516 N Washington Ave · Pulaski, VA 24301

$119,950

5 bd · 2.0 ba · 3,024 sqft · SingleFamily · 157 Days on market

Built 1886 0.35 ac lot $40/sqft · 50% below area Est $239k · 50% under ↓ 20% since listing

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Schools +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity in a desirable neighborhood! This 5 bedroom 2 bathroom home is full of character and ready for a new vision. Set above the street behind a classic stone retaining wall and mature landscaping, the property offers a timeless exterior and the kind of scale and charm that’s hard to find. Inside you’ll find generously sized rooms, vintage details, and a traditional stairway with an upper landing that speaks to the home’s history. Multiple living areas provide flexible space including a large front room with expansive windows and an additional room with French doors leading outdoors. A rare feature: each room has a fireplace. The home needs repairs and updates throughout making this an ideal project for investors, renovators, or buyers looking to restore a historic home to its full potential.

Key facts

• Timeless exterior
• Expansive windows
• Large front room

Tags

• CLASSIC STONE RETAINING WALL
• MATURE LANDSCAPING
• TIMELESS EXTERIOR
• MULTIPLE LIVING AREAS
• LARGE FRONT ROOM
• EXPANSIVE WINDOWS

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 5.5% in Pulaski — 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 67/100 on livability (#297 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Pulaski County Public School District (rural): math 48% / reading 61% proficiency, ranked #86 of 131 in VA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 114 active listings in the ZIP; 39 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pulaski County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,556 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.23% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.8

CMA / ARV

• ARV (median comp): $238,696
• List price: $119,950
• Delta: -49.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
634 Prospect Ave	0.20mi	4/3.0 (-1)	3,074 (+2%)	0mo	$359,000	$117	78
36 NW 8th St NW	0.23mi	4/1.5 (-1)	3,455 (+14%)	2mo	$237,200	$69	57
507 Henry Ave	0.34mi	6/2.0 (+1)	3,357 (+11%)	6mo	$265,000	$79	56
140 3rd St NW	0.27mi	4/3.0 (-1)	2,668 (-12%)	7mo	$170,000	$64	53
505 Scott St	0.41mi	5/2.0	2,764 (-9%)	21mo	$170,000	$62	49
211 Floyd Ave	0.61mi	4/2.0 (-1)	2,584 (-15%)	20mo	$200,000	$77	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.21×
• Total profit: $7,141
• Equity at exit: $17,885

10-year hold

• IRR: 14.9%
• Equity multiple: 2.20×
• Total profit: $40,370
• Equity at exit: $10,371

Cash invested: $33,586 (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 24301

• Active inventory: 114
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,478 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$71 /mo · $853/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $418

Break-even live

Break-even rent $950

Max offer price $119,950

Occupancy floor 67%

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: $29,988
• Closing costs: $3,598
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $119,950 Active 157 DOM
2. 2026-06-18
   days on market $119,950 Active 156 DOM
3. 2026-06-17
   days on market $119,950 Active 155 DOM
4. 2026-06-16
   days on market $119,950 Active 154 DOM
5. 2026-06-15
   days on market $119,950 Active 153 DOM
6. 2026-06-14
   days on market $119,950 Active 151 DOM
7. 2026-06-13
   days on market $119,950 Active 150 DOM
8. 2026-06-10
   days on market $119,950 Active 148 DOM
9. 2026-06-09
   days on market $119,950 Active 147 DOM
10. 2026-06-08
    days on market $119,950 Active 146 DOM
11. 2026-06-07
    days on market $119,950 Active 145 DOM
12. 2026-06-05
    days on market $119,950 Active 142 DOM
13. 2026-06-02
    days on market $119,950 Active 140 DOM
14. 2026-06-01
    days on market $119,950 Active 139 DOM
15. 2026-05-31
    days on market $119,950 Active 138 DOM
16. 2026-05-30
    days on market $119,950 Active 137 DOM
17. 2026-03-03
    price $119,950 827-char remark

    Show marketing remark (827 chars)

    Opportunity in a desirable neighborhood! This 5 bedroom 2 bathroom home is full of character and ready for a new vision. Set above the street behind a classic stone retaining wall and mature landscaping, the property offers a timeless exterior and the kind of scale and charm that’s hard to find. Inside you’ll find generously sized rooms, vintage details, and a traditional stairway with an upper landing that speaks to the home’s history. Multiple living areas provide flexible space including a large front room with expansive windows and an additional room with French doors leading outdoors. A rare feature: each room has a fireplace. The home needs repairs and updates throughout making this an ideal project for investors, renovators, or buyers looking to restore a historic home to its full potential.

18. 2026-01-13
    listed $149,900 Active 827-char remark

    Show marketing remark (827 chars)

    Opportunity in a desirable neighborhood! This 5 bedroom 2 bathroom home is full of character and ready for a new vision. Set above the street behind a classic stone retaining wall and mature landscaping, the property offers a timeless exterior and the kind of scale and charm that’s hard to find. Inside you’ll find generously sized rooms, vintage details, and a traditional stairway with an upper landing that speaks to the home’s history. Multiple living areas provide flexible space including a large front room with expansive windows and an additional room with French doors leading outdoors. A rare feature: each room has a fireplace. The home needs repairs and updates throughout making this an ideal project for investors, renovators, or buyers looking to restore a historic home to its full potential.

ⓘ 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: $853 · $71/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$130/yr (+$11/mo · 15.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥93°F today · 24 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,739
• − Mortgage interest: −$6,719
• − Property taxes: −$853
• − Insurance: −$600
• − Repairs & maintenance: −$1,419
• − Management: −$1,419
• − Depreciation: −$3,489
• Taxable income: $3,239
• Est. tax owed @ 24.0%: −$777
• After-tax cash flow: $4,235/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: Pulaski County Public School District
• NCES district ID: 5103150
• Math proficiency: 48% ▼ -31.00%
• Reading proficiency: 61% ▼ -13.00%
• Median HH income: $44,912
• Composite: 45.98/100
• National rank: #2537
• State rank: #86 of 131 in VA

Livability — Pulaski

• Score: 67/100
• State rank: #297
• US rank: #10639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pulaski, VA
• Population (ZIP): 13,370

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 32,949 people
• By 2030: 31,812 · -3.5%
• By 2040: 29,224 · -11.3%
• By 2050: 26,691 · -19.0%
• By 2075: 21,312 · -35.3%
• By 2100: 15,697 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Italian 2% Iranian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+44.7) · D 27.3% · R 72.0%
• 2008→2024 swing: -25.1pp toward R · 2008: -19.5pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+41.5 2016: R+40.7 2012: R+24.8 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.98%
• Current HPI: 144.6556
• 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

-20.0% since first listed

2 events — show timeline

• 2026-03-03 Price Changed $119,950 NRVMLS
• 2026-01-13 Listed $149,900 NRVMLS

Property tax history

+1.2%/yr

Latest (2026): $853 · +0.0% YoY. Source: county tax records.