483 Richneck Rd · Newport News, VA 23608

$149,900

3 bd · 2.0 ba · 1,681 sqft · SingleFamily public records · 16 Days on market

Built 1930

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors, renovators, and visionaries—this is your next opportunity. This 1930 Cape Cod sits on a beautiful lot and offers the perfect canvas for a complete restoration or redesign. Whether you’re looking for your next renovation project, a fix-and-flip opportunity, or a property to reimagine from top to bottom, the possibilities here are significant. Bring your ideas, creativity, and plans to unlock this home’s full potential.

Key facts

• Unlock potential
• Beautiful lot
• Complete restoration

Tags

• BEAUTIFUL LOT
• COMPLETE RESTORATION
• FIX-AND-FLIP OPPORTUNITY
• UNLOCK POTENTIAL

Property features AI

Finance

• Other: Fixer upper
• HOA & community: No HOA fees

Exterior

• Parking: Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Gas water heater; Electric service (range is electric)
• Home design: Detached Cape Cod-style home; 2 stories; Pile foundation; Simple ownership
• Construction: Aluminum siding; Vinyl siding; Pile foundation; Asphalt shingle roof
• Exterior features: Aluminum and vinyl siding; Back yard fenced with chain link; Asphalt shingle roof

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: First-floor master bedroom; Master bedroom; Additional bedroom
• Flooring: Carpet; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Ceiling fan; Carpet and wood flooring
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 4.2% in Newport News — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richneck Elementary (math 35% / reading 53%, grade F, #851 of 1,108 statewide, top 77%, 558 students, 90% FRL); Woodside High (math 54% / reading 86%, grade B+, #151 of 319 statewide, top 49%, 1,807 students, 88% FRL) — zoned schools average 89% FRL vs 55% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 57% at this address vs 44% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Newport News City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.9%/yr); 213 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $105k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.06%
• DSCR: 1.85
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $358,053
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
483 Richneck Rd	0.00mi	3/2.0	1,620 (-4%)	0mo	$125,000	$77	94
815 Palace Ct	0.22mi	4/2.5 (+1)	1,778 (+6%)	0mo	$355,000	$200	73
859 Cheyenne Dr	0.25mi	3/1.5	1,466 (-13%)	3mo	$205,000	$140	63
20 Chowan Pl	0.52mi	4/2.5 (+1)	1,620 (-4%)	2mo	$345,000	$213	61
962 Red Oak Cir	0.44mi	3/2.5	1,500 (-11%)	2mo	$365,000	$243	58
606 Aylesbury Dr	0.43mi	3/2.0	1,470 (-13%)	3mo	$346,938	$236	57
690 Emerald Ct	0.29mi	4/2.5 (+1)	1,913 (+14%)	0mo	$390,000	$204	56
713 Princess Ct	0.61mi	3/2.5	1,536 (-9%)	3mo	$325,000	$212	53
705 Princess Ct	0.64mi	3/2.5	1,530 (-9%)	3mo	$328,000	$214	50
26 Meadow Creek Dr	0.71mi	3/2.0	1,500 (-11%)	4mo	$340,000	$227	46
812 Winslow Dr	0.69mi	3/2.0	1,475 (-12%)	2mo	$316,000	$214	46
827 Winslow Dr	0.69mi	4/3.0 (+1)	1,875 (+12%)	4mo	$350,000	$187	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.87% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.65×
• Total profit: $27,170
• Equity at exit: $22,351

10-year hold

• IRR: 26.8%
• Equity multiple: 3.82×
• Total profit: $118,299
• Equity at exit: $12,961

Cash invested: $41,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 23608

• Home prices YoY: -10.5%
• Rents YoY: 6.9%
• Active inventory: 213
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,209 high
• Mortgage (P&I): −$786
• Tax from tax record: −$230 /mo · $2,760/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $667

Break-even live

Break-even rent $1,365

Max offer price $149,900

Occupancy floor 65%

Sensitivity live

Price	-10% $752	-5% $709	+0% $667	+5% $624	+10% $582
Rent	-10% $492	-5% $579	+0% $667	+5% $754	+10% $841
Rate	-1.0pp $742	-0.5pp $705	base $667	+0.5pp $628	+1.0pp $588

