Top 5 Markets for West Virginia Real Estate Investors in 2024 (2024)

West Virginia remains a favorite among real estate investors seeking both cash flow and appreciation. The state’s robust and diversified economy, coupled with a growing population and breathtaking natural beauty, make it an attractive destination for year-round visitors. At Easy Street Capital, we take pride in being a trusted provider of investment property loans , supporting real estate investors in building their rental portfolios in the Mountain State!

Investment Property Loan Types

In West Virginia, investors can explore a range of markets and investment property loan options. The state offers numerous vintage properties with immense potential, awaiting renovators to revive them to their former glory. These properties present exciting opportunities for investors to restore and unlock their value in the beautiful landscape of West Virginia. For investors adept at rehabbing older properties, hard money renovation loansare a perfect choice! These loans allow you to buy a property quickly and fund your renovation costs too! Once completed, you can either “flip” the property for a quick return or pursue theBRRRR Methodby renting it out and then refinancing into a long-term, low-rateDSCR loan!

EasyFix EasyRent

Investment property loans can be a useful tool for real estate investors, particularly when purchasing turnkey rental properties. The term “turnkey” refers to properties that are already rental-ready and require no further renovations. Move-in ready single-family and multi-unit homes, as well as fully furnished short-term rentals, can generate both cash flow and price appreciation. Long-term DSCR loans are generally fixed rate for thirty years, allowing investors to lock in a fixed interest rate while rents and appreciation continue to increase over time. This can be a powerful way to steadily build wealth through real estate investing.

Where To Invest In Real Estate In West Virginia

West Virginia stands out as a highly favorable state for landlords in 2024. It boasts the lowest annual property tax liability in the entire nation, with homeowners paying just $812 on average.

West Virginia serves as a bridge between the Mid-Atlantic and Appalachian regions, making it an attractive state for investors seeking exposure to both areas. Charleston, the capital and largest city, offers a diverse and growing economy. Morgantown, home to West Virginia University, is a vibrant college town with a strong rental market. Huntington, situated along the Ohio River, is the second largest city in the state. Wheeling, located in the northern part of the state, presents opportunities for short-term rentals with its rich history and scenic attractions. Finally, Berkeley Springs, renowned for its mineral springs and charming atmosphere, offers a promising market for vacation rentals.

Charleston

Charleston, the state’s capital and largest city displays a population of over 45,000. Serving as the economic hub of the state, Charleston possesses a diverse and thriving economy. Key industries include healthcare, manufacturing, and energy. The city is home to several major employers, contributing to a robust job market. Charleston’s economic landscape is enhanced by the presence of significant companies, such as Charleston Area Medical Center (CAMC) Health System and Appalachian Power, bolstering the local economy.

Unlike many other large cities with thriving economies, Charleston real estate is extremely affordable for real estate investors! According to Zillow, the average Charleston home value in June 2024 was just $151,097. This enticing affordability, coupled with a significant year-over-year appreciation of 4.7%, makes Charleston an attractive destination for real estate investors seeking both short-term gains and long-term growth.

Charleston also offers a wealth of attractions and activities for visitors to enjoy. History enthusiasts can explore the state’s rich heritage at the West Virginia State Museum and the State Capitol Complex, where they can learn about the region’s political and cultural significance. Outdoor enthusiasts can take advantage of the city’s scenic beauty by visiting Kanawha State Forest, which offers hiking trails, picnic areas, and breathtaking views. For art lovers, the Clay Center for the Arts and Sciences is a must-visit, featuring galleries, a planetarium, and a performance theater. Additionally, downtown Charleston is dotted with charming shops, local restaurants, and vibrant festivals throughout the year.

Morgantown

Morgantown is a vibrant city situated in the northern part of the state. With a population of over 30,000 residents, Morgantown offers a thriving community with a diverse and robust economy. The city is known for its strong presence in industries such as healthcare, education, and technology. Morgantown, West Virginia, benefits from the presence of major companies that provide a stable and diverse renter base. Companies such as Urgent Care Holdings, Optum Clinics, and Savage Inc. contribute to the city’s vibrant economy and attract a consistent pool of potential tenants.

West Virginia University, with an enrollment of over 28,000 students, generates a steady demand for conveniently located rental properties near the campus. Real estate investors who cater to the needs of these reliable students and strategically choose properties can achieve higher returns compared to traditional long-term rentals.West Virginia University football games attract a passionate fan base from near and far, with spectators flocking to Morgantown to experience the electric atmosphere of Mountaineer Field. The games serve as a rallying point for alumni and students, creating an exciting and vibrant atmosphere throughout the city.

