17163 Starstone Dr

Broadway, VA 22815

$99,900B+

2 bd · 1.0 ba · 693 sqft · Built 1989 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,395/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$106
• HOA: −$25
• Vac / Maint / Mgmt: −$293
• Net cashflow: $447/mo
• Annual: $5,365/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.18%
• DSCR: 1.85
• 1% rule: 1.40%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#132 in VA, #4,225 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Rockingham County Public School District (rural): math 47% / reading 64% proficiency, ranked #77 of 131 in VA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fulks Run Elementary (math 17% / reading 52%, grade F, #966 of 1,108 statewide, top 89%, 138 students, 86% FRL); J. Frank Hillyard Middle (math 51% / reading 59%, grade B-, #189 of 342 statewide, top 56%, 665 students, 49% FRL); Broadway High (math 68% / reading 79%, grade B+, #124 of 319 statewide, top 40%, 923 students, 42% FRL) — zoned schools average 59% FRL vs 32% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 64 active listings in the ZIP; 683 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• Rockingham County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.7% vs local median 3.0% in Broadway — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.
• 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.
• 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.