3510 E Richmond Rd Unit U24 · Richmond, VA 23223

$111,500

1 bd · 1.0 ba · 560 sqft · Condo public records · 16 Days on market

Built 1966 $155/mo HOA · 12% of rent

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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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +6.5/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful condo that offers care free living. The Villas of Oakwood South includes yard maintenance, trash removal, playground, dog park, picnic pavilion, car wash and a mail center. The option of on-site property management is available if you plan to rent a unit at the Villas of Oakwood. You will enjoy the convenience of single floor living with 1 bedroom with double closets, a second-floor bath, living room and a fully equipped kitchen. Appliances include the refrigerator, electric cooking, microwave and a double sink. The inviting full bath has a tile surround tub, wood vanity, exhaust and a linen closet. The unit will have fresh paint throughout, clean carpets and floors which will allow you to move in worry free. If this wasn’t enough the property is conveniently located on the bus line and is near 64, 95, and 60. Hurry this unit will not last.

Key facts

• Double closet
• Wood cabinetry
• Double-bowl sink

Tags

• LUXURY VINYL PLANK FLOORING
• DOUBLE CLOSET
• TUB AND SHOWER COMBINATION
• WOOD CABINETRY
• DOUBLE-BOWL SINK
• STAINLESS STEEL REFRIGERATOR

Property features AI

Finance

• HOA & community: Homeowners association with $155 monthly fee; HOA covers association management, common areas, grounds maintenance, structure maintenance, recreation facilities, road maintenance, snow removal and trash; Community amenities include playground, park and public transportation access

Exterior

• Parking: Assigned parking; Driveway parking; Paved parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-story property; Entry level: 1; Attached property
• Construction: Brick and drywall construction; Composition roof; Slab foundation; Built (actual year recorded)
• Exterior features: Front porch and stoop; Porch; Paved driveway; Exterior lighting; Landscaped lot

Interior

• Kitchen: Electric cooking; Microwave; Refrigerator; Laminate counters
• Bedrooms: Bedroom on first level (closet, window, ceiling light)
• Flooring: Tile; Vinyl (LVP)
• Bathrooms: Full bathroom with tub & shower; Additional bath with tile floors, tub & shower and linen closet
• Heating & cooling: Heat pump (electric) heating; Central air conditioning
• Interior features: Insulated doors; Ceiling fan(s); Dining area; Laminate counters; Bedroom on main level
• Laundry & utility: Washer; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $112k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $110k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+6.4%/yr); 337 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $771 of loan paydown is wiped out by about $3k 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 + 6.4% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $52k; list at $112k implies a 116% gain — meaningful room to come down on a strong offer.

Recommended offer $109,827 (1.5% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. 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?
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: 1.15% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.31%
• DSCR: 1.28
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-3,052
• Equity at exit: $16,625

10-year hold

• IRR: 10.8%
• Equity multiple: 1.99×
• Total profit: $30,836
• Equity at exit: $9,640

Cash invested: $31,220 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$585
• Tax from tax record: −$59 /mo · $708/yr
• Insurance: −$46
• HOA: −$155
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $164

Break-even live

Break-even rent $1,070

Max offer price $111,500

Occupancy floor 82%

Sensitivity live

Price	-10% $227	-5% $196	+0% $164	+5% $133	+10% $101
Rent	-10% $63	-5% $114	+0% $164	+5% $215	+10% $265
Rate	-1.0pp $220	-0.5pp $193	base $164	+0.5pp $135	+1.0pp $106

