2279 Foster Myer Ln · Gloucester Point, VA 23072

$250,000

4 bd · 2.5 ba · 1,836 sqft · Manufactured public records · 5 Days on market

Built 1996 0.75 ac lot $136/sqft · 47% above area Est $186k · 34% over

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Why this score? — see what drove the F 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 +13.0/30.0
• Schools +5.6/10.0
• DSCR +3.9/10.0
• Livability +3.3/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

The best buy at The Point in Gloucester Co, VA! Turn key rancher! Very clean! Open floor plan! 3/4 acre lot not in a flood zone! Home features Foyer, Living room, Dining room, Family room w/ fireplace, sun room, office, laundry room, 4 good sized bedrooms, 2.5 baths, deck, hot tub, detached workshop/storage building. Freshly finished ready for sale! New flooring, new S/S appliances, freshly painted. (storage shed & hot tub convey as-is) Won't last long! Hurry!

Key facts

• Open floor plan
• Quality schools
• Brand new heat pump

Tags

• OPEN FLOOR PLAN
• BRAND NEW HEAT PUMP
• MINUTES FROM COLEMAN BRIDGE
• NEARBY ABINGDON PARK
• CONVENIENT SHOPPING
• QUALITY SCHOOLS

Property features AI

Exterior

• Parking: No garage; Off-street parking
• Utilities: Well water; Septic tank
• Home design: Single-family residence; One level (single story)
• Construction: Frame construction with vinyl siding
• Exterior features: No fencing; Shingle roof; Approximately 0.75-acre lot; Zoned SF-1

Interior

• Kitchen: Cooktop; Dishwasher; Range hood; Refrigerator; Electric water heater
• Bedrooms: Total rooms: 6
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump heating; Electric heating available; Heat pump cooling
• Interior features: Gas fireplace; Crawl space basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $-14 ($-164/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (23.5% below list).
• Recommended offer: $191k (23.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.3% in Gloucester Point — 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 66/100 on livability (#313 in VA) — a middle-class / working-renter tenant base. Strengths: housing A, cost of living B+, crime B; Watch: amenities F, commute F, health & safety F.
• Gloucester County Public School District (rural): math 57% / reading 73% proficiency, ranked #37 of 131 in VA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Abingdon Elementary (math 61% / reading 66%, grade B, #460 of 1,108 statewide, top 42%, 441 students, 69% FRL); Page Middle (math 48% / reading 70%, grade B, #166 of 342 statewide, top 50%, 581 students, 65% FRL); Gloucester High (math 58% / reading 86%, grade B+, #134 of 319 statewide, top 45%, 1,531 students, 39% FRL) — zoned schools average 58% FRL vs 29% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 116 active listings in the ZIP; 85 units permitted in Gloucester County in 2024 (0 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 $8k of value loss. Plan a longer hold.
• Gloucester County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y ago 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $191,247 (23.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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. 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• GRM: 10.9

CMA / ARV

• ARV (median comp): $186,167
• List price: $250,000
• Delta: 34.29%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7166 River Run Rd	0.25mi	3/2.0 (-1)	1,728 (-6%)	9mo	$175,900	$102	64

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-41,478
• Equity at exit: $37,276

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-37,630
• Equity at exit: $21,615

Cash invested: $70,000 (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 23072

• Home prices YoY: -31.7%
• Active inventory: 116
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,912 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $-14

Break-even live

Break-even rent $1,930

Max offer price $247,583

Occupancy floor 96%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-06
   status Pending 1645-char remark
2. 2026-05-01
   listed $250,000 Active 1645-char remark
3. 2017-12-04
   soldstatus $160,000 470-char remark

   Show marketing remark (470 chars)

   The best buy at The Point in Gloucester Co, VA! Turn key rancher! Very clean! Open floor plan! 3/4 acre lot not in a flood zone! Home features Foyer, Living room, Dining room, Family room w/ fireplace, sun room, office, laundry room, 4 good sized bedrooms, 2.5 baths, deck, hot tub, detached workshop/storage building. Freshly finished ready for sale! New flooring, new S/S appliances, freshly painted. (storage shed & hot tub convey as-is) Won't last long! Hurry!

4. 2017-12-04
   soldstatus $160,000

   Show marketing remark (470 chars)

   The best buy at The Point in Gloucester Co, VA! Turn key rancher! Very clean! Open floor plan! 3/4 acre lot not in a flood zone! Home features Foyer, Living room, Dining room, Family room w/ fireplace, sun room, office, laundry room, 4 good sized bedrooms, 2.5 baths, deck, hot tub, detached workshop/storage building. Freshly finished ready for sale! New flooring, new S/S appliances, freshly painted. (storage shed & hot tub convey as-is) Won't last long! Hurry!

5. 2017-09-07
   listed $164,900 470-char remark

   Show marketing remark (470 chars)

   The best buy at The Point in Gloucester Co, VA! Turn key rancher! Very clean! Open floor plan! 3/4 acre lot not in a flood zone! Home features Foyer, Living room, Dining room, Family room w/ fireplace, sun room, office, laundry room, 4 good sized bedrooms, 2.5 baths, deck, hot tub, detached workshop/storage building. Freshly finished ready for sale! New flooring, new S/S appliances, freshly painted. (storage shed & hot tub convey as-is) Won't last long! Hurry!

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$738/yr (+$61/mo · 56.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $22,950
• − Mortgage interest: −$14,004
• − Property taxes: −$1,312
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,836
• − Management: −$1,836
• − Depreciation: −$7,273
• Taxable loss: −$4,561
• Est. tax savings @ 24.0%: +$1,095
• After-tax cash flow: $930/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: Gloucester County Public School District
• NCES district ID: 5101620
• Math proficiency: 57% ▼ -30.00%
• Reading proficiency: 73% ▼ -8.00%
• Median HH income: $60,815
• Composite: 56.19/100
• National rank: #1177
• State rank: #37 of 131 in VA

Livability — Gloucester Point

• Score: 66/100
• State rank: #313
• US rank: #11227

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gloucester Point, VA
• City population: 1,862
• Population (ZIP): 13,069

Population outlook (Gloucester County) Hauer SSP2

• Today (2025): 37,437 people
• By 2030: 37,286 · -0.4%
• By 2040: 36,224 · -3.2%
• By 2050: 34,171 · -8.7%
• By 2075: 30,472 · -18.6%
• By 2100: 25,832 · -31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 10% Two or more races 8% Hispanic / Latino 5% Asian 1%
• Common ancestry: Italian 2% Serbian 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Gloucester

• 2024 margin: Solid R (+38.4) · D 30.4% · R 68.8%
• 2008→2024 swing: -11.5pp toward R · 2008: -26.9pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+35.5 2016: R+39.4 2012: R+27.9 2008: R+26.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.83%
• Current HPI: 165.83
• Rent YoY: —
• Metro: —
• 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

+57.7% since first listed

7 events — show timeline

• 2026-06-16 Delisted — CBRAR
• 2026-06-12 Sold (MLS) $260,000 CBRAR
• 2026-05-06 Pending — CBRAR
• 2026-05-01 Listed $250,000 CBRAR
• 2017-12-04 Sold (Public Records) $160,000 Public Records
• 2017-12-04 Sold (MLS) $160,000 CBRAR
• 2017-09-07 Listed $164,900 CBRAR

Property tax history

+1.9%/yr

Latest (2025): $1,312 · +5.3% YoY. Source: county tax records.