Scott's Addition

The poster child of Richmond's reinvention - an industrial district turned brewery-and-apartment hotspot with some of the fastest growth in the city.

The contrarian caution: much of the upside is already priced in, the product is increasingly condos with HOA costs, and the nearby Diamond District redevelopment adds new supply that could pressure rents. Buying late into a hot area is its own risk.

Appreciation investors comfortable with condo product, HOA costs, and paying for a story that's already well-known.