524 Pine Tops Ct · Virginia Beach, VA 23451

$327,000

3 bd · 2.5 ba · 1,760 sqft · Condo public records · 112 Days on market

Built 1986 $305/mo HOA · 11% of rent

---

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).

• Cash flow +10.5/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +3.6/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attractive and spacious end unit condo in a secluded location at the VA Beach Oceanfront. Great layout with large bedrooms. 2 Reserved parking spaces. Easy access to the resort beaches and I 264 at Birdneck. Great lifestyle condo with fenced rear patio.

Key facts

• Fenced rear patio
• Secluded location
• End unit condo

Tags

• END UNIT CONDO
• SECLUDED LOCATION
• RESERVED PARKING SPACES
• EASY ACCESS TO RESORT BEACHES
• FENCED REAR PATIO

Property features AI

Finance

• Other: Neighborhood: Oceanfront
• HOA & community: Homeowners association (Pine Tops Beach Condominium); Condo association covers ground maintenance and trash pickup; Association fee approximately $305 monthly; Association management: PMA David Lukas

Exterior

• Parking: Two assigned/reserved parking spaces (lot)
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; End unit; Three living levels; Condo ownership; Condo level 1; Slab foundation
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Patio; Back fenced yard

Interior

• Kitchen: Dishwasher; Microwave; Electric range; Refrigerator
• Bedrooms: Master bedroom with en suite bath; No bedroom and full bathroom on first floor
• Flooring: Carpet; Laminate; Wood
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Built-in bar; One fireplace
• Laundry & utility: Washer hookup; Dryer hookup; Utility closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $327k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (13.9% below list).
• Recommended offer: $281k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Seatack Elementary An Achievable Dream Academy (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 379 students, 93% FRL); Virginia Beach Middle (math 71% / reading 84%, grade A+, #36 of 342 statewide, top 11%, 589 students, 51% FRL); First Colonial High (math 76% / reading 81%, grade A-, #75 of 319 statewide, top 25%, 1,797 students, 34% FRL) — zoned schools average 59% FRL vs 28% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 398 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 34% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($298k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $225k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $281,447 (13.9% 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 112 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.42% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.38×
• Total profit: $-56,671
• Equity at exit: $48,757

10-year hold

• IRR: -4.9%
• Equity multiple: 0.64×
• Total profit: $-32,517
• Equity at exit: $28,273

Cash invested: $91,560 (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 23451

• Rents YoY: 5.4%
• Active inventory: 398
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,814 high
• Mortgage (P&I): −$1,715
• Tax from tax record: −$237 /mo · $2,848/yr
• Insurance: −$136
• HOA: −$305
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $-170

Break-even live

Break-even rent $3,030

Max offer price $296,974

Occupancy floor —

Sensitivity live

Price	-10% $15	-5% $-77	+0% $-170	+5% $-263	+10% $-355
Rent	-10% $-392	-5% $-281	+0% $-170	+5% $-59	+10% $52
Rate	-1.0pp $-5	-0.5pp $-87	base $-170	+0.5pp $-255	+1.0pp $-341

