4646 Mill View Ct · Cave Spring, VA 24018

$268,999

4 bd · 3.0 ba · 1,492 sqft · Townhouse public records · 21 Days on market

Built 1988 3,484 sqft lot Est $231k · 16% over $275/mo HOA · 13% of rent

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Why this score? — see what drove the F 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 +7.9/30.0
• Schools +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 level townhouse in SW Roanoke County, 4 bedrooms w/ 3 full baths and 1 half bath, living level has hardwood floors, carpets recently professionally cleaned, open kitchen w/ granite countertops & maple cabinets. Basement w/ laundry area & has the 4th bedroom or could be used as a family room. This end unit comes with 3 designated parking spaces and the overflow parking is conveniently located close by. Common pool, covered front porch, new deck, lower level patio, and extra storage. Close to Cave Spring Corners - Shopping, Restaurants, Garst Mill Park and more! Hidden Valley Schools, move in ready, Per the seller, the finished square footage is approximately 1,692. Taxes are estimated per the Roanoke GIS system. There is a $225/mo HOA fee. New hot water in 2020. Newer HVAC system.

Key facts

• Covered front porch
• Common pool
• Updated kitchen

Tags

• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• MAPLE CABINETS
• COVERED FRONT PORCH
• COMMON POOL
• DESIGNATED PARKING SPACES

Property features AI

Finance

• HOA & community: Homeowners association with a $275 monthly fee

Exterior

• Parking: 2 open parking spaces
• Home design: Residential property; Built in 1988
• Exterior features: Front porch; Rear porch; Lot approximately 0.08 acres

Interior

• Kitchen: Built-in microwave
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump (electric); Heating and cooling present
• Interior features: Storage; Tilt-in windows

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath townhouse listed at $269k.

Deal economics

• At list price, monthly cash flow is $-281 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (18.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (18.6% below list).
• Recommended offer: $219k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 3.4% in Cave Spring — 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 76/100 on livability (#113 in VA, #3,513 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living 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.
• Zoned schools: Green Valley Elementary (math 63% / reading 75%, grade A-, #351 of 1,108 statewide, top 32%, 518 students, 43% FRL); Hidden Valley Middle (math 76% / reading 83%, grade A+, #28 of 342 statewide, top 8%, 578 students, 26% FRL); Hidden Valley High (math 90% / reading 92%, grade A+, #5 of 319 statewide, top 1%, 830 students, 24% FRL).
• Market conditions: Rents rising (+2.9%/yr); 333 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $8k 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 21 days — a 2% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $216k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,886 (18.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 5.04%
• Cash-on-cash: -4.48%
• DSCR: 0.80
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $231,260
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2969 Winterberry Dr	0.75mi	3/2.0 (-1)	1,406 (-6%)	20mo	$218,500	$155	30

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.18×
• Total profit: $-61,645
• Equity at exit: $40,109

10-year hold

• IRR: -19.3%
• Equity multiple: -0.03×
• Total profit: $-77,319
• Equity at exit: $23,258

Cash invested: $75,320 (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 24018

• Rents YoY: 2.9%
• Active inventory: 333
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,189 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$213 /mo · $2,553/yr
• Insurance: −$112
• HOA: −$275
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $-281

Break-even live

Break-even rent $2,545

Max offer price $219,302

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3363 View Ave Roanoke, VA	3.0	1.0	1014	$1,895	$1.87	21d	1	0.50mi
3620 Manassas Dr Roanoke, VA	3.0	1.5	1200	$2,300	$1.92	43d	1	0.62mi
3602 Colonial Green Cir SW Roanoke, VA	3.0	2.5	1670	$2,622	$1.57	13d	1	0.96mi
2679 Beverly Blvd SW Roanoke, VA	3.0	1.0	1000	$1,623	$1.62	13d	1	1.01mi
3345 Circle Brook Dr Cave Spring, VA	1.0–3.0	1.0–2.0	997	$1,920	$1.92	13d	11	1.23mi
3413 Stonehenge Sq Roanoke, VA	3.0	2.0	1518	$1,900	$1.25	43d	1	1.35mi

