673 School Center Aly · Richmond, VA 23222

$365,000

4 bd · 2.5 ba · 2,172 sqft · SingleFamily · 1 Days on market

Built 2026 5,270 sqft lot Est $500k · 27% under $42/mo HOA · 1% of rent

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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 +15.0/15.0
• Cash flow +9.9/30.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• 1% rule +3.1/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful new construction Craftsman style home!

Key facts

• 5,270 sq ft lot
• Parking
• Built 2026

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $365k.

Deal economics

• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $332k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (19.0% below list).
• Recommended offer: $296k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.2% 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 (+7.4%/yr); 184 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,956/mo this rent would consume 58% of the median local household income ($61k/yr) (locally 1325% 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 $3k of loan paydown is wiped out by about $11k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $295,583 (19.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $499,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2111 Greenwood Ave	0.40mi	4/3.0	2,032 (-6%)	4mo	$467,500	$230	65
2013 North Ave	0.50mi	3/2.5 (-1)	2,101 (-3%)	3mo	$425,000	$202	64
815 Edge Hill Rd	0.56mi	4/2.5	2,291 (+6%)	2mo	$488,900	$213	63
715 Catherine St	0.59mi	4/2.5	2,024 (-7%)	1mo	$447,500	$221	61
508 W Marshall St	0.71mi	3/2.5 (-1)	2,156 (-1%)	0mo	$605,000	$281	60
611 1/2 W Lancaster Rd	0.48mi	3/2.5 (-1)	2,280 (+5%)	6mo	$525,000	$230	60
316 W Clay St	0.68mi	3/2.5 (-1)	2,260 (+4%)	4mo	$510,000	$226	53
2814 Montrose Ave	0.74mi	4/2.5	1,980 (-9%)	0mo	$535,000	$270	51
116 Overbrook Rd	0.51mi	3/2.5 (-1)	1,900 (-12%)	0mo	$510,000	$268	50
5 W Graham Rd	0.54mi	4/2.5	1,858 (-14%)	3mo	$335,000	$180	48
2124 Lamb Ave	0.61mi	3/2.5 (-1)	1,931 (-11%)	3mo	$500,000	$259	45
811 Edge Hill Rd	0.56mi	3/3.0 (-1)	2,468 (+14%)	4mo	$479,000	$194	41

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 · 7.43% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.41×
• Total profit: $-59,919
• Equity at exit: $54,423

10-year hold

• IRR: -1.0%
• Equity multiple: 0.91×
• Total profit: $-8,807
• Equity at exit: $31,559

Cash invested: $102,200 (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 23222

• Rents YoY: 7.4%
• Active inventory: 184
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,956 high
• Mortgage (P&I): −$1,914
• Tax est. 1.5%: −$456 /mo · $5,475/yr
• Insurance: −$152
• HOA: −$42
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $-229

Break-even live

Break-even rent $3,246

Max offer price $331,816

Occupancy floor —

Sensitivity live

Price	-10% $23	-5% $-103	+0% $-229	+5% $-355	+10% $-482
Rent	-10% $-463	-5% $-346	+0% $-229	+5% $-113	+10% $4
Rate	-1.0pp $-46	-0.5pp $-136	base $-229	+0.5pp $-324	+1.0pp $-420

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1500 W Moore St Unit B Richmond, VA	3.0	2.5	2500	$3,700	$1.48	45d	1	0.55mi
1013 N Lombardy St Unit B Richmond, VA	3.0	2.5	2460	$3,030	$1.23	45d	1	0.61mi
1417 W Leigh St Richmond, VA	4.0	3.0	1512	$2,600	$1.72	45d	1	0.61mi
1128 W Marshall St Richmond, VA	4.0	3.0	1658	$3,000	$1.81	25d	1	0.66mi
1128 W Marshall St Unit Na Richmond, VA	4.0	3.0	1658	$3,000	$1.81	45d	1	0.66mi
2701 Northumberland Ave Richmond, VA	3.0	3.0	2310	$2,630	$1.14	5d	1	0.68mi
724 N 1st St Richmond, VA	3.0	2.5	1704	$3,000	$1.76	45d	1	0.70mi
412 W Marshall St Richmond, VA	3.0	2.0	1650	$2,375	$1.44	16d	1	0.70mi
900 N Allen Ave Richmond, VA	1.0–3.0	1.0–3.0	1286	$3,800	$2.95	3d	30	0.79mi
2435 Ownby Ln Richmond, VA	3.0	2.5	2516	$3,500	$1.39	45d	1	0.88mi
2053 W Moore St Richmond, VA	5.0	5.5	2640	$4,200	$1.59	45d	1	0.90mi
2402 Ownby Ln Richmond, VA	3.0	2.5	2253	$3,488	$1.55	3d	4	0.92mi
3007 Moss Side Ave Richmond, VA	3.0	2.5	1772	$2,495	$1.41	25d	1	0.93mi
105 E Broad St Unit 2B Richmond, VA	3.0	3.0	2322	$2,795	$1.20	5d	1	0.99mi
2034 W Grace St Unit A Richmond, VA	4.0	2.0	2450	$2,950	$1.20	45d	1	1.14mi
2034 W Grace St Unit B Richmond, VA	4.0	2.0	2500	$3,200	$1.28	45d	1	1.14mi
4 W Cary St Richmond, VA	3.0	3.0	1618	$2,775	$1.72	5d	1	1.15mi
1 N Harvie St Unit B Richmond, VA	3.0	2.0	1662	$3,500	$2.11	5d	1	1.21mi
3204 North Ave Richmond, VA	3.0	2.5	1626	$2,395	$1.47	5d	1	1.22mi
102 N Lombardy St Unit 2 Richmond, VA	3.0	2.0	1460	$2,490	$1.71	25d	1	1.23mi
2004 Hanover Ave Richmond, VA	3.0	2.5	2549	$3,950	$1.55	45d	1	1.29mi
1627 W Main St Apt 1 Richmond, VA	3.0	2.0	1500	$2,400	$1.60	45d	1	1.36mi
1601 W Cary St Unit 1 Richmond, VA	3.0	1.0	1477	$1,800	$1.22	45d	1	1.39mi
823 E Main St Richmond, VA	3.0	1.0–2.5	1178	$2,687	$2.28	3d	14	1.48mi

HOA detail

• Monthly dues: $42 · $504/yr

Listing history 2 events

1. 2026-02-03
   status Pending
2. 2026-01-31
   listed $365,000 Active

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

Taxation est. · year 1

• Rental income: $35,470
• − Mortgage interest: −$20,446
• − Property taxes: −$5,475
• − Insurance: −$1,825
• − Repairs & maintenance: −$2,838
• − Management: −$2,838
• − HOA: −$504
• − Depreciation: −$10,618
• Taxable loss: −$9,073
• Est. tax savings @ 24.0%: +$2,178
• After-tax cash flow: $-574/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): 26,322
• Household income: $61,345
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 1325.0

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: Predominantly Black (70%)
• Race & ethnicity: Black 70% White 21% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 1% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 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: ▼ -288.72%
• Current HPI: 428.4029
• Rent YoY: ▲ 7.43%
• 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

2 events — show timeline

• 2026-02-03 Pending — CVRMLS
• 2026-01-31 Listed $365,000 CVRMLS