528 Rainbow Ct #103 · Newport News, VA 23608

$155,000

2 bd · 2.0 ba · 1,200 sqft · Condo · 20 Days on market

Built 1990 Average condition $129/sqft · 5% below area Est $164k · 5% under $300/mo HOA · 19% 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).

• ARV discount +9.9/15.0
• Cash flow +8.4/30.0
• 1% rule +5.1/10.0
• Rent growth +4.2/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.8/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your beautiful new condo. With this first-floor condo you can experience a blend of comfort and accessibility. The primary has an en-suit bathroom for added privacy. The inviting floorplan flows well for entertaining or a relaxing night in. Conveniently located near entertaining, restaurants, highway access, and more. Ready to tour? Schedule an appointment today this one will not last long.

Key facts

• $300 HOA
• Built 1990
• Listed 20 days

Property features AI

Finance

• Other: Pet restrictions apply
• HOA & community: HOA (The Arbors Condominium HOA); HOA managed by Community First Assoc; Condo association fee $300 monthly; Community amenities include clubhouse, exercise room, pool, ground maintenance, and water

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; 2-unit condo style; Corner unit; Single-story living level; Condo ownership; Condo located on level 1
• Construction: Asphalt shingle roof; Slab foundation
• Exterior features: Patio; Vinyl siding; Storm doors

Interior

• Kitchen: Refrigerator; Electric range; Microwave; Dishwasher; Garbage disposal; Pantry (kitchen storage)
• Bedrooms: First-floor master bedroom with ensuite (one bedroom has an ensuite); Additional bedroom
• Flooring: Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Heat pump; Central air
• Interior features: Wood-burning fireplace; Laminate flooring; Pantry; Utility closet
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $155k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-140 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (13.0% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $135k (13.0% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 4.2% in Newport News — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hilton Elementary (math 47% / reading 72%, grade B-, #536 of 1,108 statewide, top 51%, 382 students, 91% FRL); Denbigh High (math 32% / reading 65%, grade D, #301 of 319 statewide, top 95%, 1,225 students, 65% FRL) — zoned schools average 78% FRL vs 55% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.9%/yr); 213 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 522 units permitted in Newport News city in 2024 (458 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 $5k of value loss. Plan a longer hold.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 2 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

• 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 $134,797 (13.0% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• GRM: 8.3

CMA / ARV

• ARV (median comp): $163,548
• List price: $155,000
• Delta: -5.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.87% rent growth · sell at horizon

5-year hold

• IRR: -17.2%
• Equity multiple: 0.37×
• Total profit: $-27,495
• Equity at exit: $23,111

10-year hold

• IRR: -1.8%
• Equity multiple: 0.85×
• Total profit: $-6,521
• Equity at exit: $13,402

Cash invested: $43,400 (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 23608

• Home prices YoY: -10.5%
• Rents YoY: 6.9%
• Active inventory: 213
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,559 high
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$300
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-140

Break-even live

Break-even rent $1,736

Max offer price $134,797

Occupancy floor —

Sensitivity live

Price	-10% $-32	-5% $-86	+0% $-140	+5% $-193	+10% $-247
Rent	-10% $-263	-5% $-201	+0% $-140	+5% $-78	+10% $-16
Rate	-1.0pp $-62	-0.5pp $-100	base $-140	+0.5pp $-180	+1.0pp $-221