HOA detail

• Monthly dues: $275 · $3,300/yr
• Likely covers: waterpool

Listing history 27 events

1. 2026-06-18
   days on market $268,999 Active 21 DOM
2. 2026-06-17
   days on market $268,999 Active 20 DOM
3. 2026-06-16
   days on market $268,999 Active 19 DOM
4. 2026-06-15
   days on market $268,999 Active 18 DOM
5. 2026-06-14
   days on market $268,999 Active 16 DOM
6. 2026-06-13
   days on market $268,999 Active 15 DOM
7. 2026-06-10
   days on market $268,999 Active 13 DOM
8. 2026-06-09
   days on market $268,999 Active 12 DOM
9. 2026-06-08
   days on market $268,999 Active 11 DOM
10. 2026-06-05
    days on market $268,999 Active 7 DOM
11. 2026-06-02
    days on market $268,999 Active 5 DOM
12. 2026-06-01
    days on market $268,999 Active 4 DOM
13. 2026-05-31
    days on market $268,999 Active 3 DOM
14. 2026-05-30
    days on market $268,999 Active 2 DOM
15. 2026-05-24
    listed $268,999 Active
16. 2026-02-22
    listed $260,000 Active
17. 2026-02-22
    historical
18. 2026-02-14
    historical
19. 2021-09-27
    soldstatus $216,500 804-char remark

    Show marketing remark (804 chars)

    3 level townhouse in SW Roanoke County, 4 bedrooms w/ 3 full baths and 1 half bath, living level has hardwood floors, carpets recently professionally cleaned, open kitchen w/ granite countertops & maple cabinets. Basement w/ laundry area & has the 4th bedroom or could be used as a family room. This end unit comes with 3 designated parking spaces and the overflow parking is conveniently located close by. Common pool, covered front porch, new deck, lower level patio, and extra storage. Close to Cave Spring Corners - Shopping, Restaurants, Garst Mill Park and more! Hidden Valley Schools, move in ready, Per the seller, the finished square footage is approximately 1,692. Taxes are estimated per the Roanoke GIS system. There is a $225/mo HOA fee. New hot water in 2020. Newer HVAC system.

20. 2021-09-24
    soldstatus $216,500
21. 2021-08-13
    listed $199,950 804-char remark

    Show marketing remark (804 chars)

    3 level townhouse in SW Roanoke County, 4 bedrooms w/ 3 full baths and 1 half bath, living level has hardwood floors, carpets recently professionally cleaned, open kitchen w/ granite countertops & maple cabinets. Basement w/ laundry area & has the 4th bedroom or could be used as a family room. This end unit comes with 3 designated parking spaces and the overflow parking is conveniently located close by. Common pool, covered front porch, new deck, lower level patio, and extra storage. Close to Cave Spring Corners - Shopping, Restaurants, Garst Mill Park and more! Hidden Valley Schools, move in ready, Per the seller, the finished square footage is approximately 1,692. Taxes are estimated per the Roanoke GIS system. There is a $225/mo HOA fee. New hot water in 2020. Newer HVAC system.

22. 2017-04-30
    historical
23. 2017-03-13
    listed $179,950
24. 2008-03-31
    soldstatus $153,100
25. 1999-10-01
    soldstatus $101,000
26. 1996-02-01
    soldstatus $90,000
27. 1989-10-01
    soldstatus $73,333

ⓘ 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: $2,553 · $213/mo
• Projected year-2 tax: $2,553 · $213/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 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: $26,266
• − Mortgage interest: −$15,068
• − Property taxes: −$2,553
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,101
• − Management: −$2,101
• − HOA: −$3,300
• − Depreciation: −$7,825
• Taxable loss: −$8,028
• Est. tax savings @ 24.0%: +$1,927
• After-tax cash flow: $-1,449/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 County · 67,305 people
• Metro: Roanoke, VA
• Population (ZIP): 38,720
• Household income: $90,885
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 495.0

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% Asian 6% Hispanic / Latino 4% Two or more races 4% Black 4%
• Common ancestry: Italian 4% Slovak 3% Serbian 3%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 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: ▼ -266.18%
• Current HPI: 176.0558
• Rent YoY: ▲ 2.88%
• 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

+266.8% since first listed

13 events — show timeline

• 2026-05-24 Listed $268,999 MLSRV
• 2026-02-22 Listed $260,000 MLSRV
• 2026-02-22 Listing Removed — MLSRV
• 2026-02-14 Coming Soon — MLSRV
• 2021-09-27 Sold (MLS) $216,500 MLSRV
• 2021-09-24 Sold (Public Records) $216,500 Public Records
• 2021-08-13 Listed $199,950 MLSRV
• 2017-04-30 Listing Removed — MLSRV
• 2017-03-13 Listed $179,950 MLSRV
• 2008-03-31 Sold (Public Records) $153,100 Public Records
• 1999-10-01 Sold (Public Records) $101,000 Public Records
• 1996-02-01 Sold (Public Records) $90,000 Public Records
• 1989-10-01 Sold (Public Records) $73,333 Public Records

Property tax history

+5.3%/yr

Latest (2025): $2,553 · +9.3% YoY. Source: county tax records.