49 Holcombe Ave · New Castle, VA 24127

$167,500

3 bd · 1.5 ba · 870 sqft · Other public records · 110 Days on market

Built 1922 0.75 ac lot $193/sqft · 72% above area Est $195k · 14% under

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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).

• ARV discount +13.8/15.0
• Appreciation +10.0/10.0
• Cash flow +7.5/30.0
• Schools +4.6/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +1.1/10.0

Listing remarks MLS

Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

Key facts

• Large garden spot
• 0.75 acre lot
• Garage

Tags

• HISTORIC DOWNTOWN AREA
• POTENTIAL TO BUILD OUT
• LARGE GARDEN SPOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $168k.

Deal economics

• At list price, monthly cash flow is $-212 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (39.3% below list).
• Recommended offer: $102k (39.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#519 in VA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A, cost of living A; Watch: amenities F, commute F, employment F.
• Craig County Public School District (rural): math 45% / reading 64% proficiency, ranked #83 of 131 in VA (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 30 active listings in the ZIP; 30 units permitted in Craig County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Craig County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 10y 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 $91k; list at $168k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,752 (39.3% 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 110 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.61% ✗
• Cap rate: 4.77%
• Cash-on-cash: -5.43%
• DSCR: 0.76
• GRM: 13.7

CMA / ARV

• ARV (median comp): $194,918
• List price: $167,500
• Delta: -14.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.66×
• Total profit: $77,646
• Equity at exit: $150,897

10-year hold

• IRR: 18.6%
• Equity multiple: 6.10×
• Total profit: $239,135
• Equity at exit: $325,416

Cash invested: $46,900 (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 24127

• Home prices YoY: 18.6%
• Active inventory: 30
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $1,018 medium
• Mortgage (P&I): −$878
• Tax from tax record: −$68 /mo · $813/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $-212

Break-even live

Break-even rent $1,286

Max offer price $130,037

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $167,500 Active 110 DOM
2. 2026-06-18
   days on market $167,500 Active 109 DOM
3. 2026-06-17
   days on market $167,500 Active 108 DOM
4. 2026-06-16
   days on market $167,500 Active 107 DOM
5. 2026-06-15
   days on market $167,500 Active 106 DOM
6. 2026-06-14
   days on market $167,500 Active 104 DOM
7. 2026-06-13
   days on market $167,500 Active 103 DOM
8. 2026-06-10
   days on market $167,500 Active 101 DOM
9. 2026-06-09
   days on market $167,500 Active 100 DOM
10. 2026-06-08
    days on market $167,500 Active 99 DOM
11. 2026-06-07
    days on market $167,500 Active 98 DOM
12. 2026-06-05
    days on market $167,500 Active 95 DOM
13. 2026-06-03
    days on market $167,500 Active 94 DOM
14. 2026-06-02
    days on market $167,500 Active 93 DOM
15. 2026-06-01
    days on market $167,500 Active 92 DOM
16. 2026-05-31
    days on market $167,500 Active 91 DOM
17. 2026-05-30
    days on market $167,500 Active 90 DOM
18. 2026-05-04
    status Active 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

19. 2026-04-08
    status Active 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

20. 2026-03-25
    status Pending 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

21. 2026-03-25
    historical 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

22. 2026-03-10
    price $167,500 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

23. 2026-01-20
    listed $171,000 Active 767-char remark

    Show marketing remark (767 chars)

    Large four square with 5 lots in the heart of the town of Newcastle, two blocks from the historic downtown area, 3 blocks from the grocery, and just 20 minutes from Salem, 30 minutes to Blacksburg. Lots of potential, 3 BR, 1.5 BA, hardwoods throughout the house. Heat pump for central heating and cooling. Huge attic could be converted to another BR or other living space. Large two car detached garage with workroom and woodstove, and three other outbuildings as well. Large corner lot (5 adjoining lots!) with potential to build out another house, or a large garden spot for single family. Only minutes away from all the outdoor things that Craig County has to offer, could be a great BNB or traditional rental. Needs some TLC and work, but solid. Bring all offers!

24. 2019-04-02
    soldstatus $91,425 346-char remark

    Show marketing remark (346 chars)

    BEAUTIFUL DOWTOWN COLONIAL OF HISTORIC APPEAL PRICED BELOW TAX ASSESSMENT. AN ABSOLUTE DEAL. CENTRAL TO DOWNTOWN AND POSSIBLE BUSINESS OPPORTUNITY. GORGEOUS HEART OF PINE HARDWOODS UNDER CARPET. UPSTAIRS SLEEPING QUARTERS. SEVERAL GARAGES AND OUTBUILDINGS AND FENCED YARD. SEEMS TO BE IN GREAT CONDITION, BUT SOLD AS-IS, INSPECTIONS ARE WELCOMED.