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 Emerald Ct Newport News, VA	3.0	2.5	1455	$2,300	$1.58	45d	1	0.22mi
722 Emerald Ct Newport News, VA	3.0	2.5	1488	$2,400	$1.61	45d	1	0.27mi
453 Waverly Pl Newport News, VA	3.0	2.5	1952	$2,800	$1.43	25d	1	0.46mi
893 Henrico Ct Newport News, VA	4.0	2.5	2125	$2,950	$1.39	45d	1	0.58mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1600	$2,350	$1.47	25d	1	0.70mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,250	$1.43	17d	1	0.70mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	45d	1	0.70mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	18d	1	0.70mi
718 Halyard Dr Newport News, VA	3.0	2.5	1472	$2,300	$1.56	45d	1	0.78mi
826 Maywood Cir Newport News, VA	3.0	2.0	1164	$2,100	$1.80	3d	1	0.80mi
1510 Waltham Ln Newport News, VA	3.0	2.5	2035	$2,700	$1.33	25d	1	0.90mi
1517 Auckland Ct Newport News, VA	4.0	2.5	2100	$2,465	$1.17	45d	1	0.91mi
1512 Auckland Ct Yorktown, VA	4.0	3.0	1900	$2,450	$1.29	45d	1	0.94mi
7 Friedman Pl Newport News, VA	3.0	2.0	1537	$2,250	$1.46	12d	1	0.95mi
581 Calla Ct Newport News, VA	1.0–3.0	1.0–2.0	990	$1,575	$1.59	3d	11	1.07mi
825 Chapin Wood Dr Newport News, VA	4.0	2.5	2171	$2,501	$1.15	3d	1	1.15mi
205 Orkney Pl Newport News, VA	3.0	1.5	2072	$2,300	$1.11	25d	1	1.17mi
800 Skelton Way Newport News, VA	3.0	2.5	1710	$2,195	$1.28	45d	1	1.22mi
13409 Oakleaf Ct Newport News, VA	2.0	1.5	1454	$1,975	$1.36	3d	1	1.24mi
163 Windsor Castle Dr Unit B Newport News, VA	2.0	2.5	1369	$1,750	$1.28	22d	1	1.29mi
3900 Woodbridge Dr Unit 00 2106 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	21d	1	1.32mi
3900 Woodbridge Dr Unit 00 1604 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	25d	1	1.32mi
3900 Woodbridge Dr Unit 00 1402 Newport News, VA	2.0	2.0	1148	$1,649	$1.44	18d	1	1.32mi
3900 Woodbridge Dr Unit 00 1808 Newport News, VA	2.0	2.5	1235	$1,599	$1.29	25d	1	1.32mi
3900 Woodbridge Dr Unit 00 2006 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	17d	1	1.32mi
573 Old Colonial Way Newport News, VA	3.0	2.5	1580	$1,985	$1.26	45d	1	1.37mi
104 Landmark Ct Newport News, VA	1.0–3.0	1.0–2.0	1020	$1,802	$1.77	3d	1	1.39mi
13 Sally Ann Pl Newport News, VA	3.0	1.5	1150	$2,150	$1.87	5d	1	1.39mi
12750 Saint George St Newport News, VA	3.0	2.5	1350	$1,300	$0.96	9d	1	1.45mi

Listing history 11 events

1. 2026-06-07
   statusdays on market $149,900 Under Contract 16 DOM
2. 2026-06-03
   days on market $149,900 Active Under Contract 14 DOM
3. 2026-06-02
   days on market $149,900 Active Under Contract 13 DOM
4. 2026-06-01
   days on market $149,900 Active Under Contract 12 DOM
5. 2026-05-31
   days on market $149,900 Active Under Contract 11 DOM
6. 2026-05-20
   listed $149,900 Active
7. 2003-05-19
   soldstatus $105,000
8. 1996-08-26
   soldstatus $87,900
9. 1995-09-11
   soldstatus $40,000
10. 1990-07-31
    soldstatus $400,000
11. 1988-04-15
    soldstatus $38,935

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $2,760 · $230/mo
• Projected year-2 tax: $2,760 · $230/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,510
• − Mortgage interest: −$8,397
• − Property taxes: −$2,760
• − Insurance: −$750
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − Depreciation: −$4,361
• Taxable income: $6,002
• Est. tax owed @ 24.0%: −$1,440
• After-tax cash flow: $6,560/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

Amenities B Commute F Cost of living A Crime F Employment C Housing A Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,641
• Household income: $71,126
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2094.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 40% White 36% Hispanic / Latino 12% Two or more races 11% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.79%
• Current HPI: 297.7465
• Rent YoY: ▲ 6.87%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+285.0% since first listed

6 events — show timeline

• 2026-05-20 Listed $149,900 REINMLS
• 2003-05-19 Sold (Public Records) $105,000 Public Records
• 1996-08-26 Sold (Public Records) $87,900 Public Records
• 1995-09-11 Sold (Public Records) $40,000 Public Records
• 1990-07-31 Sold (Public Records) $400,000 Public Records
• 1988-04-15 Sold (Public Records) $38,935 Public Records

Property tax history

+3.3%/yr

Latest (2026): $2,760 · +9.5% YoY. Source: county tax records.