2713 N Armistead Ave

Hampton, VA 23666

$148,500B

3 bd · 1.0 ba · 2,419 sqft · Built 1933 · SingleFamily · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,347/mo
• Mortgage (P&I): −$779
• Tax + insurance: −$228
• HOA: −$0
• Vac / Maint / Mgmt: −$493
• Net cashflow: $847/mo
• Annual: $10,165/yr
• Cap rate: 13.14%
• Cash-on-cash: 24.45%
• DSCR: 2.09
• 1% rule: 1.58%
• Cash to close: $41,580

Investor read

• This is a 3-bed/1.0-bath single-family listed at $148k. Condition is rated fair.
• At list price, monthly cash flow is $847 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• It's been on market 136 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 75/100 on livability (#133 in VA, #4,302 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Hampton City Public School District (urban): math 60% / reading 70% proficiency, ranked #40 of 131 in VA (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Luther W. Machen Elementary (math 47% / reading 62%, grade C, #650 of 1,108 statewide, top 62%, 455 students, 84% FRL); Cesar Tarrant Middle (math 64% / reading 71%, grade A-, #98 of 342 statewide, top 30%, 676 students, 74% FRL); Bethel High (math 64% / reading 84%, grade B+, #120 of 319 statewide, top 38%, 1,777 students, 86% FRL) — zoned schools average 81% FRL vs 49% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 343 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 47d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 68 units permitted in Hampton city in 2024 (0 in 5+ unit buildings).
• Hampton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $35k; list at $148k implies a 328% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 13.1% vs local median 4.5% in Hampton — 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.
• This rent runs 39% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration indicate significant damage and potential water infiltration.
• Moderate: exterior siding — The siding shows some discoloration and minor damage, which may require painting or replacement.
• Unknown: HVAC/mechanicals — No interior photos are available to assess the condition of the HVAC and mechanical systems.
• Major: landscaping — The landscaping is overgrown and lacks maintenance, which could be improved with trimming and planting.
• Unknown: windows — No interior photos are available to assess the condition of the windows. However, the exterior suggests some may be old or in need of replacement.