25. 2019-04-02
    soldstatus $91,425

    Show marketing remark (346 chars)

    BEAUTIFUL DOWTOWN COLONIAL OF HISTORIC APPEAL PRICED BELOW TAX ASSESSMENT. AN ABSOLUTE DEAL. CENTRAL TO DOWNTOWN AND POSSIBLE BUSINESS OPPORTUNITY. GORGEOUS HEART OF PINE HARDWOODS UNDER CARPET. UPSTAIRS SLEEPING QUARTERS. SEVERAL GARAGES AND OUTBUILDINGS AND FENCED YARD. SEEMS TO BE IN GREAT CONDITION, BUT SOLD AS-IS, INSPECTIONS ARE WELCOMED.

26. 2019-03-04
    listed $100,000 346-char remark

    Show marketing remark (346 chars)

    BEAUTIFUL DOWTOWN COLONIAL OF HISTORIC APPEAL PRICED BELOW TAX ASSESSMENT. AN ABSOLUTE DEAL. CENTRAL TO DOWNTOWN AND POSSIBLE BUSINESS OPPORTUNITY. GORGEOUS HEART OF PINE HARDWOODS UNDER CARPET. UPSTAIRS SLEEPING QUARTERS. SEVERAL GARAGES AND OUTBUILDINGS AND FENCED YARD. SEEMS TO BE IN GREAT CONDITION, BUT SOLD AS-IS, INSPECTIONS ARE WELCOMED.

27. 2019-03-03
    historical
28. 2019-01-14
    listed $100,000
29. 2019-01-13
    historical
30. 2018-06-11
    listed $100,000
31. 2018-06-10
    historical
32. 2016-11-15
    listed $110,000
33. 2016-11-14
    historical
34. 2016-05-30
    listed $121,100
35. 2016-05-29
    historical
36. 2016-04-16
    listed $121,100

ⓘ 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: $813 · $68/mo
• Projected year-2 tax: $1,374 · $114/mo
• Expected delta: +$561/yr (+$47/mo · 69.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,210
• − Mortgage interest: −$9,383
• − Property taxes: −$813
• − Insurance: −$838
• − Repairs & maintenance: −$977
• − Management: −$977
• − Depreciation: −$4,873
• Taxable loss: −$5,649
• Est. tax savings @ 24.0%: +$1,356
• After-tax cash flow: $-1,189/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: Craig County Public School District
• NCES district ID: 5101020
• Math proficiency: 45% ▼ -28.00%
• Reading proficiency: 64% ▼ -12.00%
• Median HH income: $48,848
• Composite: 46.33/100
• National rank: #2469
• State rank: #83 of 131 in VA

Livability — New Castle

• Score: 55/100
• State rank: #519
• US rank: #23547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,184

Population outlook (Craig County) Hauer SSP2

• Today (2025): 5,253 people
• By 2030: 5,208 · -0.9%
• By 2040: 4,949 · -5.8%
• By 2050: 4,489 · -14.5%
• By 2075: 3,379 · -35.7%
• By 2100: 2,293 · -56.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 3% Slovak 2% Serbian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Craig

• 2024 margin: Solid R (+64.7) · D 17.4% · R 82.1%
• 2008→2024 swing: -33.5pp toward R · 2008: -31.2pp · 2024: -64.7pp
• All cycles: 2024: R+64.7 2020: R+61.5 2016: R+57.4 2012: R+34.8 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 34.92%
• Current HPI: 223.1666
• Rent YoY: —
• Metro: —
• 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

+38.3% since first listed

19 events — show timeline

• 2026-05-04 Relisted — MLSRV
• 2026-04-08 Relisted — MLSRV
• 2026-03-25 Pending — MLSRV
• 2026-03-25 Listing Removed — MLSRV
• 2026-03-10 Price Changed $167,500 MLSRV
• 2026-01-20 Listed $171,000 MLSRV
• 2019-04-02 Sold (Public Records) $91,425 Public Records
• 2019-04-02 Sold (MLS) $91,425 MLSRV
• 2019-03-04 Listed $100,000 MLSRV
• 2019-03-03 Listing Removed — MLSRV
• 2019-01-14 Listed $100,000 MLSRV
• 2019-01-13 Listing Removed — MLSRV
• 2018-06-11 Listed $100,000 MLSRV
• 2018-06-10 Listing Removed — MLSRV
• 2016-11-15 Listed $110,000 MLSRV
• 2016-11-14 Listing Removed — MLSRV
• 2016-05-30 Listed $121,100 MLSRV
• 2016-05-29 Listing Removed — MLSRV
• 2016-04-16 Listed $121,100 MLSRV

Property tax history

+1.7%/yr

Latest (2025): $813 · +0.0% YoY. Source: county tax records.