275 1st St · Buchanan, VA 24066

$54,950

3 bd · 2.0 ba · 2,012 sqft · SingleFamily public records · 76 Days on market

Built 1900 0.40 ac lot $27/sqft · 74% below area

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under contract, but seller is still allowing showings and accepting back-up offers! INVESTOR OPPORTUNITY! Three tax parcels located on a corner lot in the Town of Buchanan, conveniently near the James River, the Swinging Bridge, and other local amenities. The property features an older home being sold as-is.

Key facts

• Local amenities
• Older home
• Corner lot

Tags

• CORNER LOT
• LOCAL AMENITIES
• OLDER HOME

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#244 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, schools A-; Watch: employment D+, amenities F, commute F.
• Botetourt County Public School District (rural): math 76% / reading 82% proficiency, ranked #6 of 131 in VA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 41 active listings in the ZIP; 116 units permitted in Botetourt County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Botetourt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $15k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,653 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.62% ✓
• Cap rate: 23.58%
• Cash-on-cash: 61.76%
• DSCR: 3.75
• GRM: 3.2

CMA / ARV

• ARV (median comp): $209,659
• List price: $54,950
• Delta: -73.79%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20459 Main St	0.39mi	3/2.0	1,848 (-8%)	6mo	$105,000	$57	63
322 2nd St	0.12mi	2/2.0 (-1)	1,786 (-11%)	11mo	$265,000	$148	61
496 Boyd St	0.27mi	4/2.0 (+1)	2,244 (+12%)	10mo	$293,000	$131	54
493 Culpepper Ave	0.49mi	2/1.0 (-1)	1,824 (-9%)	0mo	$181,000	$99	52
363 Lowe St	0.45mi	4/2.0 (+1)	1,920 (-5%)	19mo	$268,000	$140	50

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 55.0%
• Equity multiple: 3.43×
• Total profit: $37,337
• Equity at exit: $8,193

10-year hold

• IRR: 60.1%
• Equity multiple: 6.99×
• Total profit: $92,173
• Equity at exit: $4,751

Cash invested: $15,386 (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 24066

• Home prices YoY: -21.8%
• Active inventory: 41
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,442 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$36 /mo · $435/yr
• Insurance: −$23
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $725

Break-even live

Break-even rent $524

Max offer price $54,950

Occupancy floor 45%

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: $13,738
• Closing costs: $1,648
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $54,950 Active 76 DOM
2. 2026-06-17
   days on market $54,950 Active 75 DOM
3. 2026-06-16
   days on market $54,950 Active 74 DOM
4. 2026-06-15
   days on market $54,950 Active 73 DOM
5. 2026-06-14
   days on market $54,950 Active 71 DOM
6. 2026-06-13
   days on market $54,950 Active 70 DOM
7. 2026-06-10
   days on market $54,950 Active 68 DOM
8. 2026-06-09
   days on market $54,950 Active 67 DOM
9. 2026-06-08
   days on market $54,950 Active 66 DOM
10. 2026-06-07
    days on market $54,950 Active 65 DOM
11. 2026-06-05
    pricestatus $54,950 Active 62 DOM
12. 2026-05-18
    status Pending 309-char remark

    Show marketing remark (309 chars)

    Under contract, but seller is still allowing showings and accepting back-up offers! INVESTOR OPPORTUNITY! Three tax parcels located on a corner lot in the Town of Buchanan, conveniently near the James River, the Swinging Bridge, and other local amenities. The property features an older home being sold as-is.

13. 2026-05-05
    status Active 309-char remark

    Show marketing remark (309 chars)

    Under contract, but seller is still allowing showings and accepting back-up offers! INVESTOR OPPORTUNITY! Three tax parcels located on a corner lot in the Town of Buchanan, conveniently near the James River, the Swinging Bridge, and other local amenities. The property features an older home being sold as-is.

