2401 Raleigh St · Hopewell, VA 23860

$125,000

3 bd · 1.0 ba · 936 sqft · SingleFamily public records · 31 Days on market

Built 1956 6,198 sqft lot $134/sqft · 30% below area Est $178k · 30% under

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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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.2/10.0
• Rent growth +4.7/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious rancher located on a large corner lot in an established neighborhood close to Fort Lee, Shopping, Schools and Interstates.

Key facts

• Carport
• Functional layout
• Corner lot

Tags

• CORNER LOT
• CARPORT
• FUNCTIONAL LAYOUT
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-story; Resale property
• Construction: Drywall and frame construction; Vinyl siding; Shingle roof; Crawl space foundation; Built (actual year recorded)
• Exterior features: Corner lot; Level lot

Interior

• Kitchen: Stove; Microwave; Dishwasher; Exhaust fan
• Bedrooms: Primary bedroom on main level
• Flooring: Ceramic tile; Wood
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Heat pump (heating and cooling); Electric heating
• Interior features: Eat-in kitchen; Laminate counters; Main-level primary; Thermal windows
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.2% in Hopewell — 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 (#224 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: crime D+, amenities F, commute F.
• Hopewell City Public School District (suburban): math 23% / reading 49% proficiency, ranked #129 of 131 in VA (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.9%/yr); 228 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 42 units permitted in Hopewell city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hopewell County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 42% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.12% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.95%
• DSCR: 1.35
• GRM: 7.4

CMA / ARV

• ARV (median comp): $177,688
• List price: $125,000
• Delta: -29.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1602 Tabb Ave	0.20mi	3/1.0	968 (+3%)	1mo	$220,000	$227	84
1201 Stewart Ave	0.39mi	3/1.0	972 (+4%)	1mo	$227,000	$234	74
2708 Granby St	0.39mi	3/1.0	912 (-3%)	9mo	$132,500	$145	70
1707 Arlington Rd	0.13mi	3/1.0	1,050 (+12%)	7mo	$120,000	$114	67
1501 Central Ave	0.47mi	3/2.0	884 (-6%)	6mo	$205,999	$233	60
1802 Freeman St	0.49mi	3/1.5	1,008 (+8%)	4mo	$220,000	$218	59
2805 Freeman St	0.41mi	3/1.0	1,020 (+9%)	9mo	$197,000	$193	58
2005 Dublin St	0.35mi	3/2.0	1,040 (+11%)	4mo	$235,000	$226	57
2808 Boston St	0.51mi	2/1.0 (-1)	831 (-11%)	1mo	$199,999	$241	52
2502 Poplar St	0.60mi	3/1.0	805 (-14%)	4mo	$210,000	$261	46
1104 Terrace Ave	0.71mi	3/2.0	1,028 (+10%)	3mo	$177,500	$173	44
1412 Lee Ln	0.69mi	3/2.0	1,040 (+11%)	9mo	$275,000	$264	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.06×
• Total profit: $1,977
• Equity at exit: $18,638

10-year hold

• IRR: 15.5%
• Equity multiple: 2.56×
• Total profit: $54,686
• Equity at exit: $10,808

Cash invested: $35,000 (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 23860

• Home prices YoY: -22.0%
• Rents YoY: 8.9%
• Active inventory: 228
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,406 high
• Mortgage (P&I): −$656
• Tax from tax record: −$171 /mo · $2,056/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $232

Break-even live

Break-even rent $1,113

Max offer price $125,000

Occupancy floor 79%

Sensitivity live

Price	-10% $303	-5% $267	+0% $232	+5% $197	+10% $161
Rent	-10% $121	-5% $176	+0% $232	+5% $287	+10% $343
Rate	-1.0pp $295	-0.5pp $264	base $232	+0.5pp $200	+1.0pp $167

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1206 Tabb Ave Hopewell, VA	3.0	1.0	974	$1,470	$1.51	44d	1	0.36mi
1004 Sunnyside Ave Hopewell, VA	4.0	2.0	875	$1,737	$1.99	4d	1	0.56mi
2305 Poplar St Unit B Hopewell, VA	2.0	1.5	959	$1,050	$1.09	24d	1	0.66mi
708 Crestline Blvd Hopewell, VA	2.0	1.0	672	$841	$1.25	15d	1	0.69mi
600 Winston Churchill Dr Hopewell, VA	2.0	1.0	900	$1,075	$1.19	2d	1	0.73mi
800 Chestnut St Hopewell, VA	2.0	1.0	884	$1,395	$1.58	44d	1	0.86mi
507 Hill Ave Hopewell, VA	3.0	1.0	932	$1,395	$1.50	24d	1	0.92mi
3500 Oaklawn Blvd Hopewell, VA	3.0	1.0	1000	$1,650	$1.65	17d	1	1.12mi
3502 Oaklawn Blvd Hopewell, VA	3.0	1.0	1124	$1,850	$1.65	21d	1	1.13mi
305 S 9th Ave Hopewell, VA	4.0	1.0	1056	$1,599	$1.51	3d	1	1.14mi
1201 W City Point Rd Hopewell, VA	1.0–2.0	1.0–1.5	710	$1,250	$1.76	15d	3	1.42mi
1201 W City Point Rd Hopewell, VA	1.0–2.0	1.0–1.5	711	$1,250	$1.76	2d	7	1.42mi
2009 Day St Hopewell, VA	2.0	1.0	780	$895	$1.15	24d	1	1.44mi
3807 Woodlawn St Unit 8 Hopewell, VA	2.0	1.0	900	$1,095	$1.22	4d	1	1.44mi
101 S Main St Unit 1 Hopewell, VA	2.0	2.0	800	$1,395	$1.74	4d	1	1.47mi

