2511 Redwood · Richmond, VA 23223

$114,900

3 bd · 1.0 ba · 698 sqft · SingleFamily public records · 2 Days on market

Built 1949 Est $185k · 38% under

---

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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

GREAT RENTAL PROPERTY OR STARTER HOME

Key facts

• Strong bones
• Local shopping
• Built 1949

Tags

• WELL-CONNECTED NEIGHBORHOOD
• LOCAL SHOPPING
• MAJOR COMMUTER ROUTES
• STRONG BONES

Property features AI

Finance

• Other: Above-grade finished area reported (698); Tax information available

Exterior

• Parking: Off-street parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story home; Vinyl siding exterior; Asphalt roof
• Construction: Built (actual year reported); Vinyl siding construction; Asphalt roof
• Exterior features: Off-street and on-street parking available

Interior

• Bedrooms: Total of 4 rooms (includes living spaces and sleeping areas)
• Bathrooms: 1 full bathroom with tub and shower (on the first level)
• Heating & cooling: Central air conditioning; Heating available via electric and natural gas
• Interior features: Resale condition

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 12.1% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 35% of the median local income ($56k/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 $794 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 $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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 $27k; list at $115k implies a 326% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $114,900

Questions for the listing agent

1. Built in 1949 — 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: 1.41% ✓
• Cap rate: 12.09%
• Cash-on-cash: 20.70%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $184,970
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2511 Redwood	0.00mi	2/1.0 (-1)	698 (0%)	0mo	$108,000	$155	95
2502 Redwood Ave	0.04mi	2/1.0 (-1)	698 (0%)	7mo	$145,000	$208	87
2517 Ford Ave	0.11mi	2/1.0 (-1)	768 (+10%)	10mo	$222,000	$289	64
1813 N 24th St	0.61mi	2/1.0 (-1)	667 (-4%)	1mo	$220,000	$330	59
2013 Cool Ln	0.46mi	2/1.0 (-1)	761 (+9%)	1mo	$160,000	$210	58
2117 Selden St	0.44mi	3/1.0	796 (+14%)	2mo	$190,000	$239	54
1701 Peter Paul Blvd	0.75mi	2/1.0 (-1)	720 (+3%)	4mo	$160,000	$222	51
2503 Peter Paul Blvd	0.68mi	2/1.0 (-1)	720 (+3%)	8mo	$150,000	$208	51
1703 Peter Paul Blvd	0.75mi	3/1.5	720 (+3%)	18mo	$230,000	$319	43
1708 N 24th St	0.58mi	2/1.0 (-1)	648 (-7%)	15mo	$225,000	$347	43
1902 N 25th St	0.64mi	3/1.0	778 (+12%)	21mo	$220,000	$283	33
2317 T St	0.69mi	2/2.0 (-1)	792 (+14%)	19mo	$210,000	$265	20

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: 16.6%
• Equity multiple: 1.70×
• Total profit: $22,407
• Equity at exit: $17,132

10-year hold

• IRR: 27.4%
• Equity multiple: 3.80×
• Total profit: $90,035
• Equity at exit: $9,934

Cash invested: $32,172 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,622 high
• Mortgage (P&I): −$603
• Tax from tax record: −$76 /mo · $912/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $555

