131 S Massanuten St · Strasburg, VA 22657

$249,900

3 bd · 2.0 ba · 1,974 sqft · SingleFamily public records · 7 Days on market

Built 1940 5,227 sqft lot $127/sqft · 26% below area Est $338k · 26% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• Schools +4.4/10.0
• 1% rule +4.2/10.0
• Appreciation +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Priced to move Beautiful large single family home in the heart of historic Strasburg, ideally positioned along the town’s highly visible and walkable main strip. With almost 2000 sq ft , this unique log-and-frame property offers exceptional flexibility, making it well-suited for income generation, a live/work setup, or creative commercial use. With 3 bedrooms and 2.5 bathrooms, this property supports multiple exit strategies, including owner-occupied investment, rental hold, or value-add renovation. Located steps from shops, dining, and tourism-driven activity, the setting supports both residential demand and commercial visibility. Offered as-is, this property presents immediate upside for investors seeking character-driven real estate in a proven historic district. A rare chance to acquire a flexible-use asset in a prime small-town market with built-in charm and long-term potential.

Key facts

• Historic strasburg
• Live/work setup
• Income generation

Tags

• HISTORIC STRASBURG
• UNIQUE LOG-AND-FRAME PROPERTY
• INCOME GENERATION
• LIVE/WORK SETUP
• MULTIPLE EXIT STRATEGIES
• OWNER-OCCUPIED INVESTMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/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 $230k (8.0% below list).
• Recommended offer: $230k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 4.2% in Strasburg — 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 73/100 on livability (#175 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime A, housing A; Watch: amenities F, commute 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: 61 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 224 units permitted in Shenandoah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Shenandoah County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 23y ago; this cycle's ask is 11% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $171k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,000 (8.0% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 9.1

CMA / ARV

• ARV (median comp): $337,820
• List price: $249,900
• Delta: -34.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 Thompson St	0.40mi	3/2.5	1,966 (-0%)	6mo	$360,000	$183	74
318 Newman St	0.25mi	3/3.5	2,102 (+6%)	3mo	$380,000	$181	69
445 Ash St	0.59mi	3/2.5	1,942 (-2%)	2mo	$380,000	$196	66
291 High St	0.39mi	3/3.0	2,058 (+4%)	7mo	$350,000	$170	64
408 Lee St	0.36mi	3/2.5	1,876 (-5%)	11mo	$335,000	$179	64
410 Ash St	0.55mi	4/1.5 (+1)	1,978 (+0%)	9mo	$262,750	$133	60
421 Dickerson Ln	0.62mi	3/2.0	1,911 (-3%)	7mo	$329,900	$173	60
407 Stonewall St	0.38mi	3/3.0	2,192 (+11%)	1mo	$370,000	$169	59
201 Capon St	0.41mi	4/2.0 (+1)	1,848 (-6%)	8mo	$337,000	$182	59
174 Charles N	0.55mi	4/2.0 (+1)	1,760 (-11%)	4mo	$335,000	$190	47
129 Anna Mae Ct	0.70mi	3/2.0	2,192 (+11%)	10mo	$530,000	$242	40
991 Seldon Dr	0.74mi	4/3.0 (+1)	2,183 (+11%)	5mo	$380,000	$174	35

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

Projected returns pro-forma

-2.48% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-15,987
• Equity at exit: $43,091

10-year hold

• IRR: 2.8%
• Equity multiple: 1.22×
• Total profit: $15,086
• Equity at exit: $31,756

Cash invested: $69,972 (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 22657

• Home prices YoY: -0.7%
• Active inventory: 61
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,300 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$102 /mo · $1,226/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $300

Break-even live

Break-even rent $1,920

Max offer price $249,900

Occupancy floor 82%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
506 Hupps Hill Ct Strasburg, VA	3.0	3.5	1972	$2,300	$1.17	1d	1	0.67mi

Listing history 50 events

1. 2026-06-18
   days on market $249,900 Active 7 DOM
2. 2026-06-17
   days on market $249,900 Active 6 DOM
3. 2026-06-16
   days on market $249,900 Active 5 DOM
4. 2026-06-15
   days on market $249,900 Active 4 DOM
5. 2026-06-13
   days on market $249,900 Active 2 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $249,900 Active 1 DOM
7. 2026-04-19
   price $219,900 902-char remark

