3418 Fleetwood Ave SW · Cave Spring, VA 24015

$305,500

3 bd · 1.5 ba · 1,242 sqft · SingleFamily public records · 92 Days on market

Built 1957 10,454 sqft lot $246/sqft · 64% above area Est $372k · 18% under

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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).

• ARV discount +15.0/15.0
• Schools +6.4/10.0
• Cash flow +5.9/30.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.5/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable SW County Ranch - SW County Schools. Don't let the zip code fool you! Charming 3 bedroom 1.5 bath ranch in the Hidden Valley School district ready for you to move in and make your own! Main level has spacious living room with gas fireplace and hardwood floors. Dining room with door that leads outside to the lovely stamped concrete patio. Kitchen features original cabinetry. Primary bedroom features a half bath. Two other nice size bedrooms finish off the main level. Basement has a finished rec room, a bonus room that could be used as a fourth bedroom or office, laundry area and additional storage.

Key facts

• Finished rec room
• Gas fireplace
• Bonus room

Tags

• GAS FIREPLACE
• HARDWOOD FLOORS
• STAMPED CONCRETE PATIO
• FINISHED REC ROOM
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $306k.

Deal economics

• At list price, monthly cash flow is $-656 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (38.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (44.8% below list).
• Recommended offer: $169k (44.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#113 in VA, #3,513 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A-; Watch: amenities F, commute F.
• Roanoke County Public School District (suburban): math 71% / reading 78% proficiency, ranked #9 of 131 in VA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising fast (+6.4%/yr); 120 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 360 units permitted in Roanoke County in 2024 (228 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 $9k of value loss. Plan a longer hold.
• Roanoke County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($278k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $156k; list at $306k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,555 (44.8% 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 92 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 0.55% ✗
• Cap rate: 3.93%
• Cash-on-cash: -8.43%
• DSCR: 0.62
• GRM: 15.1

CMA / ARV

• ARV (median comp): $371,579
• List price: $305,500
• Delta: -17.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3713 Pinevale Rd	0.19mi	3/2.0	1,166 (-6%)	10mo	$305,000	$262	71
3715 Willetta Dr	0.10mi	3/1.0	1,104 (-11%)	10mo	$210,000	$190	66
3617 View Ave	0.64mi	3/2.0	1,250 (+1%)	2mo	$305,000	$244	65
3014 Fleetwood Ave SW	0.53mi	2/1.0 (-1)	1,191 (-4%)	1mo	$237,000	$199	61
4322 Garstview Cir	0.59mi	2/2.0 (-1)	1,358 (+9%)	6mo	$350,000	$258	45
4346 Garstview Cir	0.54mi	2/2.0 (-1)	1,358 (+9%)	24mo	$329,950	$243	33
2927 Hollowell Ave SW	0.68mi	3/2.0	1,062 (-14%)	14mo	$270,950	$255	31

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 · 6.39% rent growth · sell at horizon

5-year hold

• IRR: -29.4%
• Equity multiple: 0.00×
• Total profit: $-85,417
• Equity at exit: $45,551

10-year hold

• IRR: -20.1%
• Equity multiple: -0.20×
• Total profit: $-102,261
• Equity at exit: $26,414

Cash invested: $85,540 (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 24015

• Rents YoY: 6.4%
• Active inventory: 120
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$1,602
• Tax from tax record: −$203 /mo · $2,437/yr
• Insurance: −$127
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-656

Break-even live

Break-even rent $2,516

Max offer price $189,543

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: $76,375
• Closing costs: $9,165
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4356 Old Garst Ml Rd Cave Spring, VA	1.0–2.0	1.0–1.5	889	$1,341	$1.51	13d	14	0.36mi
3363 View Ave Roanoke, VA	3.0	1.0	1014	$1,895	$1.87	21d	1	0.46mi
2679 Beverly Blvd SW Roanoke, VA	3.0	1.0	1000	$1,623	$1.62	13d	1	0.58mi
3709 Antietam Dr Roanoke, VA	2.0	1.0	1016	$1,899	$1.87	13d	1	0.69mi
3501 Normandy Ln Roanoke, VA	2.0	1.0	925	$1,250	$1.35	13d	1	0.71mi
3620 Manassas Dr Roanoke, VA	3.0	1.5	1200	$2,300	$1.92	43d	1	0.94mi
3464 Colonial Ave Roanoke, VA	2.0	1.0	1100	$1,495	$1.36	13d	5	0.96mi
3345 Circle Brook Dr Cave Spring, VA	1.0–3.0	1.0–2.0	997	$1,920	$1.92	13d	11	1.19mi
4630 Roxbury Ln Cave Spring, VA	1.0–2.0	1.0–1.5	930	$1,625	$1.75	13d	7	1.23mi
3101 Honeywood Ln Roanoke, VA	1.0–2.0	1.0–1.5	919	$1,690	$1.84	13d	7	1.31mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,800	$1.36	43d	1	1.38mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,825	$1.38	21d	1	1.38mi
2432 Brandon Ave SW Roanoke, VA	2.0	1.0	1015	$1,275	$1.26	43d	1	1.46mi
3215 Chaparral Dr Unit H Cave Spring, VA	2.0	2.0	750	$1,023	$1.36	43d	1	1.50mi