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: $81,750
• Closing costs: $9,810
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 Old Virginia Beach Rd Virginia Beach, VA	3.0	2.5	1400	$2,500	$1.79	25d	1	0.04mi
912 C Ave Unit C Virginia Beach, VA	3.0	2.5	1367	$3,500	$2.56	16d	1	0.14mi
912 C Ave Virginia Beach, VA	3.0	2.5	1367	$2,500	$1.83	12d	1	0.14mi
400 Eden Roc Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	1114	$3,192	$2.87	3d	18	0.28mi
408 Coastal Walk Pl #103 Virginia Beach, VA	2.0	2.5	1409	$2,200	$1.56	14d	1	0.30mi
400 Coastal Walk Pl Virginia Beach, VA	3.0	2.0	1422	$2,600	$1.83	25d	1	0.31mi
400 Coastal Walk Pl #105 Virginia Beach, VA	3.0	2.0	1422	$2,500	$1.76	19d	1	0.31mi
1136 Arlynn Ln Virginia Beach, VA	3.0	3.5	2252	$3,000	$1.33	19d	1	0.43mi
757 Saltmeadow Bay Dr Virginia Beach, VA	1.0–3.0	1.0–2.5	1199	$3,178	$2.65	3d	18	0.52mi
2734 Manoomin Pl Virginia Beach, VA	2.0	2.0	1428	$1,995	$1.40	13d	1	0.53mi
722 16th St Virginia Beach, VA	3.0	1.5	1260	$2,500	$1.98	23d	1	0.64mi
901 13th St Virginia Beach, VA	3.0	3.5	1800	$3,095	$1.72	4d	1	0.73mi
320 23rd St Virginia Beach, VA	4.0	2.0	1700	$3,595	$2.11	25d	1	0.74mi
918 13th St Virginia Beach, VA	3.0	3.5	1651	$3,000	$1.82	25d	1	0.74mi
300 25th St Virginia Beach, VA	1.0–3.0	1.0–2.5	1253	$3,990	$3.18	3d	2	0.79mi
100 Pinewood Rd #128 Virginia Beach, VA	2.0	2.5	1358	$3,250	$2.39	25d	1	0.80mi
521 Laskin Rd Virginia Beach, VA	2.0	2.5	1381	$4,040	$2.93	25d	1	0.81mi
521 Laskin Rd Apt 702 Virginia Beach, VA	3.0	2.5	1581	$4,990	$3.16	6d	1	0.81mi
521 Laskin Rd Virginia Beach, VA	3.0	2.5	1365	$3,850	$2.82	12d	1	0.81mi
521 Laskin Rd Unit 00 323 Virginia Beach, VA	3.0	2.5	1365	$3,850	$2.82	25d	1	0.81mi
521 Laskin Rd Apt 718 Virginia Beach, VA	2.0	2.5	1376	$3,990	$2.90	25d	1	0.81mi
304 26 1/2 St Unit A Virginia Beach, VA	3.0	2.5	1592	$3,500	$2.20	6d	1	0.84mi
1208 Cypress Ave Unit A Virginia Beach, VA	4.0	3.0	2000	$2,200	$1.10	19d	1	0.84mi
315 29th St Virginia Beach, VA	2.0	2.0	1300	$1,900	$1.46	12d	1	0.87mi
1334 Linkhorn Cir Virginia Beach, VA	3.0	2.5	1532	$3,400	$2.22	25d	1	0.87mi
3200 Holly Rd #102 Virginia Beach, VA	2.0	2.0	1300	$3,000	$2.31	9d	1	0.93mi
945 Indian Cir Virginia Beach, VA	3.0	2.5	1400	$2,300	$1.64	25d	1	0.94mi
2613 Atlantic Ave Virginia Beach, VA	1.0–2.0	1.0–2.0	1117	$5,999	$5.37	25d	1	0.95mi
904 Rudee Ave Virginia Beach, VA	3.0	2.5	1250	$2,800	$2.24	6d	1	0.95mi
1441 Laskin Rd Virginia Beach, VA	1.0–3.0	1.0–3.0	1226	$3,400	$2.77	6d	9	1.00mi
1441 Reynard Dr Virginia Beach, VA	1.0–4.0	1.0–2.5	1080	$2,495	$2.31	3d	19	1.03mi
317 34th St Virginia Beach, VA	4.0	2.5	2600	$2,999	$1.15	25d	1	1.06mi
315 34th St Virginia Beach, VA	4.0	2.5	2600	$2,999	$1.15	25d	1	1.07mi
313 34th St Virginia Beach, VA	3.0	1.5	2600	$2,599	$1.00	25d	1	1.07mi
311 34th St Virginia Beach, VA	3.0	2.0	1600	$2,999	$1.87	25d	1	1.08mi
309 34th St Virginia Beach, VA	3.0	2.0	1600	$2,799	$1.75	25d	1	1.09mi
233 Sykes Ave Unit A Virginia Beach, VA	3.0	2.5	1484	$2,450	$1.65	13d	1	1.11mi
510 Virginia Ave Virginia Beach, VA	3.0	2.0	1880	$2,350	$1.25	6d	1	1.28mi
908 Terrace Ave Virginia Beach, VA	3.0	2.5	1656	$2,750	$1.66	16d	1	1.30mi

HOA detail condo

• Monthly dues: $305 · $3,660/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $327,000 Active 112 DOM
2. 2026-06-17
   days on market $327,000 Active 111 DOM
3. 2026-06-16
   days on market $327,000 Active 110 DOM
4. 2026-06-15
   days on market $327,000 Active 109 DOM
5. 2026-06-13
   days on market $327,000 Active 107 DOM
6. 2026-06-09
   days on market $327,000 Active 103 DOM
7. 2026-06-08
   days on market $327,000 Active 102 DOM
8. 2026-06-07
   days on market $327,000 Active 101 DOM
9. 2026-06-03
   days on market $327,000 Active 97 DOM
10. 2026-06-02
    days on market $327,000 Active 96 DOM
11. 2026-06-01
    days on market $327,000 Active 95 DOM
12. 2026-05-31
    days on market $327,000 Active 94 DOM
13. 2026-02-25
    listed $327,000 Active
14. 2006-08-07
    soldstatus $225,000
15. 2004-10-07
    soldstatus $135,000

ⓘ 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: $2,848 · $237/mo
• Projected year-2 tax: $2,848 · $237/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 9/10 Extreme 7 d/yr ≥102°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% 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: $33,774
• − Mortgage interest: −$18,317
• − Property taxes: −$2,848
• − Insurance: −$1,635
• − Repairs & maintenance: −$2,702
• − Management: −$2,702
• − HOA: −$3,660
• − Depreciation: −$9,513
• Taxable loss: −$7,603
• Est. tax savings @ 24.0%: +$1,825
• After-tax cash flow: $-215/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 44,012
• Household income: $100,697
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 2588.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 7% Hispanic / Latino 7% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -530.26%
• Current HPI: 315.521
• Rent YoY: ▲ 5.42%
• 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

+142.2% since first listed

3 events — show timeline

• 2026-02-25 Listed $327,000 REINMLS
• 2006-08-07 Sold (Public Records) $225,000 Public Records
• 2004-10-07 Sold (Public Records) $135,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,848 · +6.5% YoY. Source: county tax records.