897 Dellwood Rd · Salem, VA 24153

$279,950

3 bd · 2.5 ba · 1,440 sqft · SingleFamily public records · 14 Days on market

Built 1940 1.86 ac lot $194/sqft · 75% above area Est $374k · 25% 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 +7.5/30.0
• Schools +6.4/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic Investment or Multi-Generational Living Opportunity! Do not miss this unique chance to own a versatile property set on nearly 2 acres ~ it offers sweeping city & scenic mountain views. Enjoy the perfect blend of peaceful country living w/ the convenience of being just minutes from everyday amenities. The original structure dates back to 1940 w/ a conversion to living space completed around 1987. This property presents a rare opportunity for investors or owner-occupants alike. With multiple living spaces, the setup is ideal for living in one unit & generating rental income from the other OR for creating a fully-functional, private in-law suite. This unique property is ideal for an investment or multi-generational living. Well & septic serve both the primary & accessory residence.

Key facts

• Private in-law suite
• Well and septic
• Nearly 2 acres

Tags

• NEARLY 2 ACRES
• SWEEPING CITY VIEWS
• SCENIC MOUNTAIN VIEWS
• MULTIPLE LIVING SPACES
• PRIVATE IN-LAW SUITE
• WELL AND SEPTIC

Property features AI

Exterior

• Parking: 8 open parking spaces
• Utilities: Has heating; Has cooling
• Home design: Residential property; Built in 1940
• Construction: Year built 1940
• Exterior features: Off-street parking; Private gravel driveway (Dellwood Rd) — access by appointment only; Restaurant and trail access nearby

Interior

• Bedrooms: 5 bedrooms total; 2 main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 3 full bathrooms; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Heat pump (electric) heating; Central cooling
• Interior features: 14 total rooms; Insulated storm and metal doors

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-345 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (21.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (37.4% below list).
• Recommended offer: $175k (37.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Roanoke County Public School District (suburban): math 71% / reading 78% proficiency, ranked #9 of 131 in VA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Fort Lewis Elementary (math 77% / reading 82%, grade A, #141 of 1,108 statewide, top 14%, 257 students, 23% FRL); Glenvar Middle (math 70% / reading 76%, grade A, #58 of 342 statewide, top 17%, 430 students, 35% FRL); Glenvar High (math 87% / reading 92%, grade A+, #8 of 319 statewide, top 3%, 627 students, 32% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 271 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 360 units permitted in Roanoke County in 2024 (228 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Roanoke County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $45k; list at $280k implies a 522% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,362 (37.4% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.63% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.29%
• DSCR: 0.76
• GRM: 13.3

CMA / ARV

• ARV (median comp): $373,857
• List price: $279,950
• Delta: -25.12%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1115 Skyview Rd	0.07mi	3/1.0	1,600 (+11%)	16mo	$208,000	$130	59
1900 Kiska Rd	0.72mi	3/2.0	1,378 (-4%)	7mo	$250,000	$181	51
1927 Kiska Rd	0.73mi	3/1.0	1,500 (+4%)	3mo	$243,000	$162	51
1365 Aarons Run Cir	0.72mi	2/2.0 (-1)	1,317 (-8%)	2mo	$302,000	$229	43
1505 Carrollton Ave	0.54mi	3/1.5	1,600 (+11%)	22mo	$270,000	$169	34

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -22.5%
• Equity multiple: 0.21×
• Total profit: $-62,045
• Equity at exit: $41,741

10-year hold

• IRR: -11.3%
• Equity multiple: 0.25×
• Total profit: $-59,133
• Equity at exit: $24,205

Cash invested: $78,386 (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 24153

• Rents YoY: 6.0%
• Active inventory: 271
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,754 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$146 /mo · $1,752/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $-345

Break-even live

Break-even rent $2,191

Max offer price $218,938

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: $69,988
• Closing costs: $8,398
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 Goodwin Ave Salem, VA	2.0	1.0	896	$925	$1.03	13d	1	1.02mi
14 W Carrollton Ave Salem, VA	3.0	1.0	1270	$1,895	$1.49	44d	1	1.35mi
130 Heatherwood Ln Salem, VA	3.0	2.0	1000	$2,295	$2.29	13d	1	1.45mi

Listing history 5 events

1. 2026-05-08
   status Pending 826-char remark

   Show marketing remark (826 chars)

   Fantastic Investment or Multi-Generational Living Opportunity! Do not miss this unique chance to own a versatile property set on nearly 2 acres ~ it offers sweeping city & scenic mountain views. Enjoy the perfect blend of peaceful country living w/ the convenience of being just minutes from everyday amenities. The original structure dates back to 1940 w/ a conversion to living space completed around 1987. This property presents a rare opportunity for investors or owner-occupants alike. With multiple living spaces, the setup is ideal for living in one unit & generating rental income from the other OR for creating a fully-functional, private in-law suite. This unique property is ideal for an investment or multi-generational living. Well & septic serve both the primary & accessory residence.

