2500 N Van Dorn St #212

Alexandria, VA 22302

$119,900B-

None bd · 1.0 ba · 471 sqft · Built 1965 · Condo · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,291/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$181
• HOA: −$649
• Vac / Maint / Mgmt: −$481
• Net cashflow: $351/mo
• Annual: $4,214/yr
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• 1% rule: 1.91%
• Cash to close: $33,572

Investor read

• This is a ?-bed/1.0-bath condo listed at $120k.
• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#54 in VA, #1,453 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Alexandria City Public School District (urban): math 40% / reading 58% proficiency, ranked #87 of 131 in VA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents soft (-0.4%/yr); 94 active listings in the ZIP; high-income renter base; 25 units permitted in Alexandria city in 2024 (0 in 5+ unit buildings).
• Alexandria County population projected at +39% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 26y 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.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 2.1% in Alexandria — 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

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 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.