Introduction

Investing in rental properties can be a lucrative venture, offering a steady stream of passive income and long-term financial growth. However, not all rental properties are created equal. A good rental property is characterized by its location, affordability, potential for appreciation, and tenant demand. The location of a rental property is paramount as it influences rental income, property appreciation, and tenant occupancy rates.

West Virginia, known for its picturesque landscapes and friendly communities, presents an attractive market for rental property investors. This guide explores some of the best neighborhoods in West Virginia for rental property investments, assessing them based on convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel hubs, and unique characteristics.

Best Neighborhoods for Rental Properties in West Virginia

1. Charleston

Grades:

• Convenience: B+
• Tourist Attractions: B
• Things to Do: B+
• Avg Home Prices: B
• Return on Investment: B+
• Proximity to Work-Related Travel: A-
• X-Factor: A

Convenience: B+

Charleston, the capital city of West Virginia, offers a blend of urban and suburban living. The city has a variety of grocery stores, shopping centers, and public services, making it convenient for residents. Public transportation is decent, though most residents rely on personal vehicles.

Tourist Attractions: B

Charleston boasts several tourist attractions such as the West Virginia State Museum, Capitol Market, and the Clay Center for the Arts and Sciences. These attractions draw visitors but do not dominate the local economy.

Things to Do: B+

Residents and visitors can enjoy various activities, including attending events at the Charleston Coliseum & Convention Center, exploring the Kanawha State Forest, and enjoying local festivals. The city also offers diverse dining options and vibrant nightlife.

Avg Home Prices: B

The average home price in Charleston is relatively affordable compared to national averages, making it an attractive option for investors. The median home price hovers around $150,000, providing good opportunities for rental income.

Return on Investment: B+

Charleston's rental market is stable, with a steady demand for rental properties. The combination of affordable home prices and decent rental rates offers a promising return on investment for property owners.

Proximity to Work-Related Travel: A-

Charleston is a hub for government and healthcare jobs, with proximity to major employers such as the Charleston Area Medical Center and government offices. The Yeager Airport provides convenient travel options for professionals.

X-Factor: A

Charleston’s unique appeal lies in its blend of small-town charm and urban amenities. The city’s rich history, coupled with its modern conveniences, makes it a desirable place to live.

2. Morgantown

Grades:

• Convenience: A
• Tourist Attractions: B+
• Things to Do: A-
• Avg Home Prices: B
• Return on Investment: A-
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience: A

Morgantown, home to West Virginia University (WVU), is a bustling college town with a high level of convenience. The presence of the university ensures ample amenities, including grocery stores, restaurants, and retail shops. Public transportation is well-developed, catering to both students and residents.

Tourist Attractions: B+

Morgantown features attractions like the WVU Art Museum, Coopers Rock State Forest, and the historic Core Arboretum. The college town atmosphere also brings a steady stream of visitors for sports events and university functions.

Things to Do: A-

The city offers numerous recreational activities, from hiking and biking in nearby parks to attending Mountaineer football games. The vibrant downtown area is filled with bars, cafes, and entertainment venues.

Avg Home Prices: B

Home prices in Morgantown are moderate, with a median price around $220,000. While slightly higher than some other areas in the state, the strong demand for rental properties, especially from students, compensates for this.

Return on Investment: A-

Given the high demand for rental housing from students, faculty, and healthcare professionals, Morgantown provides a solid return on investment. Properties near WVU are particularly lucrative.

Proximity to Work-Related Travel: A

The presence of WVU and its associated medical facilities means numerous employment opportunities. The Morgantown Municipal Airport also facilitates easy travel for business professionals.

X-Factor: A

Morgantown’s unique appeal comes from its college town vibrancy, academic environment, and scenic beauty. The strong sense of community and intellectual atmosphere make it a desirable location.

3. Huntington

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B+
• Avg Home Prices: A-
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: B+

Convenience: B

Huntington, known for its historic architecture and the presence of Marshall University, offers a convenient living environment. The city has a range of amenities, including shopping centers and public services, although public transportation is less developed than in larger cities.

Tourist Attractions: B

Tourist attractions in Huntington include the Huntington Museum of Art, Ritter Park, and Pullman Square. While not a major tourist destination, these attractions enhance the city’s appeal.

