Villa Ridge, a three-unit rental property built in 1982 in Bristol, Virginia, with fireplaces, vaulted ceilings, decks, and in-unit laundry in every unit, listed at $249,500.
Three units. Three fireplaces. Three private decks. One price.
Villa Ridge, at 42 Indiana St in Bristol, Virginia, is a three-unit property that the listing calls a tremendous investment in an optimal location.
Each one-bedroom unit has vaulted ceilings, rustic wood character, a fireplace with built-ins, a private deck, updated flooring, and its own stacked washer and dryer. The listing also notes that all three units have a great rental history.
Set at the end of the street in an established neighborhood, surrounded by mature trees, and just off Exit 7, the property offers both quiet and convenience.
Below, we walk through every part of the property, how investors might evaluate it, and the questions to ask before making an offer.
Property Overview
- Name: Villa Ridge
- Address: 42 Indiana St, Bristol, VA 24201
- List price: $249,500
- Property type: three-unit residential income property
- Total living area: 2,200 square feet
- Year built: 1982
- Unit 100: 750 square feet, 1 bedroom, 1.5 baths
- Unit 101: 750 square feet, 1 bedroom, 1.5 baths
- Unit 102: 700 square feet, 1 bedroom, 1 bath
- Every unit: fireplace with built-ins, deck, vaulted ceilings, updated flooring, appliances, stacked washer and dryer
- Parking: on site
- Rental history: described as great for all units
The Location: Bristol, Virginia
Bristol sits on the Virginia and Tennessee state line, with a twin city of the same name directly across the border in Tennessee.
It is known as the Birthplace of Country Music and has a lively downtown along State Street, where the state line runs down the middle of the road.
Bristol is also home to Bristol Motor Speedway, located on the Tennessee side, which draws large crowds on race weekends.
Just Off Exit 7
The listing highlights that the property is just off Exit 7, convenient to absolutely everything.
For renters, quick highway access matters. It shortens commutes, makes errands easier, and broadens the pool of potential tenants who work across the region.
For investors, convenient locations tend to support steady occupancy.
The Setting
The property sits at the end of the street in an established neighborhood.
End-of-street locations mean less traffic and more privacy, which renters appreciate. Mature trees surround the property, giving each unit a peaceful, wooded feel.
Large trees should be checked by an arborist, especially any close to the building, since falling limbs can damage roofs and decks.
Parking
Parking is available on site.
Off-street parking is a major selling point for tenants. Buyers should confirm how many spaces are available and whether each unit has an assigned spot.
Units 100 and 101
Units 100 and 101 each offer 750 square feet with one bedroom and one and a half bathrooms.
The half bath is a valuable feature in a one-bedroom unit. It allows guests to use a bathroom without passing through the bedroom, which makes the units feel larger and more comfortable.
Unit 102
Unit 102 offers 700 square feet with one bedroom and one bathroom.
It is slightly smaller but shares the same character features as the other units.
A Note on the Numbers
The property data lists three bedrooms and three bathrooms in total.
Based on the unit descriptions, the actual bathroom count is two full bathrooms in units 100 and 101, two half baths, and one full bath in unit 102. Buyers should confirm the layout during a showing.
The unit sizes add up to 2,200 square feet, matching the listed total.
The Fireplaces
Every unit has a fireplace with built-ins.
Fireplaces are uncommon in rental units, which helps these stand out to prospective tenants. The built-ins add storage and charm.
Buyers should ask whether the fireplaces are wood burning or gas, and whether tenants are allowed to use them. Each chimney should be inspected, and landlords should review insurance requirements related to tenant fireplace use.
The Vaulted Ceilings
Each unit has vaulted ceilings.
Vaulted ceilings make smaller spaces feel open and airy. In a 700 to 750 square foot unit, that extra height makes a noticeable difference in how the space feels.
Rustic Wood Charm
The listing describes rustic wood charm throughout the units.
This kind of character can be a strong marketing point. Many renters are tired of plain, builder-grade apartments and will choose a unit with personality when they can.
The Decks
Each unit has deck space overlooking the private outdoor setting.
Private outdoor space is one of the most requested features among renters. It adds a place for morning coffee, a small grill, or relaxing outdoors.
Buyers should have each deck inspected. Wood decks need regular maintenance, and as a landlord, deck safety is an important liability issue.
Updated Flooring
Each unit includes flooring updates.
New flooring reduces turnover costs and makes units more appealing to new tenants. Ask what type of flooring was installed and when.
Appliances and Laundry
All units include appliances, including stacked washer and dryer units that convey with the sale.
In-unit laundry is a top request among renters. It can support higher rents and reduce vacancy compared with units that require a shared laundry room or a trip to the laundromat.
