2474 Magnolia Ave · Buena Vista, VA 24416

$2,750,000

22 bd · 11.0 ba · 9,984 sqft · MultiFamily public records · 65 Days on market

Built 2007 1.19 ac lot $275/sqft · 116% above area Est $2552k · 8% over

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Why this score? — see what drove the B- 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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Schools +5.0/10.0
• ARV discount +4.0/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 40 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great 40 Unit Apartment Complex beside SVU! Built 2006. Two, two story apartment buildings 7-2 Bedroom Units, 6 Studio Units, 2 Extra Large 1 Bedroom Units, 25 1 Bedroom Units. Income $26,000- $27,000 a month. Units have one bath, kitchen, each with P Tac heating and cooling units. Coin Laundry which produces about $650- $700 a month. Commercial fire alarm system, sprinkler system & video camera surveillance system and complimentary wi-fi throughout. Off Street parking lot. Views of SVU.

Key facts

• Coin laundry
• Sprinkler system
• Complimentary wi-fi

Tags

• 40 UNIT APARTMENT COMPLEX
• TWO STORY APARTMENT BUILDINGS
• COIN LAUNDRY
• COMMERCIAL FIRE ALARM SYSTEM
• SPRINKLER SYSTEM
• COMPLIMENTARY WI-FI

What this means for you Summary

Snapshot

• This is a 13×2bd/1ba + 27×1bd/1ba units multifamily listed at $2.75M.

Deal economics

• At list price, monthly cash flow is $12k ($148k/yr) — positive. Per door: $307/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $2.75M).
• Recommended offer: $2.58M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.4% in Buena Vista — 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 71/100 on livability (#217 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• Buena Vista City Public School District (rural): math 54% / reading 68% proficiency, ranked #61 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 56 active listings in the ZIP; 18 units permitted in Buena Vista city in 2024 (0 in 5+ unit buildings).
• At $36,477/mo this rent would consume 798% of the median local household income ($55k/yr) (locally 239% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $19k of loan paydown is wiped out by about $82k of value loss. Plan a longer hold.
• Buena Vista County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $770k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($2.58M) is reasonable based on typical stale-listing flexibility.

Recommended offer $2,585,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
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 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: 1.33% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• GRM: 6.3

CMA / ARV

• ARV (median comp): $2,551,657
• List price: $2,750,000
• Delta: 7.77%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.0%
• Equity multiple: 1.44×
• Total profit: $336,503
• Equity at exit: $410,034

10-year hold

• IRR: 20.1%
• Equity multiple: 2.68×
• Total profit: $1,297,420
• Equity at exit: $237,770

Cash invested: $770,000 (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 24416

• Home prices YoY: -33.8%
• Active inventory: 56
• Price-to-rent: 231.6×

Monthly cashflow live

• Estimated rent: $36,477 high
• Mortgage (P&I): −$14,421
• Tax from tax record: −$954 /mo · $11,452/yr
• Insurance: −$1,146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,660
• Net cashflow: $12,295

Break-even live

Break-even rent $20,913

Max offer price $2,750,000

Occupancy floor 61%

Sensitivity live

Price	-10% $13,852	-5% $13,074	+0% $12,295	+5% $11,517	+10% $10,739
Rent	-10% $9,414	-5% $10,854	+0% $12,295	+5% $13,736	+10% $15,177
Rate	-1.0pp $13,680	-0.5pp $12,995	base $12,295	+0.5pp $11,583	+1.0pp $10,858

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

Units	Beds	Baths	Est. rent
▸ 13× units	2	1	$12,857
▸ 27× units	1	1	$23,625
Total (40 units)			$36,477

