310 Grigg St · Petersburg, VA 23803

$119,900

3 bd · 1.5 ba · 1,770 sqft · SingleFamily public records · 7 Days on market

Built 1924 10,001 sqft lot $68/sqft · 40% below area Est $201k · 40% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks

* * SELLER FINANCING AVAILABLE * * WHAT A DEAL!! Welcome to this charming handyman special. Offering (1,770) square feet with 3 spacious bedrooms, 1 full bath, and a storage shed. This property is being sold as-is, presenting a unique opportunity for customization. Although this is not an REO property, it does need extensive repairs, and some TLC. This is a perfect opportunity to remodel to your taste and make it the perfect home for you to move into. For investors, this home will make a great investment property and should cash flow very well while building wealth or rehab for a quick profit. List price is based on needed repairs. Similar updated houses in the area sell for $235k+. Don&

Key facts

• 0.23 acre lot
• Built 1924
• Listed 7 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story home; Frame construction; Shingle roof; Above-grade finished area 1,770
• Construction: Built (actual year reported); Frame construction; Shingle roof
• Exterior features: Zoned R-2

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Window unit(s) for cooling; Natural gas heating; Wall furnace
• Interior features: Total of 6 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 12.8% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.9%/yr); 290 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 38% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($829 loan paydown + $2k appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $119,900

Questions for the listing agent

1. Built in 1924 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 1.53% ✓
• Cap rate: 12.83%
• Cash-on-cash: 23.33%
• DSCR: 2.04
• GRM: 5.5

CMA / ARV

• ARV (median comp): $200,887
• List price: $119,900
• Delta: -40.31%
• 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
310 Grigg St	0.00mi	3/1.0	1,770 (0%)	1mo	$133,500	$75	97
2026 Ferndale Ave	0.11mi	3/1.5	1,584 (-10%)	12mo	$216,000	$136	67
1803 Randolph Ave	0.32mi	3/1.0	1,929 (+9%)	2mo	$177,000	$92	66
1601 Lamar Ave	0.54mi	3/3.0	1,817 (+3%)	2mo	$270,000	$149	63
1633 Stuart Ave	0.41mi	3/1.0	1,596 (-10%)	4mo	$130,000	$81	59
1615 Ferndale Ave	0.48mi	4/2.0 (+1)	1,850 (+4%)	9mo	$300,000	$162	56
156 Seaboard St	0.25mi	4/3.0 (+1)	1,920 (+8%)	12mo	$274,500	$143	54
1741 Randolph Ave	0.33mi	3/1.5	1,548 (-12%)	13mo	$150,000	$97	53
1640 Lamar Ave	0.46mi	4/2.0 (+1)	1,939 (+10%)	11mo	$200,000	$103	47
821 Fort Lee Rd	0.66mi	4/1.0 (+1)	1,927 (+9%)	2mo	$150,000	$78	46
1500 West Ln	0.61mi	3/2.0	1,972 (+11%)	8mo	$145,000	$74	44
1455 Ferndale Ave	0.62mi	3/2.0	1,527 (-14%)	6mo	$199,950	$131	42

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

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.55×
• Total profit: $51,964
• Equity at exit: $43,756

10-year hold

• IRR: 32.4%
• Equity multiple: 5.42×
• Total profit: $148,535
• Equity at exit: $60,398

Cash invested: $33,572 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 290
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,832 high
• Mortgage (P&I): −$629
• Tax from tax record: −$116 /mo · $1,393/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $653

Break-even live

Break-even rent $1,006

Max offer price $119,900

Occupancy floor 59%

Sensitivity live

Price	-10% $721	-5% $687	+0% $653	+5% $619	+10% $585
Rent	-10% $508	-5% $580	+0% $653	+5% $725	+10% $798
Rate	-1.0pp $713	-0.5pp $683	base $653	+0.5pp $622	+1.0pp $590

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2025 Ferndale Ave Petersburg, VA	2.0	1.0	2496	$1,300	$0.52	2d	1	0.11mi
1740 Randolph Ave Petersburg, VA	4.0	2.0	1400	$2,000	$1.43	11d	1	0.29mi
1649 Delmar Ave Petersburg, VA	3.0	1.5	1248	$1,700	$1.36	2d	1	0.44mi
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	44d	1	1.00mi
838 S Jones St Unit B Petersburg, VA	2.0	1.0	1296	$1,100	$0.85	44d	1	1.45mi
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	44d	1	1.49mi

Listing history 2 events

1. 2026-05-14
   listed $119,900 Active 826-char remark
2. 1985-09-30
   soldstatus $28,000

ⓘ 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: $1,393 · $116/mo
• Projected year-2 tax: $1,393 · $116/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,989
• − Mortgage interest: −$6,716
• − Property taxes: −$1,393
• − Insurance: −$600
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$3,488
• Taxable income: $6,274
• Est. tax owed @ 24.0%: −$1,506
• After-tax cash flow: $6,328/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• Metro: Richmond, 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

+376.8% since first listed

5 events — show timeline

• 2026-05-29 Sold (MLS) $133,500 CVRMLS
• 2026-05-21 Pending — CVRMLS
• 2026-05-14 Listed $119,900 CVRMLS
• 2026-05-05 Sold (Public Records) $85,000 Public Records
• 1985-09-30 Sold (Public Records) $28,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,393 · +87.8% YoY. Source: county tax records.