215 Barnett Rd NW · Salem, VA 24153

$235,000

3 bd · 2.0 ba · 2,075 sqft · SingleFamily public records · 47 Days on market

Built 1956 0.26 ac lot $113/sqft · 13% above area Est $238k · at est.

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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).

• Cash flow +14.9/30.0
• ARV discount +8.1/15.0
• Schools +5.7/10.0
• DSCR +4.6/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attn: 1st time home buyers or property investors. THIS IS IT! This brick, low maintenance home is located in the desirable Salem school district. The property features 3 bedrooms & 2 baths, offering a functional layout. Conveniently located near dining & shopping & easy access to interstate commuting. This home includes gas heat, CA, approximately 10 yr old roof, new windows in the front of the home, FP in primary bedroom & laundry in full walkout basement with plenty of extra storage space. Outside you will find a front porch, fully fenced backyard & deck with handicapped ramp. Perfect for quiet enjoyment.

Key facts

• 0.26 acre lot
• Garage
• Built 1956

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $70 ($835/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (15.8% below list).
• Recommended offer: $198k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: amenities F, commute F.
• Salem City Public School District (suburban): math 61% / reading 74% proficiency, ranked #35 of 131 in VA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.0%/yr); 271 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Salem County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $33k; list at $235k implies a 603% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,936 (15.8% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — 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: 0.84% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (median comp): $238,347
• List price: $235,000
• Delta: -1.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5128 Youngwood Dr NW	0.11mi	3/1.0	2,130 (+3%)	0mo	$225,500	$106	86
1205 Barnett Rd NW	0.17mi	3/2.0	2,184 (+5%)	7mo	$234,950	$108	77
5141 Youngwood Dr NW	0.15mi	3/1.5	1,832 (-12%)	2mo	$200,000	$109	70
1403 Graybill Rd NW	0.12mi	3/2.0	1,824 (-12%)	7mo	$275,000	$151	69
416 Dalewood Ave	0.27mi	3/1.0	2,209 (+6%)	6mo	$250,000	$113	67
5075 Youngwood Dr NW	0.19mi	4/3.0 (+1)	2,289 (+10%)	0mo	$260,000	$114	65
5112 Oak Grove Blvd NW	0.18mi	4/1.5 (+1)	1,800 (-13%)	0mo	$245,000	$136	62
4605 Peach Tree Dr NW	0.60mi	3/1.0	2,200 (+6%)	1mo	$229,000	$104	57
2048 Laura Rd NW	0.65mi	3/2.0	2,244 (+8%)	5mo	$235,000	$105	52
1089 Glenn Ridge Rd NW	0.72mi	3/1.0	2,200 (+6%)	2mo	$232,000	$105	51
938 Hedgewood Dr NW	0.56mi	3/1.5	1,815 (-12%)	2mo	$230,000	$127	49
2634 Green Ridge Cir	0.66mi	4/1.0 (+1)	2,000 (-4%)	6mo	$225,000	$113	49

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.58×
• Total profit: $-27,586
• Equity at exit: $35,039

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $8,145
• Equity at exit: $20,319

Cash invested: $65,800 (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 24153

• Rents YoY: 6.0%
• Active inventory: 271
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,979 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$164 /mo · $1,966/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $70

Break-even live

Break-even rent $1,891

Max offer price $235,000

Occupancy floor 91%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
328 Woodside Dr Salem, VA	3.0	2.5	1408	$1,999	$1.42	20d	1	1.02mi
4626 Autumn Ln NW Roanoke, VA	3.0	2.5	1408	$1,999	$1.42	13d	1	1.28mi

Listing history 5 events

1. 2026-04-27
   price $235,000 646-char remark

   Show marketing remark (646 chars)

   Attn: 1st time home buyers or property investors. THIS IS IT! This brick, low maintenance home is located in the desirable Salem school district. The property features 3 bedrooms & 2 baths, offering a functional layout. Conveniently located near dining & shopping & easy access to interstate commuting. This home includes gas heat, CA, approximately 10 yr old roof, new windows in the front of the home, FP in primary bedroom & laundry in full walkout basement with plenty of extra storage space. Outside you will find a front porch, fully fenced backyard & deck with handicapped ramp. Perfect for quiet enjoyment.

2. 2026-04-10
   status Active 646-char remark

   Show marketing remark (646 chars)

   Attn: 1st time home buyers or property investors. THIS IS IT! This brick, low maintenance home is located in the desirable Salem school district. The property features 3 bedrooms & 2 baths, offering a functional layout. Conveniently located near dining & shopping & easy access to interstate commuting. This home includes gas heat, CA, approximately 10 yr old roof, new windows in the front of the home, FP in primary bedroom & laundry in full walkout basement with plenty of extra storage space. Outside you will find a front porch, fully fenced backyard & deck with handicapped ramp. Perfect for quiet enjoyment.

3. 2026-04-04
   historical 646-char remark

   Show marketing remark (646 chars)

   Attn: 1st time home buyers or property investors. THIS IS IT! This brick, low maintenance home is located in the desirable Salem school district. The property features 3 bedrooms & 2 baths, offering a functional layout. Conveniently located near dining & shopping & easy access to interstate commuting. This home includes gas heat, CA, approximately 10 yr old roof, new windows in the front of the home, FP in primary bedroom & laundry in full walkout basement with plenty of extra storage space. Outside you will find a front porch, fully fenced backyard & deck with handicapped ramp. Perfect for quiet enjoyment.

4. 2026-03-23
   historical $243,500 646-char remark

   Show marketing remark (646 chars)

   Attn: 1st time home buyers or property investors. THIS IS IT! This brick, low maintenance home is located in the desirable Salem school district. The property features 3 bedrooms & 2 baths, offering a functional layout. Conveniently located near dining & shopping & easy access to interstate commuting. This home includes gas heat, CA, approximately 10 yr old roof, new windows in the front of the home, FP in primary bedroom & laundry in full walkout basement with plenty of extra storage space. Outside you will find a front porch, fully fenced backyard & deck with handicapped ramp. Perfect for quiet enjoyment.

5. 1977-02-15
   soldstatus $33,448

ⓘ 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: $1,966 · $164/mo
• Projected year-2 tax: $1,966 · $164/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 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: $23,752
• − Mortgage interest: −$13,164
• − Property taxes: −$1,966
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − Depreciation: −$6,836
• Taxable loss: −$3,189
• Est. tax savings @ 24.0%: +$765
• After-tax cash flow: $1,600/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: Salem City Public School District
• NCES district ID: 5103460
• Math proficiency: 61% ▼ -21.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $49,976
• Composite: 57.25/100
• National rank: #1092
• State rank: #35 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, VA
• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 26,761 people
• By 2030: 27,543 · +2.9%
• By 2040: 29,174 · +9.0%
• By 2050: 30,902 · +15.5%
• By 2075: 35,530 · +32.8%
• By 2100: 39,381 · +47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.3) · D 39.8% · R 59.1% · Other 1.1%
• 2008→2024 swing: -3.8pp toward R · 2008: -15.5pp · 2024: -19.3pp
• All cycles: 2024: R+19.3 2020: R+19.4 2016: R+24.8 2012: R+20.6 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

+602.6% since first listed

5 events — show timeline

• 2026-04-27 Price Changed $235,000 MLSRV
• 2026-04-10 Relisted — MLSRV
• 2026-04-04 Listing Removed — MLSRV
• 2026-03-23 Coming Soon $243,500 MLSRV
• 1977-02-15 Sold (Public Records) $33,448 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,966 · +4.2% YoY. Source: county tax records.