361 Joslyn Ave · Pennington Gap, VA 24277

$245,000

3 bd · 1.5 ba · 3,400 sqft · SingleFamily public records · 168 Days on market

Built 1949 8,712 sqft lot $72/sqft · 21% below area Est $312k · 21% 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 +15.0/15.0
• Appreciation +7.8/10.0
• Cash flow +6.1/30.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• 1% rule +0.2/10.0

Listing remarks MLS

Adorable brick home built in 1949, on a nice corner lot! This home has been lovingly maintained and updated with care to keep the charm! This home boasts approx. 3400 sqft in total living space. The main level offers two bedrooms, one full bath, large living room with fireplace, a formal dining room, and spacious kitchen! Upstairs is an entire loft bedroom big enough for anyone! Downstairs in the basement includes a potential 4th bedroom, its own kitchen, living room, and full bath. This area has its own entrance and parking off of Dale Aly with the great potential for a mother-in-law suite, or duplex for rental income. This home has plenty of outdoor space as well. The back yard is fully fenced with privacy fencing; there is an enclosed sunroom off the main kitchen and covered porch off the main level living room. Call today for your private tour! Property is currently leased through March 2026.

Key facts

• Formal dining room
• Spacious kitchen
• Large living room

Tags

• BRICK HOME
• CORNER LOT
• LARGE LIVING ROOM
• FIREPLACE
• FORMAL DINING ROOM
• SPACIOUS KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-454 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (48.1% below list).
• Recommended offer: $127k (48.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#410 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Lee County Public School District (rural): math 53% / reading 69% proficiency, ranked #62 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Flatwoods Elementary (math 67% / reading 72%, grade A-, #313 of 1,108 statewide, top 32%, 302 students, 83% FRL); Pennington Middle (math 51% / reading 67%, grade B, #166 of 342 statewide, top 50%, 274 students, 100% FRL); Lee High (math 54% / reading 71%, grade B-, #226 of 319 statewide, top 72%, 781 students, 99% FRL) — zoned schools average 94% FRL vs 58% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 31 active listings in the ZIP; 18 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($2k loan paydown + $14k appreciation (5.6% local appreciation)).
• Lee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $14k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $245k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,224 (48.1% 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 168 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — 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. 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: 0.52% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.95%
• DSCR: 0.65
• GRM: 16.0

CMA / ARV

• ARV (median comp): $312,067
• List price: $245,000
• Delta: -21.49%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Willow Ave	0.29mi	4/3.0 (+1)	3,204 (-6%)	20mo	$299,900	$94	49
235 Lakewood St	0.69mi	3/2.0	3,254 (-4%)	23mo	$215,000	$66	39
284 Smithfield Dr	0.62mi	4/3.5 (+1)	3,627 (+7%)	18mo	$300,000	$83	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.52×
• Total profit: $35,791
• Equity at exit: $147,752

10-year hold

• IRR: 9.6%
• Equity multiple: 2.89×
• Total profit: $129,385
• Equity at exit: $262,693

Cash invested: $68,600 (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 24277

• Home prices YoY: 3.5%
• Active inventory: 31
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $1,272 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$72 /mo · $869/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-454

Break-even live

Break-even rent $1,847

Max offer price $164,751

Occupancy floor —

Sensitivity live

Price	-10% $-316	-5% $-385	+0% $-454	+5% $-524	+10% $-593
Rent	-10% $-555	-5% $-505	+0% $-454	+5% $-404	+10% $-354
Rate	-1.0pp $-331	-0.5pp $-392	base $-454	+0.5pp $-518	+1.0pp $-582

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $245,000 Active 168 DOM
2. 2026-06-21
   days on market $245,000 Active 167 DOM
3. 2026-06-18
   days on market $245,000 Active 165 DOM
4. 2026-06-17
   days on market $245,000 Active 164 DOM
5. 2026-06-16
   days on market $245,000 Active 163 DOM
6. 2026-06-15
   days on market $245,000 Active 162 DOM
7. 2026-06-15
   days on market $245,000 Active 161 DOM
8. 2026-06-13
   days on market $245,000 Active 160 DOM
9. 2026-06-12
   pricedays on market $245,000 Active 159 DOM
10. 2026-06-09
    days on market $247,000 Active 156 DOM
11. 2026-06-08
    days on market $247,000 Active 155 DOM
12. 2026-06-08
    days on market $247,000 Active 154 DOM
13. 2026-06-07
    days on market $247,000 Active 153 DOM
14. 2026-06-03
    days on market $247,000 Active 150 DOM
15. 2026-06-02
    days on market $247,000 Active 149 DOM
16. 2026-06-01
    days on market $247,000 Active 148 DOM
17. 2026-05-31
    days on market $247,000 Active 147 DOM
18. 2026-05-12
    price $247,000 913-char remark

    Show marketing remark (913 chars)

    Adorable brick home built in 1949, on a nice corner lot! This home has been lovingly maintained and updated with care to keep the charm! This home boasts approx. 3400 sqft in total living space. The main level offers two bedrooms, one full bath, large living room with fireplace, a formal dining room, and spacious kitchen! Upstairs is an entire loft bedroom big enough for anyone! Downstairs in the basement includes a potential 4th bedroom, its own kitchen, living room, and full bath. This area has its own entrance and parking off of Dale Aly with the great potential for a mother-in-law suite, or duplex for rental income. This home has plenty of outdoor space as well. The back yard is fully fenced with privacy fencing; there is an enclosed sunroom off the main kitchen and covered porch off the main level living room. Call today for your private tour! Property is currently leased through March 2026.

