1056 Coastaway Dr · Virginia Beach, VA 23451

$299,999

3 bd · 1.5 ba · 1,030 sqft · Townhouse public records · 7 Days on market

Built 1985 2,700 sqft lot Est $315k · at est.

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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 +10.6/30.0
• ARV discount +9.7/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Move-in-ready 3-bedroom, 1.5-bath townhome in sought-after Seabridge Square, minutes from the Virginia Beach oceanfront. This 1985 two-story home lives bright and clean after a full round of 2025-2026 updates: freshly painted neutral interior with redone doors and stairs, upgraded and rewired ceiling fans, all-new lighting, and a completely redone backyard with new plantings, lighting, a shed and a workshop. Curb appeal is dialed in too, with power-washed siding, a freshly painted front door, and new shrubs and plants out front. Inside you will find engineered hardwood and laminate flooring throughout, a covered patio, central air, and a functional layout. Public water and sewer, four parki

Key facts

• New lighting
• Shed
• Move-in-ready

Tags

• MOVE-IN-READY
• FULL ROUND OF UPDATES
• COMPLETELY REDONE BACKYARD
• NEW PLANTINGS
• NEW LIGHTING
• SHED

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway spaces; 4 total parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached townhouse; 2 stories; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation; Built with additional workshop and storage shed
• Exterior features: Patio; Back privacy wood fence; Detached workshop; Storage shed

Interior

• Kitchen: Dishwasher; Microwave; Electric range; Refrigerator
• Bedrooms: No bedroom with a full bathroom on the first floor
• Flooring: Laminate; Wood
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Central air; Electric heating; Forced hot air
• Interior features: Ceiling fan; Pull-down attic stairs; Window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $300k.

Deal economics

• At list price, monthly cash flow is $-147 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (25.5% below list).
• Recommended offer: $223k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Seatack Elementary An Achievable Dream Academy (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 379 students, 93% FRL); Virginia Beach Middle (math 71% / reading 84%, grade A+, #36 of 342 statewide, top 11%, 589 students, 51% FRL); First Colonial High (math 76% / reading 81%, grade A-, #75 of 319 statewide, top 25%, 1,797 students, 34% FRL) — zoned schools average 59% FRL vs 28% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 398 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $9k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $223,476 (25.5% 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. 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. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.11%
• DSCR: 0.91
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $315,180
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
841 12th St	0.41mi	2/2.5 (-1)	1,061 (+3%)	1mo	$403,000	$380	66
1066 Ocean Pebbles Way	0.25mi	2/2.0 (-1)	948 (-8%)	4mo	$265,000	$280	65
1173 Black Duck Ct	0.31mi	2/2.0 (-1)	948 (-8%)	2mo	$299,900	$316	64
450 Marsh Duck Way	0.33mi	2/2.0 (-1)	948 (-8%)	2mo	$280,000	$295	62
1129 Black Duck Ct	0.36mi	2/2.0 (-1)	948 (-8%)	2mo	$300,000	$316	62
926 Rudee Ct	0.54mi	2/2.0 (-1)	1,000 (-3%)	3mo	$265,000	$265	60
412 Marsh Duck Way	0.39mi	2/2.0 (-1)	948 (-8%)	2mo	$290,000	$306	60
1106 Parks Ave	0.49mi	2/1.5 (-1)	1,108 (+8%)	1mo	$365,000	$329	59
1010 Angler Ln	0.47mi	2/2.0 (-1)	948 (-8%)	2mo	$289,900	$306	56
1120 Ocean Trace Ln #204	0.61mi	2/2.0 (-1)	945 (-8%)	2mo	$249,000	$263	50
1157 Old Virginia Beach Rd Unit I	0.55mi	2/2.5 (-1)	1,148 (+12%)	1mo	$296,000	$258	46
2403 Marsh Creek Ct	0.70mi	2/2.5 (-1)	1,152 (+12%)	4mo	$285,000	$247	35

