832 Hanover Ave NW · Roanoke, VA 24017

$124,950

3 bd · 2.0 ba · 1,129 sqft · SingleFamily public records · 42 Days on market

Built 1946 4,791 sqft lot Est $166k · 25% under

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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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.9/10.0
• Schools +4.1/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great starter home for the small spender or a nice rental property. Very Good Condition. Can be 4 Bedrooms. Can park in rear. Furnace about 7 years. Outside unit new last year. Carpet over hardwood.

Key facts

• Park in rear
• Carpet over hardwood
• Outside unit new

Tags

• PARK IN REAR
• OUTSIDE UNIT NEW
• CARPET OVER HARDWOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.2% in Roanoke — 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 73/100 on livability (#163 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment D, crime F.
• Roanoke City Public School District (urban): math 40% / reading 58% proficiency, ranked #102 of 131 in VA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln Terrace Elementary (math 22% / reading 32%, grade F, #1,029 of 1,108 statewide, top 94%, 297 students, 103% FRL); William Fleming High (math 66% / reading 68%, grade B, #185 of 319 statewide, top 61%, 1,911 students, 96% FRL) — zoned schools average 100% FRL vs 67% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.7%/yr); 151 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 113 units permitted in Roanoke city in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($47k/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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Roanoke County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $27k; list at $125k implies a 370% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — 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 $121,201 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.09% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.25%
• DSCR: 1.41
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $165,963
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
917 Mcdowell Ave NW	0.08mi	3/2.0	1,272 (+13%)	0mo	$187,000	$147	75
1227 Loudon Ave NW	0.51mi	3/1.0	1,118 (-1%)	2mo	$95,000	$85	69
607 Loudon Ave NW	0.50mi	3/1.5	1,163 (+3%)	2mo	$195,000	$168	68
321 Patton Ave NW	0.55mi	3/1.5	1,144 (+1%)	3mo	$190,000	$166	68
1124 13th St NW	0.37mi	3/2.0	1,240 (+10%)	1mo	$206,000	$166	66
1025 Mercer Ave NW	0.21mi	3/1.0	1,296 (+15%)	6mo	$50,000	$39	57
302 Patton Ave NW	0.59mi	3/1.5	1,230 (+9%)	2mo	$115,000	$93	53
1528 Melrose Ave NW	0.60mi	3/1.0	1,224 (+8%)	4mo	$51,000	$42	51
1326 Gilmer Ave NW	0.53mi	3/2.0	1,278 (+13%)	3mo	$160,000	$125	50
2226 Rutherford Ave NW	0.59mi	3/2.5	1,260 (+12%)	2mo	$279,950	$222	50
215 Harrison Ave NW	0.61mi	3/2.5	1,260 (+12%)	6mo	$250,000	$198	46
915 Loudon Ave NW	0.42mi	2/1.0 (-1)	1,293 (+14%)	4mo	$190,000	$147	44

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 · 5.71% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $712
• Equity at exit: $18,630

10-year hold

• IRR: 12.6%
• Equity multiple: 2.12×
• Total profit: $39,171
• Equity at exit: $10,803

Cash invested: $34,986 (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 24017

• Home prices YoY: -28.3%
• Rents YoY: 5.7%
• Active inventory: 151
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,359 high
• Mortgage (P&I): −$655
• Tax from tax record: −$97 /mo · $1,158/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $270

