3605 Stockton St · Richmond, VA 23224

$127,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 32 Days on market

Built 1950 6,820 sqft lot $176/sqft · 43% below area Est $224k · 43% under

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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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Conservatorship sale subject to Medicaid process. 2-bedroom, 1-bath home (approx. 720 sqft), priced at assessed value. Property condition is unknown at this time and will be updated once access is available. No interior access currently—showings anticipated mid-May (subject to change). Until access is granted, sight-unseen offers only. Property sold strictly as-is with no seller knowledge of condition

Key facts

• 6,820 sq ft lot
• Built 1950
• Listed 32 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (4.9% below list).
• Recommended offer: $121k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 173 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $878 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $41k; list at $127k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,819 (4.9% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

• ARV (median comp): $223,766
• List price: $127,000
• Delta: -43.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3414 Decatur St	0.10mi	2/1.0	791 (+10%)	2mo	$184,000	$233	77
100 E 31st St	0.45mi	2/1.0	704 (-2%)	16mo	$210,000	$298	62
3208 Decatur St	0.23mi	2/1.0	624 (-13%)	7mo	$138,750	$222	61
208 E 33rd St	0.34mi	2/1.0	768 (+7%)	17mo	$225,000	$293	59
3337 Mcguire	0.52mi	2/1.0	698 (-3%)	15mo	$160,000	$229	58
3158 Lawson St	0.34mi	2/1.0	775 (+8%)	19mo	$197,000	$254	56
110 E 33rd St	0.40mi	2/1.0	822 (+14%)	8mo	$293,000	$356	51
3200 Kenyon Ave	0.73mi	2/1.0	785 (+9%)	8mo	$165,000	$210	44
207 W 32nd St	0.70mi	2/1.0	768 (+7%)	16mo	$289,900	$377	43
4004 Crutchfield St	0.74mi	2/1.0	768 (+7%)	15mo	$245,000	$319	42
2908 Midlothian Tpke	0.68mi	2/1.0	680 (-6%)	22mo	$225,000	$331	40
3117 Lost Ln	0.72mi	2/1.0	812 (+13%)	13mo	$158,000	$195	34

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 · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-9,798
• Equity at exit: $18,936

10-year hold

• IRR: 4.0%
• Equity multiple: 1.31×
• Total profit: $10,933
• Equity at exit: $10,981

Cash invested: $35,560 (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 23224

• Rents YoY: 4.5%
• Active inventory: 173
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,208 high
• Mortgage (P&I): −$666
• Tax from tax record: −$96 /mo · $1,152/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $140

Break-even live

Break-even rent $1,032

Max offer price $127,000

Occupancy floor 83%

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3709 Stockton St Richmond, VA	2.0	1.0	685	$900	$1.31	2d	1	0.16mi
3704 Chapel Dr Richmond, VA	1.0	1.0	574	$875	$1.52	17d	1	0.21mi
3204 Midlothian Tpke Apt O Richmond, VA	2.0	1.0	715	$1,150	$1.61	24d	1	0.48mi
3202 Midlothian Tpke Richmond, VA	2.0	1.0	715	$1,150	$1.61	3d	6	0.50mi
205 W Roanoke St Richmond, VA	1.0–2.0	1.0	685	$1,330	$1.94	12d	1	0.74mi
422 W 27th St Richmond, VA	2.0	1.0	666	$925	$1.39	4d	1	1.08mi
800 Richmond Hwy Richmond, VA	1.0–2.0	1.0–2.0	778	$2,044	$2.63	44d	1	1.10mi
1200 Southwood Pkwy Richmond, VA	1.0–2.0	1.0–2.0	916	$1,605	$1.75	44d	11	1.12mi
2205 Fairfax Ave Richmond, VA	2.0	1.0	500	$1,595	$3.19	24d	1	1.21mi
402 Westover Hills Blvd Richmond, VA	1.0–2.0	1.0	692	$1,390	$2.01	2d	125	1.28mi
2200 Ingram Ave Richmond, VA	2.0	1.0–2.0	711	$1,668	$2.35	4d	1	1.36mi
603 Westover Hills Blvd Richmond, VA	1.0–2.0	1.0	720	$1,385	$1.92	44d	2	1.38mi
1707 Chicago Ave Richmond, VA	2.0	1.0	750	$995	$1.33	44d	1	1.43mi

Listing history 3 events

1. 2026-04-17
   listed $127,000 Active 410-char remark

   Show marketing remark (410 chars)

   Conservatorship sale subject to Medicaid process. 2-bedroom, 1-bath home (approx. 720 sqft), priced at assessed value. Property condition is unknown at this time and will be updated once access is available. No interior access currently—showings anticipated mid-May (subject to change). Until access is granted, sight-unseen offers only. Property sold strictly as-is with no seller knowledge of condition

2. 1991-08-28
   soldstatus $41,450
3. 1987-10-28
   soldstatus $43,500

ⓘ 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: $1,152 · $96/mo
• Projected year-2 tax: $1,152 · $96/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $14,498
• − Mortgage interest: −$7,114
• − Property taxes: −$1,152
• − Insurance: −$635
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$3,695
• Taxable loss: −$417
• Est. tax savings @ 24.0%: +$100
• After-tax cash flow: $1,775/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 40,575
• Household income: $50,475
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3584.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 22% White 15% Two or more races 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 78% English-only · Spanish 19% French/Haitian/Cajun 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.99%
• Current HPI: 336.9345
• Rent YoY: ▲ 4.55%
• Metro: Richmond, 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

+192.0% since first listed

3 events — show timeline

• 2026-04-17 Listed $127,000 BRIGHT MLS
• 1991-08-28 Sold (Public Records) $41,450 Public Records
• 1987-10-28 Sold (Public Records) $43,500 Public Records

Property tax history

+7.0%/yr

Latest (2022): $1,152 · +95.9% YoY. Source: county tax records.