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 · 5.42% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.38×
• Total profit: $-52,492
• Equity at exit: $44,731

10-year hold

• IRR: -5.7%
• Equity multiple: 0.59×
• Total profit: $-34,028
• Equity at exit: $25,938

Cash invested: $84,000 (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 23451

• Rents YoY: 5.4%
• Active inventory: 398
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,235 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$215 /mo · $2,575/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-147

Break-even live

Break-even rent $2,421

Max offer price $273,964

Occupancy floor —

Sensitivity live

Price	-10% $22	-5% $-62	+0% $-147	+5% $-232	+10% $-317
Rent	-10% $-324	-5% $-236	+0% $-147	+5% $-59	+10% $29
Rate	-1.0pp $4	-0.5pp $-71	base $-147	+0.5pp $-225	+1.0pp $-304

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1005 Barnacle Ct Virginia Beach, VA	2.0	1.0	930	$1,850	$1.99	6d	1	0.06mi
226 Birch Lake Rd Virginia Beach, VA	1.0–3.0	1.0–2.0	947	$1,961	$2.07	3d	11	0.11mi
333 N Birdneck Rd Virginia Beach, VA	2.0	1.0	1036	$2,850	$2.75	25d	1	0.29mi
400 Eden Roc Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	1114	$3,192	$2.87	3d	18	0.34mi
1038 Lands End Way Virginia Beach, VA	2.0	2.0	948	$1,799	$1.90	16d	1	0.40mi
945 Indian Cir Virginia Beach, VA	3.0	2.5	1400	$2,300	$1.64	25d	1	0.46mi
722 16th St Virginia Beach, VA	3.0	1.5	1260	$2,500	$1.98	23d	1	0.46mi
904 Rudee Ave Virginia Beach, VA	3.0	2.5	1250	$2,800	$2.24	6d	1	0.50mi
940 Old Virginia Beach Rd Virginia Beach, VA	3.0	2.5	1400	$2,500	$1.79	25d	1	0.51mi
400 Coastal Walk Pl Virginia Beach, VA	3.0	2.0	1422	$2,600	$1.83	25d	1	0.52mi
400 Coastal Walk Pl #105 Virginia Beach, VA	3.0	2.0	1422	$2,500	$1.76	19d	1	0.52mi
901 Old Virginia Beach Rd Virginia Beach, VA	2.0	1.5	1048	$1,750	$1.67	25d	1	0.54mi
408 Coastal Walk Pl #103 Virginia Beach, VA	2.0	2.5	1409	$2,200	$1.56	14d	1	0.54mi
1300 Cypress Ave Virginia Beach, VA	2.0	1.0	1137	$2,000	$1.76	18d	1	0.54mi
1509 Cypress Ave Virginia Beach, VA	2.0	2.5	1200	$2,750	$2.29	6d	1	0.55mi
615 15th St #2 Virginia Beach, VA	2.0	1.0	1000	$2,400	$2.40	16d	1	0.56mi
952 Maximus Sq Virginia Beach, VA	2.0	1.0	1025	$1,295	$1.26	25d	1	0.59mi
501 Ocean Trace Arch #104 Virginia Beach, VA	2.0	2.0	945	$1,650	$1.75	25d	1	0.61mi
620 Shoreham Ct #204 Virginia Beach, VA	2.0	2.0	903	$1,795	$1.99	9d	1	0.63mi
604 Shoreham Ct #204 Virginia Beach, VA	2.0	2.0	903	$1,795	$1.99	25d	1	0.64mi
1509 Colonnade Dr Virginia Beach, VA	2.0	2.0	1074	$2,190	$2.04	12d	1	0.67mi
912 C Ave Virginia Beach, VA	3.0	2.5	1367	$2,500	$1.83	12d	1	0.68mi
912 C Ave Unit C Virginia Beach, VA	3.0	2.5	1367	$3,500	$2.56	16d	1	0.68mi
1225 Old Virginia Beach Rd Virginia Beach, VA	2.0	2.0	1000	$1,775	$1.77	25d	1	0.68mi
1720 Baltic Ave Virginia Beach, VA	2.0	2.5	1205	$2,350	$1.95	25d	1	0.74mi
517 21st St #102 Virginia Beach, VA	2.0	1.0	750	$1,500	$2.00	25d	1	0.78mi
905 Leisure Sq #100 Virginia Beach, VA	2.0	1.0	700	$1,750	$2.50	25d	1	0.82mi
909 Baltic Ave Virginia Beach, VA	2.0	2.5	1054	$2,600	$2.47	3d	1	0.86mi
909 Baltic Ave Unit 1 Virginia Beach, VA	2.0	2.5	907	$2,695	$2.97	25d	1	0.87mi
464 Lisa Sq Virginia Beach, VA	3.0	1.0	885	$1,510	$1.71	25d	1	0.89mi
328 20th St Virginia Beach, VA	2.0	1.0–2.0	784	$2,935	$3.74	3d	122	0.94mi
531 Terrace Ave Virginia Beach, VA	3.0	1.0	1026	$2,500	$2.44	25d	1	0.96mi
405 Erle Cres Unit 105 Virginia Beach, VA	2.0	1.0	750	$1,800	$2.40	3d	1	0.96mi
2222 Arctic Ave #3 Virginia Beach, VA	2.0	2.0	868	$2,395	$2.76	18d	1	0.96mi
233 Sykes Ave Unit A Virginia Beach, VA	3.0	2.5	1484	$2,450	$1.65	13d	1	0.98mi
2734 Manoomin Pl Virginia Beach, VA	2.0	2.0	1428	$1,995	$1.40	13d	1	0.99mi
757 Saltmeadow Bay Dr Virginia Beach, VA	1.0–3.0	1.0–2.5	1199	$3,178	$2.65	3d	18	1.03mi
399 Terrace Ave #101 Virginia Beach, VA	2.0	1.0	800	$1,600	$2.00	25d	1	1.08mi
395 Terrace Ave #103 Virginia Beach, VA	2.0	1.0	800	$1,600	$2.00	25d	1	1.08mi
1321 Linkhorn Cir Virginia Beach, VA	2.0	1.0	850	$1,265	$1.49	9d	4	1.10mi