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: $687,500
• Closing costs: $82,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $2,750,000 Active 65 DOM
2. 2026-06-18
   days on market $2,750,000 Active 62 DOM
3. 2026-06-17
   days on market $2,750,000 Active 61 DOM
4. 2026-06-16
   days on market $2,750,000 Active 60 DOM
5. 2026-06-15
   days on market $2,750,000 Active 59 DOM
6. 2026-06-14
   days on market $2,750,000 Active 57 DOM
7. 2026-06-13
   days on market $2,750,000 Active 56 DOM
8. 2026-06-10
   days on market $2,750,000 Active 54 DOM
9. 2026-06-09
   days on market $2,750,000 Active 53 DOM
10. 2026-06-08
    days on market $2,750,000 Active 52 DOM
11. 2026-06-07
    days on market $2,750,000 Active 51 DOM
12. 2026-06-05
    days on market $2,750,000 Active 48 DOM
13. 2026-06-03
    days on market $2,750,000 Active 47 DOM
14. 2026-06-02
    days on market $2,750,000 Active 46 DOM
15. 2026-06-01
    days on market $2,750,000 Active 45 DOM
16. 2026-05-31
    days on market $2,750,000 Active 44 DOM
17. 2026-05-31
    pricedays on market $2,750,000 Active 43 DOM
18. 2026-04-17
    price $2,995,000 498-char remark

    Show marketing remark (498 chars)

    Great 40 Unit Apartment Complex beside SVU! Built 2006. Two, two story apartment buildings 7-2 Bedroom Units, 6 Studio Units, 2 Extra Large 1 Bedroom Units, 25 1 Bedroom Units. Income $26,000- $27,000 a month. Units have one bath, kitchen, each with P Tac heating and cooling units. Coin Laundry which produces about $650- $700 a month. Commercial fire alarm system, sprinkler system & video camera surveillance system and complimentary wi-fi throughout. Off Street parking lot. Views of SVU.

19. 2026-04-17
    listed $299,500,000 Active 498-char remark

    Show marketing remark (498 chars)

    Great 40 Unit Apartment Complex beside SVU! Built 2006. Two, two story apartment buildings 7-2 Bedroom Units, 6 Studio Units, 2 Extra Large 1 Bedroom Units, 25 1 Bedroom Units. Income $26,000- $27,000 a month. Units have one bath, kitchen, each with P Tac heating and cooling units. Coin Laundry which produces about $650- $700 a month. Commercial fire alarm system, sprinkler system & video camera surveillance system and complimentary wi-fi throughout. Off Street parking lot. Views of SVU.

ⓘ 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: $11,452 · $954/mo
• Projected year-2 tax: $22,550 · $1,879/mo
• Expected delta: +$11,098/yr (+$925/mo · 96.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $437,724
• − Mortgage interest: −$154,043
• − Property taxes: −$11,452
• − Insurance: −$13,750
• − Repairs & maintenance: −$35,018
• − Management: −$35,018
• − Depreciation: −$80,000
• Taxable income: $108,443
• Est. tax owed @ 24.0%: −$26,026
• After-tax cash flow: $121,518/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: Buena Vista City Public School District
• NCES district ID: 5100560
• Math proficiency: 54% ▼ -29.00%
• Reading proficiency: 68% ▼ -5.00%
• Median HH income: $35,243
• Composite: 50.44/100
• National rank: #1866
• State rank: #61 of 131 in VA

Livability — Buena Vista

• Score: 71/100
• State rank: #217
• US rank: #7146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buena Vista, VA
• County: Buena Vista City · 9,082 people
• City population: 9,082
• Metro: nan
• Population (ZIP): 9,082
• Household income: $54,882
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 239.0

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 6,454 people
• By 2030: 6,395 · -0.9%
• By 2040: 6,271 · -2.8%
• By 2050: 6,166 · -4.5%
• By 2075: 6,287 · -2.6%
• By 2100: 6,282 · -2.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 9% Hispanic / Latino 4% Black 2%
• Common ancestry: Serbian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+44.5) · D 26.9% · R 71.3% · Other 1.8%
• 2008→2024 swing: -37.3pp toward R · 2008: -7.2pp · 2024: -44.5pp
• All cycles: 2024: R+44.5 2020: R+37.4 2016: R+30.9 2012: R+25.5 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.06%
• Current HPI: 143.115
• Rent YoY: —
• Metro: nan
• 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

-99.0% since first listed

2 events — show timeline

• 2026-04-17 Price Changed $2,995,000 RHR
• 2026-04-17 Listed $299,500,000 RHR

Property tax history

-1.0%/yr

Latest (2025): $11,452 · +9.9% YoY. Source: county tax records.