1940 Repp Cir #1940 · Highland Springs, VA 23075

$182,000

3 bd · 1.5 ba · 1,085 sqft · Townhouse public records · 7 Days on market

Built 1974 2,513 sqft lot $168/sqft · 14% above area Est $159k · 14% over $111/mo HOA · 6% of rent

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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 +22.1/30.0
• DSCR +7.1/10.0
• 1% rule +5.6/10.0
• Schools +4.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This one will not last very long. Recent upgrades include fresh paint throughout the home along with new carpet. Home located on a corner lot within the Fairlawn Townhouse Community and includes 3 bedrooms and 1.5 baths. Centrally located to White Oak Shopping Center and various strip malls. Interstates 64, 295 and Richmond International Airport along with Public Transportation is also located nearby. Rear fenced yard and seller is conveying appliances that includes washer, dryer, microwave, refrigerator and range. Property is being sold AS IS.

Key facts

• $111 HOA
• Parking
• Built 1974

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $111 covering structure maintenance; Community laundry facilities

Exterior

• Parking: Guest parking; On-street parking
• Utilities: Public water; Public sewer; Electric service; Natural gas
• Home design: Attached property; 2 stories; Shingle roof
• Construction: Frame construction with drywall and vinyl siding; Built as actual (year built details provided)
• Exterior features: Partially fenced backyard; Level lot

Interior

• Kitchen: Gas cooking; New stove; Microwave; Refrigerator; Range hood; Exhaust fan
• Bedrooms: Bedroom 2 on second level with natural daylight (end unit); Bedroom 3 on third level — updated bedroom
• Flooring: Laminate; Partially carpeted
• Bathrooms: One full bathroom with tub and shower on second level; One half bathroom on first level
• Heating & cooling: Forced-air heating (natural gas); Central electric air conditioning
• Interior features: Eat-in kitchen; Updated spaces with natural daylight; Fresh paint
• Laundry & utility: Washer hookup; Common area laundry facilities; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $182k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $182k).
• Cap rate 8.2% vs local median 4.9% in Highland Springs — 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 72/100 on livability (#196 in VA) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities F, health & safety F.
• Henrico County Public School District (suburban): math 49% / reading 64% proficiency, ranked #68 of 131 in VA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cashell Donahoe Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 514 students, 90% FRL); Elko Middle (math 16% / reading 33%, grade F, #336 of 342 statewide, top 98%, 730 students, 89% FRL); Highland Springs High (math 33% / reading 67%, grade D+, #298 of 319 statewide, top 93%, 2,089 students, 88% FRL) — zoned schools average 89% FRL vs 34% district-wide (55 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 56% district-wide (-22 pts) — the specific schools serving this property underperform the Henrico County Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 63 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,826 units permitted in Henrico County in 2024 (785 in 5+ unit buildings).
• This rent runs 42% of the median local income ($56k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Henrico County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $148k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.06% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 7.8

CMA / ARV

• ARV (median comp): $159,051
• List price: $182,000
• Delta: 14.43%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1907 Repp St	0.09mi	3/1.5	1,085 (0%)	9mo	$185,000	$171	88
401 Adamson St	0.07mi	3/1.5	1,130 (+4%)	2mo	$152,000	$135	88
426 Roxana Rd	0.08mi	3/1.5	1,032 (-5%)	1mo	$184,999	$179	88
410 Adamson St	0.09mi	3/1.5	1,032 (-5%)	2mo	$155,005	$150	86
1928 Repp Cir	0.03mi	3/1.5	1,032 (-5%)	7mo	$170,000	$165	84
1924 Beaver Rd	0.13mi	3/1.5	1,032 (-5%)	2mo	$145,000	$141	84
405 Roxana Rd	0.08mi	3/1.5	1,032 (-5%)	7mo	$169,900	$165	82
428 Roxana Rd	0.08mi	3/1.5	1,032 (-5%)	7mo	$170,000	$165	82
307 Bernie Ct	0.22mi	3/1.5	1,051 (-3%)	3mo	$180,000	$171	82
402 Fairbury Rd	0.10mi	3/1.5	1,032 (-5%)	9mo	$180,000	$174	80
204 Cornett St	0.15mi	3/1.0	1,032 (-5%)	7mo	$174,000	$169	77
312 Cedarwood Rd #312	0.20mi	3/1.5	1,184 (+9%)	5mo	$165,000	$139	72

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-10,704
• Equity at exit: $27,137

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $14,916
• Equity at exit: $15,736

Cash invested: $50,960 (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 23075

• Home prices YoY: -13.6%
• Active inventory: 63
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,938 high
• Mortgage (P&I): −$954
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$76
• HOA: −$111
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $295

Break-even live

Break-even rent $1,565

Max offer price $182,000

Occupancy floor 80%

Sensitivity live

Price	-10% $398	-5% $346	+0% $295	+5% $243	+10% $192
Rent	-10% $142	-5% $218	+0% $295	+5% $371	+10% $448
Rate	-1.0pp $386	-0.5pp $341	base $295	+0.5pp $248	+1.0pp $200

