501 N High St · Franklin, VA 23851

$45,000

5 bd · 1.5 ba · 2,831 sqft · SingleFamily public records · 17 Days on market

Built 1906

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your ideas and see the possibilities this property has to offer! Due to the property's condition (fire damage), interior access is not recommended unless necessary for a buyer's evaluation. All parties entering the property are required to sign a Property Access & Hold Harmless Agreement prior to entry

Key facts

• Built 1906
• Listed 17 days

Property features AI

Finance

• HOA & community: No HOA or association fees

Exterior

• Parking: Driveway parking spaces
• Utilities: City/County water; City/County sewer
• Home design: Detached traditional Victorian; 2 stories; Simple ownership
• Construction: Aluminum and wood siding; Basement and crawl foundation
• Exterior features: Partial wood fence; Storage shed

Interior

• Kitchen: Kitchen
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Wood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Wood flooring; Utility room; Living room; Great room; Dining room; Family room
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 32.4% vs local median 3.7% in Franklin — 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 59/100 on livability (#461 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime F, amenities F, commute F.
• Franklin City Public School District (town): math 23% / reading 51% proficiency, ranked #127 of 131 in VA (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Franklin High (math 37% / reading 82%, grade C+, #247 of 319 statewide, top 80%, 378 students, 100% FRL) — zoned schools average 100% FRL vs 75% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 60% at this address vs 37% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Franklin City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 137 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Franklin County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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

• Watch-outs: property tax is 4.0% of price; built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $44,325 (1.5% below list)

Questions for the listing agent

1. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.89% ✓
• Cap rate: 32.44%
• Cash-on-cash: 93.37%
• DSCR: 5.15
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $124,564
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 Norfleet St	0.06mi	5/3.0	2,781 (-2%)	3mo	$100,000	$36	85
408 N High St	0.10mi	5/2.0	2,748 (-3%)	4mo	$115,000	$42	85
107 N High St	0.26mi	5/3.0	2,734 (-3%)	13mo	$120,000	$44	65
845 Clay St	0.61mi	4/2.0 (-1)	2,792 (-1%)	3mo	$305,000	$109	60
904 N High St	0.47mi	4/2.5 (-1)	2,460 (-13%)	7mo	$375,000	$152	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 94.2%
• Equity multiple: 5.38×
• Total profit: $55,229
• Equity at exit: $6,710

10-year hold

• IRR: 97.0%
• Equity multiple: 11.22×
• Total profit: $128,830
• Equity at exit: $3,891

Cash invested: $12,600 (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 23851

• Home prices YoY: -10.2%
• Active inventory: 137
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,752 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$149 /mo · $1,785/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $980

Break-even live

Break-even rent $511

Max offer price $45,000

Occupancy floor 39%

Sensitivity live

Price	-10% $1,006	-5% $993	+0% $980	+5% $968	+10% $955
Rent	-10% $842	-5% $911	+0% $980	+5% $1,050	+10% $1,119
Rate	-1.0pp $1,003	-0.5pp $992	base $980	+0.5pp $969	+1.0pp $957

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $45,000 Active 17 DOM
2. 2026-06-18
   days on market $45,000 Active 15 DOM
3. 2026-06-17
   days on market $45,000 Active 14 DOM
4. 2026-06-16
   days on market $45,000 Active 13 DOM
5. 2026-06-15
   days on market $45,000 Active 12 DOM
6. 2026-06-15
   days on market $45,000 Active 11 DOM
7. 2026-06-13
   days on market $45,000 Active 10 DOM
8. 2026-06-12
   days on market $45,000 Active 9 DOM
9. 2026-06-09
   days on market $45,000 Active 6 DOM
10. 2026-06-08
    days on market $45,000 Active 5 DOM
11. 2026-06-08
    days on market $45,000 Active 4 DOM
12. 2026-06-05
    remarks 346-char remark
13. 2026-06-05
    days on market $45,000 Active 2 DOM
14. 2026-06-04
    remarks 311-char remark
15. 2026-06-04
    listed $45,000 Active 1 DOM

ⓘ 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: $1,785 · $149/mo
• Projected year-2 tax: $1,785 · $149/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 8/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,020
• − Mortgage interest: −$2,521
• − Property taxes: −$1,785
• − Insurance: −$225
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − Depreciation: −$1,309
• Taxable income: $11,817
• Est. tax owed @ 24.0%: −$2,836
• After-tax cash flow: $8,928/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: Franklin City Public School District
• NCES district ID: 5101410
• Math proficiency: 23% ▼ -48.00%
• Reading proficiency: 51% ▼ -18.00%
• Median HH income: $35,138
• Composite: 30.47/100
• National rank: #6227
• State rank: #127 of 131 in VA

Livability — Franklin

• Score: 59/100
• State rank: #461
• US rank: #19645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, VA
• Population (ZIP): 13,481

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 7,817 people
• By 2030: 7,480 · -4.3%
• By 2040: 6,803 · -13.0%
• By 2050: 6,124 · -21.7%
• By 2075: 4,484 · -42.6%
• By 2100: 2,967 · -62.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 45% White 44% Two or more races 8% Hispanic / Latino 2% Asian 2%
• Common ancestry: Serbian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Franklin

• 2024 margin: Strong D (+22.8) · D 60.9% · R 38.1% · Other 1.1%
• 2008→2024 swing: -5.3pp toward R · 2008: 28.1pp · 2024: 22.8pp
• All cycles: 2024: D+22.8 2020: D+25.6 2016: D+27.1 2012: D+30.7 2008: D+28.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.51%
• Current HPI: 293.564
• 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

-78.2% since first listed

12 events — show timeline

• 2026-06-03 Listed $45,000 REINMLS
• 2026-06-03 Listed $45,000 REINMLS
• 2026-04-22 Listing Removed — MLSRV
• 2026-04-09 Price Changed $42,000 MLSRV
• 2026-03-20 Price Changed $42,300 MLSRV
• 2026-03-04 Price Changed $45,900 MLSRV
• 2026-02-09 Price Changed $48,600 MLSRV
• 2026-01-22 Price Changed $53,800 MLSRV
• 2026-01-06 Price Changed $64,000 MLSRV
• 2025-12-19 Price Changed $73,100 MLSRV
• 2025-12-03 Listed $74,200 MLSRV
• 2006-07-31 Sold (Public Records) $206,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $1,785 · +0.0% YoY. Source: county tax records.