726 Elizabeth Ave · Salem, VA 24153

$176,439

3 bd · 1.0 ba · 884 sqft · SingleFamily public records · 147 Days on market

Built 1950 7,405 sqft lot $200/sqft · 32% above area Est $267k · 34% under ↓ 5% since listing

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Why this score? — see what drove the C 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 +15.8/30.0
• ARV discount +15.0/15.0
• Schools +5.7/10.0
• DSCR +4.9/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

VACANT

Key facts

• 7,405 sq ft lot
• Built 1950
• Listed 147 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $176k.

Deal economics

• At list price, monthly cash flow is $82 ($982/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 $152k (13.9% below list).
• Recommended offer: $152k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 147 days — a 12% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,920 (13.9% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.86% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.99%
• DSCR: 1.09
• GRM: 9.7

CMA / ARV

• ARV (median comp): $267,318
• List price: $176,439
• Delta: -34.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 S Broad St	0.55mi	3/1.0	851 (-4%)	13mo	$145,000	$170	57
220 Craig Ave	0.65mi	3/1.0	962 (+9%)	2mo	$98,000	$102	53
304 Union St	0.69mi	2/1.0 (-1)	900 (+2%)	13mo	$147,000	$163	49
1102 Carolina Ave	0.54mi	2/1.0 (-1)	1,006 (+14%)	12mo	$220,000	$219	36

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: -10.1%
• Equity multiple: 0.62×
• Total profit: $-18,728
• Equity at exit: $26,308

10-year hold

• IRR: 2.7%
• Equity multiple: 1.22×
• Total profit: $10,707
• Equity at exit: $15,255

Cash invested: $49,403 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,519 high
• Mortgage (P&I): −$925
• Tax from tax record: −$120 /mo · $1,435/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $82

Break-even live

Break-even rent $1,416

Max offer price $176,439

Occupancy floor 90%

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: $44,110
• Closing costs: $5,293
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
777 Roanoke Blvd Salem, VA	1.0–3.0	1.0	779	$1,505	$1.93	14d	12	0.03mi
803 Roanoke Blvd Salem, VA	2.0	1.0	900	$1,295	$1.44	44d	1	0.10mi
814 Tennessee St Salem, VA	2.0	1.0	927	$1,000	$1.08	14d	1	0.32mi
814 Tennessee St Salem, VA	2.0	1.0	927	$1,100	$1.19	44d	1	0.32mi
719 S Colorado St Unit A Salem, VA	2.0	1.0	958	$1,350	$1.41	21d	1	0.44mi
928 Ohio Ave Salem, VA	3.0	1.0–2.0	992	$2,622	$2.64	14d	1	0.44mi
415 Union St Unit 5 Salem, VA	2.0	1.0	950	$1,300	$1.37	21d	1	0.71mi
231 Chestnut St Salem, VA	1.0–2.0	1.0	585	$1,175	$2.01	44d	5	0.88mi
510 Yorkshire St Salem, VA	2.0	1.0	900	$1,249	$1.39	14d	6	0.94mi
128 Rutledge Dr Salem, VA	1.0–3.0	1.0–2.0	822	$1,505	$1.83	14d	13	1.02mi
821 Apperson Dr Unit Apperson TH F Salem, VA	2.0	1.0	728	$1,222	$1.68	44d	1	1.07mi
927 Piedmont Ave Salem, VA	3.0	1.0	1024	$2,200	$2.15	44d	1	1.14mi
100 Kimball Ave Salem, VA	2.0	1.0	885	$1,430	$1.62	14d	24	1.19mi

Listing history 16 events

1. 2026-06-18
   days on market $176,439 Active 147 DOM
2. 2026-06-17
   days on market $176,439 Active 146 DOM
3. 2026-06-16
   days on market $176,439 Active 145 DOM
4. 2026-06-15
   days on market $176,439 Active 144 DOM
5. 2026-06-14
   days on market $176,439 Active 142 DOM
6. 2026-06-13
   days on market $176,439 Active 141 DOM
7. 2026-06-10
   days on market $176,439 Active 139 DOM
8. 2026-06-09
   days on market $176,439 Active 138 DOM
9. 2026-06-08
   days on market $176,439 Active 137 DOM
10. 2026-06-03
    pricedays on market $176,439 Active 132 DOM
11. 2026-06-02
    days on market $185,725 Active 131 DOM
12. 2026-06-01
    days on market $185,725 Active 130 DOM
13. 2026-05-31
    days on market $185,725 Active 129 DOM
14. 2026-05-30
    days on market $185,725 Active 128 DOM
15. 2026-05-05
    price $185,725 6-char remark

    Show marketing remark (6 chars)

    VACANT

16. 2026-01-22
    listed $195,500 Active 6-char remark

    Show marketing remark (6 chars)

    VACANT

ⓘ 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: $1,435 · $120/mo
• Projected year-2 tax: $1,447 · $121/mo
• Expected delta: +$12/yr (+$1/mo · 0.8%)

ⓘ 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 · 20 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: $18,230
• − Mortgage interest: −$9,883
• − Property taxes: −$1,435
• − Insurance: −$882
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$5,133
• Taxable loss: −$2,020
• Est. tax savings @ 24.0%: +$485
• After-tax cash flow: $1,466/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

-5.0% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $185,725 MLSRV
• 2026-01-22 Listed $195,500 MLSRV

Property tax history

+4.1%/yr

Latest (2025): $1,435 · +5.6% YoY. Source: county tax records.