2. 2026-05-08
   status Pending 826-char remark

   Show marketing remark (826 chars)

   Fantastic Investment or Multi-Generational Living Opportunity! Do not miss this unique chance to own a versatile property set on nearly 2 acres ~ it offers sweeping city & scenic mountain views. Enjoy the perfect blend of peaceful country living w/ the convenience of being just minutes from everyday amenities. The original structure dates back to 1940 w/ a conversion to living space completed around 1987. This property presents a rare opportunity for investors or owner-occupants alike. With multiple living spaces, the setup is ideal for living in one unit & generating rental income from the other OR for creating a fully-functional, private in-law suite. This unique property is ideal for an investment or multi-generational living. Well & septic serve both the primary & accessory residence.

3. 2026-04-24
   listed $279,950 Active 826-char remark

   Show marketing remark (826 chars)

   Fantastic Investment or Multi-Generational Living Opportunity! Do not miss this unique chance to own a versatile property set on nearly 2 acres ~ it offers sweeping city & scenic mountain views. Enjoy the perfect blend of peaceful country living w/ the convenience of being just minutes from everyday amenities. The original structure dates back to 1940 w/ a conversion to living space completed around 1987. This property presents a rare opportunity for investors or owner-occupants alike. With multiple living spaces, the setup is ideal for living in one unit & generating rental income from the other OR for creating a fully-functional, private in-law suite. This unique property is ideal for an investment or multi-generational living. Well & septic serve both the primary & accessory residence.

4. 2026-04-24
   listed $279,950 Active 826-char remark

   Show marketing remark (826 chars)

   Fantastic Investment or Multi-Generational Living Opportunity! Do not miss this unique chance to own a versatile property set on nearly 2 acres ~ it offers sweeping city & scenic mountain views. Enjoy the perfect blend of peaceful country living w/ the convenience of being just minutes from everyday amenities. The original structure dates back to 1940 w/ a conversion to living space completed around 1987. This property presents a rare opportunity for investors or owner-occupants alike. With multiple living spaces, the setup is ideal for living in one unit & generating rental income from the other OR for creating a fully-functional, private in-law suite. This unique property is ideal for an investment or multi-generational living. Well & septic serve both the primary & accessory residence.

5. 1988-07-01
   soldstatus $45,000

ⓘ 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: $1,752 · $146/mo
• Projected year-2 tax: $2,296 · $191/mo
• Expected delta: +$544/yr (+$45/mo · 31.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 6 d/yr ≥101°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,043
• − Mortgage interest: −$15,682
• − Property taxes: −$1,752
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$8,144
• Taxable loss: −$9,301
• Est. tax savings @ 24.0%: +$2,232
• After-tax cash flow: $-1,912/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: Roanoke County Public School District
• NCES district ID: 5103330
• Math proficiency: 71% ▼ -19.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $60,526
• Composite: 64.08/100
• National rank: #578
• State rank: #9 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 98,162 people
• By 2030: 99,793 · +1.7%
• By 2040: 101,965 · +3.9%
• By 2050: 103,328 · +5.3%
• By 2075: 108,641 · +10.7%
• By 2100: 104,845 · +6.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong R (+22.5) · D 38.2% · R 60.7% · Other 1.1%
• 2008→2024 swing: -1.4pp toward R · 2008: -21.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+21.8 2016: R+28.1 2012: R+25.6 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

+522.1% since first listed

5 events — show timeline

• 2026-05-08 Pending — MLSRV
• 2026-05-08 Pending — MLSRV
• 2026-04-24 Listed $279,950 MLSRV
• 2026-04-24 Listed $279,950 MLSRV
• 1988-07-01 Sold (Public Records) $45,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $1,752 · +15.7% YoY. Source: county tax records.