1008 Greenway Ln · Richmond, VA 23226

$375,000

4 bd · 2.0 ba · 1,566 sqft · SingleFamily public records · 2 Days on market

Built 1951 10,432 sqft lot $239/sqft · 31% below area Est $545k · 31% 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 +8.3/30.0
• Rent growth +4.9/5.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor's Special. Don't miss out on this Brick Cape with potential. (This property is being sold As-Is. )

Key facts

• 0.24 acre lot
• Built 1951
• Listed 2 days

Property features AI

Finance

• Other: Ownership is fee simple; Year built reported by assessor

Exterior

• Parking: On-street parking
• Utilities: No public sewer system
• Home design: Detached property; Above-grade finished area reported by assessor
• Construction: Brick construction; Crawl space foundation; Includes above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 80 x 97; No tidal water

Interior

• Bedrooms: Two bedrooms on the main level; Two bedrooms on the first upper level
• Bathrooms: One full bathroom on the main level; One full bathroom on the first upper level; Two full bathrooms total
• Heating & cooling: 90% forced air heating; Natural gas heating; Natural gas hot water
• Interior features: Living area reported by assessor; No basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-342 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (27.2% below list).
• Recommended offer: $273k (27.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.2% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mary Munford Elementary (math 70% / reading 70%, grade A-, #313 of 1,108 statewide, top 32%, 433 students, 102% FRL); Albert Hill Middle (math 62% / reading 77%, grade A, #85 of 342 statewide, top 26%, 453 students, 99% FRL); Thomas Jefferson High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 816 students, 80% FRL) — zoned schools average 94% FRL vs 74% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 71% at this address vs 40% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the Richmond City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+9.5%/yr); 113 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,540 units permitted in Richmond city in 2024 (2,077 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 $11k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 2 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 $20k; list at $375k implies a 1775% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $273,051 (27.2% 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 1951 — 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 D 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. 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?
7. 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.
8. 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.
9. 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: 0.73% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• GRM: 11.4

CMA / ARV

• ARV (median comp): $545,166
• List price: $375,000
• Delta: -31.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4811 Bromley Ln	0.35mi	3/2.0 (-1)	1,546 (-1%)	1mo	$650,000	$420	76
5310 Snowden Ln	0.22mi	3/2.5 (-1)	1,488 (-5%)	4mo	$525,000	$353	71
5019 Patterson Ave	0.22mi	3/2.0 (-1)	1,456 (-7%)	3mo	$485,000	$333	71
5612 Wythe Ave	0.44mi	3/2.0 (-1)	1,632 (+4%)	3mo	$565,000	$346	65
4809 Cutshaw Ave	0.49mi	3/2.0 (-1)	1,647 (+5%)	2mo	$775,000	$471	62
4918 Bromley Ln	0.28mi	3/2.0 (-1)	1,749 (+12%)	1mo	$682,000	$390	61
5703 Monumental Ave	0.46mi	4/2.0	1,767 (+13%)	0mo	$777,835	$440	57
4621 Kensington Ave	0.62mi	4/2.0	1,736 (+11%)	2mo	$750,000	$432	51
4805 Park Ave	0.40mi	3/1.5 (-1)	1,350 (-14%)	2mo	$465,000	$344	50
4813 Cutshaw Ave	0.47mi	3/2.0 (-1)	1,800 (+15%)	2mo	$698,841	$388	46
4513 Cutshaw Ave	0.74mi	3/1.5 (-1)	1,384 (-12%)	2mo	$625,000	$452	38
4616 Augusta Ave	0.70mi	3/3.0 (-1)	1,753 (+12%)	3mo	$605,000	$345	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.35×
• Total profit: $-68,114
• Equity at exit: $55,914

10-year hold

• IRR: -2.5%
• Equity multiple: 0.79×
• Total profit: $-21,722
• Equity at exit: $32,423

Cash invested: $105,000 (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 23226