Ask about the age of each appliance and budget for eventual replacements.
Rental History
The listing says all three units have a great rental history.
Buyers should request detailed records before making an offer, including:
- Current leases for each unit
- Current monthly rent for each unit
- Lease end dates
- Security deposit amounts
- Rent payment history
- Vacancy history over the past few years
- Any tenant disputes or evictions
These records are the foundation of any investment analysis.
Utilities
Buyers should ask whether utilities are separately metered for each unit.
When tenants pay their own electricity, gas, and water, the owner’s expenses drop significantly. If the owner pays some utilities, those costs must be included in the investment calculations.
Roof
The listing does not mention the roof’s age.
For a building from 1982, the roof may have been replaced already or may be due. Ask for the roof’s age and any repair history.
HVAC
The heating and cooling systems are not described.
Ask whether each unit has its own system, and about their ages and service history. Replacing HVAC systems in a multi-unit building can be one of the larger capital expenses.
Plumbing and Electrical
Ask whether each unit has its own water heater and electrical panel.
The inspector should also check for any outdated wiring, leaks, or plumbing issues, which can affect several units at once in a shared building.
How Investors Evaluate a Property Like This
Investors typically look at a few key numbers.
Gross rent: the total rent from all three units each month and year.
Operating expenses: taxes, insurance, maintenance, utilities paid by the owner, property management, and a reserve for vacancies and repairs.
Net operating income: gross rent minus operating expenses.
Cap rate: net operating income divided by the purchase price. This helps compare one investment with another.
Cash flow: what is left after paying the mortgage, if financed.
The listing does not include rent figures, so buyers should request them and run the numbers themselves.
Financing Options
A three-unit property is still considered residential for most lending purposes, which opens several financing options.
Conventional investment loans typically require a larger down payment for non-owner-occupied properties.
FHA loans allow buyers to purchase a property with up to four units with a low down payment, as long as they live in one of the units. This strategy is often called house hacking.
VA loans also allow eligible veterans to buy a multi-unit property with no down payment if they live in one of the units.
Conventional owner-occupied loans may allow lower down payments than investment loans for buyers who move into one unit.
Lenders may count a portion of the rental income from the other units when qualifying the buyer.
Some investors also use DSCR loans, which qualify based on the property’s rental income instead of the borrower’s personal income.
House Hacking Potential
For a first-time buyer, this property could be a smart way to start.
Living in one unit while renting the other two could help cover much of the mortgage. Over time, the owner could move out and rent all three units.
Insurance Considerations
Insurance for a multi-unit rental differs from a standard homeowners policy.
Buyers will need a landlord or rental property policy. Fireplaces in rental units, deck safety, and the roof’s age will all affect premiums. Get quotes early.
Property Management
Buyers should decide whether they will self-manage or hire a property manager.
Property managers typically charge a percentage of monthly rent, and that cost should be included in the investment analysis.
Possible Future Improvements
- Updating kitchens and bathrooms to support higher rents
- Converting fireplaces to gas inserts for tenant safety and efficiency
- Refinishing or replacing decks with low-maintenance materials
- Adding security lighting and cameras in common areas
- Improving landscaping and curb appeal
- Installing separate meters if utilities are shared
Questions to Ask Before Making an Offer
- What is the current rent for each unit?
- When do the current leases end?
- What are the security deposits?
- Which utilities do tenants pay?
- Are utilities separately metered?
- How old are the roof, HVAC systems, and water heaters?
- Are the fireplaces wood burning or gas, and can tenants use them?
- What are the annual property taxes and insurance costs?
- What has the vacancy rate been?
- Are there any code violations or required rental inspections?
- How many parking spaces are there?
Inspection Is Essential
A multi-unit building should be inspected thoroughly.
Buyers should request access to all three units and have the roof, structure, HVAC systems, plumbing, electrical, chimneys, and decks inspected.
Tenant-occupied units may require advance notice for showings and inspections.
The Price in Context
At $249,500, the property works out to about $83,000 per unit and roughly $113 per square foot.
Buyers should compare it with recent sales of small multi-unit properties in Bristol, and most importantly, run the numbers using actual rents and expenses.
Final Thoughts
Villa Ridge offers something many small rental buildings lack: character.
Three units with fireplaces, vaulted ceilings, rustic wood details, private decks, and in-unit laundry, all at the end of a quiet street just off Exit 7.
Request the rent roll, inspect carefully, and run the numbers. If they work, this could be a solid addition to an investment portfolio or a great first step into real estate.
Would you invest here?
View the full listing on Zillow: 42 Indiana St, Bristol, VA 24201
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