Why Houses in Richmond, VA so cheap?

First off, check the location of those houses. VCU may be nice, but there are some rather unsavory areas surrounding the campus.

Also, check the condition of the house. Many of the houses in the City of Richmond are 50+ years old, as a result of the housing boom after WWII. I myself live in an older home and thus it was rather inexpensive. (No where near as cheap as what you are posting.)

Thus, my impression that such a cheap house is probably located in a high crime area and may have had it's plumbing stolen and had been inhabited by drug that did not care about the lack of plumbing.

I hope that this helped.

Good luck!

Either a SCAM or a SLUM! Those prices do not reflect the average home in the area.