606 N 1st St · Richmond, VA 23219

$389,000

6 bd · 2.0 ba · 2,512 sqft · SingleFamily public records · 226 Days on market

Built 1900 2,835 sqft lot Est $344k · 13% over

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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 +19.6/30.0
• DSCR +6.2/10.0
• Appreciation +4.8/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0

Listing remarks MLS

THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

Key facts

• Gas line passed
• 25k worth of windows
• New roof

Tags

• NEW ROOF
• ROUGH IN FOR PLUMBING
• GAS LINE PASSED
• 25K WORTH OF WINDOWS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $389k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $360k (7.5% below list).
• Recommended offer: $342k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.3% in Richmond — 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 (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.8%/yr); 36 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $3,600/mo this rent would consume 75% of the median local household income ($58k/yr) (locally 719% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($3k loan paydown + $-1k appreciation (-0.3% local appreciation)).
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($342k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago 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.
• Current owner paid $215k; list at $389k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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.

Recommended offer $342,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 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 1900 — 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 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $344,144
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1108 W Marshall St	0.74mi	5/3.0 (-1)	2,688 (+7%)	6mo	$367,347	$137	40

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

Projected returns pro-forma

-0.33% appreciation · 1.84% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.06×
• Total profit: $6,953
• Equity at exit: $106,533

10-year hold

• IRR: 6.4%
• Equity multiple: 1.64×
• Total profit: $70,096
• Equity at exit: $123,041

Cash invested: $108,920 (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 23219

• Home prices YoY: -0.1%
• Rents YoY: 1.8%
• Active inventory: 36
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$2,040
• Tax from tax record: −$192 /mo · $2,304/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $450

Break-even live

Break-even rent $3,030

Max offer price $389,000

Occupancy floor 82%

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1260 Parkwood Ave Richmond, VA	6.0	3.0	2180	$4,800	$2.20	23d	1	1.15mi
2053 W Moore St Richmond, VA	5.0	5.5	2640	$4,200	$1.59	43d	1	1.37mi

Listing history 13 events

1. 2026-04-23
   status Pending
2. 2025-11-07
   status Active
3. 2025-11-07
   price $389,000
4. 2025-08-29
   listed $399,000 Active
5. 2024-02-13
   soldstatus $215,000 Closed 265-char remark

   Show marketing remark (265 chars)

   THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

6. 2024-01-13
   status Pending 265-char remark

   Show marketing remark (265 chars)

   THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

7. 2023-11-15
   price $275,000 265-char remark

   Show marketing remark (265 chars)

   THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

8. 2023-10-31
   status Active 265-char remark

   Show marketing remark (265 chars)

   THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

9. 2023-10-06
   status Pending 265-char remark

   Show marketing remark (265 chars)

   THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

10. 2023-09-30
    status Active 265-char remark

    Show marketing remark (265 chars)

    THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

11. 2023-09-23
    status Pending 265-char remark

    Show marketing remark (265 chars)

    THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

12. 2023-09-18
    price $295,000 265-char remark

    Show marketing remark (265 chars)

    THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

13. 2023-08-16
    listed $350,000 Active 265-char remark

    Show marketing remark (265 chars)

    THIS PROPERTY NEEDS TOTAL GUTTING AND RENOVATION, SOME FIRE DAMAGE, LOWER LEVEL STURDY FLOORING, UPPER LEVEL TAKE CAUTION, WILL NEED A FLASHLIGHT FOR SHOWINGS, STAIRS MAYBE UNSTURDY, MAKE AN OFFER! ATTENTION TO ALL INVESTORS CASH ONLY! PROPERTY SOLD AS IS WHERE IS

ⓘ 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: $2,304 · $192/mo
• Projected year-2 tax: $3,190 · $266/mo
• Expected delta: +$886/yr (+$74/mo · 38.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,198
• − Mortgage interest: −$21,790
• − Property taxes: −$2,304
• − Insurance: −$1,945
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$11,316
• Taxable loss: −$1,069
• Est. tax savings @ 24.0%: +$257
• After-tax cash flow: $5,654/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 4,062
• Household income: $57,507
• Rent vs Own: 91.5% rent · 8.5% own
• Severe rent burden: 719.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 55% Black 30% Two or more races 8% Hispanic / Latino 5% Asian 4%
• Common ancestry: Italian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · China
• Languages at home: 87% English-only · Spanish 5% Arabic 2% Other Indo-European 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.33%
• Current HPI: 369.7624
• Rent YoY: ▲ 1.84%
• 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

+11.1% since first listed

13 events — show timeline

• 2026-04-23 Pending — CVRMLS
• 2025-11-07 Relisted — CVRMLS
• 2025-11-07 Price Changed $389,000 CVRMLS
• 2025-08-29 Listed $399,000 CVRMLS
• 2024-02-13 Sold (MLS) $215,000 CVRMLS
• 2024-01-13 Pending — CVRMLS
• 2023-11-15 Price Changed $275,000 CVRMLS
• 2023-10-31 Relisted — CVRMLS
• 2023-10-06 Pending — CVRMLS
• 2023-09-30 Relisted — CVRMLS
• 2023-09-23 Pending — CVRMLS
• 2023-09-18 Price Changed $295,000 CVRMLS
• 2023-08-16 Listed $350,000 CVRMLS

Property tax history

+8.8%/yr

Latest (2022): $2,304 · +134.1% YoY. Source: county tax records.