104 W Preston St · Lexington, VA 24450

$228,000

3 bd · 1.5 ba · 2,058 sqft · SingleFamily public records · 5 Days on market

Built 1904 4,792 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +7.1/10.0
• Cash flow +4.3/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

1904 Victorian Farmhouse nestled in a family-friendly neighborhood steps away from Lexington's vibrant downtown and an easy walk to W & L and VMI. Step back in time & experience the charm and character of this historic home featuring large rooms, high ceilings, wood floors, ornate fireplace, and period millwork throughout. Spacious two-story offers entry foyer with gracious stairway, flanked by roomy living and dining rooms. 4-5 bedrooms and 3 baths provide options for primaries on both levels. Looking for more space, check out expansion possibilities in the walk-up attic with generous headroom, open floor space & gable windows for natural light. Covered front porch &

Key facts

• Victorian farmhouse
• Wood floors
• Large rooms

Tags

• VICTORIAN FARMHOUSE
• HISTORIC HOME
• LARGE ROOMS
• HIGH CEILINGS
• WOOD FLOORS
• ORNATE FIREPLACE

🏗️ New construction. The $228,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $442,470.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $228k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (16.8% below list).
• Recommended offer: $190k (16.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#62 in VA, #1,813 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Lexington City Public School District (town): math 82% / reading 88% proficiency, ranked #4 of 131 in VA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Harrington Waddell Elementary (math 82% / reading 87%, grade A+, #71 of 1,108 statewide, top 8%, 324 students, 32% FRL); Lylburn Downing Middle (math 82% / reading 87%, grade A+, #14 of 342 statewide, top 4%, 161 students, 26% FRL).
• Market conditions: 148 active listings in the ZIP; solid renter incomes; 1 units permitted in Lexington city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Lexington County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,671 (16.8% 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. Built in 1904 — 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. 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?
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: 0.43% ✗
• Cap rate: 3.09%
• Cash-on-cash: -11.44%
• DSCR: 0.49
• GRM: 19.4

CMA / ARV

• ARV (on-the-fly): $442,470
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 S Jefferson St	0.04mi	3/2.0	1,788 (-13%)	10mo	$430,000	$240	66
215 Catalpa Pl	0.30mi	3/2.5	1,976 (-4%)	12mo	$425,000	$215	66
317 Jackson Ave	0.18mi	3/3.0	2,243 (+9%)	13mo	$630,000	$281	60
9 Westside Ct	0.35mi	3/1.5	1,907 (-7%)	14mo	$369,000	$193	59
10 Westside Ct	0.35mi	3/2.0	1,880 (-9%)	15mo	$525,000	$279	55
207 Massie St	0.44mi	3/2.0	1,800 (-12%)	7mo	$257,500	$143	51
409 Wills Rd	0.73mi	3/3.0	2,240 (+9%)	1mo	$418,000	$187	44
23 Fuller St	0.46mi	4/2.0 (+1)	1,800 (-12%)	11mo	$275,000	$153	42
114 Colonnade Ave	0.56mi	3/2.5	1,792 (-13%)	12mo	$389,000	$217	38
7 Maple Ln	0.62mi	3/3.0	1,936 (-6%)	21mo	$369,000	$191	37
115 Houston St	0.44mi	4/2.0 (+1)	1,808 (-12%)	23mo	$440,000	$243	33
402 Confederate Cir	0.73mi	4/3.0 (+1)	2,276 (+11%)	9mo	$400,000	$176	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -37.3%
• Equity multiple: -0.19×
• Total profit: $-147,139
• Equity at exit: $65,974

10-year hold

• IRR: -54.8%
• Equity multiple: -0.82×
• Total profit: $-225,832
• Equity at exit: $38,257

Cash invested: $123,892 (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 24450

• Home prices YoY: -22.8%
• Active inventory: 148
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,897 medium
• Mortgage (P&I): −$2,320
• Tax from tax record: −$175 /mo · $2,099/yr
• Insurance: −$184
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-1,181

Break-even live

Break-even rent $3,392

Max offer price $233,793

Occupancy floor —

Sensitivity live

Price	-10% $-931	-5% $-1,056	+0% $-1,181	+5% $-1,307	+10% $-1,432
Rent	-10% $-1,331	-5% $-1,256	+0% $-1,181	+5% $-1,106	+10% $-1,031
Rate	-1.0pp $-958	-0.5pp $-1,069	base $-1,181	+0.5pp $-1,296	+1.0pp $-1,413

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: $110,618
• Closing costs: $13,274
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-18
   status Pending
2. 2026-03-13
   listed $228,000 Active

ⓘ 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: $2,099 · $175/mo
• Projected year-2 tax: $2,099 · $175/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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 19 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: $22,761
• − Mortgage interest: −$24,785
• − Property taxes: −$2,099
• − Insurance: −$2,212
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − Depreciation: −$12,872
• Taxable loss: −$22,850
• Est. tax savings @ 24.0%: +$5,484
• After-tax cash flow: $-8,691/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: Lexington City Public School District
• NCES district ID: 5102220
• Math proficiency: 82% ▼ -9.00%
• Reading proficiency: 88% ▬ 0.00%
• Median HH income: $37,249
• Composite: 70.57/100
• National rank: #258
• State rank: #4 of 131 in VA

Livability — Lexington

• Score: 80/100
• State rank: #62
• US rank: #1813

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lexington, VA
• County: Rockbridge County · 17,714 people
• City population: 17,714
• Metro: nan
• Population (ZIP): 17,714
• Household income: $76,587
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 429.0

Population outlook (Lexington County) Hauer SSP2

• Today (2025): 8,814 people
• By 2030: 9,156 · +3.9%
• By 2040: 9,636 · +9.3%
• By 2050: 10,345 · +17.4%
• By 2075: 12,696 · +44.0%
• By 2100: 14,268 · +61.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Serbian 4% Italian 2% Slovak 2%
• Foreign-born: 4% · China, Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Chinese 1% Korean 1%

Political lean MEDSL · Lexington

• 2024 margin: Strong D (+26.7) · D 62.7% · R 36.0% · Other 1.3%
• 2008→2024 swing: +1.3pp toward D · 2008: 25.4pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.0 2016: D+30.6 2012: D+12.6 2008: D+25.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.84%
• Current HPI: 283.7394
• Rent YoY: —
• Metro: nan
• 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

• 2026-03-18 Pending — RHR
• 2026-03-13 Listed $228,000 RHR

Property tax history

+1.9%/yr

Latest (2025): $2,099 · +0.0% YoY. Source: county tax records.