15-2 Beverly Ct · East Lexington, VA 24450

$201,400

2 bd · 2.5 ba · 1,088 sqft · Condo public records · 312 Days on market

Built 2003

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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 +12.5/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• DSCR +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

Key facts

• Built 2003
• Listed 312 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $201k.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (17.0% below list).
• Recommended offer: $167k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.7% in East Lexington — 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 71/100 on livability (#218 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living A; Watch: housing C-, employment D, amenities F.
• Rockbridge County Public School District (town): math 43% / reading 67% proficiency, ranked #80 of 131 in VA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Central Elementary (math 37% / reading 62%, grade D, #742 of 1,108 statewide, top 70%, 452 students, 70% FRL); Maury River Middle (math 38% / reading 63%, grade C, #226 of 342 statewide, top 67%, 502 students, 70% FRL); Rockbridge County High (math 52% / reading 82%, grade B, #185 of 319 statewide, top 61%, 994 students, 66% FRL) — zoned schools average 69% FRL vs 37% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 148 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 85 units permitted in Rockbridge County in 2024 (0 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.
• Rockbridge County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 312 days — a 12% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $19k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,120 (17.0% 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. It's been on market 312 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 0.83% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.7%
• Equity multiple: 0.31×
• Total profit: $-38,798
• Equity at exit: $30,029

10-year hold

• IRR: -12.5%
• Equity multiple: 0.26×
• Total profit: $-41,605
• Equity at exit: $17,413

Cash invested: $56,392 (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 24450

• Home prices YoY: -22.8%
• Active inventory: 148
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,671 medium
• Mortgage (P&I): −$1,056
• Tax from tax record: −$76 /mo · $913/yr
• Insurance: −$84
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$135
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-97

Break-even live

Break-even rent $1,794

Max offer price $184,194

Occupancy floor —

Sensitivity live

Price	-10% $17	-5% $-40	+0% $-97	+5% $-154	+10% $-211
Rent	-10% $-229	-5% $-163	+0% $-97	+5% $-31	+10% $35
Rate	-1.0pp $4	-0.5pp $-46	base $-97	+0.5pp $-150	+1.0pp $-203

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: $50,350
• Closing costs: $6,042
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Triple Crown Dr Unit 25 Lexington, VA	3.0	2.5	1300	$2,100	$1.62	16d	1	0.13mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-03-22
   price $201,400 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

2. 2026-03-02
   status Active 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

3. 2026-02-18
   historical 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

4. 2025-12-16
   status Active 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

5. 2025-12-16
   historical 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

6. 2025-12-04
   status Active 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

7. 2025-12-01
   historical 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

8. 2025-11-07
   price $210,000 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

9. 2025-11-03
   price $215,000 594-char remark

   Show marketing remark (594 chars)

   Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

10. 2025-06-30
    listed $220,000 Active 594-char remark

    Show marketing remark (594 chars)

    Well-maintained 2 bedroom, 2.5 bath town home located in Pike's Place. Currently rented. Close to Lexington, VMI and W & L. Large living room, convenient kitchen with eat-in dining. Sliding glass door opens to a private rear deck. The Second Level offers 2 bedrooms -- each with a private full bath! New HVAC in 2021. New washer & dryer in 2023. New refrigerator in 2024. Dedicated parking for 2 vehicles. Comfortable personal residence, or a rental investment. Low maintenance living!! Pull down stairs to the attic. 15-2 Beverly Court is currently rented on a month to month lease.

11. 2022-12-06
    soldstatus $182,000 365-char remark

    Show marketing remark (365 chars)

    Sweet, well-maintained 2 bedroom/2.5 bath townhome located in Pikes Place! Close to Lexington, VMI and W & L. Spacious living room, quaint kitchen with eat-in area and a private back deck. Laundry area and 1/2 bath are located on the first floor. Second level offers 2 bedrooms, each with a private full bath!!! Currently Rented through May 2023. New HVAC 2021.

12. 2022-12-06
    soldstatus $182,000

    Show marketing remark (365 chars)

    Sweet, well-maintained 2 bedroom/2.5 bath townhome located in Pikes Place! Close to Lexington, VMI and W & L. Spacious living room, quaint kitchen with eat-in area and a private back deck. Laundry area and 1/2 bath are located on the first floor. Second level offers 2 bedrooms, each with a private full bath!!! Currently Rented through May 2023. New HVAC 2021.

13. 2022-10-13
    listed $182,000 365-char remark

    Show marketing remark (365 chars)

    Sweet, well-maintained 2 bedroom/2.5 bath townhome located in Pikes Place! Close to Lexington, VMI and W & L. Spacious living room, quaint kitchen with eat-in area and a private back deck. Laundry area and 1/2 bath are located on the first floor. Second level offers 2 bedrooms, each with a private full bath!!! Currently Rented through May 2023. New HVAC 2021.

14. 2018-11-27
    soldstatus $121,500

ⓘ 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: $913 · $76/mo
• Projected year-2 tax: $1,651 · $138/mo
• Expected delta: +$738/yr (+$62/mo · 80.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°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: $20,054
• − Mortgage interest: −$11,282
• − Property taxes: −$913
• − Insurance: −$1,804
• − Repairs & maintenance: −$1,604
• − Management: −$1,604
• − HOA: −$1,620
• − Depreciation: −$5,859
• Taxable loss: −$4,633
• Est. tax savings @ 24.0%: +$1,112
• After-tax cash flow: $-57/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: Rockbridge County Public School District
• NCES district ID: 5103370
• Math proficiency: 43% ▼ -41.00%
• Reading proficiency: 67% ▼ -12.00%
• Median HH income: $48,021
• Composite: 46.65/100
• National rank: #2408
• State rank: #80 of 131 in VA

Livability — East Lexington

• Score: 71/100
• State rank: #218
• US rank: #7157

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Lexington, VA
• County: Rockbridge County · 17,714 people
• Metro: nan
• Population (ZIP): 17,714
• Household income: $76,587
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 429.0

Population outlook (Rockbridge County) Hauer SSP2

• Today (2025): 22,549 people
• By 2030: 22,381 · -0.7%
• By 2040: 21,488 · -4.7%
• By 2050: 20,054 · -11.1%
• By 2075: 16,228 · -28.0%
• By 2100: 11,598 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Serbian 4% Italian 2% Slovak 2%
• Foreign-born: 4% · China, Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Chinese 1% Korean 1%

Political lean MEDSL · Rockbridge

• 2024 margin: Solid R (+33.8) · D 32.6% · R 66.4%
• 2008→2024 swing: -20.2pp toward R · 2008: -13.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+32.4 2016: R+29.6 2012: R+17.8 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.84%
• Current HPI: 283.7394
• Rent YoY: —
• Metro: nan
• 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

+65.8% since first listed

14 events — show timeline

• 2026-03-22 Price Changed $201,400 RHR
• 2026-03-02 Relisted — RHR
• 2026-02-18 Delisted — RHR
• 2025-12-16 Relisted — RHR
• 2025-12-16 Delisted — RHR
• 2025-12-04 Relisted — RHR
• 2025-12-01 Delisted — RHR
• 2025-11-07 Price Changed $210,000 RHR
• 2025-11-03 Price Changed $215,000 RHR
• 2025-06-30 Listed $220,000 RHR
• 2022-12-06 Sold (Public Records) $182,000 Public Records
• 2022-12-06 Sold (MLS) $182,000 RHR
• 2022-10-13 Listed $182,000 RHR
• 2018-11-27 Sold (Public Records) $121,500 Public Records

Property tax history

+2.5%/yr

Latest (2025): $913 · +4.9% YoY. Source: county tax records.