610 Holly Spring Ave · Richmond, VA 23224

$139,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 4 Days on market

Built 1951 7,505 sqft lot Est $246k · 44% under

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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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment property for sale - great potential! The property has 1,040 square feet including 3 bedrooms and 1 full bath. This property is in a very up-and-coming area of Richmond right now - flip it and resell it, fix it up and live in it, renovate it and rent it out - so many options for your real estate investment portfolio! Property sold in AS-IS condition and will not be eligible for financing, this is a cash sale.

Key facts

• 7,505 sq ft lot
• Built 1951
• Listed 4 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story home; Above-grade finished area approximately 1,040; Asphalt shingle roof
• Construction: Frame construction with asbestos siding; Built (actual year recorded)
• Exterior features: R-5 zoning

Interior

• Bedrooms: 6 total rooms (includes bedrooms and other living spaces); Full bathroom on the first floor with tub and shower
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Oil-fired heating
• Interior features: Resale condition

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Cap rate 10.5% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 173 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 41% of the median local income ($50k/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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $36k; list at $139k implies a 285% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 27% 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 $139,000

Questions for the listing agent

1. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
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: 1.25% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.08%
• DSCR: 1.67
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $246,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3010 Lawson St	0.40mi	3/2.0	1,040 (0%)	3mo	$270,000	$260	75
3061 Decatur St	0.28mi	2/1.5 (-1)	1,006 (-3%)	1mo	$225,000	$224	73
3706 Mcrand St	0.53mi	3/1.0	1,048 (+1%)	1mo	$265,000	$253	73
3205 Stockton St	0.16mi	2/1.0 (-1)	950 (-9%)	2mo	$224,900	$237	71
3110 Stockton St	0.13mi	2/1.0 (-1)	908 (-13%)	2mo	$262,000	$289	66
2857 Decatur St	0.42mi	3/1.0	1,148 (+10%)	1mo	$250,000	$218	62
204 W 32nd St	0.71mi	2/1.0 (-1)	1,038 (-0%)	1mo	$205,000	$197	61
212 W Blake Ln	0.70mi	2/1.0 (-1)	1,039 (-0%)	2mo	$340,000	$327	60
1 E 35th St	0.67mi	4/1.5 (+1)	1,032 (-1%)	2mo	$294,500	$285	59
3414 Hull St	0.33mi	2/1.0 (-1)	920 (-12%)	2mo	$173,980	$189	59
3116 Maurice Ave	0.74mi	3/1.0	916 (-12%)	1mo	$165,000	$180	45
1411 Hopkins Rd	0.47mi	4/2.0 (+1)	1,196 (+15%)	1mo	$210,000	$176	43

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 · 4.55% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.29×
• Total profit: $11,353
• Equity at exit: $20,725

10-year hold

• IRR: 17.9%
• Equity multiple: 2.58×
• Total profit: $61,547
• Equity at exit: $12,018

Cash invested: $38,920 (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 23224

• Rents YoY: 4.5%
• Active inventory: 173
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,735 high
• Mortgage (P&I): −$729
• Tax from tax record: −$95 /mo · $1,140/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $489

