15586 Bishop Rd · Chilhowie, VA 24319

$374,900

None bd · None ba · 900 sqft · MultiFamily · 154 Days on market

Built 1992 Fair condition 12 ac lot ↓ 5% since listing

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Mobile home park on 11.82 gorgeous open country acres with mountain and creek views, creek frontage. Conveniently located just 15 minutes to Damascus ("Trail Town USA"), Virginia Creeper Trail, Abingdon, the Mount Rogers National Recreation Area, Whitetop Mountain (Appalachian Trail), 10 minutes to I-81 in Chilhowie (from there a quick drive to the speedway and the Hard Rock Casino in the Bristols). 11 single wide pads (individually metered for electric and county water) and 6 septics (per the original permit applications from the 1990s). Currently 9 mobile homes on site: 3 park owned/ vacant (1 dilapidated, 2 fair/good condition with recent renovations); 1 tenant owned/occupied (lot rent $450/month); 5 abandoned/vacant, repairable; titles can be obtained if needed. Beds/baths in listing refer to the park owned home in fair/good condition. The 1 tenant is month to month. Huge metal garage that has been divided into 4 units. Mill Creek passes through one corner of the property. Large black shale "pit" located at the back corner. Approximately 725' of road frontage on Bishop Rd. , with 2 entrances into the park. Zoned A1. Upon Seller's information and belief the park is grandfathered in; this and plans for any other use are to be verified with Washington County by the Buyer and Buyer's agent. Internet is believed to be Point Broadband, to be verified by the Buyer and Buyer's agent. Homes are on piers with skirting. No drive throughs; listing agent to accompany on showings. Descriptions of the building in the listing are in regard to the mobile home owned by the park that has had some work done by Seller.

Key facts

• Whitetop mountain
• Huge metal garage
• Road frontage

Tags

• MOUNTAIN AND CREEK VIEWS
• HUGE METAL GARAGE
• VIRGINIA CREEPER TRAIL
• WHITETOP MOUNTAIN
• ROAD FRONTAGE
• ZONED A1

What this means for you Summary

Snapshot

• This is a multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#208 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: employment C-, health & safety C-, amenities F.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 75 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $40k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.96% ✓
• Cap rate: 16.56%
• Cash-on-cash: 36.66%
• DSCR: 2.63
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.5%
• Equity multiple: 4.89×
• Total profit: $408,544
• Equity at exit: $337,740

10-year hold

• IRR: 46.1%
• Equity multiple: 10.93×
• Total profit: $1,042,692
• Equity at exit: $728,348

Cash invested: $104,972 (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 24319

• Home prices YoY: 6.6%
• Active inventory: 75
• Price-to-rent: 38.3×

Monthly cashflow live

• Estimated rent: $7,339 medium
• Mortgage (P&I): −$1,966
• Tax est. 1.5%: −$469 /mo · $5,624/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,541
• Net cashflow: $3,207

Break-even live

Break-even rent $3,280

Max offer price $374,900

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 9× units	2	1	$7,335
Total (9 units)			$7,339

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $374,900 Active 154 DOM
2. 2026-06-18
   days on market $374,900 Active 153 DOM
3. 2026-06-17
   days on market $374,900 Active 152 DOM
4. 2026-06-17
   price $374,900 Active 151 DOM
5. 2026-06-16
   days on market $375,000 Active 151 DOM
6. 2026-06-15
   days on market $375,000 Active 150 DOM
7. 2026-06-14
   days on market $375,000 Active 148 DOM
8. 2026-06-13
   days on market $375,000 Active 147 DOM
9. 2026-06-10
   days on market $375,000 Active 145 DOM
10. 2026-06-09
    days on market $375,000 Active 144 DOM
11. 2026-06-08
    days on market $375,000 Active 143 DOM
12. 2026-06-07
    days on market $375,000 Active 142 DOM
13. 2026-06-02
    days on market $375,000 Active 137 DOM
14. 2026-06-01
    days on market $375,000 Active 136 DOM
15. 2026-05-31
    days on market $375,000 Active 135 DOM
16. 2026-05-30
    pricedays on market $375,000 Active 134 DOM
17. 2026-05-07
    price $379,000 1649-char remark

    Show marketing remark (1649 chars)

