and outside.

[spencgr]

OP, I'm confused. Why did you make your original post? It appears you have made up your mind and know exactly what you are going to do. What were you expecting to get from those on this forum?

[itsaspicypizaa]

Still making up mind. Neighborhood is not well kept thought house is nice inside. Debating.