201 S Main St · Gretna, VA 24557

$399,900

None bd · None ba · 10,004 sqft · MultiFamily · 227 Days on market

Built 2004 Good condition 0.26 ac lot

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• Schools +6.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investment opportunity! This two-story property features a retail space on the ground level and seven residential units on the second floor. The residential units consist of six efficiency apartments and one 1-bedroom unit. Each unit is equipped with ranges, refrigerators, and insulated windows. Tenants enjoy the comfort of central air and heat, provided by separate heat pump. The main-level retail space, while currently vacant, offers a lease potential of $1,500.00 to $2,500.00 per month. It has oil heat and central air. Owner covers insurance, electricity for common areas, exterior maintenance, water/sewer, and property taxes. Showings for one apartment unit and the street-level retail space can be scheduled prior to contract signing. The remaining six residential units will be shown post-contract, with buyer approval required at the time of any inspections. Don't miss this unique opportunity to own a mixed-use property with great rental income potential!

Key facts

• Mixed use property
• Heat pump
• Two story property

Tags

• TWO STORY PROPERTY
• WASHER DRYER CONNECTIONS
• CENTRAL AIR
• HEAT PUMP
• INSULATED WINDOWS
• MIXED USE PROPERTY

What this means for you Summary

Snapshot

• This is a multifamily listed at $400k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 5.5% in Gretna — 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 74/100 on livability (#157 in VA, #4,927 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Pittsylvania County Public School District (rural): math 65% / reading 78% proficiency, ranked #22 of 131 in VA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 81 active listings in the ZIP; 72 units permitted in Pittsylvania County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($3k loan paydown + $8k appreciation (1.9% local appreciation)).
• Pittsylvania County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 227 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Recommended offer $351,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.67% ✓
• Cap rate: 13.81%
• Cash-on-cash: 26.85%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.9%
• Equity multiple: 2.66×
• Total profit: $185,387
• Equity at exit: $155,902

10-year hold

• IRR: 32.3%
• Equity multiple: 5.16×
• Total profit: $465,747
• Equity at exit: $223,104

Cash invested: $111,972 (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 24557

• Home prices YoY: 1.2%
• Active inventory: 81
• Price-to-rent: 35.0×

Monthly cashflow live

• Estimated rent: $6,670 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,401
• Net cashflow: $2,506

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 57%

Sensitivity live

Price	-10% $2,782	-5% $2,644	+0% $2,506	+5% $2,367	+10% $2,229
Rent	-10% $1,979	-5% $2,242	+0% $2,506	+5% $2,769	+10% $3,033
Rate	-1.0pp $2,707	-0.5pp $2,607	base $2,506	+0.5pp $2,402	+1.0pp $2,297

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$6,671
Total (7 units)			$6,670

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $399,900 Active 227 DOM
2. 2026-06-18
   days on market $399,900 Active 226 DOM
3. 2026-06-17
   days on market $399,900 Active 225 DOM
4. 2026-06-16
   days on market $399,900 Active 224 DOM
5. 2026-06-15
   days on market $399,900 Active 223 DOM
6. 2026-06-14
   days on market $399,900 Active 221 DOM
7. 2026-06-13
   days on market $399,900 Active 220 DOM
8. 2026-06-10
   days on market $399,900 Active 218 DOM
9. 2026-06-09
   days on market $399,900 Active 217 DOM
10. 2026-06-08
    days on market $399,900 Active 216 DOM
11. 2026-06-07
    pricedays on market $399,900 Active 215 DOM
12. 2026-06-03
    days on market $425,000 Active 211 DOM
13. 2026-06-02
    days on market $425,000 Active 210 DOM
14. 2026-06-01
    days on market $425,000 Active 209 DOM
15. 2026-05-31
    days on market $425,000 Active 208 DOM
16. 2026-05-30
    days on market $425,000 Active 207 DOM
17. 2025-11-04
    listed $425,000 Active 971-char remark

    Show marketing remark (971 chars)

    Investment opportunity! This two-story property features a retail space on the ground level and seven residential units on the second floor. The residential units consist of six efficiency apartments and one 1-bedroom unit. Each unit is equipped with ranges, refrigerators, and insulated windows. Tenants enjoy the comfort of central air and heat, provided by separate heat pump. The main-level retail space, while currently vacant, offers a lease potential of $1,500.00 to $2,500.00 per month. It has oil heat and central air. Owner covers insurance, electricity for common areas, exterior maintenance, water/sewer, and property taxes. Showings for one apartment unit and the street-level retail space can be scheduled prior to contract signing. The remaining six residential units will be shown post-contract, with buyer approval required at the time of any inspections. Don't miss this unique opportunity to own a mixed-use property with great rental income potential!

ⓘ 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: $80,040
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$6,403
• − Management: −$6,403
• − Depreciation: −$11,633
• Taxable income: $25,202
• Est. tax owed @ 24.0%: −$6,048
• After-tax cash flow: $24,020/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property offers a good investment opportunity with cosmetic updates needed, primarily focusing on painting and bathroom fixtures to enhance its resale and rental value.

Repairs flagged

• Minor Bathroom walls — Some discoloration and minor damage observed.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics, benefiting both resale and rental.
• Both Replace bathroom fixtures — Upgrading dated fixtures improves functionality and appeal, benefiting both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Bathroom walls · Some discoloration and minor damage observed.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics, benefiting both resale and rental. ↑
• Both Replace bathroom fixtures — Upgrading dated fixtures improves functionality and appeal, benefiting both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pittsylvania County Public School District
• NCES district ID: 5102940
• Math proficiency: 65% ▼ -22.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $41,672
• Composite: 59.77/100
• National rank: #900
• State rank: #22 of 131 in VA

Livability — Gretna

• Score: 74/100
• State rank: #157
• US rank: #4927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gretna, VA
• Population (ZIP): 7,832

Population outlook (Pittsylvania County) Hauer SSP2

• Today (2025): 58,725 people
• By 2030: 56,388 · -4.0%
• By 2040: 51,088 · -13.0%
• By 2050: 45,875 · -21.9%
• By 2075: 36,555 · -37.8%
• By 2100: 28,288 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 20% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Pittsylvania

• 2024 margin: Solid R (+43.1) · D 28.1% · R 71.3%
• 2008→2024 swing: -19.1pp toward R · 2008: -24.0pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+39.8 2016: R+39.6 2012: R+27.5 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.91%
• Current HPI: 160.7742
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2025-11-04 Listed $425,000 LMLS