537 Pier Ct · Virginia Beach, VA 23462

$135,000

2 bd · 1.0 ba · 816 sqft · Condo public records · 136 Days on market

Built 1988 $430/mo HOA · 25% of rent

---

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 +16.1/30.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

First-floor condominium offering convenient single-level living and a functional layout. This two-bedroom, one-bath unit has received updates over the years and provides comfortable living and bedroom spaces. The condominium association fee includes water, sewer, trash pickup, ground maintenance, and the master insurance policy covering the exterior of the building, helping to keep monthly expenses predictable. Priced below recent market activity, this property presents an attractive opportunity for ownership or long-term investment. Centrally located with easy access to shopping, dining, and major roadways. Buyer to verify all information deemed material, including condominium association

Key facts

• Centrally located
• Single-level living
• Functional layout

Tags

• FIRST-FLOOR CONDOMINIUM
• SINGLE-LEVEL LIVING
• FUNCTIONAL LAYOUT
• UPDATES OVER THE YEARS
• CENTRALLY LOCATED
• EASY ACCESS TO SHOPPING

Property features AI

Finance

• HOA & community: HOA present (Newpointe Condominium Association); Monthly condo fee ($430); Association management: The Select Group; HOA covers ground maintenance, sewer, trash pickup

Exterior

• Parking: Assigned/reserved parking (1 space)
• Utilities: City/County water; City/County sewer; Electric water heater; Electric service
• Home design: Attached condo; Apartment style; Single story (1 living level); Condo unit on level 1; Entry level: 1
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Patio; Ground maintenance included (HOA)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Breakfast area
• Bedrooms: Bedroom and full bathroom on first floor; 1st floor bedroom listed
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump; Central air
• Interior features: Ceiling fan; Cable hookup; Wood-burning fireplace
• Laundry & utility: Washer hookup; Dryer hookup; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $69 ($826/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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: Diamond Springs Elementary (484 students, 100% FRL); Bayside High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 1,983 students, 65% FRL) — zoned schools average 83% FRL vs 28% district-wide (54 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 227 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 30% of the median local income ($69k/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 $933 of loan paydown is wiped out by about $4k 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 136 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.
• Current owner paid $95k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 94% 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 $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 6.90%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.61% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.67×
• Total profit: $-12,571
• Equity at exit: $20,129

10-year hold

• IRR: 4.9%
• Equity multiple: 1.42×
• Total profit: $15,937
• Equity at exit: $11,672

Cash invested: $37,800 (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 23462

• Rents YoY: 5.6%
• Active inventory: 227
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,733 high
• Mortgage (P&I): −$708
• Tax from tax record: −$106 /mo · $1,273/yr
• Insurance: −$56
• HOA: −$430
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $69

Break-even live

Break-even rent $1,646

Max offer price $135,000

Occupancy floor 91%

Sensitivity live

Price	-10% $145	-5% $107	+0% $69	+5% $31	+10% $-8
Rent	-10% $-68	-5% $0	+0% $69	+5% $137	+10% $206
Rate	-1.0pp $137	-0.5pp $103	base $69	+0.5pp $34	+1.0pp $-2

