3119 1st Ave Richmond, VA 23222
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About this home
Welcome to 3119 1st Avenue, a stunning historic all-brick home in Richmond’s sought-after North Highland Park community — where timeless architecture meets modern comfort and income potential. This beautifully restored 5-bedroom, 3-bath residence spans nearly 3,400 sq ft, offering exceptional space for multi-generational living, short-term rental use, or an elegant single-family lifestyle. Built in 1920, the home showcases original hardwood floors, stained glass windows, detailed woodwork, and six decorative fireplaces, preserving the charm and craftsmanship of the era. Step through the grand entry into soaring 10-foot ceilings that fill the home with light and volume. The main level features a first-floor bedroom and full bath — ideal for guests or aging-in-place flexibility. The kitchen and bathrooms have been tastefully updated with granite countertops, modern cabinetry, and contemporary fixtures, blending old-world charm with modern livability. Upstairs you’ll find spacious bedrooms, including a large primary suite and additional flex spaces perfect for an office, den, or studio. Outside, the property offers incredible curb appeal with a wrap-around front porch and a two-story rear deck overlooking a fenced backyard, ideal for entertaining, gardening, or relaxation. Recent upgrades include a brand-new roof (2025) and multiple system updates, providing peace of mind for the next owner. Whether you’re looking for your forever home or seeking an investment opportunity — this property checks every box. Its generous layout and zoning potential lend themselves to uses such as a group home, assisted living, co-living, or pad-split configuration (buyer to verify). Located just minutes from downtown Richmond, the Virginia Union corridor, and major interstates, 3119 1st Ave offers both convenience and character in one of the city’s fastest-revitalizing neighborhoods. Note: Although no known defects, Shed, Fireplaces, and Chimneys are sold "as is."
Source: CENTRALVIRGINIA #2529276
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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