Things to Do: B+

Residents can enjoy a variety of activities such as visiting the Big Sandy Superstore Arena, exploring local parks, and participating in university events. The city’s dining and entertainment options are varied and appealing.

Avg Home Prices: A-

Home prices in Huntington are among the most affordable in the state, with a median price around $120,000. This affordability makes it an attractive option for investors seeking lower entry costs.

Return on Investment: B+

The rental market in Huntington is steady, bolstered by the presence of Marshall University. The affordability of properties combined with decent rental rates offers good potential for ROI.

Proximity to Work-Related Travel: B+

Huntington’s proximity to major employers like Cabell Huntington Hospital and the university provides ample job opportunities. Tri-State Airport offers convenient travel options.

X-Factor: B+

Huntington’s unique appeal lies in its historic charm and university influence. The combination of affordable living and a strong community feel makes it a desirable location.

4. Wheeling

Grades:

• Convenience: B
• Tourist Attractions: B+
• Things to Do: B
• Avg Home Prices: A
• Return on Investment: B+
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience: B

Wheeling, a city rich in history and culture, offers a convenient lifestyle with essential amenities like grocery stores, healthcare facilities, and shopping centers. Public transportation is available but limited.

Tourist Attractions: B+

Attractions in Wheeling include Oglebay Resort, the Wheeling Island Hotel-Casino-Racetrack, and the Heritage Port. These attractions draw visitors and enhance the city’s appeal.

Things to Do: B

Wheeling offers various recreational activities such as golfing, exploring historic sites, and enjoying performances at the Capitol Theatre. The city also has a range of dining and entertainment options.

Avg Home Prices: A

Wheeling’s average home prices are among the lowest in the state, with a median price around $100,000. This affordability is attractive for investors looking for low-cost entry points.

Return on Investment: B+

The rental market in Wheeling is stable, with a steady demand for affordable housing. The combination of low property prices and reasonable rental rates offers good ROI potential.

Proximity to Work-Related Travel: B

Wheeling is close to major employment centers such as Wheeling Hospital and the Ohio Valley Medical Center. However, travel options are more limited compared to larger cities.

X-Factor: B

Wheeling’s unique appeal lies in its historic charm and cultural heritage. The city’s affordability and community-oriented atmosphere make it a desirable place to live.

5. Martinsburg

Grades:

• Convenience: A-
• Tourist Attractions: B
• Things to Do: B+
• Avg Home Prices: B+
• Return on Investment: A-
• Proximity to Work-Related Travel: A
• X-Factor: B+

Convenience: A-

Martinsburg, located in the Eastern Panhandle, offers high convenience with ample amenities and services. The city has a variety of shopping centers, restaurants, and healthcare facilities. Public transportation is well-developed, catering to both residents and commuters.

Tourist Attractions: B

Martinsburg features attractions like the Martinsburg Roundhouse, the Apollo Civic Theatre, and nearby Harpers Ferry National Historical Park. These attractions enhance the city’s cultural and historical appeal.

Things to Do: B+

Residents can enjoy activities such as exploring historic sites, hiking in nearby parks, and participating in community events. The city also offers diverse dining options and entertainment venues.

Avg Home Prices: B+

Home prices in Martinsburg are moderate, with a median price around $200,000. This affordability, combined with strong rental demand, makes it attractive for investors.

Return on Investment: A-

The rental market in Martinsburg is robust, driven by its proximity to Washington D.C. and Baltimore. The combination of affordable home prices and high rental rates offers excellent ROI potential.

Proximity to Work-Related Travel: A

Martinsburg’s proximity to major metropolitan areas and employment centers makes it a desirable location for commuters. The presence of the MARC train service enhances connectivity.

X-Factor: B+

Martinsburg’s unique appeal lies in its blend of small-town charm and strategic location. The city’s historical significance and convenient access to major cities make it a desirable place to live.

Conclusion

West Virginia offers a variety of promising locations for rental property investments. Each city and neighborhood presents unique opportunities and challenges. By carefully considering factors such as convenience, tourist attractions, things to do, average home prices, return on investment, and proximity to work-related travel, investors can make informed decisions to unlock the full potential of their rental property investments in the Mountain State.