Break-even live

Break-even rent $1,018

Max offer price $124,950

Occupancy floor 75%

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: $31,238
• Closing costs: $3,748
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
717 Orange Ave NW Roanoke, VA	2.0	1.0	738	$900	$1.22	43d	1	0.12mi
1117 Rugby Blvd NW Unit B Roanoke, VA	2.0	1.0	1048	$778	$0.74	21d	1	0.31mi
1115 Grayson Ave NW Roanoke, VA	4.0	2.0	1094	$2,300	$2.10	43d	1	0.33mi
1007 Gilmer Ave NW Roanoke, VA	2.0	2.0	1187	$1,175	$0.99	21d	1	0.37mi
1116 Fairfax Ave NW Roanoke, VA	2.0	1.0	800	$1,400	$1.75	21d	1	0.37mi
813 Gilmer Ave NW Roanoke, VA	2.0	1.0	1050	$1,322	$1.26	21d	1	0.37mi
401 Rutherford Ave NW Roanoke, VA	3.0	1.0	1064	$1,450	$1.36	43d	1	0.45mi
333 Harrison Ave NW Roanoke, VA	3.0	2.0	1186	$1,123	$0.95	21d	1	0.48mi
216 Patton Ave NW Unit 2 Roanoke, VA	2.0	1.0	1240	$1,025	$0.83	21d	1	0.64mi
1533 Rugby Blvd NW Roanoke, VA	3.0	1.0	1500	$1,475	$0.98	43d	1	0.68mi
1515 Dunbar St NW Roanoke, VA	3.0	2.0	1058	$1,623	$1.53	13d	1	0.70mi
1531 Syracuse Ave NW Roanoke, VA	3.0	1.0	1488	$1,675	$1.13	43d	1	0.70mi
701 Salem Ave SW Roanoke, VA	2.0	1.0	1250	$1,950	$1.56	43d	1	0.77mi
10 12 1/2 St SW Roanoke, VA	3.0	1.5	999	$1,023	$1.02	43d	1	0.77mi
2916 Courtland Rd NW Roanoke, VA	2.0	1.0	722	$1,123	$1.56	21d	1	0.80mi
802 Rorer Ave SW Apt A Roanoke, VA	2.0	1.0	820	$895	$1.09	43d	1	0.84mi
1920 Melrose Ave NW Roanoke, VA	2.0	1.0	768	$950	$1.24	43d	1	0.93mi
44 Forest Hill Ave NE Roanoke, VA	2.0	1.0	768	$1,150	$1.50	21d	1	0.98mi
1106 Campbell Ave SW Roanoke, VA	2.0	1.0	850	$950	$1.12	13d	1	1.05mi
1712 Wayne St NE Roanoke, VA	2.0	1.0	826	$1,250	$1.51	21d	1	1.11mi
430 Day Ave SW Unit A Roanoke, VA	2.0	1.0	1444	$1,650	$1.14	43d	1	1.12mi
1630 Patterson Ave SW Unit B Roanoke, VA	3.0	1.0	1200	$1,395	$1.16	43d	1	1.21mi
1609 Chapman Ave SW Unit B Roanoke, VA	4.0	1.0	1400	$1,545	$1.10	21d	1	1.21mi
2716 Edison St NE Unit & 2718 Roanoke, VA	2.0	1.5	864	$1,225	$1.42	43d	1	1.24mi
2109 Colgate St NE Roanoke, VA	3.0	1.0	1240	$1,700	$1.37	13d	1	1.27mi
1825 Patterson Ave SW Unit B Roanoke, VA	2.0	1.0	1000	$850	$0.85	43d	1	1.28mi
217 Mountain Ave SW Unit 217-2 Roanoke, VA	2.0	1.0	700	$945	$1.35	43d	1	1.30mi
355 Highland Ave SW Apt 1 Roanoke, VA	2.0	1.0	900	$1,150	$1.28	21d	1	1.32mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	820	$1,160	$1.41	43d	1	1.34mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	902	$1,125	$1.25	13d	1	1.34mi
2608 Florida Ave NW Roanoke, VA	3.0	1.0	1394	$1,600	$1.15	21d	1	1.45mi
1119 Franklin Rd SW Unit BensonFranklin 05 Roanoke, VA	2.0	1.0	900	$1,297	$1.44	43d	1	1.45mi

Listing history 5 events

1. 2026-03-16
   status Pending
2. 2026-02-04
   price $124,950
3. 2026-01-31
   listed $145,000 Active
4. 1999-11-12
   soldstatus $26,600
5. 1999-11-12
   soldstatus $26,600

ⓘ 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: $1,158 · $97/mo
• Projected year-2 tax: $1,158 · $97/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 ≥101°F today · 18 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: $16,305
• − Mortgage interest: −$6,999
• − Property taxes: −$1,158
• − Insurance: −$625
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$3,635
• Taxable income: $1,279
• Est. tax owed @ 24.0%: −$307
• After-tax cash flow: $2,928/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 City Public School District
• NCES district ID: 5103300
• Math proficiency: 40% ▼ -38.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $38,592
• Composite: 40.8/100
• National rank: #3639
• State rank: #102 of 131 in VA

Livability — Roanoke

• Score: 73/100
• State rank: #163
• US rank: #5055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roanoke, VA
• County: Roanoke City · 101,625 people
• City population: 168,930
• Metro: Roanoke, VA
• Population (ZIP): 23,678
• Household income: $47,360
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 913.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 106,094 people
• By 2030: 108,927 · +2.7%
• By 2040: 114,104 · +7.5%
• By 2050: 118,032 · +11.3%
• By 2075: 123,363 · +16.3%
• By 2100: 116,827 · +10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% White 25% Hispanic / Latino 9% Asian 4% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 8% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong D (+23.6) · D 61.1% · R 37.5% · Other 1.4%
• 2008→2024 swing: +0.2pp no change · 2008: 23.4pp · 2024: 23.6pp
• All cycles: 2024: D+23.6 2020: D+25.8 2016: D+17.6 2012: D+21.5 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.29%
• Current HPI: 198.5991
• Rent YoY: ▲ 5.71%
• 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

+369.7% since first listed

5 events — show timeline

• 2026-03-16 Pending — MLSRV
• 2026-02-04 Price Changed $124,950 MLSRV
• 2026-01-31 Listed $145,000 MLSRV
• 1999-11-12 Sold (Public Records) $26,600 Public Records
• 1999-11-12 Sold (Public Records) $26,600 Public Records

Property tax history

+5.5%/yr

Latest (2025): $1,158 · +16.3% YoY. Source: county tax records.