   Show marketing remark (902 chars)

   Priced to move Beautiful large single family home in the heart of historic Strasburg, ideally positioned along the town’s highly visible and walkable main strip. With almost 2000 sq ft , this unique log-and-frame property offers exceptional flexibility, making it well-suited for income generation, a live/work setup, or creative commercial use. With 3 bedrooms and 2.5 bathrooms, this property supports multiple exit strategies, including owner-occupied investment, rental hold, or value-add renovation. Located steps from shops, dining, and tourism-driven activity, the setting supports both residential demand and commercial visibility. Offered as-is, this property presents immediate upside for investors seeking character-driven real estate in a proven historic district. A rare chance to acquire a flexible-use asset in a prime small-town market with built-in charm and long-term potential.

8. 2026-04-08
   price $223,900 902-char remark

   Show marketing remark (902 chars)

   Priced to move Beautiful large single family home in the heart of historic Strasburg, ideally positioned along the town’s highly visible and walkable main strip. With almost 2000 sq ft , this unique log-and-frame property offers exceptional flexibility, making it well-suited for income generation, a live/work setup, or creative commercial use. With 3 bedrooms and 2.5 bathrooms, this property supports multiple exit strategies, including owner-occupied investment, rental hold, or value-add renovation. Located steps from shops, dining, and tourism-driven activity, the setting supports both residential demand and commercial visibility. Offered as-is, this property presents immediate upside for investors seeking character-driven real estate in a proven historic district. A rare chance to acquire a flexible-use asset in a prime small-town market with built-in charm and long-term potential.

9. 2026-03-05
   listed $224,900 Active 902-char remark

   Show marketing remark (902 chars)

   Priced to move Beautiful large single family home in the heart of historic Strasburg, ideally positioned along the town’s highly visible and walkable main strip. With almost 2000 sq ft , this unique log-and-frame property offers exceptional flexibility, making it well-suited for income generation, a live/work setup, or creative commercial use. With 3 bedrooms and 2.5 bathrooms, this property supports multiple exit strategies, including owner-occupied investment, rental hold, or value-add renovation. Located steps from shops, dining, and tourism-driven activity, the setting supports both residential demand and commercial visibility. Offered as-is, this property presents immediate upside for investors seeking character-driven real estate in a proven historic district. A rare chance to acquire a flexible-use asset in a prime small-town market with built-in charm and long-term potential.

10. 2026-02-27
    historical
11. 2026-02-21
    price $229,990
12. 2026-02-07
    price $234,990
13. 2026-01-28
    status Active
14. 2026-01-27
    price $249,990
15. 2026-01-27
    historical
16. 2026-01-13
    price $234,990
17. 2025-12-29
    price $239,990
18. 2025-12-23
    price $249,990
19. 2025-12-23
    status Active
20. 2025-12-19
    historical
21. 2025-12-19
    price $259,990
22. 2025-12-16
    price $254,990
23. 2025-12-12
    price $259,990
24. 2025-12-10
    price $274,990
25. 2025-12-10
    listed $274,990 Active
26. 2025-12-09
    historical
27. 2025-12-08
    soldstatus $171,426
28. 2025-11-20
    historical
29. 2025-11-19
    status Active
30. 2025-11-16
    historical
31. 2025-10-19
    price $275,000
32. 2025-09-28
    price $290,000
33. 2025-09-15
    price $300,000
34. 2025-09-01
    price $315,000
35. 2025-08-20
    price $330,000
36. 2025-08-09
    listed $340,000 Active
37. 2014-10-03
    soldstatus $120,000
38. 2014-09-30
    soldstatus $120,000
39. 2014-09-12
    historical
40. 2014-04-21
    listed $139,500
41. 2011-12-27
    historical
42. 2011-10-06
    listed $167,000
43. 2010-12-17
    historical
44. 2010-05-11
    listed $124,990
45. 2003-11-10
    soldstatus $116,500
46. 2003-11-07
    soldstatus $116,500
47. 2003-09-29
    historical
48. 2003-09-26
    listed $119,900
49. 2003-03-31
    soldstatus $48,500
50. 2003-02-21
    historical