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Roxana Rd Henrico, VA	3.0	1.5	1085	$2,050	$1.89	4d	1	0.06mi
6 Naglee Ave Sandston, VA	3.0	1.0	1000	$1,995	$2.00	45d	1	0.63mi
901 E 9 Mile Rd Unit a Highland Springs, VA	2.0	1.0	800	$1,312	$1.64	23d	1	0.75mi
1000 E Washington St Henrico, VA	2.0	1.0	888	$2,000	$2.25	4d	1	0.78mi
2230 E Nine Mile Rd Sandston, VA	4.0	1.5	1400	$1,795	$1.28	45d	1	0.95mi
239 N Mapleleaf Ave Henrico, VA	3.0	1.0	980	$1,750	$1.79	25d	1	0.99mi
118 N Linden Ave Henrico, VA	3.0	1.5	1080	$1,795	$1.66	45d	1	1.01mi
339 E Jerald St Henrico, VA	3.0	1.5	1160	$1,950	$1.68	45d	1	1.07mi
117 N Ivy Ave Henrico, VA	3.0	1.0	980	$1,590	$1.62	4d	1	1.15mi
29 Wootton Rd Sandston, VA	3.0	1.0	1088	$1,750	$1.61	4d	1	1.24mi
132 N Elm Ave Henrico, VA	3.0	1.0	840	$1,629	$1.94	45d	1	1.39mi

HOA detail

• Monthly dues: $111 · $1,332/yr

Listing history 9 events

1. 2026-05-18
   status Pending 594-char remark
2. 2026-05-12
   status Active 594-char remark
3. 2026-05-08
   status Pending 594-char remark
4. 2026-05-06
   listed $182,000 Active 594-char remark
5. 2023-10-30
   soldstatus $148,500
6. 2023-10-27
   soldstatus $148,500 Closed 550-char remark

   Show marketing remark (550 chars)

   This one will not last very long. Recent upgrades include fresh paint throughout the home along with new carpet. Home located on a corner lot within the Fairlawn Townhouse Community and includes 3 bedrooms and 1.5 baths. Centrally located to White Oak Shopping Center and various strip malls. Interstates 64, 295 and Richmond International Airport along with Public Transportation is also located nearby. Rear fenced yard and seller is conveying appliances that includes washer, dryer, microwave, refrigerator and range. Property is being sold AS IS.

7. 2023-10-03
   status Pending 550-char remark

   Show marketing remark (550 chars)

   This one will not last very long. Recent upgrades include fresh paint throughout the home along with new carpet. Home located on a corner lot within the Fairlawn Townhouse Community and includes 3 bedrooms and 1.5 baths. Centrally located to White Oak Shopping Center and various strip malls. Interstates 64, 295 and Richmond International Airport along with Public Transportation is also located nearby. Rear fenced yard and seller is conveying appliances that includes washer, dryer, microwave, refrigerator and range. Property is being sold AS IS.

8. 2023-09-30
   listed $148,500 Active 550-char remark

   Show marketing remark (550 chars)

   This one will not last very long. Recent upgrades include fresh paint throughout the home along with new carpet. Home located on a corner lot within the Fairlawn Townhouse Community and includes 3 bedrooms and 1.5 baths. Centrally located to White Oak Shopping Center and various strip malls. Interstates 64, 295 and Richmond International Airport along with Public Transportation is also located nearby. Rear fenced yard and seller is conveying appliances that includes washer, dryer, microwave, refrigerator and range. Property is being sold AS IS.

9. 1991-11-01
   soldstatus $37,500

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $1,492 · $124/mo
• Expected delta: +$354/yr (+$29/mo · 31.1%)

ⓘ 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 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,254
• − Mortgage interest: −$10,195
• − Property taxes: −$1,139
• − Insurance: −$910
• − Repairs & maintenance: −$1,860
• − Management: −$1,860
• − HOA: −$1,332
• − Depreciation: −$5,295
• Taxable income: $663
• Est. tax owed @ 24.0%: −$159
• After-tax cash flow: $3,378/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: Henrico County Public School District
• NCES district ID: 5101890
• Math proficiency: 49% ▼ -32.00%
• Reading proficiency: 64% ▼ -12.00%
• Median HH income: $61,854
• Composite: 49.25/100
• National rank: #2031
• State rank: #68 of 131 in VA

Livability — Highland Springs

• Score: 72/100
• State rank: #196
• US rank: #6085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Springs, VA
• County: Henrico County · 334,490 people
• City population: 8,347
• Metro: Richmond, VA
• Population (ZIP): 8,347
• Household income: $55,567
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 283.0

Population outlook (Henrico County) Hauer SSP2

• Today (2025): 365,885 people
• By 2030: 384,255 · +5.0%
• By 2040: 416,688 · +13.9%
• By 2050: 442,376 · +20.9%
• By 2075: 488,037 · +33.4%
• By 2100: 487,430 · +33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (62%)
• Race & ethnicity: Black 62% White 29% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 1% Romanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2% Spanish 1%

Political lean MEDSL · Henrico

• 2024 margin: Strong D (+28.9) · D 63.7% · R 34.8% · Other 1.5%
• 2008→2024 swing: +16.6pp toward D · 2008: 12.2pp · 2024: 28.9pp
• All cycles: 2024: D+28.9 2020: D+29.0 2016: D+21.0 2012: D+11.7 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.15%
• Current HPI: 458.732
• Rent YoY: —
• Metro: Richmond, 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

+385.3% since first listed

9 events — show timeline

• 2026-05-18 Pending — CVRMLS
• 2026-05-12 Relisted — CVRMLS
• 2026-05-08 Pending — CVRMLS
• 2026-05-06 Listed $182,000 CVRMLS
• 2023-10-30 Sold (Public Records) $148,500 Public Records
• 2023-10-27 Sold (MLS) $148,500 CVRMLS
• 2023-10-03 Pending — CVRMLS
• 2023-09-30 Listed $148,500 CVRMLS
• 1991-11-01 Sold (Public Records) $37,500 Public Records

Property tax history

+14.5%/yr

Latest (2025): $1,139 · +14.9% YoY. Source: county tax records.