2242 Otey St. St · Lynchburg, VA 24501

$204,900

4 bd · 2.0 ba · 1,549 sqft · MultiFamily public records · 121 Days on market

Built 1900 5,075 sqft lot $132/sqft · 18% above area Est $174k · 17% over

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Why this score? — see what drove the C 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +6.5/10.0
• Livability +4.5/5.0
• Schools +4.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

Key facts

• Central heat and air
• Private back patio
• 5,075 sq ft lot

Tags

• PRIVATE BACK PATIO
• CENTRAL HEAT AND AIR
• WASHER AND DRYER HOOK UPS
• CONVENIENT TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.0-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive. Per door: $296/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.0% in Lynchburg — 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 91/100 on livability (#1 in VA, #58 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment D+.
• Lynchburg City Public School District (urban): math 36% / reading 61% proficiency, ranked #104 of 131 in VA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 221 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 472 units permitted in Lynchburg city in 2024 (240 in 5+ unit buildings).
• At $2,365/mo this rent would consume 67% of the median local household income ($42k/yr) (locally 1717% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lynchburg County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $205k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 7.2

CMA / ARV

• ARV (median comp): $174,412
• List price: $204,900
• Delta: 17.48%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1771 Seabury Ave	0.37mi	4/—	1,588 (+2%)	1mo	$190,000	$120	78

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 · 1.15% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $142
• Equity at exit: $30,551

10-year hold

• IRR: 7.8%
• Equity multiple: 1.55×
• Total profit: $31,396
• Equity at exit: $17,716

Cash invested: $57,372 (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 24501

• Rents YoY: 1.1%
• Active inventory: 221
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,365 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$116 /mo · $1,395/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$497
• Net cashflow: $592

Break-even live

Break-even rent $1,615

Max offer price $204,900

Occupancy floor 70%

Sensitivity live

Price	-10% $708	-5% $650	+0% $592	+5% $534	+10% $476
Rent	-10% $405	-5% $499	+0% $592	+5% $686	+10% $779
Rate	-1.0pp $695	-0.5pp $644	base $592	+0.5pp $539	+1.0pp $485

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,364
Total (2 units)			$2,365

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2518 Carter St Lynchburg, VA	3.0	2.0	1091	$1,500	$1.37	44d	1	0.13mi
2269 Aragon St Lynchburg, VA	3.0	2.0	1200	$1,695	$1.41	44d	1	0.52mi
1518 Fillmore St Lynchburg, VA	3.0	2.5	1560	$1,800	$1.15	14d	1	0.75mi
1514 Fillmore St Lynchburg, VA	3.0	2.5	1560	$1,800	$1.15	14d	1	0.76mi
1401 Kemper St Lynchburg, VA	2.0–3.0	2.0	1118	$1,167	$1.04	22d	6	0.76mi
1308 16th St Lynchburg, VA	3.0	2.0	1380	$1,800	$1.30	14d	1	0.78mi
2205 Mayflower Dr Lynchburg, VA	3.0	1.0	1500	$1,450	$0.97	22d	1	0.79mi
1415 Floyd St Lynchburg, VA	3.0	2.0	1300	$1,800	$1.38	22d	1	0.83mi
1521 Taylor St Lynchburg, VA	3.0	1.0	1337	$1,195	$0.89	22d	1	0.85mi
320 Kenyon St Lynchburg, VA	3.0	2.0	1736	$1,595	$0.92	44d	1	0.93mi
1701 Grace St Lynchburg, VA	4.0	2.0	2173	$1,495	$0.69	14d	1	0.94mi
1105 Fillmore St Unit B Lynchburg, VA	3.0	1.0	1300	$1,250	$0.96	44d	1	0.99mi
403 Grove St Lynchburg, VA	3.0	2.0	1400	$1,600	$1.14	44d	1	1.00mi
1110 11th St Lynchburg, VA	3.0	1.5	2000	$1,450	$0.72	14d	1	1.12mi
800 Pierce St Lynchburg, VA	4.0	1.0	1714	$1,295	$0.76	44d	1	1.18mi
630 Park Ln Lynchburg, VA	4.0	1.5	1434	$1,895	$1.32	14d	1	1.19mi
1316 Harrison St Lynchburg, VA	3.0	1.5	1535	$1,500	$0.98	44d	1	1.20mi
106 Yeardley Ave Unit B Lynchburg, VA	3.0	1.0	1060	$895	$0.84	22d	1	1.24mi
812 Taylor St Lynchburg, VA	3.0	2.0	1872	$1,950	$1.04	14d	1	1.26mi
900 Polk St Unit A Lynchburg, VA	3.0	1.0	1100	$895	$0.81	14d	1	1.29mi
1008 8th St Lynchburg, VA	3.0	2.0	1316	$1,795	$1.36	22d	1	1.33mi
2920 Richmond St Lynchburg, VA	4.0	1.0	1472	$1,695	$1.15	22d	1	1.43mi
310 Yeardley Ave Lynchburg, VA	4.0	2.5	1888	$1,800	$0.95	22d	1	1.45mi
206 Connecticut Ave Lynchburg, VA	4.0	2.5	2180	$1,650	$0.76	22d	1	1.46mi
601 Jackson St Lynchburg, VA	3.0	2.0	1138	$1,595	$1.40	44d	1	1.48mi

