1705 Ocean Bay Dr · Virginia Beach, VA 23454

$244,900

2 bd · 2.5 ba · 1,560 sqft · Condo public records · 43 Days on market

Built 1987 $350/mo HOA · 14% of rent

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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 +12.6/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +4.9/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 2-level condo offering 3 bedrooms, 2.5 baths, and approximately 1,560 sq ft of comfortable living space. Enjoy a private patio and cozy fireplace, with community amenities including a pool, clubhouse, playgrounds, and tennis courts. Conveniently located near Oceana, Dam Neck, shopping, and more. Sold as-is.

Key facts

• $350 HOA
• Built 1987
• Listed 43 days

Property features AI

Finance

• Other: Neighborhood: SADDLEWOOD CONDOS
• HOA & community: Community amenities: playgrounds, pool, tennis courts; Monthly condo fee: $350; Association management: Ocean Lakes Community Assoc.

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached property; 2-unit condo; Condo on level 1; Two living levels; 2 stories
• Construction: Wood siding; Asphalt shingle roof; Slab foundation; Condo ownership
• Exterior features: Patio; Front privacy wood fence

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator; Disposal; Pantry
• Bedrooms: No bedroom and full bathroom on first floor; Total rooms: 6; Includes foyer and pantry
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump; Central air
• Interior features: Cable hookup; Ceiling fan; Decorative wood fireplace (1)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-31 ($-374/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (1.4% below list).
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.1% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Corporate Landing Elementary (math 62% / reading 72%, grade B+, #381 of 1,108 statewide, top 36%, 380 students, 57% FRL); Ocean Lakes High (math 73% / reading 89%, grade A, #52 of 319 statewide, top 17%, 1,855 students, 29% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 203 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 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 $7k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $186k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $237,553 (3.0% 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. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.99% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.53×
• Total profit: $-32,372
• Equity at exit: $36,515

10-year hold

• IRR: 1.8%
• Equity multiple: 1.15×
• Total profit: $10,304
• Equity at exit: $21,174

Cash invested: $68,572 (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 23454

• Rents YoY: 6.6%
• Active inventory: 203
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,414 high
• Mortgage (P&I): −$1,284
• Tax from tax record: −$202 /mo · $2,426/yr
• Insurance: −$102
• HOA: −$350
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $-31

Break-even live

Break-even rent $2,454

Max offer price $239,387

Occupancy floor 96%

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1671 Ocean Bay Dr Virginia Beach, VA	2.0	2.5	1354	$2,100	$1.55	23d	1	0.05mi
762 Quesnel Dr Virginia Beach, VA	3.0	2.5	1541	$3,600	$2.34	23d	1	0.18mi
792 Quesnel Dr Unit 1 Virginia Beach, VA	3.0	2.5	1616	$2,295	$1.42	7d	1	0.18mi
501 Hillshire Way Virginia Beach, VA	3.0	2.5	1459	$2,745	$1.88	23d	1	0.34mi
1631 Sword Dancer Dr Virginia Beach, VA	3.0	2.0	1180	$2,500	$2.12	12d	1	0.39mi
1631 Sword Dancer Dr Virginia Beach, VA	3.0	2.0	1180	$2,500	$2.12	23d	1	0.39mi
512 Fieldstone Glen Way Virginia Beach, VA	3.0	2.5	2100	$2,550	$1.21	23d	1	0.48mi
1473 Levy Ct Virginia Beach, VA	3.0	2.5	1831	$2,795	$1.53	3d	1	0.50mi
1676 Da Vinci Dr Virginia Beach, VA	2.0	1.0	1512	$1,595	$1.05	4d	1	0.66mi
1676 Da Vinci Dr Virginia Beach, VA	2.0	1.0	1512	$1,595	$1.05	12d	1	0.66mi
1828 Blairmore Arch Virginia Beach, VA	3.0	2.0	1300	$3,000	$2.31	23d	1	1.20mi
1221 Garth Ct Virginia Beach, VA	3.0	2.5	1614	$2,600	$1.61	14d	1	1.37mi
1584 Boles Pl Virginia Beach, VA	3.0	2.5	1902	$2,450	$1.29	4d	1	1.39mi
1149 Balch Pl Virginia Beach, VA	3.0	2.5	1450	$2,495	$1.72	4d	1	1.43mi
1149 Balch Pl Virginia Beach, VA	3.0	2.5	1450	$2,495	$1.72	20d	1	1.43mi
1230 Gunn Hall Dr Virginia Beach, VA	3.0	2.5	1764	$2,650	$1.50	23d	1	1.47mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-08
   historical Active Under Contract
2. 2026-05-04
   price $244,900
3. 2026-04-14
   listed $269,900 Active
4. 2026-04-01
   historical
5. 2025-12-12
   price $280,000
6. 2025-07-11
   price $299,000
7. 2025-05-13
   listed $315,000 Active
8. 2006-09-19
   soldstatus $185,500
9. 2004-10-13
   soldstatus $125,500

ⓘ 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: $2,426 · $202/mo
• Projected year-2 tax: $2,426 · $202/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,971
• − Mortgage interest: −$13,718
• − Property taxes: −$2,426
• − Insurance: −$1,224
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − HOA: −$4,200
• − Depreciation: −$7,124
• Taxable loss: −$4,357
• Est. tax savings @ 24.0%: +$1,046
• After-tax cash flow: $671/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 58,178
• Household income: $102,796
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1696.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Tagalog/Filipino 1% Chinese 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -385.89%
• Current HPI: 328.85
• Rent YoY: ▲ 6.62%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+95.1% since first listed

9 events — show timeline

• 2026-05-08 Contingent — REINMLS
• 2026-05-04 Price Changed $244,900 REINMLS
• 2026-04-14 Listed $269,900 REINMLS
• 2026-04-01 Listing Removed — REINMLS
• 2025-12-12 Price Changed $280,000 REINMLS
• 2025-07-11 Price Changed $299,000 REINMLS
• 2025-05-13 Listed $315,000 REINMLS
• 2006-09-19 Sold (Public Records) $185,500 Public Records
• 2004-10-13 Sold (Public Records) $125,500 Public Records

Property tax history

+6.1%/yr

Latest (2025): $2,426 · +7.0% YoY. Source: county tax records.