3860 Schooner Trl · Chesapeake, VA 23321

$187,000

3 bd · 2.0 ba · 1,120 sqft · Townhouse public records · 47 Days on market

Built 1970 Est $190k · at est.

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Why this score? — see what drove the C 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 +20.4/30.0
• ARV discount +8.3/15.0
• DSCR +6.5/10.0
• Schools +5.8/10.0
• 1% rule +4.5/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this one first—it won’t last long at this price. This Chesapeake townhome is vacant and move-in ready, offering a great opportunity for both first-time buyers and investors. Featuring a new roof, new HVAC, and new appliances, this home has major updates already completed. Easy to rent and a strong addition to any investment portfolio. Conveniently located with access to Western Branch High School and no HOA or condo fees. Sold as-is.

Key facts

• No hoa or condo fees
• New hvac
• New appliances

Tags

• NEW ROOF
• NEW HVAC
• NEW APPLIANCES
• NO HOA OR CONDO FEES

Property features AI

Finance

• HOA & community: No HOA fees listed

Exterior

• Parking: Driveway space; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; 2 stories; 2 living levels; Simple ownership
• Construction: Shingle siding; Asphalt shingle roof; Slab foundation
• Exterior features: Back fenced yard; City view

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: No bedroom with full bathroom on the first floor
• Flooring: Ceramic; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan; Attic
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $187k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/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 $178k (5.0% below list).
• Recommended offer: $178k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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: Southeastern Elementary (math 80% / reading 83%, grade A+, #120 of 1,108 statewide, top 11%, 837 students, 17% FRL); Western Branch High (math 71% / reading 84%, grade A-, #83 of 319 statewide, top 28%, 2,121 students, 37% FRL) — zoned schools at 27% FRL track the district average.
• Zoned-school proficiency averages 80% at this address vs 66% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Chesapeake City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.6%/yr); 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $135k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $177,625 (5.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $190,400
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4008 Sloop Trl	0.05mi	3/1.5	1,120 (0%)	2mo	$190,000	$170	94
3857 Schooner Trl	0.02mi	3/1.5	1,280 (+14%)	1mo	$170,000	$133	72
4157 Holly Cove Dr	0.17mi	3/1.5	1,280 (+14%)	10mo	$115,000	$90	58
3958 Rex Cir	0.43mi	2/2.0 (-1)	1,257 (+12%)	2mo	$259,000	$206	53

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

Projected returns pro-forma

-3.0% appreciation · 7.59% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-6,377
• Equity at exit: $27,882

10-year hold

• IRR: 10.8%
• Equity multiple: 2.01×
• Total profit: $52,781
• Equity at exit: $16,168

Cash invested: $52,360 (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 23321

• Rents YoY: 7.6%
• Active inventory: 231
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,776 high
• Mortgage (P&I): −$981
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $242

Break-even live

Break-even rent $1,470

Max offer price $187,000

Occupancy floor 81%

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4100 Sail Ct Unit 4124 Chesapeake, VA	3.0	2.0	1100	$1,595	$1.45	14d	1	0.17mi
4100 Sail Ct Unit 4105 Chesapeake, VA	3.0	2.0	1100	$1,495	$1.36	17d	1	0.17mi
4100 Sail Ct Unit 4118 Chesapeake, VA	3.0	2.0	1100	$1,500	$1.36	7d	1	0.17mi
1217 Lakeview Dr Portsmouth, VA	4.0	2.0	1425	$2,550	$1.79	7d	1	1.38mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	23d	1	1.41mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	17d	1	1.41mi

Listing history 31 events

1. 2026-06-18
   days on market $187,000 Active 47 DOM
2. 2026-06-17
   days on market $187,000 Active 46 DOM
3. 2026-06-16
   days on market $187,000 Active 45 DOM
4. 2026-06-15
   days on market $187,000 Active 44 DOM
5. 2026-06-13
   days on market $187,000 Active 42 DOM
6. 2026-06-09
   days on market $187,000 Active 38 DOM
7. 2026-06-08
   days on market $187,000 Active 37 DOM
8. 2026-06-07
   days on market $187,000 Active 36 DOM
9. 2026-06-03
   days on market $187,000 Active 32 DOM
10. 2026-06-02
    days on market $187,000 Active 31 DOM
11. 2026-06-01
    days on market $187,000 Active 30 DOM
12. 2026-05-31
    days on market $187,000 Active 29 DOM
13. 2026-05-20
    status Under Contract
14. 2026-05-12
    historical Active Under Contract
15. 2026-04-23
    listed $187,000 Active
16. 2026-03-06
    status Under Contract
17. 2026-03-05
    historical
18. 2026-02-26
    historical Active Under Contract
19. 2026-02-05
    price $179,900
20. 2026-01-01
    listed $189,000 Active
21. 2025-04-18
    soldstatus $135,000
22. 2025-04-01
    status Under Contract
23. 2025-03-27
    historical Active Under Contract
24. 2025-03-26
    price $150,000
25. 2025-03-26
    status Active
26. 2025-03-17
    historical Active Under Contract
27. 2025-03-14
    price $140,000
28. 2025-03-12
    listed $160,000 Active
29. 1998-10-14
    soldstatus $32,000
30. 1983-09-06
    soldstatus $33,900
31. 1978-02-09
    soldstatus $24,900

ⓘ 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: $1,235 · $103/mo
• Projected year-2 tax: $1,533 · $128/mo
• Expected delta: +$298/yr (+$25/mo · 24.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,315
• − Mortgage interest: −$10,475
• − Property taxes: −$1,235
• − Insurance: −$935
• − Repairs & maintenance: −$1,705
• − Management: −$1,705
• − Depreciation: −$5,440
• Taxable loss: −$181
• Est. tax savings @ 24.0%: +$43
• After-tax cash flow: $2,944/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): 40,176
• Household income: $101,568
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 839.0

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 0.63)
• Race & ethnicity: White 49% Black 37% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 92% English-only · Spanish 4% Vietnamese 1% Korean 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: ▼ -256.23%
• Current HPI: 295.6473
• Rent YoY: ▲ 7.59%
• 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

+651.0% since first listed

19 events — show timeline

• 2026-05-20 Pending — REINMLS
• 2026-05-12 Contingent — REINMLS
• 2026-04-23 Listed $187,000 REINMLS
• 2026-03-06 Pending — REINMLS
• 2026-03-05 Listing Removed — REINMLS
• 2026-02-26 Contingent — REINMLS
• 2026-02-05 Price Changed $179,900 REINMLS
• 2026-01-01 Listed $189,000 REINMLS
• 2025-04-18 Sold (Public Records) $135,000 Public Records
• 2025-04-01 Pending — REINMLS
• 2025-03-27 Contingent — REINMLS
• 2025-03-26 Price Changed $150,000 REINMLS
• 2025-03-26 Relisted — REINMLS
• 2025-03-17 Contingent — REINMLS
• 2025-03-14 Price Changed $140,000 REINMLS
• 2025-03-12 Listed $160,000 REINMLS
• 1998-10-14 Sold (Public Records) $32,000 Public Records
• 1983-09-06 Sold (Public Records) $33,900 Public Records
• 1978-02-09 Sold (Public Records) $24,900 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,235 · +12.3% YoY. Source: county tax records.