4224 Spruce Knob Rd · Virginia Beach, VA 23456

$400,000

4 bd · 2.5 ba · 1,948 sqft · SingleFamily public records · 17 Days on market

Built 1986 Est $487k · 18% 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 +15.0/15.0
• Cash flow +10.3/30.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in the desirable Salem neighborhood, this 4 bedroom, 2.5 bath home offers approximately 1,900 square feet and is priced to sell. Great opportunity for buyers looking to add their own personal touches and build instant equity. Carpet allowance available with acceptable offer. Conveniently located near shopping, dining, schools, and more. Great value in a sought-after area!

Key facts

• Garage
• Built 1986
• Listed 17 days

Property features AI

Finance

• HOA & community: No condo or POA monthly fees

Exterior

• Parking: Attached 1-car garage; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached, traditional-style home; 2 stories; 2 living levels; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Brick and vinyl siding; Back privacy fence (full); Porch; Attic

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Pantry; Breakfast area
• Bedrooms: Master bedroom; Additional bedroom; No bedroom with full bath on the first floor
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump with auxiliary heat; Central air
• Interior features: Bar; Walk-in closet; Window treatments; One fireplace
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $361k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (26.3% below list).
• Recommended offer: $295k (26.3% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: New Castle Elementary (math 78% / reading 84%, grade A+, #129 of 1,108 statewide, top 12%, 715 students, 26% FRL); Salem High (math 79% / reading 90%, grade A, #23 of 319 statewide, top 8%, 1,650 students, 36% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 356 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 17 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $255k; list at $400k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,923 (26.3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $487,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 Eagle Ridge Ct	0.21mi	4/2.5	2,080 (+7%)	2mo	$490,000	$236	77
2541 Gaines Mill Dr	0.50mi	4/2.5	2,000 (+3%)	2mo	$500,000	$250	70
2004 Springside Ct	0.60mi	4/2.5	2,012 (+3%)	2mo	$457,500	$227	65
1963 Mill Creek Dr	0.75mi	4/2.5	1,948 (0%)	1mo	$480,000	$246	64
1184 Beaver Falls Ct	0.64mi	4/2.5	2,078 (+7%)	0mo	$530,000	$255	59
2532 Archdale Dr	0.62mi	3/2.5 (-1)	1,800 (-8%)	0mo	$456,900	$254	53
4088 Sherman Oaks Ave	0.58mi	3/2.5 (-1)	1,800 (-8%)	3mo	$412,000	$229	53
801 Whispering Woods Ct	0.74mi	3/2.5 (-1)	1,835 (-6%)	1mo	$493,500	$269	50
2400 Raynor Ct	0.66mi	4/2.5	1,732 (-11%)	1mo	$460,000	$266	50
1101 Gaymont Ct	0.56mi	3/2.5 (-1)	1,746 (-10%)	3mo	$475,000	$272	49
4132 Starwood Arch	0.67mi	4/3.0	1,755 (-10%)	2mo	$340,000	$194	49
4116 Stillwood Ct	0.66mi	3/2.5 (-1)	1,738 (-11%)	1mo	$399,999	$230	45

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.32×
• Total profit: $-76,508
• Equity at exit: $59,641

10-year hold

• IRR: -10.8%
• Equity multiple: 0.33×
• Total profit: $-75,198
• Equity at exit: $34,585

Cash invested: $112,000 (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 23456

• Rents YoY: 3.8%
• Active inventory: 356
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,949 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$284 /mo · $3,412/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$619
• Net cashflow: $-219

