224 S Jefferson St · Petersburg, VA 23803

$235,000

8 bd · 2.0 ba · 3,074 sqft · Other public records · 50 Days on market

Built 1900 8,751 sqft lot $76/sqft · 16% above area Est $203k · 16% over ↓ 16% since listing

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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 +15.6/30.0
• Appreciation +5.7/10.0
• DSCR +4.8/10.0
• Rent growth +4.0/5.0
• 1% rule +3.8/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0

Listing remarks

OWNER FINANCING OFFERED . This duplex offers two self-contained 3BR/2BA units (6BR/4BA total) and is ready for full renovation—major foundational updates already completed, including new plumbing and water line. Eligible for historic tax credits and incentives, making it a great value-add opportunity. Zoned for multi-family use—ideal for rental income or multi-generational living. Just minutes from downtown Petersburg, parks, and cultural sites. Unlock the potential at 224 S Jefferson St!

Key facts

• Self-contained units
• New plumbing
• Water line

Tags

• SELF-CONTAINED UNITS
• MAJOR FOUNDATIONAL UPDATES
• NEW PLUMBING
• WATER LINE
• HISTORIC TAX CREDITS
• MULTI-FAMILY USE

Property features AI

Finance

• Financial info: Multifamily property with 2 total units

Exterior

• Parking: Paved driveway
• Utilities: Public water; Public sewer; Electric service to units
• Home design: 2-story building; Historic property
• Construction: Metal roof; Brick and brick veneer with frame construction; Vinyl siding
• Exterior features: Paved driveway

Interior

• Bedrooms: Two separate 3-bedroom units
• Bathrooms: Each unit has 2 full bathrooms
• Interior features: Bedroom on main level; High ceilings; Has basement; Crawl space basement; Partially finished basement; Basement with walk-out access
• Laundry & utility: Electric meters for units; Water heater in at least one unit

What this means for you Summary

Snapshot

• This is a 8-bed/2.0-bath other listed at $235k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/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 $208k (11.5% below list).
• Recommended offer: $208k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cool Spring Elementary (math 17% / reading 32%, grade F, #1,051 of 1,108 statewide, top 96%, 530 students, 102% FRL); Vernon Johns Middle (math 21% / reading 47%, grade F, #330 of 342 statewide, top 96%, 921 students, 99% FRL); Petersburg High (math 43% / reading 62%, grade C-, #293 of 319 statewide, top 92%, 1,080 students, 97% FRL) — zoned schools average 99% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 294 active listings in the ZIP; 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $66k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 48% 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 $207,959 (11.5% below list)

Questions for the listing agent

1. It's been on market 50 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 1900 — 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 D-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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 9.4

CMA / ARV

• ARV (median comp): $202,549
• List price: $235,000
• Delta: 16.02%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.33×
• Total profit: $22,035
• Equity at exit: $85,761

10-year hold

• IRR: 11.8%
• Equity multiple: 2.59×
• Total profit: $104,894
• Equity at exit: $118,378

Cash invested: $65,800 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 294
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,080 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$215 /mo · $2,577/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $98

Break-even live

Break-even rent $1,956

Max offer price $235,000

Occupancy floor 90%

Sensitivity live

Price	-10% $231	-5% $164	+0% $98	+5% $31	+10% $-35
Rent	-10% $-66	-5% $16	+0% $98	+5% $180	+10% $262
Rate	-1.0pp $216	-0.5pp $158	base $98	+0.5pp $37	+1.0pp $-25

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $235,000 Active 50 DOM
2. 2026-06-18
   days on market $235,000 Active 47 DOM
3. 2026-06-17
   days on market $235,000 Active 46 DOM
4. 2026-06-16
   days on market $235,000 Active 45 DOM
5. 2026-06-15
   days on market $235,000 Active 44 DOM
6. 2026-06-13
   pricedays on market $235,000 Active 42 DOM
7. 2026-06-10
   days on market $244,000 Active 39 DOM
8. 2026-06-09
   days on market $244,000 Active 38 DOM
9. 2026-06-08
   days on market $244,000 Active 37 DOM
10. 2026-06-07
    days on market $244,000 Active 36 DOM
11. 2026-06-05
    days on market $244,000 Active 33 DOM
12. 2026-06-03
    days on market $244,000 Active 32 DOM
13. 2026-06-02
    days on market $244,000 Active 31 DOM
14. 2026-06-01
    days on market $244,000 Active 30 DOM
15. 2026-05-31
    days on market $244,000 Active 29 DOM
16. 2026-05-02
    listed $244,000 Active 505-char remark
17. 2026-03-31
    historical
18. 2026-03-03
    price $249,000
19. 2025-11-06
    status Active
20. 2025-10-25
    status Pending
21. 2025-10-22
    price $259,000
22. 2025-09-30
    listed $249,000 Active
23. 2025-09-30
    listed $249,000 Active
24. 2025-08-31
    historical
25. 2025-05-09
    listed $280,000 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: $2,577 · $215/mo
• Projected year-2 tax: $2,577 · $215/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 48% 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: $24,955
• − Mortgage interest: −$13,164
• − Property taxes: −$2,577
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,996
• − Management: −$1,996
• − Depreciation: −$6,836
• Taxable loss: −$2,790
• Est. tax savings @ 24.0%: +$669
• After-tax cash flow: $1,844/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• 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

-16.1% since first listed

11 events — show timeline

• 2026-06-12 Price Changed $235,000 CVRMLS
• 2026-05-02 Listed $244,000 CVRMLS
• 2026-03-31 Listing Removed — CVRMLS
• 2026-03-03 Price Changed $249,000 CVRMLS
• 2025-11-06 Relisted — CVRMLS
• 2025-10-25 Pending — CVRMLS
• 2025-10-22 Price Changed $259,000 CVRMLS
• 2025-09-30 Listed $249,000 CVRMLS
• 2025-09-30 Listed $249,000 CVRMLS
• 2025-08-31 Listing Removed — CVRMLS
• 2025-05-09 Listed $280,000 CVRMLS

Property tax history

+1.8%/yr

Latest (2025): $2,577 · +0.0% YoY. Source: county tax records.