19. 2026-03-02
    price $249,000 913-char remark

    Show marketing remark (913 chars)

    Adorable brick home built in 1949, on a nice corner lot! This home has been lovingly maintained and updated with care to keep the charm! This home boasts approx. 3400 sqft in total living space. The main level offers two bedrooms, one full bath, large living room with fireplace, a formal dining room, and spacious kitchen! Upstairs is an entire loft bedroom big enough for anyone! Downstairs in the basement includes a potential 4th bedroom, its own kitchen, living room, and full bath. This area has its own entrance and parking off of Dale Aly with the great potential for a mother-in-law suite, or duplex for rental income. This home has plenty of outdoor space as well. The back yard is fully fenced with privacy fencing; there is an enclosed sunroom off the main kitchen and covered porch off the main level living room. Call today for your private tour! Property is currently leased through March 2026.

20. 2026-01-04
    listed $259,000 Active 913-char remark

    Show marketing remark (913 chars)

    Adorable brick home built in 1949, on a nice corner lot! This home has been lovingly maintained and updated with care to keep the charm! This home boasts approx. 3400 sqft in total living space. The main level offers two bedrooms, one full bath, large living room with fireplace, a formal dining room, and spacious kitchen! Upstairs is an entire loft bedroom big enough for anyone! Downstairs in the basement includes a potential 4th bedroom, its own kitchen, living room, and full bath. This area has its own entrance and parking off of Dale Aly with the great potential for a mother-in-law suite, or duplex for rental income. This home has plenty of outdoor space as well. The back yard is fully fenced with privacy fencing; there is an enclosed sunroom off the main kitchen and covered porch off the main level living room. Call today for your private tour! Property is currently leased through March 2026.

21. 2024-04-04
    soldstatus $149,900 Closed 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

22. 2024-04-04
    soldstatus $149,900

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

23. 2024-01-14
    status Pending 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

24. 2024-01-08
    status Active 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

25. 2024-01-08
    status Pending 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

26. 2024-01-05
    price $149,900 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

27. 2023-10-11
    price $169,900 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

28. 2023-09-05
    price $179,900 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

29. 2023-08-14
    listed $189,900 Active 653-char remark

    Show marketing remark (653 chars)

    NEW PRICE !!! GREAT LOCATION! Need furniture? Seller will consider conveying with offer. Beautiful 1 1/2 story brick home with great location. Home offers hardwood floors with ceramic tile in bath and sunroom. Two bedrooms on main floor with open loft upstairs for additional bedroom or multipurpose room. Basement has 2nd kitchen, 3/4 bath with shower, Laminate and carpet flooring, family room and 4th bedroom. Great storage and large closets throughout home. Metal roof, HVAC, , vinyl tilt windows and so much more. Back of home has patio seating and storage areas. Back yard entrance with privacy fence with beautiful flower gardens and shrubbery.

30. 1999-09-07
    soldstatus $65,000

ⓘ 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: $869 · $72/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$1,140/yr (+$95/mo · 131.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,267
• − Mortgage interest: −$13,724
• − Property taxes: −$869
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,221
• − Management: −$1,221
• − Depreciation: −$7,127
• Taxable loss: −$10,121
• Est. tax savings @ 24.0%: +$2,429
• After-tax cash flow: $-3,022/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: Lee County Public School District
• NCES district ID: 5102190
• Math proficiency: 53% ▼ -31.00%
• Reading proficiency: 69% ▼ -9.00%
• Median HH income: $31,356
• Composite: 50.06/100
• National rank: #1913
• State rank: #62 of 131 in VA

Livability — Pennington Gap

• Score: 62/100
• State rank: #410
• US rank: #17149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pennington Gap, VA
• Population (ZIP): 6,379

Population outlook (Lee County) Hauer SSP2

• Today (2025): 22,861 people
• By 2030: 21,701 · -5.1%
• By 2040: 19,188 · -16.1%
• By 2050: 16,619 · -27.3%
• By 2075: 11,795 · -48.4%
• By 2100: 8,290 · -63.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 14% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Lee

• 2024 margin: Solid R (+72.0) · D 13.8% · R 85.8%
• 2008→2024 swing: -43.8pp toward R · 2008: -28.2pp · 2024: -72.0pp
• All cycles: 2024: R+72.0 2020: R+69.1 2016: R+63.2 2012: R+44.4 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 165.997
• 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

+280.0% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $247,000 Knoxville MLS
• 2026-03-02 Price Changed $249,000 Knoxville MLS
• 2026-01-04 Listed $259,000 Knoxville MLS
• 2024-04-04 Sold (Public Records) $149,900 Public Records
• 2024-04-04 Sold (MLS) $149,900 TVRMLS
• 2024-01-14 Pending — TVRMLS
• 2024-01-08 Relisted — TVRMLS
• 2024-01-08 Pending — TVRMLS
• 2024-01-05 Price Changed $149,900 TVRMLS
• 2023-10-11 Price Changed $169,900 TVRMLS
• 2023-09-05 Price Changed $179,900 TVRMLS
• 2023-08-14 Listed $189,900 TVRMLS
• 1999-09-07 Sold (Public Records) $65,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $869 · +24.6% YoY. Source: county tax records.