Listing history 6 events

1. 2026-05-08
   status Pending 615-char remark

   Show marketing remark (615 chars)

   Affordable SW County Ranch - SW County Schools. Don't let the zip code fool you! Charming 3 bedroom 1.5 bath ranch in the Hidden Valley School district ready for you to move in and make your own! Main level has spacious living room with gas fireplace and hardwood floors. Dining room with door that leads outside to the lovely stamped concrete patio. Kitchen features original cabinetry. Primary bedroom features a half bath. Two other nice size bedrooms finish off the main level. Basement has a finished rec room, a bonus room that could be used as a fourth bedroom or office, laundry area and additional storage.

2. 2026-02-05
   listed $305,500 Active 615-char remark

   Show marketing remark (615 chars)

   Affordable SW County Ranch - SW County Schools. Don't let the zip code fool you! Charming 3 bedroom 1.5 bath ranch in the Hidden Valley School district ready for you to move in and make your own! Main level has spacious living room with gas fireplace and hardwood floors. Dining room with door that leads outside to the lovely stamped concrete patio. Kitchen features original cabinetry. Primary bedroom features a half bath. Two other nice size bedrooms finish off the main level. Basement has a finished rec room, a bonus room that could be used as a fourth bedroom or office, laundry area and additional storage.

3. 2016-12-19
   soldstatus $156,000 372-char remark

   Show marketing remark (372 chars)

   Buyers will love this updated open and bright home! New roof, Pella Doors & windows, heat pump, furnace, electric panel, super huge patio with stamped concrete and landscaping in 2011. ADT system, motion light and camera, invisible dog fence, newer water heater, gas logs, finished bedroom/office in lower level and new dishwasher in 2015. Too good to miss this one!

4. 2016-12-19
   soldstatus $156,000

   Show marketing remark (372 chars)

   Buyers will love this updated open and bright home! New roof, Pella Doors & windows, heat pump, furnace, electric panel, super huge patio with stamped concrete and landscaping in 2011. ADT system, motion light and camera, invisible dog fence, newer water heater, gas logs, finished bedroom/office in lower level and new dishwasher in 2015. Too good to miss this one!

5. 2016-08-02
   listed $164,900 372-char remark

   Show marketing remark (372 chars)

   Buyers will love this updated open and bright home! New roof, Pella Doors & windows, heat pump, furnace, electric panel, super huge patio with stamped concrete and landscaping in 2011. ADT system, motion light and camera, invisible dog fence, newer water heater, gas logs, finished bedroom/office in lower level and new dishwasher in 2015. Too good to miss this one!

6. 2008-05-21
   soldstatus $130,000

ⓘ 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: $2,437 · $203/mo
• Projected year-2 tax: $2,505 · $209/mo
• Expected delta: +$68/yr (+$6/mo · 2.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 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: $20,227
• − Mortgage interest: −$17,113
• − Property taxes: −$2,437
• − Insurance: −$2,194
• − Repairs & maintenance: −$1,618
• − Management: −$1,618
• − Depreciation: −$8,887
• Taxable loss: −$13,641
• Est. tax savings @ 24.0%: +$3,274
• After-tax cash flow: $-4,603/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: Roanoke County Public School District
• NCES district ID: 5103330
• Math proficiency: 71% ▼ -19.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $60,526
• Composite: 64.08/100
• National rank: #578
• State rank: #9 of 131 in VA

Livability — Cave Spring

• Score: 76/100
• State rank: #113
• US rank: #3513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cave Spring, VA
• County: Roanoke City · 101,625 people
• Metro: Roanoke, VA
• Population (ZIP): 15,865
• Household income: $69,831
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 525.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 98,162 people
• By 2030: 99,793 · +1.7%
• By 2040: 101,965 · +3.9%
• By 2050: 103,328 · +5.3%
• By 2075: 108,641 · +10.7%
• By 2100: 104,845 · +6.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 7% Black 5% Hispanic / Latino 5% Asian 2%
• Common ancestry: Italian 5% Slovak 3% Serbian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong R (+22.5) · D 38.2% · R 60.7% · Other 1.1%
• 2008→2024 swing: -1.4pp toward R · 2008: -21.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+21.8 2016: R+28.1 2012: R+25.6 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -333.83%
• Current HPI: 192.3108
• Rent YoY: ▲ 6.39%
• Metro: Roanoke, 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

+135.0% since first listed

6 events — show timeline

• 2026-05-08 Pending — MLSRV
• 2026-02-05 Listed $305,500 MLSRV
• 2016-12-19 Sold (Public Records) $156,000 Public Records
• 2016-12-19 Sold (MLS) $156,000 MLSRV
• 2016-08-02 Listed $164,900 MLSRV
• 2008-05-21 Sold (Public Records) $130,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,437 · +8.7% YoY. Source: county tax records.