510 St Matthew St · Petersburg, VA 23803

$59,000

1 bd · 1.0 ba · 576 sqft · SingleFamily public records · 9 Days on market

Built 1901 3,249 sqft lot $102/sqft · 35% below area Est $91k · 35% under

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Property has been renovated. The property has been painted & has new carpet & floor tile. Electrical system has also been updated. Washer/Dyer hook-up. Microwave & Stove convey. Property doesn’t have HVAC system, but has capability to utilize one. Gas heater is on wall.

Key facts

• Covered front porch
• Fenced yard
• Newer appliances

Tags

• FUNCTIONAL LAYOUT
• NEWER APPLIANCES
• IN-UNIT LAUNDRY AREA
• MINI-SPLIT HVAC
• FENCED YARD
• COVERED FRONT PORCH

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story home; Frame construction with wood siding; Shingle roof; Approximately 576 above-grade finished area
• Construction: Built (actual year not specified)
• Exterior features: Zoned R-2

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Resale condition; Total of 3 rooms

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Cap rate 15.6% 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: schools D+, crime F, amenities 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.
• Market conditions: Rents rising fast (+5.9%/yr); 295 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); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($408 loan paydown + $855 appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 48% 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 $59,000

Questions for the listing agent

1. Built in 1901 — 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 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?
4. 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?
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: 1.83% ✓
• Cap rate: 15.60%
• Cash-on-cash: 33.24%
• DSCR: 2.48
• GRM: 4.6

CMA / ARV

• ARV (median comp): $90,829
• List price: $59,000
• Delta: -35.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 St Matthew St	0.00mi	1/1.0	576 (0%)	1mo	$55,000	$95	99
915 High Pearl St	0.17mi	2/1.0 (+1)	557 (-3%)	6mo	$50,000	$90	77
121 St Marks St	0.35mi	1/1.0	608 (+6%)	14mo	$80,000	$132	62
629 Pegram St	0.49mi	2/1.0 (+1)	605 (+5%)	2mo	$84,500	$140	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 3.11×
• Total profit: $34,796
• Equity at exit: $21,531

10-year hold

• IRR: 42.0%
• Equity multiple: 6.73×
• Total profit: $94,647
• Equity at exit: $29,721

Cash invested: $16,520 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 295
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,079 high
• Mortgage (P&I): −$309
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $458

Break-even live

Break-even rent $500

Max offer price $59,000

Occupancy floor 53%

Sensitivity live

Price	-10% $491	-5% $474	+0% $458	+5% $441	+10% $424
Rent	-10% $372	-5% $415	+0% $458	+5% $500	+10% $543
Rate	-1.0pp $487	-0.5pp $473	base $458	+0.5pp $442	+1.0pp $427

