2730 Mcmanaway Dr

Rockwood, VA 23112

$254,000C+

3 bd · 2.0 ba · 1,300 sqft · Built 1984 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,609/mo
• Mortgage (P&I): −$1,332
• Tax + insurance: −$296
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $433/mo
• Annual: $5,193/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.30%
• DSCR: 1.32
• 1% rule: 1.03%
• Cash to close: $71,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $254k.
• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $254k).
• It's been on market 67 days — a 6% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#86 in VA, #2,803 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime B+; Watch: amenities F, commute F.
• Chesterfield County Public School District (suburban): math 52% / reading 64% proficiency, ranked #57 of 131 in VA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Evergreen Elementary (math 60% / reading 64%, grade B, #480 of 1,108 statewide, top 46%, 811 students, 30% FRL); Swift Creek Middle (math 63% / reading 63%, grade B+, #134 of 342 statewide, top 40%, 1,115 students, 28% FRL); Clover Hill High (math 60% / reading 89%, grade B+, #107 of 319 statewide, top 37%, 1,775 students, 31% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising (+2.3%/yr); 495 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,307 units permitted in Chesterfield County in 2024 (462 in 5+ unit buildings).
• Chesterfield County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $254k implies a 276% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 8.3% vs local median 4.2% in Rockwood — 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.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.