3504 Montrose Ave · Richmond, VA 23222

$225,000

3 bd · 2.0 ba · 1,865 sqft · SingleFamily public records · 8 Days on market

Built 1925 8,999 sqft lot

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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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.9/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Whether you’re an investor or a buyer ready to bring vision and care, this home offers a rare chance to shape something beautiful once again. Set along a wide, tree-lined street in the established Edgewood community, this 3-bedroom, 2 full bath home blends character, space, and opportunity in all the right ways. Step into the foyer and through classic French doors into a light-filled living room anchored by a timeless brick fireplace, a space that has welcomed many over the years. A formal dining room sits just beyond, ready for future celebrations, while the eat-in kitchen offers a footprint that’s simply waiting to be reimagined. The first-floor bedroom features its own ensuit

Key facts

• Formal dining room
• Eat in kitchen
• Ensuite bath

Tags

• LIGHT FILLED LIVING ROOM
• TIMELESS BRICK FIREPLACE
• FORMAL DINING ROOM
• EAT IN KITCHEN
• ENSUITE BATH
• ENCLOSED PORCH

Property features AI

Exterior

• Parking: Detached garage; 2-car garage; Garage faces side and rear; Off-street parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story property; Resale condition
• Construction: Aluminum siding and frame construction with plaster; Slate roof; Partial unfinished basement
• Exterior features: Front porch; Porch

Interior

• Kitchen: Electric cooking; Oven; Stove; Eat-in kitchen layout; Pantry; Laminate counters
• Bedrooms: Bedrooms include at least one on the main level
• Flooring: Wood flooring; Partially carpeted areas; Linoleum
• Bathrooms: Two full bathrooms; One bathroom with tub and shower (second level); One bathroom with shower (first level)
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Fireplace (decorative masonry); High ceilings; Pantry; Laminate counters; Eat-in kitchen; Separate/formal dining room; Dining area; Bedroom on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/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 $223k (0.8% below list).
• Recommended offer: $223k (0.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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 (+7.4%/yr); 179 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 44% 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 $2k of loan paydown is wiped out by about $7k 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 + 7.4% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $18k; list at $225k implies a 1130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $223,103 (0.8% below list)

Questions for the listing agent

1. Built in 1925 — 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: 0.99% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.46%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $497,955
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3504 Montrose Ave	0.00mi	3/2.0	1,865 (0%)	0mo	$292,000	$157	100
3312 Fendall Ave	0.26mi	3/1.5	1,918 (+3%)	1mo	$476,000	$248	80
3102 Moss Side Ave	0.34mi	4/2.5 (+1)	1,892 (+1%)	3mo	$414,000	$219	72
3227 Edgewood Ave	0.18mi	3/1.5	1,600 (-14%)	0mo	$503,000	$314	66
3012 Edgewood Ave	0.51mi	4/2.0 (+1)	1,920 (+3%)	2mo	$512,000	$267	64
2923 Garland Ave	0.70mi	3/2.0	1,840 (-1%)	3mo	$425,000	$231	63
3118 Edgewood Ave	0.37mi	3/2.5	1,664 (-11%)	1mo	$503,000	$302	62
2903 Hanes Ave	0.72mi	3/2.5	1,824 (-2%)	0mo	$545,000	$299	61
3220 Barton Ave	0.52mi	4/2.5 (+1)	1,684 (-10%)	2mo	$449,000	$267	51
2905 Griffin Ave	0.66mi	3/2.0	1,679 (-10%)	2mo	$300,000	$179	51
2814 Montrose Ave	0.69mi	4/2.5 (+1)	1,980 (+6%)	0mo	$535,000	$270	50
2910 Griffin Ave	0.62mi	4/1.5 (+1)	2,088 (+12%)	2mo	$520,000	$249	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 · 7.43% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-7,818
• Equity at exit: $33,548

10-year hold

• IRR: 10.8%
• Equity multiple: 2.01×
• Total profit: $63,370
• Equity at exit: $19,454

Cash invested: $63,000 (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 23222

• Rents YoY: 7.4%
• Active inventory: 179
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,231 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$202 /mo · $2,424/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $287

Break-even live

Break-even rent $1,868

Max offer price $225,000

Occupancy floor 82%

Sensitivity live

Price	-10% $414	-5% $351	+0% $287	+5% $223	+10% $159
Rent	-10% $111	-5% $199	+0% $287	+5% $375	+10% $463
Rate	-1.0pp $400	-0.5pp $344	base $287	+0.5pp $229	+1.0pp $169