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 Mary Robert Ln Unit 1 Newport News, VA	1.0	1.0	750	$1,400	$1.87	45d	1	0.02mi
572 Candle Ln Apt 302 Newport News, VA	2.0	2.0	960	$1,395	$1.45	25d	1	0.10mi
568 Candle Ln Newport News, VA	2.0	2.0	960	$1,395	$1.45	45d	1	0.11mi
418 Cox Lndg Newport News, VA	1.0–3.0	1.0–1.5	975	$1,352	$1.39	3d	9	0.28mi
106 Woodhaven Rd Newport News, VA	3.0	1.0	1162	$1,450	$1.25	21d	1	0.32mi
581 Calla Ct Newport News, VA	1.0–3.0	1.0–2.0	990	$1,360	$1.37	3d	11	0.51mi
461 Revolution Ln Newport News, VA	3.0	2.0	1490	$2,000	$1.34	9d	1	0.72mi
399 Hickory Point Blvd Newport News, VA	2.0	1.5	984	$1,594	$1.62	3d	10	0.73mi
55 Rexford Dr Newport News, VA	3.0	2.0	1428	$2,000	$1.40	45d	1	0.75mi
26 Garfield Dr Newport News, VA	3.0	1.0	1090	$1,850	$1.70	25d	1	0.78mi
91 River Palms Rd Newport News, VA	1.0–3.0	1.0–2.5	871	$1,741	$2.00	3d	49	0.78mi
401 Jester Ct Newport News, VA	2.0	2.0	949	$1,462	$1.54	3d	3	0.85mi
416 Hustings Ln Newport News, VA	3.0	3.0	1422	$1,850	$1.30	13d	1	0.93mi
416 Hustings Ln Unit F Newport News, VA	3.0	2.5	1422	$1,850	$1.30	16d	1	0.93mi
329 Boulder Dr Newport News, VA	2.0	2.0	960	$1,482	$1.54	4d	13	0.95mi
397 Deputy Ln Unit A Newport News, VA	3.0	2.5	1422	$1,925	$1.35	22d	1	0.96mi
305 Mona Dr Newport News, VA	3.0	1.0	1016	$1,650	$1.62	12d	1	1.10mi
372 Beechmont Dr Newport News, VA	1.0	1.0	750	$1,004	$1.34	9d	2	1.10mi
381 Advocate Ct Unit F Newport News, VA	3.0	2.5	1400	$1,325	$0.95	45d	1	1.14mi
23 Williamson Park Dr Newport News, VA	3.0	1.0	1296	$1,990	$1.54	45d	1	1.15mi
500 Big Forrest Ct Newport News, VA	1.0–2.0	1.0	828	$1,383	$1.67	5d	4	1.16mi
722 Emerald Ct Newport News, VA	3.0	2.5	1488	$2,400	$1.61	45d	1	1.20mi
108 Tazewell Rd Newport News, VA	3.0	2.0	1144	$1,900	$1.66	45d	1	1.20mi
218 Mona Dr Newport News, VA	3.0	1.0	993	$2,150	$2.17	25d	1	1.21mi
330 Kingsman Dr Newport News, VA	3.0	1.5	1166	$1,650	$1.42	45d	1	1.22mi
713 Emerald Ct Newport News, VA	3.0	2.5	1455	$2,300	$1.58	45d	1	1.25mi
14505 Old Courthouse Way Newport News, VA	2.0	2.0	970	$1,500	$1.55	5d	3	1.25mi
163 Windsor Castle Dr Unit B Newport News, VA	2.0	2.5	1369	$1,750	$1.28	22d	1	1.25mi
3900 Woodbridge Dr Unit 00 1604 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	25d	1	1.25mi
3900 Woodbridge Dr Unit 00 2106 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	21d	1	1.25mi
3900 Woodbridge Dr Unit 00 1808 Newport News, VA	2.0	2.5	1235	$1,599	$1.29	25d	1	1.25mi
3900 Woodbridge Dr Unit 00 1402 Newport News, VA	2.0	2.0	1148	$1,649	$1.44	18d	1	1.25mi
3900 Woodbridge Dr Unit 00 2006 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	17d	1	1.25mi
153 Windsor Castle Dr Unit A Newport News, VA	2.0	2.0	985	$1,450	$1.47	12d	1	1.26mi
14534 Old Courthouse Way Newport News, VA	1.0–2.0	1.0	732	$1,250	$1.71	4d	14	1.32mi
104 Landmark Ct Newport News, VA	1.0–3.0	1.0–2.0	1020	$1,504	$1.47	3d	1	1.33mi
718 Halyard Dr Newport News, VA	3.0	2.5	1472	$2,300	$1.56	45d	1	1.35mi
13409 Oakleaf Ct Newport News, VA	2.0	1.5	1454	$1,975	$1.36	3d	1	1.41mi
372 Rivers Ridge Cir Newport News, VA	2.0	2.5	1296	$1,650	$1.27	45d	1	1.43mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-07
   statusdays on market $155,000 Under Contract 20 DOM
2. 2026-06-03
   days on market $155,000 Active 19 DOM
3. 2026-06-02
   days on market $155,000 Active 18 DOM
4. 2026-06-01
   days on market $155,000 Active 17 DOM
5. 2026-05-31
   days on market $155,000 Active 16 DOM
6. 2026-05-15
   listed $155,000 Active 404-char remark
7. 2026-05-05
   listed $155,000 404-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $18,707
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,497
• − Management: −$1,497
• − HOA: −$3,600
• − Depreciation: −$4,509
• Taxable loss: −$4,177
• Est. tax savings @ 24.0%: +$1,003
• After-tax cash flow: $-673/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This first-floor townhouse requires cosmetic repairs and maintenance to enhance its curb appeal and interior aesthetics, increasing its resale and rental value.

Repairs flagged

• Minor Exterior siding — Weathered appearance
• Minor Interior walls — Painted walls show signs of wear
• Minor Flooring — Hardwood floors appear worn
• Minor Kitchen cabinets — Appliances and cabinets appear dated
• Minor Bathroom fixtures — Tiles and fixtures show signs of wear

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Resale Replace worn flooring — New flooring improves the home's overall appearance and value
• Resale Upgrade kitchen cabinets and appliances — Modern kitchen enhances functionality and appeal
• Resale Replace worn bathroom fixtures — Fresh bathroom fixtures improve the home's overall appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance	Minor	$500–3,000
Interior walls · Painted walls show signs of wear	Minor	$500–3,000
Flooring · Hardwood floors appear worn	Minor	$500–3,000
Kitchen cabinets · Appliances and cabinets appear dated	Minor	$500–3,000
Bathroom fixtures · Tiles and fixtures show signs of wear	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Replace worn flooring — New flooring improves the home's overall appearance and value ↑
• Resale Upgrade kitchen cabinets and appliances — Modern kitchen enhances functionality and appeal ↑
• Resale Replace worn bathroom fixtures — Fresh bathroom fixtures improve the home's overall appearance and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,641
• Household income: $71,126
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2094.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 40% White 36% Hispanic / Latino 12% Two or more races 11% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.79%
• Current HPI: 297.7465
• Rent YoY: ▲ 6.87%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-05 Pending — REINMLS
• 2026-05-15 Listed $155,000 REINMLS
• 2026-05-05 Listed $155,000 REINMLS