ⓘ 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: $1,226 · $102/mo
• Projected year-2 tax: $2,049 · $171/mo
• Expected delta: +$824/yr (+$69/mo · 67.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,600
• − Mortgage interest: −$13,998
• − Property taxes: −$1,226
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$7,270
• Taxable loss: −$559
• Est. tax savings @ 24.0%: +$134
• After-tax cash flow: $3,737/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 — Strasburg

• Score: 73/100
• State rank: #175
• US rank: #5404

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Strasburg, VA
• Population (ZIP): 12,047

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 (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Slovak 4% Lithuanian 3% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -2.48%
• Current HPI: 368.0984
• 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

+353.4% since first listed

45 events — show timeline

• 2026-04-19 Price Changed $219,900 BRIGHT MLS
• 2026-04-08 Price Changed $223,900 BRIGHT MLS
• 2026-03-05 Listed $224,900 BRIGHT MLS
• 2026-02-27 Listing Removed — BRIGHT MLS
• 2026-02-21 Price Changed $229,990 BRIGHT MLS
• 2026-02-07 Price Changed $234,990 BRIGHT MLS
• 2026-01-28 Relisted — BRIGHT MLS
• 2026-01-27 Listing Removed — BRIGHT MLS
• 2026-01-27 Price Changed $249,990 BRIGHT MLS
• 2026-01-13 Price Changed $234,990 BRIGHT MLS
• 2025-12-29 Price Changed $239,990 BRIGHT MLS
• 2025-12-23 Price Changed $249,990 BRIGHT MLS
• 2025-12-23 Relisted — BRIGHT MLS
• 2025-12-19 Price Changed $259,990 BRIGHT MLS
• 2025-12-19 Listing Removed — BRIGHT MLS
• 2025-12-16 Price Changed $254,990 BRIGHT MLS
• 2025-12-12 Price Changed $259,990 BRIGHT MLS
• 2025-12-10 Price Changed $274,990 BRIGHT MLS
• 2025-12-10 Listed $274,990 BRIGHT MLS
• 2025-12-09 Coming Soon — BRIGHT MLS
• 2025-12-08 Sold (Public Records) $171,426 Public Records
• 2025-11-20 Listing Removed — BRIGHT MLS
• 2025-11-19 Relisted — BRIGHT MLS
• 2025-11-16 Listing Removed — BRIGHT MLS
• 2025-10-19 Price Changed $275,000 BRIGHT MLS
• 2025-09-28 Price Changed $290,000 BRIGHT MLS
• 2025-09-15 Price Changed $300,000 BRIGHT MLS
• 2025-09-01 Price Changed $315,000 BRIGHT MLS
• 2025-08-20 Price Changed $330,000 BRIGHT MLS
• 2025-08-09 Listed $340,000 BRIGHT MLS
• 2014-10-03 Sold (Public Records) $120,000 Public Records
• 2014-09-30 Sold (MLS) $120,000 BRIGHT MLS
• 2014-09-12 Listing Removed — BRIGHT MLS
• 2014-04-21 Listed $139,500 BRIGHT MLS
• 2011-12-27 Listing Removed — BRIGHT MLS
• 2011-10-06 Listed $167,000 BRIGHT MLS
• 2010-12-17 Listing Removed — BRIGHT MLS
• 2010-05-11 Listed $124,990 BRIGHT MLS
• 2003-11-10 Sold (Public Records) $116,500 Public Records
• 2003-11-07 Sold (MLS) $116,500 MRIS
• 2003-09-29 Delisted — MRIS
• 2003-09-26 Listed $119,900 MRIS
• 2003-03-31 Sold (MLS) $48,500 MRIS
• 2003-02-21 Delisted — MRIS
• 2003-02-11 Listed $48,500 MRIS

Property tax history

+2.6%/yr

Latest (2025): $1,226 · +0.0% YoY. Source: county tax records.