Break-even live

Break-even rent $3,226

Max offer price $361,350

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4244 Spruce Knob Rd Virginia Beach, VA	3.0	3.0	1710	$2,700	$1.58	14d	1	0.04mi
3813 Sterncroft Dr Virginia Beach, VA	4.0	2.5	2124	$2,789	$1.31	23d	1	0.43mi
5140 Glenwood Way Virginia Beach, VA	3.0	2.5	1450	$2,195	$1.51	21d	1	0.54mi
5036 Glenwood Way Virginia Beach, VA	3.0	2.5	1455	$2,495	$1.71	7d	1	0.57mi
2112 Catworth Dr Virginia Beach, VA	3.0	2.5	1901	$2,655	$1.40	23d	1	0.66mi
2016 Stormy Ct Virginia Beach, VA	4.0	3.0	1873	$2,800	$1.49	23d	1	0.87mi
2009 Inverrary Ct Virginia Beach, VA	3.0	2.5	1500	$2,440	$1.63	12d	1	0.94mi
1804 Rock Lake Loop Virginia Beach, VA	3.0	2.5	1602	$2,395	$1.50	7d	1	0.97mi
3845 Whitley Park Dr Virginia Beach, VA	4.0	2.5	2324	$3,000	$1.29	23d	1	1.09mi
4353 Cattail Ln #28 Virginia Beach, VA	3.0	2.5	1695	$2,600	$1.53	10d	1	1.15mi
1573 Devon Way Virginia Beach, VA	4.0	2.5	2000	$2,650	$1.32	2d	1	1.19mi
1789 Moonstone Dr Virginia Beach, VA	4.0	2.5	2160	$2,595	$1.20	21d	1	1.19mi
4117 Rainbow Dr Virginia Beach, VA	5.0	3.0	1868	$2,850	$1.53	1d	1	1.20mi
1792 Moonstone Dr Virginia Beach, VA	3.0	2.5	1756	$2,950	$1.68	23d	1	1.22mi
1792 Moonstone Dr Virginia Beach, VA	3.0	2.5	1756	$2,950	$1.68	16d	1	1.22mi
1332 Gravenhurst Cir Virginia Beach, VA	3.0	2.5	1505	$2,295	$1.52	1d	1	1.27mi
4369 Turnworth Arch Virginia Beach, VA	3.0	2.5	1778	$2,450	$1.38	23d	1	1.32mi
2245 Speckled Rock Ln Virginia Beach, VA	4.0	3.0	1762	$2,900	$1.65	17d	1	1.33mi
4529 Turnworth Arch Virginia Beach, VA	4.0	2.5	1867	$2,600	$1.39	10d	1	1.35mi
4529 Turnworth Arch Unit 1 Virginia Beach, VA	3.0	2.5	1800	$2,600	$1.44	7d	1	1.35mi
1424 Marmora Rd Virginia Beach, VA	3.0	2.0	1300	$2,650	$2.04	4d	1	1.39mi
1789 Perla Dr Unit 1 Virginia Beach, VA	3.0	3.5	2106	$2,895	$1.37	17d	1	1.42mi
3829 Shooting Star Dr Virginia Beach, VA	4.0	1.5	1296	$2,950	$2.28	14d	1	1.43mi

Listing history 7 events

1. 2026-06-02
   statusdays on market $400,000 Under Contract 17 DOM
2. 2026-06-01
   days on market $400,000 Active Under Contract 16 DOM
3. 2026-05-31
   days on market $400,000 Active Under Contract 15 DOM
4. 2026-05-16
   listed $400,000 Active
5. 2018-02-01
   soldstatus $255,000
6. 2013-02-25
   soldstatus $249,900
7. 1986-07-03
   soldstatus $88,800

ⓘ 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: $3,412 · $284/mo
• Projected year-2 tax: $3,412 · $284/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,391
• − Mortgage interest: −$22,406
• − Property taxes: −$3,412
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,831
• − Management: −$2,831
• − Depreciation: −$11,636
• Taxable loss: −$9,727
• Est. tax savings @ 24.0%: +$2,334
• After-tax cash flow: $-291/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): 61,911
• Household income: $130,533
• Rent vs Own: 11.2% rent · 88.8% own
• Severe rent burden: 390.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 60% Black 13% Asian 12% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 85% English-only · Tagalog/Filipino 4% Spanish 4% Other Indo-European 2%

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: ▼ -328.17%
• Current HPI: 318.3094
• Rent YoY: ▲ 3.78%
• 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

+350.5% since first listed

4 events — show timeline

• 2026-05-16 Listed $400,000 REINMLS
• 2018-02-01 Sold (Public Records) $255,000 Public Records
• 2013-02-25 Sold (Public Records) $249,900 Public Records
• 1986-07-03 Sold (Public Records) $88,800 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,412 · -0.5% YoY. Source: county tax records.