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3204 North Ave Richmond, VA	3.0	2.5	1626	$2,395	$1.47	5d	1	0.52mi
3007 Moss Side Ave Richmond, VA	3.0	2.5	1772	$2,495	$1.41	24d	1	0.52mi
3311 Cliff Ave Richmond, VA	2.0	1.5	1567	$2,000	$1.28	44d	1	0.54mi
3200 Brook Rd Richmond, VA	1.0–2.0	1.0–2.5	968	$2,633	$2.72	2d	20	0.62mi
2807 Edgewood Ave Richmond, VA	3.0	1.0	1320	$1,750	$1.33	44d	1	0.74mi
2701 Northumberland Ave Richmond, VA	3.0	3.0	2310	$2,630	$1.14	5d	1	0.93mi
3501 Meadowbridge Rd Richmond, VA	3.0	1.0	1383	$1,495	$1.08	24d	1	0.96mi
3501 Meadowbridge Rd Richmond, VA	3.0	1.0	1383	$1,495	$1.08	20d	1	0.96mi
3324 Meadowbridge Rd Richmond, VA	4.0	2.5	1667	$2,175	$1.30	17d	1	0.99mi
3615 Missouri Ave Richmond, VA	3.0	2.0	1758	$2,150	$1.22	44d	1	1.15mi
3211 Maryland Ave Richmond, VA	4.0	1.5	1344	$1,871	$1.39	44d	1	1.15mi
3425 Carolina Ave Unit A Richmond, VA	3.0	1.0	1300	$1,400	$1.08	44d	1	1.30mi
3425 Carolina Ave Unit B Richmond, VA	3.0	1.0	1300	$1,400	$1.08	24d	1	1.30mi
3202 1st Ave Richmond, VA	3.0	2.5	1440	$2,062	$1.43	22d	1	1.32mi
1724 Wilmington Ave Richmond, VA	4.0	2.0	2109	$3,200	$1.52	24d	1	1.38mi
2435 Ownby Ln Richmond, VA	3.0	2.5	2516	$3,500	$1.39	44d	1	1.38mi
2402 Ownby Ln Richmond, VA	3.0	2.5	2253	$3,488	$1.55	2d	4	1.42mi
3511 1st Ave Richmond, VA	4.0	1.5	1600	$2,050	$1.28	24d	1	1.45mi
3621 Enslow Ave Richmond, VA	2.0	1.5	1232	$2,850	$2.31	24d	1	1.45mi
1601 Overbrook Rd Richmond, VA	1.0–3.0	1.0–2.0	922	$3,172	$3.44	2d	25	1.45mi
3007 3rd Ave Richmond, VA	3.0	3.0	2036	$2,295	$1.13	44d	1	1.47mi

Listing history 7 events

1. 2026-06-07
   statusdays on market $225,000 Pending 8 DOM
2. 2026-06-03
   days on market $225,000 Active 7 DOM
3. 2026-06-02
   days on market $225,000 Active 6 DOM
4. 2026-06-01
   days on market $225,000 Active 5 DOM
5. 2026-05-31
   days on market $225,000 Active 4 DOM
6. 2026-05-27
   listed $225,000 Active
7. 1966-03-14
   soldstatus $18,300

ⓘ 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: $2,424 · $202/mo
• Projected year-2 tax: $2,424 · $202/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,772
• − Mortgage interest: −$12,603
• − Property taxes: −$2,424
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,142
• − Management: −$2,142
• − Depreciation: −$6,545
• Taxable loss: −$209
• Est. tax savings @ 24.0%: +$50
• After-tax cash flow: $3,492/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): 26,322
• Household income: $61,345
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 1325.0

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 (70%)
• Race & ethnicity: Black 70% White 21% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 1% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 2% 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: ▼ -288.72%
• Current HPI: 428.4029
• Rent YoY: ▲ 7.43%
• 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

+1129.5% since first listed

2 events — show timeline

• 2026-05-27 Listed $225,000 CVRMLS
• 1966-03-14 Sold (Public Records) $18,300 Public Records

Property tax history

+3.7%/yr

Latest (2022): $2,424 · +135.3% YoY. Source: county tax records.