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: $27,875
• Closing costs: $3,345
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3528 E Richmond Rd Unit U5 Richmond, VA	2.0	1.0	692	$1,145	$1.65	24d	1	0.04mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	5d	1	0.78mi
613 N 32nd St Apt C Richmond, VA	2.0	1.0	600	$1,650	$2.75	5d	1	0.79mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	44d	1	0.83mi
1619 N 28th St Richmond, VA	1.0	1.0	600	$1,450	$2.42	44d	1	0.86mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	5d	1	0.90mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	22d	1	0.94mi
1718 National St Richmond, VA	2.0	1.0	522	$1,407	$2.70	17d	1	1.08mi
1000 Carlisle Ave Richmond, VA	1.0	1.0	666	$1,550	$2.33	5d	3	1.14mi
2416 Jefferson Ave Unit 212 Long-Term Marketing Richmond, VA	1.0	1.0	727	$2,199	$3.02	44d	1	1.18mi
1021 Carlisle Ave Richmond, VA	1.0–2.0	1.0–2.0	789	$1,349	$1.71	22d	1	1.18mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$1,575	$1.78	2d	9	1.32mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$1,499	$1.70	45d	15	1.32mi
927 N 20th St Unit D Richmond, VA	1.0	1.0	725	$1,050	$1.45	44d	1	1.36mi
2801 E Main St Richmond, VA	1.0–2.0	1.0–2.0	797	$1,277	$1.60	2d	16	1.37mi
1213 Nelson St Unit C Richmond, VA	2.0	1.0	600	$1,195	$1.99	5d	1	1.40mi
1217 Nelson St Unit D Richmond, VA	2.0	1.0	600	$1,195	$1.99	24d	1	1.41mi
1927 Carrington St Apt D Richmond, VA	1.0	1.0	476	$900	$1.89	22d	1	1.41mi
1257 Nelson St Unit C Richmond, VA	2.0	1.0	600	$1,195	$1.99	15d	1	1.43mi
4431 Lakefield Mews Dr Henrico, VA	1.0–2.0	1.0–2.5	899	$1,362	$1.52	2d	19	1.43mi
2525 E Main St Richmond, VA	2.0	1.0–2.0	736	$1,545	$2.10	2d	10	1.43mi
2108 Phaup St Unit D Richmond, VA	2.0	1.0	700	$995	$1.42	24d	1	1.46mi
1227 Nelson St Unit A Richmond, VA	2.0	1.0	600	$1,195	$1.99	15d	1	1.46mi
1229 Nelson St Unit A Richmond, VA	2.0	1.0	600	$1,195	$1.99	5d	1	1.46mi
1245 Nelson St Unit D Richmond, VA	2.0	1.0	750	$1,295	$1.73	24d	1	1.47mi

HOA detail condo

• Monthly dues: $155 · $1,860/yr
• Likely covers: trashelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-17
   status $111,500 Pending 16 DOM
2. 2026-06-17
   days on market $111,500 Active 16 DOM
3. 2026-06-16
   days on market $111,500 Active 15 DOM
4. 2026-06-15
   days on market $111,500 Active 14 DOM
5. 2026-06-13
   days on market $111,500 Active 12 DOM
6. 2026-06-10
   days on market $111,500 Active 9 DOM
7. 2026-06-09
   days on market $111,500 Active 8 DOM
8. 2026-06-08
   days on market $111,500 Active 7 DOM
9. 2026-06-07
   days on market $111,500 Active 6 DOM
10. 2026-06-03
    days on market $111,500 Active 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $111,500 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: $708 · $59/mo
• Projected year-2 tax: $914 · $76/mo
• Expected delta: +$206/yr (+$17/mo · 29.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,332
• − Mortgage interest: −$6,246
• − Property taxes: −$708
• − Insurance: −$558
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − HOA: −$1,860
• − Depreciation: −$3,244
• Taxable income: $264
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $1,907/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: Henrico County · 334,490 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

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: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• 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

+118.6% since first listed

4 events — show timeline

• 2026-05-31 Listed $111,500 CVRMLS
• 2019-02-15 Sold (MLS) $51,530 CVRMLS
• 2018-12-24 Pending — CVRMLS
• 2018-11-21 Listed $51,000 CVRMLS

Property tax history

+5.5%/yr

Latest (2022): $708 · +15.7% YoY. Source: county tax records.