• Rents YoY: 9.5%
• Active inventory: 113
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,731 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$376 /mo · $4,512/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $-342

Break-even live

Break-even rent $3,163

Max offer price $314,639

Occupancy floor —

Sensitivity live

Price	-10% $-129	-5% $-236	+0% $-342	+5% $-448	+10% $-554
Rent	-10% $-557	-5% $-450	+0% $-342	+5% $-234	+10% $-126
Rate	-1.0pp $-153	-0.5pp $-246	base $-342	+0.5pp $-439	+1.0pp $-538

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4800 Patterson Ave Richmond, VA	3.0	1.5	1354	$2,800	$2.07	45d	1	0.47mi
4819 Fitzhugh Ave Richmond, VA	3.0	1.5	1162	$2,500	$2.15	3d	1	0.57mi
5900 Patterson Ave #22 Richmond, VA	3.0	2.5	1188	$2,300	$1.94	45d	1	0.69mi
4613 Stuart Ave Richmond, VA	3.0	2.0	2151	$3,157	$1.47	25d	1	0.73mi
5000 Libbie Mill East Blvd Richmond, VA	3.0	1.0–2.0	958	$2,925	$3.05	3d	24	1.12mi
6410 Morningside Dr Richmond, VA	3.0	1.0	1224	$2,300	$1.88	4d	1	1.14mi
6405 Stuart Ave Richmond, VA	3.0	2.0	1207	$2,250	$1.86	25d	1	1.16mi
6419 Crescent Pkwy Richmond, VA	3.0	2.0	1411	$2,600	$1.84	3d	1	1.21mi
4930 Bethlehem Rd Richmond, VA	3.0	1.5	1242	$2,295	$1.85	3d	1	1.25mi
2351 Wrighthaven Ln Richmond, VA	1.0–3.0	1.0–2.0	950	$2,830	$2.98	3d	49	1.26mi
6306 Engel Rd Richmond, VA	3.0	2.0	1376	$2,400	$1.74	25d	1	1.28mi
4820 Bethlehem Rd Richmond, VA	4.0	2.5	2145	$2,650	$1.24	45d	1	1.34mi
4818 Bethlehem Rd Richmond, VA	3.0	2.0	1400	$2,450	$1.75	4d	1	1.35mi

Listing history 3 events

1. 2026-05-15
   historical $375,000
2. 2026-05-13
   historical $375,000 107-char remark

   Show marketing remark (107 chars)

   Investor's Special. Don't miss out on this Brick Cape with potential. (This property is being sold As-Is. )

3. 1972-08-31
   soldstatus $20,000

ⓘ 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: $4,512 · $376/mo
• Projected year-2 tax: $4,512 · $376/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 6/10 Major FEMA zone X (unshaded) · 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,766
• − Mortgage interest: −$21,006
• − Property taxes: −$4,512
• − Insurance: −$1,875
• − Repairs & maintenance: −$2,621
• − Management: −$2,621
• − Depreciation: −$10,909
• Taxable loss: −$10,778
• Est. tax savings @ 24.0%: +$2,587
• After-tax cash flow: $-1,513/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 15,477
• Household income: $126,655
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 290.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Slovak 5% Lithuanian 3% Romanian 3%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 91% English-only · Spanish 2% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -594.80%
• Current HPI: 324.3243
• Rent YoY: ▲ 9.49%
• Metro: Richmond, 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

+1775.0% since first listed

7 events — show timeline

• 2026-05-29 Pending — CVRMLS
• 2026-05-29 Pending — BRIGHT MLS
• 2026-05-27 Listed $375,000 BRIGHT MLS
• 2026-05-26 Listed $375,000 CVRMLS
• 2026-05-15 Coming Soon $375,000 BRIGHT MLS
• 2026-05-13 Coming Soon $375,000 CVRMLS
• 1972-08-31 Sold (Public Records) $20,000 Public Records

Property tax history

+6.9%/yr

Latest (2022): $4,512 · +35.3% YoY. Source: county tax records.