114 Harris Rd · Charlottesville, VA 22903

$530,000

4 bd · 2.0 ba · 1,880 sqft · MultiFamily public records · 40 Days on market

Built 1967 8,712 sqft lot ↓ 5% since listing

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Why this score? — see what drove the D 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 +13.0/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Rent growth +3.6/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained brick duplex offering one-level living in a desirable location. Each unit features 3 spacious bedrooms and 1 full bathroom with unfinished walkout basements in both units, providing opportunities for future expansion or additional storage. Solid construction make this a strong investment opportunity or an ideal option for owner-occupants. Located in the sought-after Fry’s Spring area, close to local amenities, parks, and the University, this property offers both convenience and long-term value.

Key facts

• Brick duplex
• One-level living
• 8,712 sq ft lot

Tags

• BRICK DUPLEX
• ONE-LEVEL LIVING
• UNFINISHED WALKOUT BASEMENTS
• STRONG INVESTMENT OPPORTUNITY
• SOUGHT-AFTER FRY'S SPRING AREA
• CLOSE TO LOCAL AMENITIES

Property features AI

Finance

• Financial info: Owner pays insurance

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex (multi-family property)
• Construction: Block foundation
• Exterior features: Lot approximately 0.2 acres; Cable availability

Interior

• Bedrooms: Each unit has 3 bedrooms
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Two-unit property

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $530k.

Deal economics

• At list price, monthly cash flow is $-33 ($-393/yr) — negative. Per door: $-16/mo.
• To cash-flow at today's rent, offer at most $524k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $431k (18.7% below list).
• Recommended offer: $431k (18.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.9% in Charlottesville — 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 84/100 on livability (#27 in VA, #707 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime D-.
• Charlottesville Cty Public School District (urban): math 42% / reading 61% proficiency, ranked #97 of 131 in VA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jackson-Via Elementary (math 47% / reading 52%, grade D, #742 of 1,108 statewide, top 70%, 344 students, 79% FRL); Walker Upper Elementary (math 31% / reading 53%, grade D-, #295 of 342 statewide, top 87%, 616 students, 72% FRL); Charlottesville High (math 53% / reading 84%, grade B, #178 of 319 statewide, top 56%, 1,359 students, 72% FRL) — zoned schools average 74% FRL vs 50% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 225 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 34 units permitted in Charlottesville city in 2024 (18 in 5+ unit buildings).
• At $4,311/mo this rent would consume 75% of the median local household income ($69k/yr) (locally 3060% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Charlottesville County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($514k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $431,100 (18.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.81% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.49% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.45×
• Total profit: $-81,485
• Equity at exit: $79,025

10-year hold

• IRR: -4.5%
• Equity multiple: 0.69×
• Total profit: $-46,197
• Equity at exit: $45,825

Cash invested: $148,400 (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 22903

• Rents YoY: 4.5%
• Active inventory: 225
• Price-to-rent: 20.5×

Monthly cashflow live

• Estimated rent: $4,311 high
• Mortgage (P&I): −$2,779
• Tax from tax record: −$438 /mo · $5,259/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$905
• Net cashflow: $-33

Break-even live

Break-even rent $4,353

Max offer price $524,207

Occupancy floor 96%

Sensitivity live

Price	-10% $267	-5% $117	+0% $-33	+5% $-183	+10% $-333
Rent	-10% $-373	-5% $-203	+0% $-33	+5% $137	+10% $308
Rate	-1.0pp $234	-0.5pp $102	base $-33	+0.5pp $-170	+1.0pp $-310

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,312
Total (2 units)			$4,311

