3284 Lekites Dr · Chincoteague, VA 23336

$259,000

6 bd · 3.0 ba · 1,251 sqft · MultiFamily · 30 Days on market

Built 1988 Fair condition 8,712 sqft lot

---

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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

3 bedroom, 1.5 bath duplex unit with attached garage. Selling As Is this unit needs some renovations but has great potential. Open downstairs with dining area that leads out to back deck First level BR and 2 nice size bedrooms on 2nd level.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1988

Property features AI

Exterior

• Parking: Garage
• Utilities: Septic tank
• Home design: Duplex; Two stories; Property is attached; Residential property
• Construction: Vinyl siding; Composition roof
• Exterior features: Deck

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Range, Dishwasher, Refrigerator, Electric water heater; No fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $259k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-19 ($-224/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $256k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $259k).
• Recommended offer: $255k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 1.2% in Chincoteague — 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 64/100 on livability (#350 in VA) — a middle-class / working-renter tenant base. Strengths: crime A, housing A-; Watch: employment D+, cost of living D+, amenities F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Chincoteague Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 224 students, 103% FRL); Chincoteague High (math 77% / reading 77%, grade A-, #90 of 319 statewide, top 30%, 295 students, 105% FRL) — zoned schools average 104% FRL vs 63% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 68% at this address vs 52% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Accomack County Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 161 active listings in the ZIP; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($255k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,115 (1.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 7.8

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-42,853
• Equity at exit: $38,618

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-37,610
• Equity at exit: $22,394

Cash invested: $72,520 (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 23336

• Active inventory: 161
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,782 medium
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $-19

Break-even live

Break-even rent $2,806

Max offer price $256,301

Occupancy floor 96%

Sensitivity live

Price	-10% $160	-5% $71	+0% $-19	+5% $-108	+10% $-198
Rent	-10% $-238	-5% $-129	+0% $-19	+5% $91	+10% $201
Rate	-1.0pp $112	-0.5pp $47	base $-19	+0.5pp $-86	+1.0pp $-154

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$2,782
Total (2 units)			$2,782

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $259,000 Active 30 DOM
2. 2026-06-21
   days on market $259,000 Active 29 DOM
3. 2026-06-18
   days on market $259,000 Active 27 DOM
4. 2026-06-17
   days on market $259,000 Active 26 DOM
5. 2026-06-16
   days on market $259,000 Active 25 DOM
6. 2026-06-15
   days on market $259,000 Active 24 DOM
7. 2026-06-15
   days on market $259,000 Active 23 DOM
8. 2026-06-13
   days on market $259,000 Active 22 DOM
9. 2026-06-12
   days on market $259,000 Active 21 DOM
10. 2026-06-09
    days on market $259,000 Active 18 DOM
11. 2026-06-08
    days on market $259,000 Active 17 DOM
12. 2026-06-08
    days on market $259,000 Active 16 DOM
13. 2026-06-07
    days on market $259,000 Active 15 DOM
14. 2026-06-03
    days on market $259,000 Active 12 DOM
15. 2026-06-02
    days on market $259,000 Active 11 DOM
16. 2026-06-01
    days on market $259,000 Active 10 DOM
17. 2026-05-31
    days on market $259,000 Active 9 DOM
18. 2026-05-22
    listed $259,000 Active

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,384
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$6,414
• − Repairs & maintenance: −$2,671
• − Management: −$2,671
• − Depreciation: −$7,535
• Taxable loss: −$4,299
• Est. tax savings @ 24.0%: +$1,032
• After-tax cash flow: $808/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The home is in fair condition with some repairs and maintenance needed, particularly in the kitchen and bathrooms. Improvements to the paint, backsplash, and landscaping would significantly increase its resale and rental value.

Repairs flagged

• Major Paint — The paint on the interior walls and ceilings needs to be refreshed to improve the overall appearance.
• Major Backsplash — The backsplash in the kitchen needs to be replaced or updated to improve the overall appearance.
• Minor Flooring — The flooring in the living areas could benefit from a fresh coat of paint or a new finish to improve the overall appearance.
• Major Landscaping — The landscaping and curb appeal are in poor condition, with overgrown grass and weeds. The landscaping needs attention to improve the overall appearance.

Value-add opportunities

• Resale Paint — Refreshing the paint on the interior walls and ceilings will improve the overall appearance and make the home more appealing to potential buyers.
• Resale Backsplash — Replacing or updating the backsplash in the kitchen will improve the overall appearance and make the home more appealing to potential buyers.
• Both Landscaping — Improving the landscaping and curb appeal will make the home more attractive and increase its overall value, both for resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · The paint on the interior walls and ceilings needs to be refreshed to improve the overall appearance.	Major	$15,000–50,000
Backsplash · The backsplash in the kitchen needs to be replaced or updated to improve the overall appearance.	Major	$15,000–50,000
Flooring · The flooring in the living areas could benefit from a fresh coat of paint or a new finish to improve the overall appearance.	Minor	$500–3,000
Landscaping · The landscaping and curb appeal are in poor condition, with overgrown grass and weeds. The landscaping needs attention to improve the overall appearance.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$45,500–153,000

Value-add ROI direction

• Resale Paint — Refreshing the paint on the interior walls and ceilings will improve the overall appearance and make the home more appealing to potential buyers. ↑
• Resale Backsplash — Replacing or updating the backsplash in the kitchen will improve the overall appearance and make the home more appealing to potential buyers. ↑
• Both Landscaping — Improving the landscaping and curb appeal will make the home more attractive and increase its overall value, both for resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Accomack County Public School District
• NCES district ID: 5100060
• Math proficiency: 44% ▼ -36.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $40,348
• Composite: 43.05/100
• National rank: #3096
• State rank: #99 of 131 in VA

Livability — Chincoteague

• Score: 64/100
• State rank: #350
• US rank: #13891

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chincoteague, VA
• City population: 3,323
• Population (ZIP): 3,323

Population outlook (Accomack County) Hauer SSP2

• Today (2025): 32,072 people
• By 2030: 31,425 · -2.0%
• By 2040: 29,685 · -7.4%
• By 2050: 27,748 · -13.5%
• By 2075: 23,396 · -27.1%
• By 2100: 18,774 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Portuguese 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 97% English-only · Arabic 2% Spanish 2%

Political lean MEDSL · Accomack

• 2024 margin: R (+13.3) · D 43.0% · R 56.3%
• 2008→2024 swing: -11.9pp toward R · 2008: -1.4pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+9.4 2016: R+11.7 2012: R+3.5 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.07%
• Current HPI: 202.7427
• 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

• 2026-05-22 Listed $259,000 ESAR