Owning a rental can look great on paper. Then the calls start: a leaky faucet, a furnace that won’t kick on, a tenant moving out and leaving a unit that needs work before anyone else can move in. This case study walks through how we helped one couple sell a rental house in Petersburg, VA as-is, with a tenant still living there, on a schedule they chose.
The Situation
The property was an older brick duplex in one of Petersburg’s established neighborhoods, the kind of solid, early-1900s building you see all over the city’s older streets. The owners had bought it years earlier as a long-term investment, back when they lived closer by.
Over time, life moved on. They settled in Henrico, both worked full time, and the duplex turned into a regular drive down I-95. One side had a long-term tenant who paid reliably but had a growing list of repair requests. The other side had gone empty after a tenant moved out.
The Challenge
The owners were simply tired of being landlords. Getting the property ready to list the usual way meant a lot of work:
- The vacant unit needed a full turnover: worn floors, dated kitchen, fresh paint, and an older furnace near the end of its life
- The occupied unit had deferred repairs the tenant had been asking about
- A traditional sale would mean showings in a home someone was living in, and possibly asking a good tenant to leave
- Every month the empty side sat vacant, they were covering the mortgage, taxes, and insurance on half the rent
They also weren’t sure how selling with a tenant in place worked, or what happened to the lease and the security deposit.
How We Helped
The owners found us online and filled out our form. We called back within about three hours, listened to what they wanted, and set up a time to walk the property, giving the tenant proper notice before we came by.
Here’s what we did:
- We bought the duplex as-is. No repairs to either unit, no cleanout of the vacant side, and no staging.
- We bought it with the tenant in place. Nobody had to move out for the sale to happen.
- We covered typical seller closing costs, so there were no surprise fees at the table.
- The owners picked the closing date, so they could line it up with their own plans.
We don’t give legal advice, so for questions about the lease, notices to the tenant, and how the security deposit is handled at sale under Virginia law, we pointed the owners to a Virginia attorney. We then worked with the closing attorney so the lease, the deposit, and prorated rent were all handled properly at closing.
If you’re weighing your options, read our guide on selling a house with tenants in Virginia, our post on deciding what to do with a Richmond-area investment property, or see how we buy houses step by step.
After the Sale
After closing, we took over the existing lease and introduced ourselves to the tenant. Then we went to work with local contractors:
- Worked through the occupied unit’s repair list
- Replaced the aging furnace
- Renovated the vacant unit with new flooring, an updated kitchen, and paint
- Cleaned up the yard and improved curb appeal
Once the empty side was finished, it was rented to a new tenant, giving another household a solid, updated place to live close to Old Towne, the Appomattox River, and quick access to I-95 and I-85.
Why It Worked for Everyone
- The owners stepped away from being landlords without paying for repairs, handling another turnover, or showing an occupied home.
- The existing tenant got the repairs they had been asking for and didn’t have to move.
- The neighborhood gained a well-kept building with both units occupied.
Frequently Asked Questions
Can I sell my Petersburg rental if a tenant still lives there?
Often, yes. A sale generally doesn’t end an existing lease, and we buy tenant-occupied homes regularly. Talk with a Virginia attorney about your specific lease and any notices you need to give.
Do I have to fix up the vacant unit or the tenant’s repair list first?
No. We buy as-is, so the repairs become our job after closing.
What happens to the tenant’s security deposit when I sell?
It’s typically handled at closing, but the rules matter, so get advice from a Virginia attorney. We’ll work with the closing attorney so it’s done right.
Tired of Being a Landlord in Petersburg?
If you own a rental in Petersburg and you’re done with the repairs, turnovers, and late-night calls, we can help. We buy as-is, cover typical seller closing costs, and you pick the closing date. We usually get back to you within about three hours.
Call (804) 293-0208, visit our Petersburg page, or get a cash offer today.
Details generalized to protect the family’s privacy.