Listing history 12 events

1. 2026-05-16
   status Pending 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

2. 2026-05-11
   price $204,900 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

3. 2026-04-13
   price $209,900 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

4. 2026-03-01
   price $214,900 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

5. 2026-02-21
   price $217,900 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

6. 2026-01-16
   listed $219,900 Active 402-char remark

   Show marketing remark (402 chars)

   Newly renovated duplex in the heart of Lynchburg! Convenient to Liberty University and downtown, This property offers two, 2BR/1BA units that have been completely renovated. Separate electric meters, one water meter. Both apartments have their own private back patio, central heat and air, as well as their own washer and dryer hook ups. Live in one side and have the other unit pay for your mortgage!

7. 2025-11-03
   price $214,900
8. 2025-10-06
   price $219,900
9. 2025-09-10
   listed $229,900 Active
10. 2025-08-01
    soldstatus $120,000
11. 2025-02-14
    soldstatus $140,000
12. 2022-06-14
    soldstatus $30,000

ⓘ 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: $1,395 · $116/mo
• Projected year-2 tax: $1,680 · $140/mo
• Expected delta: +$285/yr (+$24/mo · 20.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,380
• − Mortgage interest: −$11,478
• − Property taxes: −$1,395
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,270
• − Management: −$2,270
• − Depreciation: −$5,961
• Taxable income: $3,981
• Est. tax owed @ 24.0%: −$956
• After-tax cash flow: $6,151/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: Lynchburg City Public School District
• NCES district ID: 5102340
• Math proficiency: 36% ▼ -38.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $39,097
• Composite: 40.4/100
• National rank: #3730
• State rank: #104 of 131 in VA

Livability — Lynchburg

• Score: 91/100
• State rank: #1
• US rank: #58

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynchburg, VA
• County: Lynchburg City · 97,036 people
• City population: 97,036
• Metro: Lynchburg, VA
• Population (ZIP): 25,006
• Household income: $42,222
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 1717.0

Population outlook (Lynchburg County) Hauer SSP2

• Today (2025): 87,977 people
• By 2030: 93,626 · +6.4%
• By 2040: 106,145 · +20.7%
• By 2050: 120,783 · +37.3%
• By 2075: 162,249 · +84.4%
• By 2100: 191,358 · +117.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Black 34% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Lynchburg

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.3% · Other 1.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -4.0pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: D+2.6 2016: R+9.0 2012: R+10.6 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.06%
• Current HPI: 223.6839
• Rent YoY: ▲ 1.15%
• Metro: Lynchburg, VA
• 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

+583.0% since first listed

12 events — show timeline

• 2026-05-16 Pending — LMLS
• 2026-05-11 Price Changed $204,900 LMLS
• 2026-04-13 Price Changed $209,900 LMLS
• 2026-03-01 Price Changed $214,900 LMLS
• 2026-02-21 Price Changed $217,900 LMLS
• 2026-01-16 Listed $219,900 LMLS
• 2025-11-03 Price Changed $214,900 LMLS
• 2025-10-06 Price Changed $219,900 LMLS
• 2025-09-10 Listed $229,900 LMLS
• 2025-08-01 Sold (Public Records) $120,000 Public Records
• 2025-02-14 Sold (Public Records) $140,000 Public Records
• 2022-06-14 Sold (Public Records) $30,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $1,395 · +139.7% YoY. Source: county tax records.