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: $132,500
• Closing costs: $15,900
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Keene Ct Charlottesville, VA	4.0	3.5	2083	$2,995	$1.44	23d	1	0.12mi
2525 Woodland Dr Unit A Charlottesville, VA	4.0	2.0	1860	$2,950	$1.59	15d	1	0.29mi
2709 Eton Rd Charlottesville, VA	3.0	1.0	1228	$2,100	$1.71	15d	1	0.49mi
100 Dalton Ln Charlottesville, VA	1.0–3.0	1.0–3.5	1154	$2,803	$2.43	15d	13	0.63mi
100 Wahoo Way Charlottesville, VA	2.0–3.0	2.0–3.0	1159	$2,272	$1.96	15d	45	0.71mi
206 Stribling Ave Unit B Charlottesville, VA	3.0	2.0	1260	$2,200	$1.75	23d	1	0.77mi
161 Brookwood Dr Charlottesville, VA	3.0	2.5	1550	$2,495	$1.61	23d	1	0.78mi
901 Royer Dr Charlottesville, VA	4.0	2.5	2262	$2,850	$1.26	45d	1	0.80mi
1046 Tupelo Ct Charlottesville, VA	3.0	3.0	1601	$2,595	$1.62	15d	1	0.81mi
2302 Fontaine Avenue Ext Unit B Charlottesville, VA	5.0	2.0	1972	$3,750	$1.90	15d	1	0.84mi
1720 Treetop Dr Charlottesville, VA	2.0–3.0	2.0–3.0	1244	$2,650	$2.13	23d	14	0.98mi
1845 Candlewood Ct #104 Charlottesville, VA	3.0	3.0	1369	$2,495	$1.82	23d	1	1.01mi
103 Linden St Charlottesville, VA	4.0	2.5	2616	$2,895	$1.11	23d	1	1.11mi
503 Rockland Ave Charlottesville, VA	4.0	1.0	1784	$2,000	$1.12	15d	1	1.30mi
3018 Horizon Rd Charlottesville, VA	3.0	4.0	2595	$2,950	$1.14	23d	1	1.47mi
500 Ridge St Unit A Charlottesville, VA	3.0	1.0	1574	$2,100	$1.33	23d	1	1.48mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $530,000 Pending 40 DOM
2. 2026-06-02
   days on market $530,000 Active 36 DOM
3. 2026-06-01
   days on market $530,000 Active 35 DOM
4. 2026-05-31
   days on market $530,000 Active 34 DOM
5. 2026-05-30
   days on market $530,000 Active 33 DOM
6. 2026-05-14
   price $530,000
7. 2026-04-30
   status Active
8. 2026-04-30
   historical
9. 2026-04-26
   listed $559,900 Active

ⓘ 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: $5,259 · $438/mo
• Projected year-2 tax: $5,259 · $438/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $51,732
• − Mortgage interest: −$29,688
• − Property taxes: −$5,259
• − Insurance: −$2,650
• − Repairs & maintenance: −$4,139
• − Management: −$4,139
• − Depreciation: −$15,418
• Taxable loss: −$9,561
• Est. tax savings @ 24.0%: +$2,295
• After-tax cash flow: $1,901/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: Charlottesville Cty Public School District
• NCES district ID: 5100780
• Math proficiency: 42% ▼ -30.00%
• Reading proficiency: 61% ▼ -10.00%
• Median HH income: $47,211
• Composite: 43.68/100
• National rank: #2957
• State rank: #97 of 131 in VA

Livability — Charlottesville

• Score: 84/100
• State rank: #27
• US rank: #707

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlottesville, VA
• County: Albemarle County · 129,350 people
• City population: 120,202
• Metro: Charlottesville, VA
• Population (ZIP): 40,372
• Household income: $69,340
• Rent vs Own: 57.8% rent · 42.2% own
• Severe rent burden: 3060.0

Population outlook (Charlottesville County) Hauer SSP2

• Today (2025): 53,816 people
• By 2030: 57,857 · +7.5%
• By 2040: 63,933 · +18.8%
• By 2050: 69,676 · +29.5%
• By 2075: 77,018 · +43.1%
• By 2100: 82,078 · +52.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 15% Asian 9% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Other Indo-European 3% Chinese 3%

Political lean MEDSL · Charlottesville

• 2024 margin: Solid D (+68.7) · D 83.4% · R 14.7% · Other 1.9%
• 2008→2024 swing: +10.7pp toward D · 2008: 58.0pp · 2024: 68.7pp
• All cycles: 2024: D+68.7 2020: D+72.7 2016: D+67.1 2012: D+53.4 2008: D+58.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -448.28%
• Current HPI: 306.8503
• Rent YoY: ▲ 4.49%
• Metro: Charlottesville, 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

-5.3% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $530,000 CAAR
• 2026-04-30 Relisted — CAAR
• 2026-04-30 Listing Removed — CAAR
• 2026-04-26 Listed $559,900 CAAR

Property tax history

+8.2%/yr

Latest (2026): $5,259 · +19.2% YoY. Source: county tax records.