1602 Fairfax Dr · Virginia Beach, VA 23453

$240,000

2 bd · 1.0 ba · 860 sqft · Townhouse public records · 20 Days on market

Built 1983 Est $200k · 20% over $47/mo HOA · 3% of rent

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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).

• Cash flow +11.3/30.0
• Schools +6.4/10.0
• Rent growth +4.9/5.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy modern living in this beautifully updated townhome in Virginia Beach. Featuring clean contemporary style and fully renovated from top to bottom. The kitchen shines with its brand new granite countertop, stainless steel appliances, and soft close cabinets! New LVP flooring and updated light fixtures add a fresh, stylish feel throughout the home. Major updates include a new water heater and roof for added peace of mind. Fully remodeled bathroom with custom tile bathtub for a sleek, modern touch. The icing on the cake is you get to enjoy a peaceful water view! Homes like this don’t last long come see today!

Key facts

• $47 HOA
• 2 parking spots
• Built 1983

Property features AI

Finance

• Other: Pond/ waterfront view
• HOA & community: Homeowners association (monthly fee); Monthly HOA/POA fee: $47; Community amenities: clubhouse, exercise room, grounds maintenance, playgrounds, pool, tennis courts, trash pickup

Exterior

• Parking: Driveway parking for 2 vehicles
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; Single-story (1 living level); Slab foundation
• Construction: Brick and vinyl siding; Asphalt shingle roof
• Exterior features: Patio; Back yard with privacy wood fence

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: First-floor master bedroom; Additional bedroom on first floor
• Flooring: Laminate flooring
• Bathrooms: One full bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Ceiling fan; Wood stove; One fireplace
• Laundry & utility: Washer hookup; Dryer hookup; Utility room on first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $240k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (23.0% below list).
• Recommended offer: $185k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Rosemont Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 431 students, 75% FRL); Landstown Middle (math 64% / reading 81%, grade A, #61 of 342 statewide, top 18%, 1,278 students, 41% FRL); Green Run High (math 64% / reading 69%, grade B, #195 of 319 statewide, top 62%, 1,517 students, 69% FRL) — zoned schools average 62% FRL vs 28% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.7%/yr); 104 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 20 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $150k; list at $240k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,895 (23.0% 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. 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: 0.77% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $200,380
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1602 Fairfax Dr	0.00mi	2/1.0	900 (+5%)	1mo	$250,000	$278	92
3536 Dublin Ct	0.06mi	2/2.0	904 (+5%)	1mo	$164,000	$181	84
3520 Markham Ct	0.12mi	2/2.0	904 (+5%)	10mo	$189,670	$210	73
3518 Remington Ct	0.10mi	2/1.0	752 (-13%)	1mo	$190,000	$253	73
3530 Dublin Ct	0.06mi	2/1.0	752 (-13%)	5mo	$196,000	$261	72
3516 Lankford Ct	0.06mi	2/1.0	752 (-13%)	6mo	$175,000	$233	71
3527 Dublin Ct	0.09mi	2/1.0	752 (-13%)	6mo	$150,000	$199	70
3861 Lasalle Dr #102	0.36mi	1/1.0 (-1)	788 (-8%)	2mo	$205,000	$260	62
3501 Markham Ct	0.14mi	2/2.0	976 (+14%)	8mo	$205,000	$210	61
1401 Wendfield Dr #101	0.38mi	2/1.0	956 (+11%)	9mo	$180,000	$188	56
3613 Wetherington Dr #101	0.44mi	2/1.0	956 (+11%)	12mo	$175,000	$183	51
4202 Macarthur Rd	0.74mi	2/1.0	945 (+10%)	9mo	$225,000	$238	41

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: -13.9%
• Equity multiple: 0.48×
• Total profit: $-34,870
• Equity at exit: $35,785

10-year hold

• IRR: 1.2%
• Equity multiple: 1.10×
• Total profit: $6,597
• Equity at exit: $20,751

Cash invested: $67,200 (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 23453

• Home prices YoY: -13.4%
• Rents YoY: 9.7%
• Active inventory: 104
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,849 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$100
• HOA: −$47
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-90

