116 Front Ave · Salem, VA 24153

$150,000

3 bd · 1.0 ba · 1,612 sqft · SingleFamily public records · 1 Days on market

Built 1930 6,534 sqft lot

---

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 +8.2/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

DO NOT GO OUT ON UPSTAIRS PORCH-UNSTEADY/AGE OF HOUSE IS ESTIMATED/ REPLACEMENT WINDOWS/ENCLOSED BACK PORCH/PREVIOUSLY RENTED FOR 699 MONTH/NO UTILITIES INCLUD/REQUIRES FLOOD INSURANCE/NICE LEVEL FENCED BACKYARD/

Key facts

• Covered front porch
• Two lots
• Covered back balcony

Tags

• COVERED FRONT PORCH
• COVERED BACK BALCONY
• FULLY FENCED BACKYARD
• TWO LOTS
• PULL-THROUGH DRIVEWAY
• DETACHED TWO-CAR GARAGE

Property features AI

Exterior

• Home design: Residential property; Built in 1930
• Construction: Crawl space basement
• Exterior features: 0.15-acre lot

Interior

• Bedrooms: 4 bedrooms total; 1 bedroom on the main level
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Forced air gas heating
• Interior features: Storage

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 11.0% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Salem City Public School District (suburban): math 61% / reading 74% proficiency, ranked #35 of 131 in VA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Salem Elementary (math 72% / reading 77%, grade A, #220 of 1,108 statewide, top 22%, 388 students, 42% FRL); Andrew Lewis Middle (math 57% / reading 72%, grade A-, #123 of 342 statewide, top 37%, 895 students, 44% FRL); Salem High (math 64% / reading 91%, grade A-, #83 of 319 statewide, top 28%, 1,227 students, 39% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 271 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Salem County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago 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.
• Current owner paid $78k; list at $150k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1930 — 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 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?
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: 1.32% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.76%
• DSCR: 1.75
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $369,148
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 Kimball Ave	0.22mi	2/2.0 (-1)	1,525 (-5%)	10mo	$368,000	$241	63
402 7th St	0.61mi	3/2.5	1,640 (+2%)	3mo	$268,000	$163	60
305 Bowman Ave	0.15mi	3/1.0	1,842 (+14%)	13mo	$265,000	$144	58
401 Decatur Cir	0.24mi	3/2.0	1,768 (+10%)	13mo	$429,950	$243	58
208 Kimball Ave	0.14mi	3/3.0	1,788 (+11%)	15mo	$315,000	$176	55
812 Kimball Ave	0.61mi	3/2.0	1,729 (+7%)	1mo	$327,000	$189	54
118 Parker Ln	0.75mi	3/2.0	1,650 (+2%)	6mo	$377,950	$229	52
619 Moran Ave	0.45mi	3/2.0	1,435 (-11%)	9mo	$359,000	$250	49
113 Parker Ln	0.72mi	3/2.0	1,648 (+2%)	12mo	$384,950	$234	49
114 Parker Ln	0.75mi	3/2.0	1,648 (+2%)	13mo	$389,950	$237	46
610 Central Ave	0.45mi	3/2.5	1,828 (+13%)	8mo	$310,000	$170	44
719 Delaware St	0.75mi	2/1.0 (-1)	1,696 (+5%)	12mo	$245,000	$144	41

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

Projected returns pro-forma

-3.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.46×
• Total profit: $19,175
• Equity at exit: $22,365

10-year hold

• IRR: 22.4%
• Equity multiple: 3.18×
• Total profit: $91,478
• Equity at exit: $12,969

Cash invested: $42,000 (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 24153

• Rents YoY: 6.0%
• Active inventory: 271
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,981 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$129 /mo · $1,549/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $587

Break-even live

Break-even rent $1,238

Max offer price $150,000

Occupancy floor 65%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
928 Ohio Ave Salem, VA	3.0	1.0–2.0	992	$2,622	$2.64	13d	1	0.75mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $150,000 Active 1 DOM

ⓘ 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: $1,549 · $129/mo
• Projected year-2 tax: $1,549 · $129/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 21 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: $23,772
• − Mortgage interest: −$8,402
• − Property taxes: −$1,549
• − Insurance: −$750
• − Repairs & maintenance: −$1,902
• − Management: −$1,902
• − Depreciation: −$4,364
• Taxable income: $4,903
• Est. tax owed @ 24.0%: −$1,177
• After-tax cash flow: $5,864/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: Salem City Public School District
• NCES district ID: 5103460
• Math proficiency: 61% ▼ -21.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $49,976
• Composite: 57.25/100
• National rank: #1092
• State rank: #35 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, VA
• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 26,761 people
• By 2030: 27,543 · +2.9%
• By 2040: 29,174 · +9.0%
• By 2050: 30,902 · +15.5%
• By 2075: 35,530 · +32.8%
• By 2100: 39,381 · +47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.3) · D 39.8% · R 59.1% · Other 1.1%
• 2008→2024 swing: -3.8pp toward R · 2008: -15.5pp · 2024: -19.3pp
• All cycles: 2024: R+19.3 2020: R+19.4 2016: R+24.8 2012: R+20.6 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

+76.6% since first listed

11 events — show timeline

• 2026-06-18 Listed $150,000 MLSRV
• 2004-12-09 Sold (MLS) $77,750 MLSRV
• 2004-12-08 Sold (Public Records) $78,000 Public Records
• 2004-12-08 Sold (Public Records) $78,000 Public Records
• 2004-08-24 Listed $79,500 MLSRV
• 2004-06-11 Sold (Public Records) $82,500 Public Records
• 2004-06-11 Sold (Public Records) $82,500 Public Records
• 2004-03-05 Listing Removed — MLSRV
• 2003-11-05 Listed $84,950 MLSRV
• 2002-10-28 Listing Removed — MLSRV
• 2002-05-01 Listed $84,950 MLSRV

Property tax history

+3.4%/yr

Latest (2025): $1,549 · +8.9% YoY. Source: county tax records.