718 Main St St E · Narrows, VA 24124

$137,500

None bd · None ba · 3,304 sqft · MultiFamily · 215 Days on market

Poor condition 0.50 ac lot ↓ 4% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

New Price! Great investment opportunity—perfect for first-time investors or those looking to grow their portfolio. Situated on a 0.5-acre parcel. This two-story, two-unit apartment building is fully occupied and generating steady income. The property is on city water and sewer and is nicely located along Main Street with a concrete off-street parking area. Electric heating supplied to each unit. The ground-floor unit features 2 bedrooms and 1 bathroom, while the upper unit spans the entire second floor and includes 3 bedrooms and 1 bathroom. An additional area on the left side of the building is currently used for storage but could be easily converted into a third rental unit. Discover the potential this property offers—reach out today to learn more or arrange a tour.

Key facts

• Electric heating
• City water and sewer
• Fully occupied

Tags

• 0.5 ACRE PARCEL
• TWO STORY APARTMENT BUILDING
• FULLY OCCUPIED
• GENERATING STEADY INCOME
• CITY WATER AND SEWER
• ELECTRIC HEATING

What this means for you Summary

Snapshot

• This is a multifamily listed at $138k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $820 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $121k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#204 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Giles County Public School District (rural): math 56% / reading 68% proficiency, ranked #54 of 131 in VA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 41 active listings in the ZIP; 25 units permitted in Giles County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($951 loan paydown + $8k appreciation (6.0% local appreciation)).
• Giles County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 215 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $121,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 215 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 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. 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: 1.63% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.56%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.0%
• Equity multiple: 3.40×
• Total profit: $92,255
• Equity at exit: $86,742

10-year hold

• IRR: 34.4%
• Equity multiple: 6.99×
• Total profit: $230,450
• Equity at exit: $157,565

Cash invested: $38,500 (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 24124

• Home prices YoY: 3.1%
• Active inventory: 41
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,241 medium
• Mortgage (P&I): −$721
• Tax est. 1.5%: −$172 /mo · $2,062/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $820

Break-even live

Break-even rent $1,203

Max offer price $137,500

Occupancy floor 58%

Sensitivity live

Price	-10% $915	-5% $868	+0% $820	+5% $773	+10% $725
Rent	-10% $643	-5% $732	+0% $820	+5% $909	+10% $997
Rate	-1.0pp $889	-0.5pp $855	base $820	+0.5pp $785	+1.0pp $748

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,051
1× unit	3	1	$1,190
Total (2 units)			$2,241

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $137,500 Active 215 DOM
2. 2026-06-18
   days on market $137,500 Active 214 DOM
3. 2026-06-17
   days on market $137,500 Active 213 DOM
4. 2026-06-16
   days on market $137,500 Active 212 DOM
5. 2026-06-15
   days on market $137,500 Active 211 DOM
6. 2026-06-14
   days on market $137,500 Active 209 DOM
7. 2026-06-13
   days on market $137,500 Active 208 DOM
8. 2026-06-10
   days on market $137,500 Active 206 DOM
9. 2026-06-09
   days on market $137,500 Active 205 DOM
10. 2026-06-08
    days on market $137,500 Active 204 DOM
11. 2026-06-07
    days on market $137,500 Active 203 DOM
12. 2026-06-03
    days on market $137,500 Active 199 DOM
13. 2026-06-02
    days on market $137,500 Active 198 DOM
14. 2026-06-01
    days on market $137,500 Active 197 DOM
15. 2026-05-31
    days on market $137,500 Active 196 DOM
16. 2026-05-30
    days on market $137,500 Active 195 DOM
17. 2026-05-11
    price $137,500 790-char remark

    Show marketing remark (778 chars)

    Great investment opportunity—perfect for first-time investors or those looking to grow their portfolio. Situated on a 0.5-acre parcel. This two-story, two-unit apartment building is fully occupied and generating steady income. The property is on city water and sewer and is nicely located along Main Street with a concrete off-street parking area. Electric heating supplied to each unit. The ground-floor unit features 2 bedrooms and1 bathroom, while the upper unit spans the entire second floor and includes 3 bedrooms and 1 bathroom. An additional area on the left side of the building is currently used for storage but could be easily converted into a third rental unit. Discover the potential this property offers—reach out today to learn more or arrange a tour.