Break-even live

Break-even rent $1,962

Max offer price $224,156

Occupancy floor 100%

Sensitivity live

Price	-10% $46	-5% $-22	+0% $-90	+5% $-158	+10% $-226
Rent	-10% $-236	-5% $-163	+0% $-90	+5% $-17	+10% $56
Rate	-1.0pp $31	-0.5pp $-29	base $-90	+0.5pp $-152	+1.0pp $-215

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3528 Dublin Ct Virginia Beach, VA	2.0	1.0	752	$1,700	$2.26	14d	1	0.06mi
3500 Irvington Ct Virginia Beach, VA	2.0	2.0	999	$2,000	$2.00	25d	1	0.14mi
3702 Canadian Arch Virginia Beach, VA	2.0	1.5	1100	$1,700	$1.55	6d	1	0.47mi
3638 Windmill Dr Virginia Beach, VA	2.0	1.0	934	$1,695	$1.81	12d	1	0.49mi
3560 Windmill Dr Virginia Beach, VA	3.0	1.5	1080	$2,100	$1.94	25d	1	0.58mi
3500 Green Garden Cir Virginia Beach, VA	2.0	1.0	980	$1,685	$1.72	25d	1	0.96mi
1400 Dewitt Way Virginia Beach, VA	2.0–3.0	2.0–2.5	1212	$1,700	$1.40	25d	1	0.98mi
1301 Pine Cone Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	827	$1,874	$2.26	3d	13	1.05mi
807 Foxmoore Ct Virginia Beach, VA	2.0	2.5	1125	$2,000	$1.78	4d	1	1.12mi
713 Willow Lake Cir Virginia Beach, VA	1.0–2.0	1.0–2.0	1041	$2,475	$2.38	25d	1	1.23mi
1257 Green Cedar Ln Virginia Beach, VA	2.0	1.5	950	$1,725	$1.82	9d	1	1.23mi
1012 Grassland Ct Virginia Beach, VA	3.0	2.0	1021	$2,050	$2.01	25d	1	1.26mi
1027 Tivoli Cres Virginia Beach, VA	1.0–2.0	1.0	787	$1,573	$2.00	25d	1	1.27mi
3745 Edenberry Ct Virginia Beach, VA	1.0	1.0	920	$1,699	$1.85	3d	1	1.29mi
3745 Edenberry Ct Virginia Beach, VA	2.0	2.0	1044	$1,899	$1.82	6d	1	1.29mi
3816 Banyan Grove Ln Virginia Beach, VA	1.0–3.0	1.0–2.0	945	$2,298	$2.43	3d	15	1.31mi
3700 Snowdrift Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	887	$2,164	$2.44	25d	1	1.32mi

HOA detail

• Monthly dues: $47 · $564/yr
• Likely covers: water

Listing history 5 events

1. 2026-05-20
   status Under Contract
2. 2026-05-02
   historical Active Under Contract
3. 2026-04-30
   listed $240,000 Active
4. 2026-04-03
   soldstatus $150,000
5. 2004-10-07
   soldstatus $85,000

ⓘ 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: $1,737 · $145/mo
• Projected year-2 tax: $1,968 · $164/mo
• Expected delta: +$231/yr (+$19/mo · 13.3%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% 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: $22,187
• − Mortgage interest: −$13,444
• − Property taxes: −$1,737
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − HOA: −$564
• − Depreciation: −$6,982
• Taxable loss: −$5,289
• Est. tax savings @ 24.0%: +$1,269
• After-tax cash flow: $193/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): 34,482
• Household income: $93,838
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 799.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Black 22% Two or more races 14% Asian 12% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 2% Romanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Tagalog/Filipino 6% Spanish 5% Other Indo-European 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: ▼ -52.96%
• Current HPI: 341.8757
• Rent YoY: ▲ 9.69%
• 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

+182.4% since first listed

5 events — show timeline

• 2026-05-20 Pending — REINMLS
• 2026-05-02 Contingent — REINMLS
• 2026-04-30 Listed $240,000 REINMLS
• 2026-04-03 Sold (Public Records) $150,000 Public Records
• 2004-10-07 Sold (Public Records) $85,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $1,737 · +8.4% YoY. Source: county tax records.