516 Rivers Reach · Virginia Beach, VA 23452

$195,000

2 bd · 2.0 ba · 969 sqft · Condo public records · 4 Days on market

Built 1985 $335/mo HOA · 18% of rent

---

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).

• Cash flow +9.6/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Like New! No expense was spared in renovating this Lyme Regis condo; improvements include new cabinets, granite countertops, vanities, toilets, all faucets, all lighting/ ceiling fans, dishwasher, LVP flooring, carpet, doors, knobs, vent covers, outlets and wall plates and of course fresh paint throughout. Condo due covers insurance, sewer, trash & pool. 1 assigned parking space & several visitor spots located right out front of unit. The pool is very close, just across the parking lot. Ideal for those looking for a low maintenance living situation with the equity benefits of ownership vs renting. Location provides easy access to I-264, 2 miles to Lynnhaven Mall and 5 miles to t

Key facts

• Easy access to i-264
• New cabinets
• Lvp flooring

Tags

• NEW CABINETS
• GRANITE COUNTERTOPS
• LVP FLOORING
• ASSIGNED PARKING SPACE
• EASY ACCESS TO I-264

Property features AI

Finance

• HOA & community: Condominium association: Lyme Regis Condominium Association Inc; Association management: United Property Associates; Monthly association fee: $335; Condo amenities include cable, grounds maintenance, pool, and trash pickup

Exterior

• Parking: 2 parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; Lo-rise style; Single-story (1 living level); Corner unit; Entry level: 1; Condo ownership
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Corner unit; City view

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: First-floor master bedroom (ensuite); Additional first-floor bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Heat pump (heating and cooling); Wood heating option
• Interior features: Cable hookup; Ceiling fan; Bar; Wood-burning fireplace; Walk-in closet; Window treatments
• Laundry & utility: Main floor washer hookup; Main floor dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (6.5% below list).
• Recommended offer: $172k (11.9% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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: Lynnhaven Elementary (math 42% / reading 62%, grade C-, #696 of 1,108 statewide, top 66%, 362 students, 74% FRL); Green Run High (math 64% / reading 69%, grade B, #195 of 319 statewide, top 62%, 1,517 students, 69% FRL) — zoned schools average 71% FRL vs 28% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 74% district-wide (-14 pts) — the specific schools serving this property underperform the Va Beach City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.9%/yr); 226 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 98% 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 $171,874 (11.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.34×
• Total profit: $-36,184
• Equity at exit: $29,075

10-year hold

• IRR: -6.9%
• Equity multiple: 0.52×
• Total profit: $-26,264
• Equity at exit: $16,860

Cash invested: $54,600 (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 23452

• Rents YoY: 4.9%
• Active inventory: 226
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,822 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$132 /mo · $1,581/yr
• Insurance: −$81
• HOA: −$335
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $-131

Break-even live

Break-even rent $1,988

Max offer price $171,874

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
526 Glenn Regis Way Virginia Beach, VA	2.0	2.0	969	$1,799	$1.86	4d	1	0.02mi
2933 Lyme Regis Quay Virginia Beach, VA	2.0	2.0	1032	$1,700	$1.65	24d	1	0.04mi
2914 Lyme Regis Quay Virginia Beach, VA	2.0	2.0	1057	$1,700	$1.61	24d	1	0.05mi
526 Pheasant Run Virginia Beach, VA	2.0	2.0	1057	$1,800	$1.70	24d	1	0.06mi
411 Nottinghill Park Virginia Beach, VA	1.0	1.0	846	$2,200	$2.60	24d	1	0.08mi
666 Rivers Reach Virginia Beach, VA	2.0	2.0	1032	$1,600	$1.55	15d	1	0.09mi
3001 Reflections Way Virginia Beach, VA	1.0–2.0	1.0–2.0	864	$2,105	$2.44	2d	36	0.36mi
344 Dillon Dr Virginia Beach, VA	3.0	1.5	1042	$2,400	$2.30	24d	1	0.37mi
3321 Rainier Ct Virginia Beach, VA	2.0	2.5	1100	$1,600	$1.45	21d	1	0.83mi
3424 Rainey Rd Virginia Beach, VA	3.0	1.0	1002	$1,995	$1.99	8d	1	0.83mi
124 Palm Beach Pl Virginia Beach, VA	1.0–2.0	1.0	786	$1,475	$1.88	4d	5	0.98mi
2925 Theodorus Ct Virginia Beach, VA	3.0	1.5	1120	$2,000	$1.79	4d	1	1.22mi
3416 Hollygreen Dr Virginia Beach, VA	2.0	1.0	960	$1,754	$1.83	24d	5	1.40mi

HOA detail condo

• Monthly dues: $335 · $4,020/yr
• Likely covers: sewertrashpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-15
   status Under Contract
2. 2026-05-09
   listed $195,000 Active

ⓘ 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: $1,581 · $132/mo
• Projected year-2 tax: $1,599 · $133/mo
• Expected delta: +$18/yr (+$1/mo · 1.1%)

ⓘ 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 9/10 Extreme 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% 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: $21,869
• − Mortgage interest: −$10,923
• − Property taxes: −$1,581
• − Insurance: −$975
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − HOA: −$4,020
• − Depreciation: −$5,673
• Taxable loss: −$4,802
• Est. tax savings @ 24.0%: +$1,152
• After-tax cash flow: $-418/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): 58,455
• Household income: $79,085
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2293.0

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 0.59)
• Race & ethnicity: White 60% Black 20% Two or more races 10% Hispanic / Latino 9% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 1%

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: ▼ -363.80%
• Current HPI: 328.5435
• Rent YoY: ▲ 4.92%
• 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

2 events — show timeline

• 2026-05-15 Pending — REINMLS
• 2026-05-09 Listed $195,000 REINMLS

Property tax history

+3.3%/yr

Latest (2025): $1,581 · +7.8% YoY. Source: county tax records.