18. 2026-05-11
    price $137,500 778-char remark

    Show marketing remark (778 chars)

    Great investment opportunity—perfect for first-time investors or those looking to grow their portfolio. Situated on a 0.5-acre parcel. This two-story, two-unit apartment building is fully occupied and generating steady income. The property is on city water and sewer and is nicely located along Main Street with a concrete off-street parking area. Electric heating supplied to each unit. The ground-floor unit features 2 bedrooms and1 bathroom, while the upper unit spans the entire second floor and includes 3 bedrooms and 1 bathroom. An additional area on the left side of the building is currently used for storage but could be easily converted into a third rental unit. Discover the potential this property offers—reach out today to learn more or arrange a tour.

19. 2025-11-17
    listed $142,500 Active 778-char remark

    Show marketing remark (790 chars)

    New Price! Great investment opportunity—perfect for first-time investors or those looking to grow their portfolio. Situated on a 0.5-acre parcel. This two-story, two-unit apartment building is fully occupied and generating steady income. The property is on city water and sewer and is nicely located along Main Street with a concrete off-street parking area. Electric heating supplied to each unit. The ground-floor unit features 2 bedrooms and 1 bathroom, while the upper unit spans the entire second floor and includes 3 bedrooms and 1 bathroom. An additional area on the left side of the building is currently used for storage but could be easily converted into a third rental unit. Discover the potential this property offers—reach out today to learn more or arrange a tour.

20. 2025-11-17
    listed $142,500 Active 790-char remark

    Show marketing remark (790 chars)

    New Price! Great investment opportunity—perfect for first-time investors or those looking to grow their portfolio. Situated on a 0.5-acre parcel. This two-story, two-unit apartment building is fully occupied and generating steady income. The property is on city water and sewer and is nicely located along Main Street with a concrete off-street parking area. Electric heating supplied to each unit. The ground-floor unit features 2 bedrooms and 1 bathroom, while the upper unit spans the entire second floor and includes 3 bedrooms and 1 bathroom. An additional area on the left side of the building is currently used for storage but could be easily converted into a third rental unit. Discover the potential this property offers—reach out today to learn more or arrange a tour.

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 9 d/yr ≥91°F today · 27 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: $26,892
• − Mortgage interest: −$7,702
• − Property taxes: −$2,062
• − Insurance: −$688
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$4,000
• Taxable income: $8,137
• Est. tax owed @ 24.0%: −$1,953
• After-tax cash flow: $7,889/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

Poor 20/100 Extensive rehab

This two-unit apartment building requires extensive repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Major siding and paint — Severe weathering and peeling
• Major roof — Visible damage
• Major driveway and parking area — Cracked and uneven concrete
• Major HVAC/mechanicals — No visible photos of interior, but exterior suggests neglect

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Repair roof — Prevents water damage and improves resale value
• Both Repair driveway and parking area — Improves safety and enhances curb appeal
• Rental Service HVAC/mechanicals — Ensures comfort and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding and paint · Severe weathering and peeling	Major	$15,000–50,000
roof · Visible damage	Major	$15,000–50,000
driveway and parking area · Cracked and uneven concrete	Major	$15,000–50,000
HVAC/mechanicals · No visible photos of interior, but exterior suggests neglect	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Repair roof — Prevents water damage and improves resale value ↑
• Both Repair driveway and parking area — Improves safety and enhances curb appeal ↑
• Rental Service HVAC/mechanicals — Ensures comfort and reduces maintenance costs ↑

ⓘ 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: Giles County Public School District
• NCES district ID: 5101590
• Math proficiency: 56% ▼ -26.00%
• Reading proficiency: 68% ▼ -8.00%
• Median HH income: $45,394
• Composite: 52.25/100
• National rank: #1600
• State rank: #54 of 131 in VA

Livability — Narrows

• Score: 72/100
• State rank: #204
• US rank: #6289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Narrows, VA
• Population (ZIP): 4,177

Population outlook (Giles County) Hauer SSP2

• Today (2025): 15,868 people
• By 2030: 15,306 · -3.5%
• By 2040: 14,149 · -10.8%
• By 2050: 13,059 · -17.7%
• By 2075: 10,837 · -31.7%
• By 2100: 8,648 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Giles

• 2024 margin: Solid R (+54.5) · D 22.4% · R 76.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -16.3pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+51.4 2016: R+48.6 2012: R+25.6 2008: R+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.04%
• Current HPI: 201.2028
• 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

-3.5% since first listed

4 events — show timeline

• 2026-05-11 Price Changed $137,500 NRVMLS
• 2026-05-11 Price Changed $137,500 GVBOR
• 2025-11-17 Listed $142,500 GVBOR
• 2025-11-17 Listed $142,500 NRVMLS