3398 N Main St · Toms Brook, VA 22660

$219,000

4 bd · None ba · 1,600 sqft · MultiFamily · 34 Days on market

Built 1870 1,917 sqft lot $137/sqft · 18% below area Est $265k · 18% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.2/10.0
• Schools +4.4/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

Key facts

• Main street location
• 1,917 sq ft lot
• Built 1870

Tags

• MULTIFAMILY DETACHED PROPERTY
• TWO SEPARATE APARTMENTS
• STRONG RENTAL INCOME POTENTIAL
• MAIN STREET LOCATION
• EASY ACCESS TO LOCAL SHOPS
• DINING AND COMMUNITY AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $212k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#493 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, employment D+, schools F.
• Shenandoah County Public School District (town): math 46% / reading 58% proficiency, ranked #91 of 131 in VA (top 70%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 12 active listings in the ZIP; 224 units permitted in Shenandoah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (2.4% local appreciation)).
• Shenandoah County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $219k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.54% ✓
• Cap rate: 12.60%
• Cash-on-cash: 22.51%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $265,455
• List price: $219,000
• Delta: -17.50%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3398 N Main St	0.00mi	4/—	1,600 (0%)	0mo	$195,000	$122	100

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

Projected returns pro-forma

2.44% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.52×
• Total profit: $93,293
• Equity at exit: $91,652

10-year hold

• IRR: 28.7%
• Equity multiple: 4.88×
• Total profit: $237,689
• Equity at exit: $136,157

Cash invested: $61,320 (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 22660

• Home prices YoY: 0.7%
• Active inventory: 12
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,372 medium
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $1,150

Break-even live

Break-even rent $1,916

Max offer price $219,000

Occupancy floor 61%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,372
Total (2 units)			$3,372

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-18
   price $219,000 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

2. 2026-05-16
   status Active 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

3. 2026-05-11
   historical Active Under Contract 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

4. 2026-05-07
   price $229,000 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

5. 2026-04-29
   status Active 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

6. 2026-04-20
   historical Active Under Contract 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

7. 2026-04-06
   listed $239,000 Active 691-char remark

   Show marketing remark (691 chars)

   This well located multifamily detached property on Main Street offers an excellent investment opportunity. The home is thoughtfully configured into two separate apartments, each featuring 2 bedrooms and 1 full bath. Both units provide comfortable living spaces with functional layouts, making them attractive to tenants. Ideal for investors, this property presents strong rental income potential with the convenience of a single structure housing two portfolio or live in one unit while renting the other, this versatile property delivers both flexibility and value. Its Main Street location offers easy access to local shops, dining and community amenities, enhancing its appeal to renters.

8. 2020-09-14
   soldstatus $140,000 Closed 321-char remark

   Show marketing remark (321 chars)

   Come live in one apartment and rent out the other! This has two units with 2 bedrooms and 1 bath each. Both apartments have been maintained and are in excellent condition. House has had electric updated and windows replaced. Maintenance free exterior. Bottom apartment has tenant and lease contract conveys at settlement.

9. 2020-08-17
   status Pending 321-char remark

   Show marketing remark (321 chars)

   Come live in one apartment and rent out the other! This has two units with 2 bedrooms and 1 bath each. Both apartments have been maintained and are in excellent condition. House has had electric updated and windows replaced. Maintenance free exterior. Bottom apartment has tenant and lease contract conveys at settlement.

10. 2020-08-05
    listed $169,900 Active 321-char remark

    Show marketing remark (321 chars)

    Come live in one apartment and rent out the other! This has two units with 2 bedrooms and 1 bath each. Both apartments have been maintained and are in excellent condition. House has had electric updated and windows replaced. Maintenance free exterior. Bottom apartment has tenant and lease contract conveys at settlement.

11. 2015-09-25
    historical Expired
12. 2015-09-25
    historical
13. 2015-03-31
    listed Active
14. 2015-03-31
    listed $99,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $40,464
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,095
• − Repairs & maintenance: −$3,237
• − Management: −$3,237
• − Depreciation: −$6,371
• Taxable income: $10,971
• Est. tax owed @ 24.0%: −$2,633
• After-tax cash flow: $11,172/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: Shenandoah County Public School District
• NCES district ID: 5103510
• Math proficiency: 46% ▼ -30.00%
• Reading proficiency: 58% ▼ -9.00%
• Median HH income: $50,207
• Composite: 44.42/100
• National rank: #2811
• State rank: #91 of 131 in VA

Livability — Toms Brook

• Score: 57/100
• State rank: #493
• US rank: #21789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Toms Brook, VA
• Population (ZIP): 1,441

Population outlook (Shenandoah County) Hauer SSP2

• Today (2025): 44,891 people
• By 2030: 45,630 · +1.6%
• By 2040: 46,708 · +4.0%
• By 2050: 47,072 · +4.9%
• By 2075: 47,418 · +5.6%
• By 2100: 43,707 · -2.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5%
• Common ancestry: Romanian 1%
• Foreign-born: 1%

Political lean MEDSL · Shenandoah

• 2024 margin: Solid R (+42.2) · D 28.4% · R 70.6% · Other 1.0%
• 2008→2024 swing: -15.8pp toward R · 2008: -26.5pp · 2024: -42.2pp
• All cycles: 2024: R+42.2 2020: R+40.6 2016: R+43.3 2012: R+31.4 2008: R+26.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.44%
• Current HPI: 362.1987
• 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

+119.2% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $219,000 BRIGHT MLS
• 2026-05-16 Relisted — BRIGHT MLS
• 2026-05-11 Contingent — BRIGHT MLS
• 2026-05-07 Price Changed $229,000 BRIGHT MLS
• 2026-04-29 Relisted — BRIGHT MLS
• 2026-04-20 Contingent — BRIGHT MLS
• 2026-04-06 Listed $239,000 BRIGHT MLS
• 2020-09-14 Sold (MLS) $140,000 BRIGHT MLS
• 2020-08-17 Pending — BRIGHT MLS
• 2020-08-05 Listed $169,900 BRIGHT MLS
• 2015-09-25 Listing Removed — BRIGHT MLS
• 2015-09-25 Delisted — MRIS
• 2015-03-31 Listed — MRIS
• 2015-03-31 Listed $99,900 BRIGHT MLS