2356 W Riverside Dr · Salem, VA 24153

$250,000

3 bd · 1.0 ba · 1,637 sqft · SingleFamily public records · 54 Days on market

Built 1947 2.27 ac lot $153/sqft · 31% below area Est $364k · 31% under ↓ 10% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• Schools +6.4/10.0
• DSCR +4.2/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming single-level home on over 2 acres in Salem! This 3-bedroom, 1-bath property offers 1,600+ finished square feet with plenty of potential to make it your own. Situated on an open lot, the property provides ample space for outdoor living, expansion, or future improvements. Conveniently located within 10 minutes to downtown Salem, this property is a great option for a primary residence, rental, or value-add opportunity. Flood insurance has been quoted at approximately $740 annually.

Key facts

• Single-level home
• Over 2 acres
• Conveniently located

Tags

• SINGLE-LEVEL HOME
• OVER 2 ACRES
• AMPLE SPACE FOR OUTDOOR LIVING
• CONVENIENTLY LOCATED

Property features AI

Finance

• HOA & community: Nearby restaurant

Exterior

• Utilities: Has heating; Has cooling
• Home design: Residential property; Built in 1947
• Construction: Year built 1947
• Exterior features: Rear porch; Approximately 2.27-acre lot

Interior

• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Carpet; Laminate; Wood
• Bathrooms: One full bathroom (on the main level)
• Heating & cooling: Baseboard gas heating; Has cooling
• Interior features: 8 total rooms; Metal interior doors; Insulated, tilt-in windows; Carpet, laminate and wood flooring; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-394 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (27.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (18.4% below list).
• Recommended offer: $180k (27.9% below list) — sets the bar for cash-flow.
• Cap rate 6.4% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Roanoke County Public School District (suburban): math 71% / reading 78% proficiency, ranked #9 of 131 in VA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Fort Lewis Elementary (math 77% / reading 82%, grade A, #141 of 1,108 statewide, top 14%, 257 students, 23% FRL); Glenvar Middle (math 70% / reading 76%, grade A, #58 of 342 statewide, top 17%, 430 students, 35% FRL); Glenvar High (math 87% / reading 92%, grade A+, #8 of 319 statewide, top 3%, 627 students, 32% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 274 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 360 units permitted in Roanoke County in 2024 (228 in 5+ unit buildings).
• This rent runs 33% of the median local income ($74k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Roanoke County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($242k) 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

• Watch-outs: flood insurance adds $427/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,336 (27.9% 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. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.82% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (median comp): $364,193
• List price: $250,000
• Delta: -31.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3095 Isabel Ln	0.29mi	3/2.0	1,520 (-7%)	1mo	$425,000	$280	70
3101 Isabel Ln	0.28mi	3/2.0	1,507 (-8%)	1mo	$402,150	$267	69
2710 Harborwood Rd	0.48mi	3/2.0	1,728 (+6%)	8mo	$355,000	$205	58
1970 Millbridge Rd	0.45mi	2/2.0 (-1)	1,600 (-2%)	12mo	$364,000	$228	56
1509 Kingsmill Dr	0.66mi	3/2.0	1,816 (+11%)	1mo	$413,000	$227	46
126 Keesling Ave	0.57mi	4/2.0 (+1)	1,838 (+12%)	15mo	$312,900	$170	31

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.16×
• Total profit: $-59,129
• Equity at exit: $37,276

10-year hold

• IRR: -11.5%
• Equity multiple: 0.21×
• Total profit: $-55,543
• Equity at exit: $21,615

Cash invested: $70,000 (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 24153

• Rents YoY: 6.0%
• Active inventory: 274
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,039 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$164 /mo · $1,963/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-394

Break-even live

Break-even rent $2,538

Max offer price $180,336

Occupancy floor —

Sensitivity live

Price	-10% $-253	-5% $-324	+0% $-394	+5% $-465	+10% $-536
Rent	-10% $-555	-5% $-475	+0% $-394	+5% $-314	+10% $-233
Rate	-1.0pp $-268	-0.5pp $-331	base $-394	+0.5pp $-459	+1.0pp $-525

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3615 Ellen Dr Salem, VA	3.0	2.0	1196	$2,000	$1.67	45d	1	1.19mi
2868 Silver Leaf Dr Salem, VA	4.0	2.0	1710	$2,220	$1.30	15d	1	1.33mi

Listing history 14 events

1. 2026-06-13
   statusdays on market $250,000 Pending 54 DOM
2. 2026-06-10
   days on market $250,000 Active 52 DOM
3. 2026-06-09
   days on market $250,000 Active 51 DOM
4. 2026-06-08
   days on market $250,000 Active 50 DOM
5. 2026-06-05
   days on market $250,000 Active 46 DOM
6. 2026-06-02
   days on market $250,000 Active 44 DOM
7. 2026-06-01
   days on market $250,000 Active 43 DOM
8. 2026-05-31
   days on market $250,000 Active 42 DOM
9. 2026-05-30
   days on market $250,000 Active 41 DOM
10. 2026-04-19
    listed $250,000 Active 492-char remark
11. 2026-03-31
    historical
12. 2026-02-07
    price $259,950
13. 2025-12-01
    price $264,000
14. 2025-10-14
    listed $279,000 Active

ⓘ 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: $1,963 · $164/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$87/yr (+$7/mo · 4.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥101°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,471
• − Mortgage interest: −$14,004
• − Property taxes: −$1,963
• − Insurance: −$6,368
• − Repairs & maintenance: −$1,958
• − Management: −$1,958
• − Depreciation: −$7,273
• Taxable loss: −$9,053
• Est. tax savings @ 24.0%: +$2,173
• After-tax cash flow: $-2,559/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: Roanoke County Public School District
• NCES district ID: 5103330
• Math proficiency: 71% ▼ -19.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $60,526
• Composite: 64.08/100
• National rank: #578
• State rank: #9 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 98,162 people
• By 2030: 99,793 · +1.7%
• By 2040: 101,965 · +3.9%
• By 2050: 103,328 · +5.3%
• By 2075: 108,641 · +10.7%
• By 2100: 104,845 · +6.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong R (+22.5) · D 38.2% · R 60.7% · Other 1.1%
• 2008→2024 swing: -1.4pp toward R · 2008: -21.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+21.8 2016: R+28.1 2012: R+25.6 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

-10.4% since first listed

6 events — show timeline

• 2026-06-12 Pending — MLSRV
• 2026-04-19 Listed $250,000 MLSRV
• 2026-03-31 Listing Removed — MLSRV
• 2026-02-07 Price Changed $259,950 MLSRV
• 2025-12-01 Price Changed $264,000 MLSRV
• 2025-10-14 Listed $279,000 MLSRV

Property tax history

+1.8%/yr

Latest (2025): $1,963 · +2.5% YoY. Source: county tax records.