2215 Cannon Dr · Virginia Beach, VA 23454

$305,000

3 bd · 2.5 ba · 1,784 sqft · Townhouse public records · 16 Days on market

Built 1977 Est $359k · 15% under

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Why this score? — see what drove the C+ 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 +20.7/30.0
• ARV discount +14.2/15.0
• DSCR +6.6/10.0
• Schools +6.4/10.0
• 1% rule +4.8/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Sought after neighborhood in Great Neck. Visit this updated townhome that offers comfort, style, and convenience. Come into a spacious home featuring new LVP flooring, fresh paint, and new light fixtures throughout. Eat-in-Kitchen, Dining-room, Living-room and Sun-room creating the perfect flow for entertaining. A cozy wood-burning fireplace adds warmth and character. The kitchen features stainless steel appliance package. A convenient half bath is located on the main floor. Private backyard with wood privacy fence. Upstairs offers 3 spacious bedrooms, 2 full bathrooms. NO HOA. Conveniently located near Military Bases - Oceana, Dam Neck & Joint Expeditionary Base Little Creek-Fort Sto

Key facts

• Fresh paint
• Private backyard
• New light fixtures

Tags

• UPDATED TOWNHOME
• NEW LVP FLOORING
• FRESH PAINT
• NEW LIGHT FIXTURES
• COZY WOOD-BURNING FIREPLACE
• PRIVATE BACKYARD

Property features AI

Finance

• Other: City view
• HOA & community: No association fees indicated

Exterior

• Parking: Driveway spaces; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached townhouse; 2 stories; Slab foundation; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Patio; Back privacy wood fence

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Pantry; Breakfast area
• Bedrooms: One bedroom with ensuite; Master bedroom with bath
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump; Central air
• Interior features: Cable hookup; Ceiling fan; Wood fireplace; Pull-down attic stairs; Attic; Foyer; Sun room; Breakfast area; Pantry; Utility closet
• Laundry & utility: Washer hookup; Dryer hookup; Utility closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $305k.

Deal economics

• At list price, monthly cash flow is $414 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $299k (2.1% below list).
• Recommended offer: $299k (2.1% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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: Alanton Elementary (math 75% / reading 79%, grade A, #171 of 1,108 statewide, top 17%, 629 students, 46% FRL); Frank W. Cox High (math 81% / reading 88%, grade A, #23 of 319 statewide, top 8%, 1,681 students, 27% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 203 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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).
• This rent runs 35% of the median local income ($103k/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 $2k of loan paydown is wiped out by about $9k 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $85k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $190k; list at $305k implies a 61% gain — meaningful room to come down on a strong offer.

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 $298,659 (2.1% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $358,584
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2211 Sedgewick Dr	0.10mi	4/2.5 (+1)	1,774 (-1%)	3mo	$355,000	$200	87
818 Biltmore Dr	0.07mi	4/2.5 (+1)	1,872 (+5%)	5mo	$355,000	$190	79
2212 Windom Pl	0.15mi	4/2.5 (+1)	1,740 (-2%)	9mo	$347,500	$200	76
774 Biltmore Dr	0.07mi	4/2.5 (+1)	1,872 (+5%)	12mo	$350,000	$187	74
821 Westminster Ln	0.18mi	4/2.5 (+1)	1,748 (-2%)	13mo	$352,000	$201	73
539 Biltmore Dr	0.18mi	3/2.5	1,560 (-13%)	7mo	$302,900	$194	65
777 Westminster Ln	0.16mi	3/2.5	1,560 (-13%)	9mo	$313,000	$201	64
689 Biltmore Dr	0.16mi	3/2.5	1,550 (-13%)	11mo	$330,000	$213	62
414 Chinaberry Cir	0.71mi	4/2.5 (+1)	1,806 (+1%)	2mo	$345,000	$191	58
1005 Hanson Way	0.67mi	2/2.5 (-1)	1,725 (-3%)	2mo	$350,000	$203	56
1833 Durham W	0.73mi	3/2.5	1,890 (+6%)	2mo	$399,000	$211	54
634 Biltmore Dr	0.19mi	2/2.5 (-1)	1,520 (-15%)	12mo	$325,000	$214	51

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 · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-11,849
• Equity at exit: $45,476

10-year hold

• IRR: 9.6%
• Equity multiple: 1.86×
• Total profit: $73,238
• Equity at exit: $26,371

Cash invested: $85,400 (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 23454

• Rents YoY: 6.6%
• Active inventory: 203
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,987 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$219 /mo · $2,629/yr
• Insurance: −$127
• HOA: −$0
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $414

Break-even live

Break-even rent $2,463

Max offer price $305,000

Occupancy floor 81%

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1044 Commodore Dr Virginia Beach, VA	3.0	2.0	2418	$4,100	$1.70	2d	1	0.35mi
1997 Eastwood Villa Ln Virginia Beach, VA	1.0–3.0	1.0–2.5	1117	$2,209	$1.98	16d	1	0.65mi
2537 Torrey Pl Virginia Beach, VA	4.0	2.5	2300	$3,600	$1.57	21d	1	0.75mi
1821 Durham W Virginia Beach, VA	3.0	2.5	1780	$2,500	$1.40	23d	1	0.76mi
928 General Stuart Dr Virginia Beach, VA	4.0	2.5	2400	$3,800	$1.58	7d	1	0.84mi
472 Falling Ln Virginia Beach, VA	2.0	2.0	1225	$1,750	$1.43	19d	1	0.88mi
304 Windship Cv Virginia Beach, VA	2.0	2.5	1250	$2,195	$1.76	14d	1	0.88mi
1002 Colonial Meadows Way Virginia Beach, VA	3.0	2.5	1882	$3,300	$1.75	17d	1	1.04mi
2717 Seashore Cv Unit 1 Virginia Beach, VA	3.0	3.0	1714	$2,795	$1.63	23d	1	1.06mi
2717 Seashore Cv Virginia Beach, VA	3.0	2.5	1714	$2,795	$1.63	23d	1	1.06mi
2012 Breton Ct Virginia Beach, VA	4.0	2.5	2200	$2,900	$1.32	20d	1	1.35mi
513 Chesopeian Trl Virginia Beach, VA	3.0	3.0	2538	$4,100	$1.62	20d	1	1.38mi

Listing history 5 events

1. 2026-05-21
   historical Active Under Contract
2. 2026-05-13
   listed $305,000 Active
3. 2009-12-07
   soldstatus $190,000
4. 2009-08-31
   soldstatus $135,000
5. 2001-06-26
   soldstatus $86,990

ⓘ 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: $2,629 · $219/mo
• Projected year-2 tax: $2,629 · $219/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 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,839
• − Mortgage interest: −$17,085
• − Property taxes: −$2,629
• − Insurance: −$1,525
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − Depreciation: −$8,873
• Taxable loss: −$6
• Est. tax savings @ 24.0%: +$2
• After-tax cash flow: $4,967/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): 58,178
• Household income: $102,796
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1696.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Tagalog/Filipino 1% Chinese 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: ▼ -385.89%
• Current HPI: 328.85
• Rent YoY: ▲ 6.62%
• 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

+250.6% since first listed

5 events — show timeline

• 2026-05-21 Contingent — REINMLS
• 2026-05-13 Listed $305,000 REINMLS
• 2009-12-07 Sold (Public Records) $190,000 Public Records
• 2009-08-31 Sold (Public Records) $135,000 Public Records
• 2001-06-26 Sold (Public Records) $86,990 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,629 · +6.9% YoY. Source: county tax records.