Break-even live

Break-even rent $1,116

Max offer price $139,000

Occupancy floor 67%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3154 Stockton St Richmond, VA	3.0	1.0	1169	$1,600	$1.37	43d	1	0.14mi
3204 Midlothian Tpke Apt O Richmond, VA	2.0	1.0	715	$1,150	$1.61	23d	1	0.58mi
3202 Midlothian Tpke Richmond, VA	2.0	1.0	715	$1,150	$1.61	3d	6	0.59mi
3300 Midlothian Tpke Richmond, VA	2.0	1.0	1116	$1,800	$1.61	4d	1	0.62mi
10 W 27th St Unit P P Richmond, VA	2.0	1.0	975	$1,300	$1.33	43d	1	0.70mi
1100 Richmond Hwy Richmond, VA	1.0–3.0	1.0–2.0	1062	$2,345	$2.21	1d	16	0.76mi
100 Mardick Rd Richmond, VA	4.0	2.0	1254	$2,250	$1.79	23d	1	0.84mi
800 Richmond Hwy Richmond, VA	1.0–2.0	1.0–2.0	778	$2,044	$2.63	43d	1	0.84mi
2522 Porter St Richmond, VA	3.0	2.5	1390	$1,800	$1.29	43d	1	0.91mi
205 W Roanoke St Richmond, VA	1.0–2.0	1.0	685	$1,330	$1.94	11d	1	0.93mi
2010 Maury St Richmond, VA	2.0	1.0	883	$1,675	$1.90	4d	1	1.02mi
2708 Semmes Ave Unit A Richmond, VA	2.0	1.0	1050	$1,275	$1.21	43d	1	1.02mi
1410 Enfield Ave Unit 1410 Richmond, VA	3.0	1.0	912	$1,500	$1.64	43d	1	1.02mi
1913 Dinwiddie Ave Unit 1546196P Richmond, VA	2.0	1.0	1044	$2,519	$2.41	14d	1	1.08mi
2200 Ingram Ave Richmond, VA	2.0	1.0–2.0	711	$1,668	$2.35	4d	1	1.08mi
1808 Edwards Ave Richmond, VA	3.0	2.0	1040	$1,750	$1.68	23d	1	1.13mi
2208 Keswick Ave Richmond, VA	3.0	1.0	916	$1,775	$1.94	20d	1	1.14mi
1801 Chicago Ave Richmond, VA	2.0	1.0	850	$995	$1.17	23d	1	1.15mi
622 E 18th St Richmond, VA	2.0	1.0	850	$995	$1.17	43d	1	1.17mi
1912 Porter St Richmond, VA	3.0	1.5	1415	$1,950	$1.38	23d	1	1.18mi
1709 Everett St Richmond, VA	4.0	1.5	1460	$1,995	$1.37	43d	1	1.18mi
216 Brandon Rd Richmond, VA	3.0	1.0	1237	$1,800	$1.46	23d	1	1.19mi
1707 Chicago Ave Richmond, VA	2.0	1.0	750	$995	$1.33	43d	1	1.19mi
2143 S Kinsley Ave Richmond, VA	4.0	1.0	1297	$1,550	$1.20	43d	1	1.22mi
1305 Chambers St Richmond, VA	2.0	1.0	966	$1,100	$1.14	23d	1	1.23mi
152 Brandon Rd Richmond, VA	3.0	1.0	1237	$2,109	$1.70	23d	1	1.26mi
1514 Bainbridge St Unit A Richmond, VA	2.0	1.0	800	$1,299	$1.62	11d	1	1.31mi
201 Cowardin Ave Unit B Richmond, VA	2.0	2.5	1436	$2,200	$1.53	43d	1	1.32mi
116 E 15th St Richmond, VA	4.0	2.0	1452	$2,250	$1.55	23d	1	1.32mi
1200 Southwood Pkwy Richmond, VA	1.0–2.0	1.0–2.0	916	$1,605	$1.75	43d	11	1.35mi
1112 E 16th St Richmond, VA	4.0	1.0	1206	$1,595	$1.32	43d	1	1.36mi
1422 Bainbridge St Richmond, VA	2.0	2.0	1121	$2,399	$2.14	2d	1	1.37mi
2200 Lynhaven Ave Richmond, VA	1.0–2.0	1.0	785	$1,230	$1.57	4d	2	1.37mi
1411 Porter St Unit B Richmond, VA	3.0	3.0	1500	$2,145	$1.43	4d	1	1.43mi
1429 McDonough St Richmond, VA	1.0–3.0	1.0–2.0	826	$2,469	$2.99	2d	15	1.45mi

Listing history 4 events

1. 2026-06-16
   status $139,000 Pending 4 DOM
2. 2026-06-15
   days on market $139,000 Active 4 DOM
3. 2026-06-13
   remarks 422-char remark
4. 2026-06-13
   listed $139,000 Active 2 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: $1,140 · $95/mo
• Projected year-2 tax: $1,140 · $95/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $20,825
• − Mortgage interest: −$7,786
• − Property taxes: −$1,140
• − Insurance: −$695
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − Depreciation: −$4,044
• Taxable income: $3,828
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $4,951/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 40,575
• Household income: $50,475
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3584.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 22% White 15% Two or more races 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 78% English-only · Spanish 19% French/Haitian/Cajun 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.99%
• Current HPI: 336.9345
• Rent YoY: ▲ 4.55%
• Metro: Richmond, VA
• 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

+265.8% since first listed

3 events — show timeline

• 2026-06-10 Listed $139,000 CVRMLS
• 1990-07-16 Sold (Public Records) $36,078 Public Records
• 1986-09-29 Sold (Public Records) $38,000 Public Records

Property tax history

-2.1%/yr

Latest (2022): $1,140 · +6.0% YoY. Source: county tax records.