297 Parkside Dr · Fancy Gap, VA 24326

$84,500

1 bd · 1.0 ba · 784 sqft · SingleFamily · 267 Days on market

Built 1966 1.54 ac lot

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Schools +5.4/10.0
• 1% rule +4.9/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Fixer Upper just off the scenic Blue Ridge Parkway! Features just over 1.5 acres of mostly level land with spring on the property. Home has 1 bedroom and 1 bath. This property would make a great mini farm or recreational retreat. Fix up the older home or build a new home here.

Key facts

• Mostly level land
• Mini farm
• 1.54 acre lot

Tags

• MOSTLY LEVEL LAND
• MINI FARM
• RECREATIONAL WEEKEND RETREAT

Property features AI

Exterior

• Home design: Single family residence; One story
• Construction: Vinyl siding; Metal roof
• Exterior features: Covered, screened patio/porch; Shed(s); Level lot

Interior

• Kitchen: Range; Oven; Refrigerator; Electric water heater
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Has cooling
• Interior features: Ceiling fan(s); Crawl space basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/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 $84k (0.8% below list).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.8% in Fancy Gap — 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 56/100 on livability (#515 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Carroll County Public School District (rural): math 60% / reading 70% proficiency, ranked #46 of 131 in VA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gladesboro Elementary (math 44% / reading 64%, grade C, #650 of 1,108 statewide, top 62%, 106 students, 85% FRL); Carroll County Middle (math 54% / reading 72%, grade B+, #134 of 342 statewide, top 40%, 756 students, 84% FRL); Carroll County High (math 64% / reading 67%, grade B, #204 of 319 statewide, top 65%, 1,069 students, 81% FRL) — zoned schools average 83% FRL vs 48% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 80 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($584 loan paydown + $3k appreciation (3.0% local appreciation)).
• Carroll County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $74,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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: 0.99% ✗
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.8%
• Equity multiple: 1.85×
• Total profit: $20,044
• Equity at exit: $38,002

10-year hold

• IRR: 16.6%
• Equity multiple: 3.43×
• Total profit: $57,448
• Equity at exit: $58,570

Cash invested: $23,660 (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 24326

• Home prices YoY: 1.6%
• Active inventory: 17
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $838 medium
• Mortgage (P&I): −$443
• Tax from tax record: −$28 /mo · $342/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $155

Break-even live

Break-even rent $642

Max offer price $84,500

Occupancy floor 76%

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $84,500 Active 267 DOM
2. 2026-06-18
   days on market $84,500 Active 266 DOM
3. 2026-06-17
   days on market $84,500 Active 265 DOM
4. 2026-06-16
   days on market $84,500 Active 264 DOM
5. 2026-06-15
   days on market $84,500 Active 263 DOM
6. 2026-06-14
   days on market $84,500 Active 261 DOM
7. 2026-06-12
   days on market $84,500 Active 260 DOM
8. 2026-06-09
   days on market $84,500 Active 257 DOM
9. 2026-06-08
   days on market $84,500 Active 256 DOM
10. 2026-06-07
    days on market $84,500 Active 255 DOM
11. 2026-06-05
    days on market $84,500 Active 252 DOM
12. 2026-06-02
    days on market $84,500 Active 250 DOM
13. 2026-06-01
    days on market $84,500 Active 249 DOM
14. 2026-05-31
    days on market $84,500 Active 248 DOM
15. 2026-05-30
    days on market $84,500 Active 247 DOM
16. 2025-09-25
    listed $84,500 Active

ⓘ 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: $342 · $28/mo
• Projected year-2 tax: $693 · $58/mo
• Expected delta: +$351/yr (+$29/mo · 102.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 19 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: $10,058
• − Mortgage interest: −$4,733
• − Property taxes: −$342
• − Insurance: −$422
• − Repairs & maintenance: −$805
• − Management: −$805
• − Depreciation: −$2,458
• Taxable income: $493
• Est. tax owed @ 24.0%: −$118
• After-tax cash flow: $1,746/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: Carroll County Public School District
• NCES district ID: 5100690
• Math proficiency: 60% ▼ -25.00%
• Reading proficiency: 70% ▼ -10.00%
• Median HH income: $36,359
• Composite: 53.88/100
• National rank: #1406
• State rank: #46 of 131 in VA

Livability — Fancy Gap

• Score: 56/100
• State rank: #515
• US rank: #23081

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 642

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 28,768 people
• By 2030: 27,909 · -3.0%
• By 2040: 25,788 · -10.4%
• By 2050: 23,522 · -18.2%
• By 2075: 19,045 · -33.8%
• By 2100: 14,801 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Black 2%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+63.3) · D 18.1% · R 81.4%
• 2008→2024 swing: -30.9pp toward R · 2008: -32.4pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+62.7 2016: R+59.6 2012: R+39.4 2008: R+32.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.00%
• Current HPI: 187.5487
• 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

• 2025-09-25 Listed $84,500 SWVAR

Property tax history

+2.3%/yr

Latest (2025): $342 · +19.1% YoY. Source: county tax records.