    Mobile home park on 11.82 gorgeous open country acres with mountain and creek views, creek frontage. Conveniently located just 15 minutes to Damascus ("Trail Town USA"), Virginia Creeper Trail, Abingdon, the Mount Rogers National Recreation Area, Whitetop Mountain (Appalachian Trail), 10 minutes to I-81 in Chilhowie (from there a quick drive to the speedway and the Hard Rock Casino in the Bristols). 11 single wide pads (individually metered for electric and county water) and 6 septics (per the original permit applications from the 1990s). Currently 9 mobile homes on site: 3 park owned/ vacant (1 dilapidated, 2 fair/good condition with recent renovations); 1 tenant owned/occupied (lot rent $450/month); 5 abandoned/vacant, repairable; titles can be obtained if needed. Beds/baths in listing refer to the park owned home in fair/good condition. The 1 tenant is month to month. Huge metal garage that has been divided into 4 units. Mill Creek passes through one corner of the property. Large black shale "pit" located at the back corner. Approximately 725' of road frontage on Bishop Rd. , with 2 entrances into the park. Zoned A1. Upon Seller's information and belief the park is grandfathered in; this and plans for any other use are to be verified with Washington County by the Buyer and Buyer's agent. Internet is believed to be Point Broadband, to be verified by the Buyer and Buyer's agent. Homes are on piers with skirting. No drive throughs; listing agent to accompany on showings. Descriptions of the building in the listing are in regard to the mobile home owned by the park that has had some work done by Seller.

18. 2026-01-17
    listed $399,999 Active 1649-char remark

    Show marketing remark (1649 chars)

    Mobile home park on 11.82 gorgeous open country acres with mountain and creek views, creek frontage. Conveniently located just 15 minutes to Damascus ("Trail Town USA"), Virginia Creeper Trail, Abingdon, the Mount Rogers National Recreation Area, Whitetop Mountain (Appalachian Trail), 10 minutes to I-81 in Chilhowie (from there a quick drive to the speedway and the Hard Rock Casino in the Bristols). 11 single wide pads (individually metered for electric and county water) and 6 septics (per the original permit applications from the 1990s). Currently 9 mobile homes on site: 3 park owned/ vacant (1 dilapidated, 2 fair/good condition with recent renovations); 1 tenant owned/occupied (lot rent $450/month); 5 abandoned/vacant, repairable; titles can be obtained if needed. Beds/baths in listing refer to the park owned home in fair/good condition. The 1 tenant is month to month. Huge metal garage that has been divided into 4 units. Mill Creek passes through one corner of the property. Large black shale "pit" located at the back corner. Approximately 725' of road frontage on Bishop Rd. , with 2 entrances into the park. Zoned A1. Upon Seller's information and belief the park is grandfathered in; this and plans for any other use are to be verified with Washington County by the Buyer and Buyer's agent. Internet is believed to be Point Broadband, to be verified by the Buyer and Buyer's agent. Homes are on piers with skirting. No drive throughs; listing agent to accompany on showings. Descriptions of the building in the listing are in regard to the mobile home owned by the park that has had some work done by Seller.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $88,068
• − Mortgage interest: −$21,000
• − Property taxes: −$5,624
• − Insurance: −$1,874
• − Repairs & maintenance: −$7,045
• − Management: −$7,045
• − Depreciation: −$10,906
• Taxable income: $34,573
• Est. tax owed @ 24.0%: −$8,297
• After-tax cash flow: $30,186/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Major siding — Severe weathering and rust
• Major roof — No visible damage

Value-add opportunities

• Both paint and repair exterior — Enhances curb appeal and value
• Both repair and replace siding — Improves appearance and value
• Both repair and replace roof — Prevents further damage and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and rust	Major	$15,000–50,000
roof · No visible damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint and repair exterior — Enhances curb appeal and value ↑
• Both repair and replace siding — Improves appearance and value ↑
• Both repair and replace roof — Prevents further damage and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Washington County Public School District
• NCES district ID: 5103900
• Math proficiency: 68% ▼ -23.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $42,412
• Composite: 61.5/100
• National rank: #754
• State rank: #15 of 131 in VA

Livability — Chilhowie

• Score: 71/100
• State rank: #208
• US rank: #6576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,963

Population outlook (Washington County) Hauer SSP2

• Today (2025): 53,266 people
• By 2030: 52,284 · -1.8%
• By 2040: 49,415 · -7.2%
• By 2050: 45,683 · -14.2%
• By 2075: 37,258 · -30.1%
• By 2100: 27,983 · -47.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 98% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+53.3) · D 23.0% · R 76.3%
• 2008→2024 swing: -20.6pp toward R · 2008: -32.7pp · 2024: -53.3pp
• All cycles: 2024: R+53.3 2020: R+52.5 2016: R+53.5 2012: R+43.2 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.03%
• Current HPI: 257.8732
• 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

-5.2% since first listed

2 events — show timeline

• 2026-05-07 Price Changed $379,000 SWVAR
• 2026-01-17 Listed $399,999 SWVAR