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Spirit Ct Virginia Beach, VA	2.0	1.0	866	$1,875	$2.17	9d	1	0.02mi
607 Crows Nest Ct Virginia Beach, VA	2.0	1.0	700	$1,700	$2.43	25d	1	0.06mi
502 Wharf Ct Virginia Beach, VA	2.0	1.0	866	$1,495	$1.73	12d	1	0.07mi
5516 Seawall Ct Virginia Beach, VA	2.0–3.0	1.0–3.0	1125	$1,536	$1.36	3d	18	0.08mi
5619 Summit Arch Virginia Beach, VA	2.0	2.0	957	$1,650	$1.72	5d	1	0.16mi
5547 Lynbrook Lndg Virginia Beach, VA	3.0	1.0	820	$1,350	$1.65	18d	1	0.62mi
453 Peregrine St Virginia Beach, VA	2.0	1.0	994	$1,500	$1.51	25d	1	0.66mi
5781 Lake Edward Dr Virginia Beach, VA	2.0	1.0–1.5	1075	$1,478	$1.37	3d	15	0.78mi
512 Featherstone Ct Unit 501-201D Virginia Beach, VA	2.0	1.0	897	$1,549	$1.73	25d	1	0.81mi
512 Featherstone Ct Unit 573F Virginia Beach, VA	3.0	1.0	1047	$1,675	$1.60	25d	1	0.81mi
512 Featherstone Ct Unit 520102-F Virginia Beach, VA	1.0	1.0	897	$799	$0.89	5d	1	0.81mi
5414 Catina Arch Virginia Beach, VA	1.0–4.0	1.0–1.5	866	$1,717	$1.98	4d	10	0.86mi
5161 Weaver Dr Virginia Beach, VA	2.0–3.0	1.0	971	$1,549	$1.60	5d	4	0.89mi
5141 Gracewood Ln Unit 203 Virginia Beach, VA	1.0	1.0	748	$1,595	$2.13	21d	1	0.91mi
5433 Campus Dr Virginia Beach, VA	2.0	2.0	1000	$1,700	$1.70	4d	1	0.95mi
5301 Justin Ct Virginia Beach, VA	1.0–2.0	1.0	695	$1,599	$2.30	25d	12	0.98mi
5312 Justin Ct Unit 800-21-102E Virginia Beach, VA	2.0	1.0	800	$1,599	$2.00	25d	1	1.01mi
5312 Justin Ct Unit 808-11-202E Virginia Beach, VA	1.0	1.0	550	$1,399	$2.54	25d	1	1.01mi
5441 Greenwich Rd Virginia Beach, VA	1.0–2.0	1.0–2.0	1075	$3,149	$2.93	3d	13	1.02mi
6163 Kempsville Cir Norfolk, VA	1.0–3.0	1.0–2.0	1120	$2,523	$2.25	3d	12	1.36mi
5528 Carolanne Ter Virginia Beach, VA	2.0	2.0	950	$1,725	$1.82	3d	1	1.36mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	723	$1,775	$2.46	21d	1	1.45mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1070	$2,400	$2.24	45d	1	1.45mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	914	$2,250	$2.46	17d	1	1.45mi
1060 Kempsville Rd Apt 10305 Norfolk, VA	2.0	2.0	975	$2,142	$2.20	9d	1	1.46mi
1060 Kempsville Rd Unit 00 09212 Norfolk, VA	2.0	2.0	1002	$2,370	$2.37	45d	1	1.46mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Likely covers: watersewertrashinsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $135,000 Active 136 DOM
2. 2026-06-18
   days on market $135,000 Active 133 DOM
3. 2026-06-17
   days on market $135,000 Active 132 DOM
4. 2026-06-16
   days on market $135,000 Active 131 DOM
5. 2026-06-15
   days on market $135,000 Active 130 DOM
6. 2026-06-13
   days on market $135,000 Active 128 DOM
7. 2026-06-09
   days on market $135,000 Active 124 DOM
8. 2026-06-08
   days on market $135,000 Active 123 DOM
9. 2026-06-07
   days on market $135,000 Active 122 DOM
10. 2026-06-03
    days on market $135,000 Active 118 DOM
11. 2026-06-02
    days on market $135,000 Active 117 DOM
12. 2026-06-01
    days on market $135,000 Active 116 DOM
13. 2026-05-31
    days on market $135,000 Active 115 DOM
14. 2026-02-04
    listed $135,000 Active
15. 2024-04-13
    historical $1,250
16. 2024-04-12
    listed $1,250
17. 2024-04-11
    price $1,250
18. 2008-06-13
    soldstatus $95,000
19. 2008-04-29
    soldstatus $53,000

ⓘ 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: $1,273 · $106/mo
• Projected year-2 tax: $1,273 · $106/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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,796
• − Mortgage interest: −$7,562
• − Property taxes: −$1,273
• − Insurance: −$675
• − Repairs & maintenance: −$1,664
• − Management: −$1,664
• − HOA: −$5,160
• − Depreciation: −$3,927
• Taxable loss: −$1,128
• Est. tax savings @ 24.0%: +$271
• After-tax cash flow: $1,097/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): 66,151
• Household income: $69,040
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 3906.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -269.19%
• Current HPI: 333.1908
• Rent YoY: ▲ 5.61%
• 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

+154.7% since first listed

6 events — show timeline

• 2026-02-04 Listed $135,000 REINMLS
• 2024-04-13 Rental Removed $1,250 APPFOLIO
• 2024-04-12 Listed for Rent $1,250 APPFOLIO
• 2024-04-11 Price Changed $1,250 REINMLS
• 2008-06-13 Sold (Public Records) $95,000 Public Records
• 2008-04-29 Sold (Public Records) $53,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,273 · +6.4% YoY. Source: county tax records.