14. 2026-03-10
    status Pending 309-char remark

    Show marketing remark (309 chars)

    Under contract, but seller is still allowing showings and accepting back-up offers! INVESTOR OPPORTUNITY! Three tax parcels located on a corner lot in the Town of Buchanan, conveniently near the James River, the Swinging Bridge, and other local amenities. The property features an older home being sold as-is.

15. 2026-01-21
    listed $69,950 Active 309-char remark

    Show marketing remark (309 chars)

    Under contract, but seller is still allowing showings and accepting back-up offers! INVESTOR OPPORTUNITY! Three tax parcels located on a corner lot in the Town of Buchanan, conveniently near the James River, the Swinging Bridge, and other local amenities. The property features an older home being sold as-is.

16. 2022-09-13
    soldstatus $40,000 Closed 313-char remark

    Show marketing remark (313 chars)

    2 Tax Parcels in Town of Buchanan at corner of Bridge St and 1st St, 1 Block from the James River and Swinging Bridge-Walk to Coffee shop, Dining and adventure! Older home with no recent improvements being sold ''as-is'', no repairs made by seller. Potential for new multi-family use. Home is not in flood zone.

17. 2022-08-27
    status Pending 313-char remark

    Show marketing remark (313 chars)

    2 Tax Parcels in Town of Buchanan at corner of Bridge St and 1st St, 1 Block from the James River and Swinging Bridge-Walk to Coffee shop, Dining and adventure! Older home with no recent improvements being sold ''as-is'', no repairs made by seller. Potential for new multi-family use. Home is not in flood zone.

18. 2022-08-02
    listed $58,000 Active 313-char remark

    Show marketing remark (313 chars)

    2 Tax Parcels in Town of Buchanan at corner of Bridge St and 1st St, 1 Block from the James River and Swinging Bridge-Walk to Coffee shop, Dining and adventure! Older home with no recent improvements being sold ''as-is'', no repairs made by seller. Potential for new multi-family use. Home is not in flood zone.

ⓘ 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: $435 · $36/mo
• Projected year-2 tax: $451 · $38/mo
• Expected delta: +$15/yr (+$1/mo · 3.5%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,304
• − Mortgage interest: −$3,078
• − Property taxes: −$435
• − Insurance: −$1,072
• − Repairs & maintenance: −$1,384
• − Management: −$1,384
• − Depreciation: −$1,599
• Taxable income: $8,351
• Est. tax owed @ 24.0%: −$2,004
• After-tax cash flow: $6,700/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: Botetourt County Public School District
• NCES district ID: 5100420
• Math proficiency: 76% ▼ -14.00%
• Reading proficiency: 82% ▼ -2.00%
• Median HH income: $63,125
• Composite: 68.07/100
• National rank: #355
• State rank: #6 of 131 in VA

Livability — Buchanan

• Score: 69/100
• State rank: #244
• US rank: #8227

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buchanan, VA
• City population: 5,234
• Population (ZIP): 5,234

Population outlook (Botetourt County) Hauer SSP2

• Today (2025): 34,273 people
• By 2030: 34,457 · +0.5%
• By 2040: 34,051 · -0.6%
• By 2050: 32,841 · -4.2%
• By 2075: 30,720 · -10.4%
• By 2100: 26,395 · -23.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Botetourt

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.2%
• 2008→2024 swing: -11.9pp toward R · 2008: -33.2pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.5 2016: R+47.6 2012: R+38.6 2008: R+33.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.35%
• Current HPI: 155.1053
• Rent YoY: —
• Metro: —
• 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

+20.6% since first listed

7 events — show timeline

• 2026-05-18 Pending — MLSRV
• 2026-05-05 Relisted — MLSRV
• 2026-03-10 Pending — MLSRV
• 2026-01-21 Listed $69,950 MLSRV
• 2022-09-13 Sold (MLS) $40,000 MLSRV
• 2022-08-27 Pending — MLSRV
• 2022-08-02 Listed $58,000 MLSRV

Property tax history

+1.1%/yr

Latest (2025): $435 · +0.0% YoY. Source: county tax records.