Break-even live

Break-even rent $920

Max offer price $114,900

Occupancy floor 61%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1901 Whitcomb St Richmond, VA	2.0	1.0	750	$1,200	$1.60	23d	1	0.41mi
2108 Phaup St Unit D Richmond, VA	2.0	1.0	700	$995	$1.42	23d	1	0.45mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	4d	1	0.88mi
500 N 18th St Richmond, VA	1.0–2.0	1.0–2.0	737	$1,837	$2.49	1d	11	1.02mi
2000 Lamb Ave Apt C Richmond, VA	2.0	1.0	750	$1,295	$1.73	43d	1	1.11mi
1820 E Broad St Richmond, VA	1.0–2.0	1.0–2.0	665	$2,476	$3.72	21d	15	1.17mi
1903 E Marshall St Richmond, VA	3.0	1.0–2.0	723	$1,799	$2.49	1d	57	1.17mi
700 N 2nd St Unit 203 Richmond, VA	2.0	1.0	690	$1,250	$1.81	43d	1	1.21mi
1806 E Franklin St Richmond, VA	1.0–2.0	1.0–2.0	703	$2,005	$2.85	1d	12	1.34mi
417 Fritz St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.36mi
230 N 6th St Richmond, VA	1.0–2.0	1.0–2.0	982	$2,496	$2.54	1d	8	1.36mi
326 E Broad St Richmond, VA	1.0–3.0	1.0–2.0	925	$2,199	$2.38	2d	4	1.37mi
1508 Hickory St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.38mi
501 Fritz St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.39mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	21d	1	1.40mi
700 E Franklin St Richmond, VA	2.0	1.0–2.0	588	$1,989	$3.38	2d	9	1.41mi
2001 E Franklin St Richmond, VA	1.0–2.0	1.0–2.0	761	$1,862	$2.45	3d	34	1.41mi
510 W Bacon St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.41mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	4d	1	1.42mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	43d	1	1.43mi
613 N 32nd St Apt C Richmond, VA	2.0	1.0	600	$1,650	$2.75	4d	1	1.43mi
2201 E Franklin St Richmond, VA	1.0–3.0	1.0–3.0	905	$2,349	$2.59	3d	7	1.43mi
16 N 22nd St Richmond, VA	1.0–2.0	1.0–2.0	844	$1,675	$1.98	3d	7	1.44mi
1313 E Main St Richmond, VA	1.0–2.0	1.0–2.0	752	$1,939	$2.58	1d	5	1.44mi
306 E Grace St Richmond, VA	2.0–3.0	1.0–2.0	713	$1,895	$2.66	23d	1	1.45mi
1607 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.45mi
1609 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.45mi
2213 E Franklin St Richmond, VA	1.0–2.0	1.0–2.0	862	$2,049	$2.38	4d	6	1.46mi
1001 E Main St Richmond, VA	1.0–2.0	1.0–2.0	611	$2,350	$3.85	2d	12	1.46mi
527 Fritz St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.46mi
1619 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.46mi
219 E Broad St Richmond, VA	2.0	1.0–2.0	716	$2,063	$2.88	3d	14	1.47mi
1711 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.48mi
1608 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.48mi
1817 E Main St Richmond, VA	2.0	1.0–2.0	846	$1,955	$2.31	1d	40	1.49mi
600 W Bacon St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.49mi
1708 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.49mi
1601 Roane St Richmond, VA	1.0–3.0	1.0–2.5	914	$2,100	$2.30	1d	28	1.49mi
100 S 15th St Richmond, VA	1.0–2.0	1.0–2.0	825	$1,749	$2.12	4d	4	1.49mi
1706 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.50mi

Listing history 7 events

1. 2026-05-31
   status $114,900 Pending 2 DOM
2. 2026-05-28
   listed $114,900 Active
3. 2002-03-07
   soldstatus $27,000 37-char remark

   Show marketing remark (37 chars)

   GREAT RENTAL PROPERTY OR STARTER HOME

4. 2002-01-31
   listed $38,000

   Show marketing remark (37 chars)

   GREAT RENTAL PROPERTY OR STARTER HOME

5. 2002-01-31
   listed $38,000 37-char remark

   Show marketing remark (37 chars)

   GREAT RENTAL PROPERTY OR STARTER HOME

6. 1997-12-16
   soldstatus $23,800
7. 1956-04-18
   soldstatus $7,300

ⓘ 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: $912 · $76/mo
• Projected year-2 tax: $942 · $79/mo
• Expected delta: +$30/yr (+$3/mo · 3.3%)

ⓘ 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 · 16 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: $19,463
• − Mortgage interest: −$6,436
• − Property taxes: −$912
• − Insurance: −$574
• − Repairs & maintenance: −$1,557
• − Management: −$1,557
• − Depreciation: −$3,343
• Taxable income: $5,084
• Est. tax owed @ 24.0%: −$1,220
• After-tax cash flow: $5,438/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: 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

+1474.0% since first listed

6 events — show timeline

• 2026-05-28 Listed $114,900 CVRMLS
• 2002-03-07 Sold (MLS) $27,000 CVRMLS
• 2002-01-31 Listed $38,000 CVRMLS
• 2002-01-31 Listed $38,000 CVRMLS
• 1997-12-16 Sold (Public Records) $23,800 Public Records
• 1956-04-18 Sold (Public Records) $7,300 Public Records

Property tax history

+4.8%/yr

Latest (2022): $912 · +31.0% YoY. Source: county tax records.