150 Fort Lewis Blvd · Salem, VA 24153

$265,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 135 Days on market

Built 1950 0.29 ac lot $225/sqft · 75% above area Est $297k · 11% under

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Why this score? — see what drove the D+ 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).

• ARV discount +12.4/15.0
• Cash flow +12.0/30.0
• Schools +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable & Affordable Brick Cape Cod—Warm, Welcoming, and Move-In Ready! Step inside this charming all-brick Cape Cod and feel right at home. The heart of the house is the beautifully remodeled kitchen (2026), featuring brand-new cabinets, granite countertops, and fresh modern touches—perfect for morning coffee or cozy dinners at home. A newly added second full bath adds everyday comfort and convenience. The entry level offers two comfortable bedrooms, a spacious living room filled with natural light, and a sweet dining area ideal for gathering with family and friends. Upstairs, the versatile loft creates the perfect space for a home office, guest retreat, or additional bedrooms. The full basement provides plenty of storage and wonderful potential for future finished living space. Outside, enjoy peaceful evenings on the covered patio, along with the convenience of a carport and large storage building. Thoughtful updates include HVAC (4 years), roof (5 years), 50-gallon hot water heater (2025), and refinished hardwood floors (2023), giving you peace of mind for years to come. All of this in a fantastic Salem location close to shopping, dining, interstate access, and recreation this cozy home offers comfort, character, and exceptional value.

Key facts

• Remodeled kitchen
• Carport
• Full basement

Tags

• REMODELED KITCHEN
• NEWLY ADDED SECOND FULL BATH
• VERSATILE LOFT
• FULL BASEMENT
• COVERED PATIO
• CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-61 ($-728/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (23.5% below list).
• Recommended offer: $203k (23.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Salem City Public School District (suburban): math 61% / reading 74% proficiency, ranked #35 of 131 in VA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Salem Elementary (math 72% / reading 77%, grade A, #220 of 1,108 statewide, top 22%, 399 students, 37% FRL); Andrew Lewis Middle (math 57% / reading 72%, grade A-, #123 of 342 statewide, top 37%, 895 students, 44% FRL); Salem High (math 64% / reading 91%, grade A-, #83 of 319 statewide, top 28%, 1,227 students, 39% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 274 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).
• This rent runs 33% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Salem County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $110k; list at $265k implies a 141% 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: extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,836 (23.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.77% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 10.9

CMA / ARV

• ARV (median comp): $297,332
• List price: $265,000
• Delta: -10.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1944 Burma Rd	0.42mi	3/2.0	1,238 (+5%)	9mo	$249,995	$202	60

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.45×
• Total profit: $-40,613
• Equity at exit: $39,512

10-year hold

• IRR: -2.4%
• Equity multiple: 0.82×
• Total profit: $-13,312
• Equity at exit: $22,912

Cash invested: $74,200 (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 24153

• Rents YoY: 6.0%
• Active inventory: 274
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,028 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$163 /mo · $1,955/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-61

Break-even live

Break-even rent $2,105

Max offer price $254,288

Occupancy floor 98%

Sensitivity live

Price	-10% $89	-5% $14	+0% $-61	+5% $-136	+10% $-211
Rent	-10% $-221	-5% $-141	+0% $-61	+5% $19	+10% $100
Rate	-1.0pp $73	-0.5pp $7	base $-61	+0.5pp $-129	+1.0pp $-199

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
130 Heatherwood Ln Salem, VA	3.0	2.0	1000	$2,295	$2.29	15d	1	0.28mi
3615 Ellen Dr Salem, VA	3.0	2.0	1196	$2,000	$1.67	45d	1	1.28mi
32 Goodwin Ave Salem, VA	2.0	1.0	896	$925	$1.03	15d	1	1.30mi

Listing history 17 events

1. 2026-06-21
   days on market $265,000 Active 135 DOM
2. 2026-06-18
   days on market $265,000 Active 132 DOM
3. 2026-06-17
   days on market $265,000 Active 131 DOM
4. 2026-06-16
   days on market $265,000 Active 130 DOM
5. 2026-06-15
   days on market $265,000 Active 129 DOM
6. 2026-06-14
   days on market $265,000 Active 127 DOM
7. 2026-06-13
   days on market $265,000 Active 126 DOM
8. 2026-06-10
   days on market $265,000 Active 124 DOM
9. 2026-06-09
   days on market $265,000 Active 123 DOM
10. 2026-06-08
    days on market $265,000 Active 122 DOM
11. 2026-06-03
    days on market $265,000 Active 117 DOM
12. 2026-06-02
    days on market $265,000 Active 116 DOM
13. 2026-06-01
    days on market $265,000 Active 115 DOM
14. 2026-05-31
    days on market $265,000 Active 114 DOM
15. 2026-05-30
    days on market $265,000 Active 113 DOM
16. 2026-02-06
    listed $265,000 Active 1277-char remark

    Show marketing remark (1277 chars)

    Adorable & Affordable Brick Cape Cod—Warm, Welcoming, and Move-In Ready! Step inside this charming all-brick Cape Cod and feel right at home. The heart of the house is the beautifully remodeled kitchen (2026), featuring brand-new cabinets, granite countertops, and fresh modern touches—perfect for morning coffee or cozy dinners at home. A newly added second full bath adds everyday comfort and convenience. The entry level offers two comfortable bedrooms, a spacious living room filled with natural light, and a sweet dining area ideal for gathering with family and friends. Upstairs, the versatile loft creates the perfect space for a home office, guest retreat, or additional bedrooms. The full basement provides plenty of storage and wonderful potential for future finished living space. Outside, enjoy peaceful evenings on the covered patio, along with the convenience of a carport and large storage building. Thoughtful updates include HVAC (4 years), roof (5 years), 50-gallon hot water heater (2025), and refinished hardwood floors (2023), giving you peace of mind for years to come. All of this in a fantastic Salem location close to shopping, dining, interstate access, and recreation this cozy home offers comfort, character, and exceptional value.

17. 2015-11-24
    soldstatus $110,000

ⓘ 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: $1,955 · $163/mo
• Projected year-2 tax: $2,173 · $181/mo
• Expected delta: +$218/yr (+$18/mo · 11.1%)

ⓘ 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 5/10 Major 8 d/yr ≥101°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,340
• − Mortgage interest: −$14,844
• − Property taxes: −$1,955
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − Depreciation: −$7,709
• Taxable loss: −$5,388
• Est. tax savings @ 24.0%: +$1,293
• After-tax cash flow: $565/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: Salem City Public School District
• NCES district ID: 5103460
• Math proficiency: 61% ▼ -21.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $49,976
• Composite: 57.25/100
• National rank: #1092
• State rank: #35 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, VA
• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 26,761 people
• By 2030: 27,543 · +2.9%
• By 2040: 29,174 · +9.0%
• By 2050: 30,902 · +15.5%
• By 2075: 35,530 · +32.8%
• By 2100: 39,381 · +47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.3) · D 39.8% · R 59.1% · Other 1.1%
• 2008→2024 swing: -3.8pp toward R · 2008: -15.5pp · 2024: -19.3pp
• All cycles: 2024: R+19.3 2020: R+19.4 2016: R+24.8 2012: R+20.6 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

+140.9% since first listed

2 events — show timeline

• 2026-02-06 Listed $265,000 MLSRV
• 2015-11-24 Sold (Public Records) $110,000 Public Records

Property tax history

+11.1%/yr

Latest (2025): $1,955 · +6.5% YoY. Source: county tax records.