410 Third St · Martinsville, VA 24112

$39,000

3 bd · 1.0 ba · 1,020 sqft · Other public records · 17 Days on market

Built 1940 0.25 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the possibilities in this cozy, single-family home situated on a 10,803 sq. ft. corner lot in the heart of Martinsville. Built in 1940, this 1,020 sq. ft. residence offers classic character, mature landscaping, and a welcoming front porch that adds to its curb appeal. Inside, you'll find a practical single-level layout ready for your personal touch. Mature trees and established hedges create a sense of privacy while maintaining a convenient in-town location close to shopping, dining, schools, and local amenities. Whether you're an investor, first-time homebuyer, or renovation enthusiast, this property presents an excellent opportunity to add value and make it your own. Property is

Key facts

• In-town location
• Established hedges
• Mature landscaping

Tags

• CORNER LOT
• WELCOMING FRONT PORCH
• MATURE LANDSCAPING
• MATURE TREES
• ESTABLISHED HEDGES
• IN-TOWN LOCATION

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property
• Construction: Wood siding; Composition roof
• Exterior features: Level lot

Interior

• Bedrooms: 5 total rooms (includes living spaces and bedrooms)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Floor furnace; Window unit cooling (also noted as none)
• Interior features: Electric water heater; Wood flooring; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $39k.

Deal economics

• At list price, monthly cash flow is $769 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $38k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.9% vs local median 5.9% in Martinsville — 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 (#231 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools B; Watch: amenities F, commute F, employment D-.
• Martinsville City Public School District (town): math 29% / reading 53% proficiency, ranked #122 of 131 in VA (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 256 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 5 units permitted in Martinsville city in 2024 (5 in 5+ unit buildings).
• This rent runs 32% of the median local income ($49k/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 $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Martinsville County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $12k; list at $39k implies a 219% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,415 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.31% ✓
• Cap rate: 29.94%
• Cash-on-cash: 84.47%
• DSCR: 4.76
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 84.9%
• Equity multiple: 4.91×
• Total profit: $42,644
• Equity at exit: $5,815

10-year hold

• IRR: 88.1%
• Equity multiple: 10.18×
• Total profit: $100,203
• Equity at exit: $3,372

Cash invested: $10,920 (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 24112

• Active inventory: 256
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,290 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$30 /mo · $358/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $769

Break-even live

Break-even rent $317

Max offer price $39,000

Occupancy floor 35%

Sensitivity live

Price	-10% $791	-5% $780	+0% $769	+5% $758	+10% $747
Rent	-10% $667	-5% $718	+0% $769	+5% $820	+10% $871
Rate	-1.0pp $788	-0.5pp $779	base $769	+0.5pp $759	+1.0pp $748

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1002 Oak St Martinsville, VA	3.0	1.0	884	$1,263	$1.43	44d	1	0.69mi
1305 Oakgrove Ave Martinsville, VA	4.0	1.0	1085	$1,700	$1.57	44d	1	1.24mi

Listing history 11 events

1. 2026-06-16
   days on market $39,000 Active 17 DOM
2. 2026-06-15
   days on market $39,000 Active 16 DOM
3. 2026-06-14
   days on market $39,000 Active 14 DOM
4. 2026-06-12
   days on market $39,000 Active 13 DOM
5. 2026-06-09
   days on market $39,000 Active 10 DOM
6. 2026-06-08
   days on market $39,000 Active 9 DOM
7. 2026-06-07
   pricedays on market $39,000 Active 8 DOM
8. 2026-06-02
   days on market $42,900 Active 3 DOM
9. 2026-06-01
   days on market $42,900 Active 2 DOM
10. 2026-05-30
    remarks 699-char remark
11. 2026-05-30
    listed $42,900 Active 1 DOM

ⓘ 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: $358 · $30/mo
• Projected year-2 tax: $358 · $30/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 ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $15,482
• − Mortgage interest: −$2,185
• − Property taxes: −$358
• − Insurance: −$195
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$1,135
• Taxable income: $9,133
• Est. tax owed @ 24.0%: −$2,192
• After-tax cash flow: $7,032/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: Martinsville City Public School District
• NCES district ID: 5102400
• Math proficiency: 29% ▼ -51.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $31,215
• Composite: 33.43/100
• National rank: #5467
• State rank: #122 of 131 in VA

Livability — Martinsville

• Score: 70/100
• State rank: #231
• US rank: #7826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsville, VA
• County: Martinsville City · 31,028 people
• City population: 31,028
• Metro: Martinsville, VA
• Population (ZIP): 31,028
• Household income: $48,770
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 888.0

Population outlook (Martinsville County) Hauer SSP2

• Today (2025): 13,026 people
• By 2030: 12,673 · -2.7%
• By 2040: 11,933 · -8.4%
• By 2050: 11,136 · -14.5%
• By 2075: 9,886 · -24.1%
• By 2100: 8,334 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Martinsville

• 2024 margin: Strong D (+22.6) · D 60.7% · R 38.1% · Other 1.2%
• 2008→2024 swing: -5.4pp toward R · 2008: 28.0pp · 2024: 22.6pp
• All cycles: 2024: D+22.6 2020: D+26.6 2016: D+23.5 2012: D+24.6 2008: D+28.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.37%
• Current HPI: 172.4393
• Rent YoY: —
• Metro: Martinsville, 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

+250.7% since first listed

2 events — show timeline

• 2026-05-29 Listed $42,900 MHPCAR
• 1980-04-01 Sold (Public Records) $12,231 Public Records

Property tax history

+5.1%/yr

Latest (2025): $358 · +55.1% YoY. Source: county tax records.