2941 Park Dr · Petersburg, VA 23805

$215,000

3 bd · 1.0 ba · 2,246 sqft · SingleFamily public records · 12 Days on market

Built 1963 1.03 ac lot $96/sqft · 19% below area Est $267k · 19% under

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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 +17.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great ranch home on a large lot. This home has a nice floor plan with 3 bedrooms and 2.5 baths. The screened porch is perfect for relaxing and enjoying the summer evenings. This is a rare find - don't miss it! Property being sold as-is. Inspections are for informational purposes only. This is a Fannie Mae HomePath property.

Key facts

• 1.03 acre lot
• Parking
• Built 1963

Property features AI

Exterior

• Parking: Driveway (unpaved)
• Utilities: Public water; Public sewer
• Home design: Single-story home; Resale property
• Construction: Brick construction; Shingle roof; Built (actual year not specified)
• Exterior features: Deck; Porch; Unpaved driveway

Interior

• Kitchen: Oven; Stove; Microwave; Refrigerator
• Bedrooms: 8 total rooms (bedroom count not specified)
• Flooring: Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom (on the first level)
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Wood flooring; Tub and shower in full bathroom
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (2.4% below list).
• Recommended offer: $210k (2.4% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Walnut Hill Elementary (math 27% / reading 47%, grade F, #933 of 1,108 statewide, top 86%, 515 students, 101% FRL); Vernon Johns Middle (math 21% / reading 47%, grade F, #330 of 342 statewide, top 96%, 921 students, 99% FRL); Petersburg High (math 43% / reading 62%, grade C-, #293 of 319 statewide, top 92%, 1,080 students, 97% FRL) — zoned schools average 99% FRL vs 79% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 118 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $215k implies a 438% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; major wind risk, 47% 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 $209,935 (2.4% below list)

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $266,997
• List price: $215,000
• Delta: -14.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2902 Rolyart Rd	0.24mi	3/3.0	2,140 (-5%)	7mo	$242,000	$113	67
519 Oak Hill Rd	0.32mi	3/1.0	1,978 (-12%)	5mo	$175,000	$88	61
220 Greenwood Dr	0.54mi	4/2.5 (+1)	2,288 (+2%)	1mo	$295,000	$129	59
601 Flank Dr	0.43mi	4/2.5 (+1)	2,084 (-7%)	3mo	$210,000	$101	54
426 Beauregard Ave	0.55mi	3/2.5	2,220 (-1%)	17mo	$245,000	$110	52
345 Beauregard Ave	0.52mi	4/3.0 (+1)	2,187 (-3%)	7mo	$315,000	$144	52
3241 Denise Rd	0.41mi	3/2.5	1,922 (-14%)	1mo	$294,000	$153	50
2806 Trarich Rd	0.33mi	3/2.0	2,466 (+10%)	17mo	$190,000	$77	50
3360 Denise Rd	0.51mi	4/2.5 (+1)	2,138 (-5%)	20mo	$232,095	$109	41
237 Greenwood Dr	0.57mi	4/2.5 (+1)	2,030 (-10%)	11mo	$250,000	$123	37
826 Northampton Rd	0.61mi	4/2.5 (+1)	2,138 (-5%)	20mo	$270,000	$126	36
206 Greenwood Dr	0.51mi	4/2.5 (+1)	1,971 (-12%)	17mo	$311,500	$158	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.54×
• Total profit: $-27,392
• Equity at exit: $32,057

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-14,078
• Equity at exit: $18,589

Cash invested: $60,200 (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 23805

• Home prices YoY: -10.6%
• Active inventory: 118
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,099 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$259 /mo · $3,109/yr
• Insurance: −$90
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $116

Break-even live

Break-even rent $1,953

Max offer price $215,000

Occupancy floor 89%

Sensitivity live

Price	-10% $238	-5% $177	+0% $116	+5% $55	+10% $-6
Rent	-10% $-50	-5% $33	+0% $116	+5% $199	+10% $282
Rate	-1.0pp $224	-0.5pp $171	base $116	+0.5pp $60	+1.0pp $3