Listing history 5 events

1. 2026-06-21
   statusdays on market $299,999 Active 7 DOM
2. 2026-06-16
   statusdays on market $299,999 Under Contract 5 DOM
3. 2026-06-15
   days on market $299,999 Active 4 DOM
4. 2026-06-13
   remarks 699-char remark
5. 2026-06-13
   listed $299,999 Active 2 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: $2,575 · $215/mo
• Projected year-2 tax: $2,575 · $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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 16 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: $26,817
• − Mortgage interest: −$16,805
• − Property taxes: −$2,575
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,145
• − Management: −$2,145
• − Depreciation: −$8,727
• Taxable loss: −$7,081
• Est. tax savings @ 24.0%: +$1,699
• After-tax cash flow: $-69/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): 44,012
• Household income: $100,697
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 2588.0

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 (78%)
• Race & ethnicity: White 78% Black 7% Hispanic / Latino 7% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -530.26%
• Current HPI: 315.521
• Rent YoY: ▲ 5.42%
• 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

+494.1% since first listed

6 events — show timeline

• 2026-06-11 Listed $299,999 REINMLS
• 2024-07-01 Sold (Public Records) $274,900 Public Records
• 2024-05-21 Pending — REINMLS
• 2024-05-17 Price Changed $273,000 REINMLS
• 2024-05-10 Listed $274,900 REINMLS
• 1986-01-22 Sold (Public Records) $50,500 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,575 · +20.2% YoY. Source: county tax records.