20832 US Highway 29 N · Chatham, VA 24531

$69,900

2 bd · 1.0 ba · 1,000 sqft · Other · 79 Days on market

Built 1969 1.33 ac lot $70/sqft · 69% below area

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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 +6.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unique opportunity to own two residentially zoned parcels totaling 1.3 acres with frontage on US Highway 29, located between Gretna and Chatham. Both parcels are sold together at $69,900 and come with infrastructure already in place including two septic systems and spring-fed water making this an ideal investment or owner-occupant opportunity. Build, rent, or hold in a peaceful rural setting with scenic views of a neighboring pond. Flexibility and value at an unbeatable price.

Key facts

• Spring-fed water
• Two septic systems
• 1.3 acres

Tags

• 1.3 ACRES
• FRONTAGE ON US HIGHWAY 29
• TWO SEPTIC SYSTEMS
• SPRING-FED WATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 5.6% in Chatham — 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 68/100 on livability (#268 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, schools A-; Watch: health & safety C-, amenities F, commute F.
• Pittsylvania County Public School District (rural): math 65% / reading 78% proficiency, ranked #22 of 131 in VA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 39 active listings in the ZIP; 72 units permitted in Pittsylvania County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pittsylvania 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 $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($66k) 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: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.72% ✓
• Cap rate: 14.27%
• Cash-on-cash: 28.50%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $225,911
• List price: $69,900
• Delta: -69.06%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.8%
• Equity multiple: 1.93×
• Total profit: $18,296
• Equity at exit: $10,422

10-year hold

• IRR: 30.8%
• Equity multiple: 3.77×
• Total profit: $54,126
• Equity at exit: $6,044

Cash invested: $19,572 (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 24531

• Home prices YoY: -20.7%
• Active inventory: 39
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $465

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 56%

Sensitivity live

Price	-10% $513	-5% $489	+0% $465	+5% $441	+10% $417
Rent	-10% $370	-5% $417	+0% $465	+5% $512	+10% $560
Rate	-1.0pp $500	-0.5pp $483	base $465	+0.5pp $447	+1.0pp $428

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $69,900 Active 79 DOM
2. 2026-06-19
   days on market $69,900 Active 77 DOM
3. 2026-06-18
   days on market $69,900 Active 76 DOM
4. 2026-06-17
   days on market $69,900 Active 75 DOM
5. 2026-06-16
   days on market $69,900 Active 74 DOM
6. 2026-06-15
   days on market $69,900 Active 73 DOM
7. 2026-06-14
   days on market $69,900 Active 71 DOM
8. 2026-06-13
   days on market $69,900 Active 70 DOM
9. 2026-06-10
   days on market $69,900 Active 68 DOM
10. 2026-06-09
    days on market $69,900 Active 67 DOM
11. 2026-06-08
    days on market $69,900 Active 66 DOM
12. 2026-06-07
    days on market $69,900 Active 65 DOM
13. 2026-06-03
    days on market $69,900 Active 61 DOM
14. 2026-06-02
    days on market $69,900 Active 60 DOM
15. 2026-06-01
    days on market $69,900 Active 59 DOM
16. 2026-05-31
    days on market $69,900 Active 58 DOM
17. 2026-05-30
    days on market $69,900 Active 57 DOM
18. 2026-04-03
    listed $69,900 Active 483-char remark

    Show marketing remark (481 chars)

    Unique opportunity to own two residentially zoned parcels totaling 1.3 acres with frontage on US Highway 29, located between Gretna and Chatham. Both parcels are sold together at $69,900 and come with infrastructure already in place including two septic systems and spring-fed water making this an ideal investment or owner-occupant opportunity. Build, rent, or hold in a peaceful rural setting with scenic views of a neighboring pond. Flexibility and value at an unbeatable price.

19. 2026-04-03
    listed $69,900 Active 481-char remark

    Show marketing remark (481 chars)

    Unique opportunity to own two residentially zoned parcels totaling 1.3 acres with frontage on US Highway 29, located between Gretna and Chatham. Both parcels are sold together at $69,900 and come with infrastructure already in place including two septic systems and spring-fed water making this an ideal investment or owner-occupant opportunity. Build, rent, or hold in a peaceful rural setting with scenic views of a neighboring pond. Flexibility and value at an unbeatable price.

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $14,398
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$2,033
• Taxable income: $4,748
• Est. tax owed @ 24.0%: −$1,139
• After-tax cash flow: $4,438/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: Pittsylvania County Public School District
• NCES district ID: 5102940
• Math proficiency: 65% ▼ -22.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $41,672
• Composite: 59.77/100
• National rank: #900
• State rank: #22 of 131 in VA

Livability — Chatham

• Score: 68/100
• State rank: #268
• US rank: #9452

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,107

Population outlook (Pittsylvania County) Hauer SSP2

• Today (2025): 58,725 people
• By 2030: 56,388 · -4.0%
• By 2040: 51,088 · -13.0%
• By 2050: 45,875 · -21.9%
• By 2075: 36,555 · -37.8%
• By 2100: 28,288 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 22% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Serbian 2% Slovak 2% Scotch-Irish 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Pittsylvania

• 2024 margin: Solid R (+43.1) · D 28.1% · R 71.3%
• 2008→2024 swing: -19.1pp toward R · 2008: -24.0pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+39.8 2016: R+39.6 2012: R+27.5 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.86%
• Current HPI: 172.2543
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-03 Listed $69,900 DRRAR
• 2026-04-03 Listed $69,900 LMLS

Property tax history

+3.5%/yr

Latest (2025): $106 · +0.0% YoY. Source: county tax records.