Listing history 22 events

1. 2026-06-08
   statusdays on market $125,000 Pending 31 DOM
2. 2026-06-07
   days on market $125,000 Active 30 DOM
3. 2026-06-03
   days on market $125,000 Active 26 DOM
4. 2026-06-02
   days on market $125,000 Active 25 DOM
5. 2026-06-01
   days on market $125,000 Active 24 DOM
6. 2026-05-31
   days on market $125,000 Active 23 DOM
7. 2026-05-07
   listed $125,000 Active 755-char remark
8. 2025-11-07
   historical
9. 2025-09-08
   price $160,000
10. 2025-08-19
    price $175,000
11. 2025-08-12
    price $185,000
12. 2025-08-04
    listed $194,000 Active
13. 2022-08-23
    soldstatus $160,000
14. 2022-08-22
    soldstatus $213,000 Closed

    Show marketing remark (131 chars)

    Spacious rancher located on a large corner lot in an established neighborhood close to Fort Lee, Shopping, Schools and Interstates.

15. 2022-07-20
    status Pending

    Show marketing remark (131 chars)

    Spacious rancher located on a large corner lot in an established neighborhood close to Fort Lee, Shopping, Schools and Interstates.

16. 2022-07-19
    listed $170,000 Active

    Show marketing remark (131 chars)

    Spacious rancher located on a large corner lot in an established neighborhood close to Fort Lee, Shopping, Schools and Interstates.

17. 2015-05-15
    historical
18. 2015-01-14
    listed $84,900 Active
19. 2008-08-29
    soldstatus $76,000
20. 2008-08-29
    soldstatus $76,000
21. 2008-06-18
    listed $76,500
22. 2008-06-18
    listed $76,500

ⓘ 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: $2,056 · $171/mo
• Projected year-2 tax: $2,056 · $171/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 8/10 Severe 7 d/yr ≥110°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 42% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,873
• − Mortgage interest: −$7,002
• − Property taxes: −$2,056
• − Insurance: −$625
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − Depreciation: −$3,636
• Taxable income: $854
• Est. tax owed @ 24.0%: −$205
• After-tax cash flow: $2,578/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: Hopewell City Public School District
• NCES district ID: 5101980
• Math proficiency: 23% ▼ -54.00%
• Reading proficiency: 49% ▼ -18.00%
• Median HH income: $38,234
• Composite: 29.95/100
• National rank: #6377
• State rank: #129 of 131 in VA

Livability — Hopewell

• Score: 70/100
• State rank: #224
• US rank: #7437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hopewell, VA
• County: Hopewell City · 31,404 people
• City population: 31,404
• Metro: Richmond, VA
• Population (ZIP): 31,404
• Household income: $62,141
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1055.0

Population outlook (Hopewell County) Hauer SSP2

• Today (2025): 21,776 people
• By 2030: 21,457 · -1.5%
• By 2040: 20,882 · -4.1%
• By 2050: 20,239 · -7.1%
• By 2075: 18,905 · -13.2%
• By 2100: 16,949 · -22.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 43% Black 42% Two or more races 9% Hispanic / Latino 8% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Hopewell

• 2024 margin: D (+13.8) · D 56.4% · R 42.6% · Other 1.0%
• 2008→2024 swing: +1.8pp toward D · 2008: 11.9pp · 2024: 13.8pp
• All cycles: 2024: D+13.8 2020: D+14.7 2016: D+9.3 2012: D+16.0 2008: D+11.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.28%
• Current HPI: 302.6343
• Rent YoY: ▲ 8.86%
• Metro: Richmond, 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

+63.4% since first listed

17 events — show timeline

• 2026-06-08 Pending — CVRMLS
• 2026-05-07 Listed $125,000 CVRMLS
• 2025-11-07 Listing Removed — CVRMLS
• 2025-09-08 Price Changed $160,000 CVRMLS
• 2025-08-19 Price Changed $175,000 CVRMLS
• 2025-08-12 Price Changed $185,000 CVRMLS
• 2025-08-04 Listed $194,000 CVRMLS
• 2022-08-23 Sold (Public Records) $160,000 Public Records
• 2022-08-22 Sold (MLS) $213,000 CVRMLS
• 2022-07-20 Pending — CVRMLS
• 2022-07-19 Listed $170,000 CVRMLS
• 2015-05-15 Listing Removed — CVRMLS
• 2015-01-14 Listed $84,900 CVRMLS
• 2008-08-29 Sold (MLS) $76,000 CVRMLS
• 2008-08-29 Sold (MLS) $76,000 CVRMLS
• 2008-06-18 Listed $76,500 CVRMLS
• 2008-06-18 Listed $76,500 CVRMLS

Property tax history

+9.9%/yr

Latest (2025): $2,056 · +11.9% YoY. Source: county tax records.