516 Rue Marseille · Chesapeake, VA 23320

$225,000

2 bd · 2.0 ba · 1,015 sqft · Condo public records · 103 Days on market

Built 1997 $262/mo HOA · 13% of rent

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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 +9.3/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Rent growth +4.4/5.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2 bedroom/2bath condo featuring an open floor plan and soaring cathedral ceilings. Bright end unit that allows an abundant of natural sunlight throughout. Well-designed layout for entertaining. Prime location with easy access to interstate, shopping and restaurants.

Key facts

• Open floor plan
• Prime location
• $262 HOA

Tags

• OPEN FLOOR PLAN
• SOARING CATHEDRAL CEILINGS
• ABUNDANT NATURAL SUNLIGHT
• PRIME LOCATION
• EASY ACCESS TO INTERSTATE

Property features AI

Finance

• HOA & community: HOA present (Les Chateaux Condominium Association Inc) managed by United Property Assoc.; Monthly association fee: $262; Community clubhouse and pool

Exterior

• Parking: 1 parking space
• Utilities: City/County water; City/County sewer; Gas water heater; Electric power
• Home design: Attached condominium; Contemporary style; Two stories; Condo level 1; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Stucco siding

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: No bedroom and full bathroom on the first floor
• Flooring: Carpet; Ceramic
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced hot air heating (electric); Central air conditioning
• Interior features: Carpet and ceramic flooring; Seven total rooms
• Laundry & utility: Washer hookup; Dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (13.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (13.5% below list).
• Recommended offer: $195k (13.5% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: B.M. Williams Primary (897 students, 91% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 81% FRL vs 28% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.8%/yr); 282 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $137k; list at $225k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $194,609 (13.5% 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 103 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
9. 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.
10. 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.
11. 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: 0.86% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.17%
• DSCR: 0.86
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.78% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.41×
• Total profit: $-37,117
• Equity at exit: $33,548

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-1,020
• Equity at exit: $19,454

Cash invested: $63,000 (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 23320

• Rents YoY: 7.8%
• Active inventory: 282
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,946 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$168 /mo · $2,016/yr
• Insurance: −$94
• HOA: −$262
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-166

Break-even live

Break-even rent $2,157

Max offer price $195,629

Occupancy floor —

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
906 Wickford Dr Chesapeake, VA	3.0	1.5	1300	$1,950	$1.50	17d	1	0.27mi
824 Huntly Dr Chesapeake, VA	3.0	1.5	1268	$1,750	$1.38	16d	1	0.28mi
218 Fireweed Ct Chesapeake, VA	2.0	2.5	1144	$1,850	$1.62	20d	1	0.68mi
627 Creekside Ct Chesapeake, VA	2.0	2.5	1334	$1,995	$1.50	2d	1	0.80mi
767 Creekside Cres Unit 1 Chesapeake, VA	2.0	2.5	1188	$2,200	$1.85	24d	1	0.82mi
208 Crosswinds Dr Chesapeake, VA	1.0–2.0	1.0–2.0	819	$1,910	$2.33	8d	2	1.01mi
1222 Corkwood Cir Chesapeake, VA	3.0	2.5	1185	$2,200	$1.86	24d	1	1.05mi
1240 Basswood Ct Chesapeake, VA	3.0	1.5	1296	$1,925	$1.49	15d	1	1.06mi
208 Crosswinds Dr Unit 00 217104 Chesapeake, VA	2.0	2.0	971	$1,910	$1.97	3d	1	1.07mi
651 Ridge Cir Chesapeake, VA	2.0	2.5	1254	$1,900	$1.52	24d	1	1.45mi

HOA detail condo

• Monthly dues: $262 · $3,144/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-09
   days on market $225,000 Active 103 DOM
2. 2026-06-08
   days on market $225,000 Active 102 DOM
3. 2026-06-07
   days on market $225,000 Active 101 DOM
4. 2026-06-03
   days on market $225,000 Active 97 DOM
5. 2026-06-02
   days on market $225,000 Active 96 DOM
6. 2026-06-01
   days on market $225,000 Active 95 DOM
7. 2026-05-31
   days on market $225,000 Active 94 DOM
8. 2026-02-26
   listed $225,000 Active
9. 2006-04-20
   soldstatus $137,000
10. 2002-03-05
    soldstatus $80,000
11. 1997-04-11
    soldstatus $78,500

ⓘ 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: $2,016 · $168/mo
• Projected year-2 tax: $2,016 · $168/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 9/10 Extreme 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,353
• − Mortgage interest: −$12,603
• − Property taxes: −$2,016
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,868
• − Management: −$1,868
• − HOA: −$3,144
• − Depreciation: −$6,545
• Taxable loss: −$5,817
• Est. tax savings @ 24.0%: +$1,396
• After-tax cash flow: $-599/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 59,108
• Household income: $84,305
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 2714.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 49% Black 29% Hispanic / Latino 10% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 89% English-only · Spanish 6% Tagalog/Filipino 2% French/Haitian/Cajun 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -241.43%
• Current HPI: 285.5792
• Rent YoY: ▲ 7.78%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+186.6% since first listed

4 events — show timeline

• 2026-02-26 Listed $225,000 REINMLS
• 2006-04-20 Sold (Public Records) $137,000 Public Records
• 2002-03-05 Sold (Public Records) $80,000 Public Records
• 1997-04-11 Sold (Public Records) $78,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $2,016 · +3.1% YoY. Source: county tax records.