Additionally, the city boasts a range of amenities, including shopping centers, dining establishments, and recreational areas, making it an appealing destination for residents and visitors alike. Morgantown also offers a variety of activities and attractions for visitors and residents alike. Explore the scenic beauty of Coopers Rock State Forest or enjoy outdoor activities such as hiking and biking along the Monongahela River Rail-Trail. Attend a thrilling college football game at Mountaineer Field or immerse yourself in history at the West Virginia Botanic Garden. Indulge in the vibrant arts and culture scene by visiting the Morgantown Art Party or catching a live performance at the Metropolitan Theatre.

Huntington

Huntington nestled in the picturesque landscapes of the Ohio River Valley, offers a promising secondary market for real estate investment. With a population of over 46,000, the city boasts a diverse economy supported by major employers such as Marshall University and Cabell Huntington Hospital, ensuring a stable job market for residents. Huntington’s strategic location along the Ohio River contributes to its transportation and logistics industry, attracting additional businesses to the area. These factors create a favorable environment for real estate investors seeking opportunities in a growing market.

Residents and visitors can explore the stunning nearby areas such as Beech Fork State Park, where outdoor enthusiasts can engage in activities like hiking, fishing, and boating. The city’s rich history and vibrant arts scene are showcased at the Huntington Museum of Art and the Keith-Albee Performing Arts Center, providing opportunities for cultural enrichment. Huntington’s strong rental market caters to various demographics, with a steady demand for both long-term and short-term rentals. Local events like the Huntington Music and Arts Festival and the Jewel City BBQ Cookoff add to the city’s vibrant atmosphere, making it an enticing destination for real estate investors seeking attractive investment prospects.

Real estate investors can find attractive investment opportunities in Huntington, with a median sales price for a single-family home of $123,200 as of June 2024, according to RealtyTrac. The city’s highly affordable housing market provides an opportunity for investors to enter the real estate market at a lower cost and potentially achieve strong returns.

Wheeling

Wheeling is quaint city located in the northern pan handle region. It has a population of around 27,000 residents. Wheeling has a vibrant downtown area and welcoming community create an inviting atmosphere for both residents and visitors. The city offers a range of attractions, including the Wheeling Suspension Bridge, a historic landmark, and the Wheeling Artisan Center, showcasing local arts and crafts.

Wheeling’s unique blend of natural beauty and thriving tourism industry makes it an attractive market for short-term rental investors. The city’s proximity to popular attractions and events, such as the Oglebay Resort and Festival of Lights, draws a steady stream of visitors year-round. With its charming atmosphere and diverse attractions, Wheeling provides ample opportunities for investors seeking to capitalize on the growing demand for short-term rentals in the area.

Wheeling offers enticing investment opportunities in the real estate market, characterized by its affordable median sales price of $392,500 for single-family homes as of April 2024, according to Redfin data.This affordability, particularly in the realm of single-family homes, enhances the attractiveness of Wheeling as a destination for real estate investors. Moreover, the city’s competitive housing costs position it favorably for long-term rental properties, providing the potential for reliable cash flow and attractive returns on investment.

Overall, Wheeling offers a promising market for real estate investors looking to capitalize on short-term rentals. The city’s unique attractions, growing tourism industry, and welcoming community make it an enticing destination for visitors. With its rich history and vibrant cultural scene, Wheeling provides ample opportunities for investors to tap into the thriving short-term rental market.

Berkeley Springs

Berkeley Springs attracts visitors due to its rich history and natural hot springs. Known as America’s first spa town, Berkeley Springs boasts a collection of rejuvenating spas and wellness centers. Visitors can indulge in soothing mineral baths, therapeutic treatments, and immerse themselves in the town’s tranquil ambiance. With its unique attractions and growing tourism industry, Berkeley Springs presents a promising market for real estate investors looking to capitalize on the city’s allure and offer accommodations for those seeking relaxation and rejuvenation.

According toAirDNA, a leading data provider for short-term rental investors, Berkeley Springs boasts a strong market grade of 99/100. Furthermore, the “investability” rating of Berkeley Springs has a score of 74/100! They project the average investor to earn annual revenues over $44,500. Additionally, this city’s mild climate, in between the South and Eastcoast, allow for low seasonality factors. AirDNA’s impressive seasonality score of 95/100 further supports Berkeley Springs’ strong performance in the short-term rental market. By leveraging this promising market and partnering with forward-thinking lenders, investors can maximize their cash flow potential. Investors who use DSCR loans from a forward-thinking lender like Easy Street Capital, which qualifies the income of the property using AirDNA projections, can likely earn a high cash flow.

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