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
709B Fort Hayes Ct Petersburg, VA	2.0	2.0	1628	$1,795	$1.10	16d	1	0.63mi
1806 Powhatan Ave Petersburg, VA	4.0	2.0	1878	$2,495	$1.33	5d	1	1.14mi
3316 E Princeton Rd Petersburg, VA	3.0	3.0	2194	$1,995	$0.91	5d	1	1.28mi
335 Claremont St Petersburg, VA	4.0	2.0	2157	$2,500	$1.16	13d	1	1.35mi
2549 Bogese Dr Petersburg, VA	3.0	2.0	2500	$2,300	$0.92	45d	1	1.37mi

Listing history 18 events

1. 2026-06-13
   pricestatusdays on market $215,000 Pending 12 DOM
2. 2026-06-10
   days on market $227,000 Active 9 DOM
3. 2026-06-09
   days on market $227,000 Active 8 DOM
4. 2026-06-08
   days on market $227,000 Active 7 DOM
5. 2026-06-07
   days on market $227,000 Active 6 DOM
6. 2026-06-05
   days on market $227,000 Active 3 DOM
7. 2026-06-03
   days on market $227,000 Active 2 DOM
8. 2026-06-02
   days on marketlisting id $227,000 Active 1 DOM
9. 2026-05-31
   days on market $227,000 Active 27 DOM
10. 2026-05-04
    listed $227,000 Active 593-char remark
11. 2011-03-04
    soldstatus $40,000 326-char remark

    Show marketing remark (326 chars)

    Great ranch home on a large lot. This home has a nice floor plan with 3 bedrooms and 2.5 baths. The screened porch is perfect for relaxing and enjoying the summer evenings. This is a rare find - don't miss it! Property being sold as-is. Inspections are for informational purposes only. This is a Fannie Mae HomePath property.

12. 2011-03-01
    historical 326-char remark

    Show marketing remark (326 chars)

    Great ranch home on a large lot. This home has a nice floor plan with 3 bedrooms and 2.5 baths. The screened porch is perfect for relaxing and enjoying the summer evenings. This is a rare find - don't miss it! Property being sold as-is. Inspections are for informational purposes only. This is a Fannie Mae HomePath property.

13. 2010-07-13
    listed $49,900 326-char remark

    Show marketing remark (326 chars)

    Great ranch home on a large lot. This home has a nice floor plan with 3 bedrooms and 2.5 baths. The screened porch is perfect for relaxing and enjoying the summer evenings. This is a rare find - don't miss it! Property being sold as-is. Inspections are for informational purposes only. This is a Fannie Mae HomePath property.

14. 2009-09-22
    historical
15. 2009-01-01
    historical
16. 2008-10-29
    listed $150,000
17. 2008-10-29
    listed $150,000
18. 1989-08-14
    soldstatus $73,500

ⓘ 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: $3,109 · $259/mo
• Projected year-2 tax: $3,109 · $259/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 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 47% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,192
• − Mortgage interest: −$12,043
• − Property taxes: −$3,109
• − Insurance: −$1,872
• − Repairs & maintenance: −$2,015
• − Management: −$2,015
• − Depreciation: −$6,255
• Taxable loss: −$2,118
• Est. tax savings @ 24.0%: +$508
• After-tax cash flow: $1,899/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Petersburg City · 21,408 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 21,408
• Household income: $60,807
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 719.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 58% White 32% Hispanic / Latino 5% Two or more races 4% Asian 2%
• Common ancestry: Italian 2% Lithuanian 1% Hungarian 1%
• Foreign-born: 4% · Canada, Vietnam, South Korea
• Languages at home: 94% English-only · Spanish 3%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.37%
• Current HPI: 426.599
• Rent YoY: —
• 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

+192.5% since first listed

12 events — show timeline

• 2026-06-13 Pending — CVRMLS
• 2026-06-12 Price Changed $215,000 CVRMLS
• 2026-06-01 Listed $227,000 CVRMLS
• 2026-05-04 Listed $227,000 CVRMLS
• 2011-03-04 Sold (MLS) $40,000 CVRMLS
• 2011-03-01 Listing Removed — CVRMLS
• 2010-07-13 Listed $49,900 CVRMLS
• 2009-09-22 Listing Removed — CVRMLS
• 2009-01-01 Listing Removed — CVRMLS
• 2008-10-29 Listed $150,000 CVRMLS
• 2008-10-29 Listed $150,000 CVRMLS
• 1989-08-14 Sold (Public Records) $73,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $3,109 · +1.5% YoY. Source: county tax records.