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
217 N Carolina Ave Petersburg, VA	2.0	1.0	718	$1,025	$1.43	25d	1	0.25mi
204 Saint Mark St Petersburg, VA	1.0	1.0	480	$1,014	$2.11	25d	1	0.26mi
456 Harrison St Unit B Petersburg, VA	1.0	1.0	456	$1,350	$2.96	45d	1	0.46mi
325 Brown St Petersburg, VA	1.0–2.0	1.0–2.0	797	$1,050	$1.32	15d	9	0.71mi
325 Brown St Petersburg, VA	1.0–2.0	1.0–2.0	775	$1,199	$1.55	22d	2	0.71mi
1111 Stainback St Apt 2 Petersburg, VA	2.0	1.0	750	$895	$1.19	45d	1	0.74mi
109 Perry St Petersburg, VA	1.0–2.0	1.0–2.0	787	$1,097	$1.39	3d	15	0.75mi
1640 Johnson Rd Petersburg, VA	1.0–3.0	1.0–1.5	972	$1,029	$1.06	3d	11	0.77mi
212 S Dunlop St Petersburg, VA	2.0	1.0	700	$1,250	$1.79	45d	1	0.78mi
1517 Halifax St Unit 20 Petersburg, VA	2.0	1.0	600	$1,195	$1.99	45d	1	0.79mi
1517 Halifax St Unit 15 Petersburg, VA	2.0	1.0	650	$895	$1.38	25d	1	0.79mi
1517 Halifax St Unit 3 Petersburg, VA	2.0	1.0	600	$1,195	$1.99	11d	1	0.80mi
16 S Market St Petersburg, VA	1.0–2.0	1.0–2.0	769	$1,102	$1.43	3d	17	0.85mi
9 S Market St Petersburg, VA	1.0–2.0	1.0–2.0	721	$995	$1.38	18d	6	0.89mi
647 W Washington St Petersburg, VA	1.0	1.0	595	$595	$1.00	17d	1	0.92mi
9 N Market St Petersburg, VA	1.0	1.0	667	$1,199	$1.80	22d	1	0.92mi
1528 Lincoln St Petersburg, VA	2.0	1.0	673	$895	$1.33	17d	1	0.96mi
15 N Union St Petersburg, VA	1.0	1.0	660	$1,072	$1.62	18d	9	0.98mi
15 N Union St Petersburg, VA	1.0	1.0	633	$999	$1.58	22d	2	0.98mi
801 Hinton St Petersburg, VA	1.0–2.0	1.0–2.0	745	$995	$1.34	3d	8	0.98mi
801 Hinton St Petersburg, VA	1.0–2.0	1.0–2.0	834	$1,250	$1.50	20d	2	0.98mi
30 Franklin St Petersburg, VA	2.0	1.0–2.0	755	$1,224	$1.62	20d	1	1.04mi
30 Franklin St Petersburg, VA	1.0	1.0	609	$1,022	$1.68	3d	2	1.04mi
214 N Dunlop St Unit 211 Petersburg, VA	1.0	1.0	667	$1,199	$1.80	45d	1	1.09mi
712 High St Unit 4 Petersburg, VA	1.0	1.0	500	$999	$2.00	25d	1	1.09mi
712 High St Unit 8 Petersburg, VA	1.0	1.0	502	$999	$1.99	22d	1	1.09mi
712 High St Unit 3 Petersburg, VA	1.0	1.0	539	$999	$1.85	45d	1	1.09mi
712 High St Unit 9 Petersburg, VA	1.0	1.0	670	$1,100	$1.64	45d	1	1.09mi
214 N Dunlop St Petersburg, VA	1.0–2.0	1.0–2.0	799	$995	$1.24	3d	11	1.12mi
214 N Dunlop St Unit 302 Petersburg, VA	1.0	1.0	630	$1,099	$1.74	45d	1	1.12mi
214 N Dunlop St Unit 103 Petersburg, VA	1.0	1.0	632	$1,049	$1.66	25d	1	1.12mi
214 N Dunlop St Petersburg, VA	1.0	1.0	667	$1,210	$1.81	20d	3	1.12mi
214 N Dunlop St Unit 115 Petersburg, VA	1.0	1.0	667	$1,235	$1.85	25d	1	1.12mi
301 N Dunlop St Petersburg, VA	1.0	1.0	609	$998	$1.64	3d	5	1.13mi
301 N Dunlop St Petersburg, VA	1.0	1.0	638	$1,112	$1.74	20d	2	1.13mi
232 High St Unit B Petersburg, VA	1.0	1.0	750	$1,400	$1.87	3d	1	1.16mi
230 N Sycamore St Petersburg, VA	—	1.0	740	$1,300	$1.76	20d	1	1.18mi
230 N Sycamore St Petersburg, VA	1.0	1.0	622	$1,150	$1.85	3d	7	1.18mi
25 W Bank St Petersburg, VA	1.0	1.0	765	$995	$1.30	3d	7	1.23mi
25 W Bank St Petersburg, VA	1.0	1.0	538	$1,050	$1.95	20d	1	1.23mi

Listing history 6 events

1. 2026-05-09
   status Pending 544-char remark
2. 2026-04-30
   listed $59,000 Active 544-char remark
3. 2018-09-21
   soldstatus $13,500 Closed 294-char remark

   Show marketing remark (294 chars)

   Property has been renovated. The property has been painted & has new carpet & floor tile. Electrical system has also been updated. Washer/Dyer hook-up. Microwave & Stove convey. Property doesn’t have HVAC system, but has capability to utilize one. Gas heater is on wall.

4. 2018-08-14
   status Pending 294-char remark

   Show marketing remark (294 chars)

   Property has been renovated. The property has been painted & has new carpet & floor tile. Electrical system has also been updated. Washer/Dyer hook-up. Microwave & Stove convey. Property doesn’t have HVAC system, but has capability to utilize one. Gas heater is on wall.

5. 2018-08-06
   price $18,000 294-char remark

   Show marketing remark (294 chars)

   Property has been renovated. The property has been painted & has new carpet & floor tile. Electrical system has also been updated. Washer/Dyer hook-up. Microwave & Stove convey. Property doesn’t have HVAC system, but has capability to utilize one. Gas heater is on wall.

6. 2018-07-23
   listed $20,000 Active 294-char remark

   Show marketing remark (294 chars)

   Property has been renovated. The property has been painted & has new carpet & floor tile. Electrical system has also been updated. Washer/Dyer hook-up. Microwave & Stove convey. Property doesn’t have HVAC system, but has capability to utilize one. Gas heater is on wall.

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $732 · $61/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 48% 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: $12,951
• − Mortgage interest: −$3,305
• − Property taxes: −$732
• − Insurance: −$295
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$1,716
• Taxable income: $4,831
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $4,333/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: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

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 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

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: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• 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

+175.0% since first listed

8 events — show timeline

• 2026-05-22 Sold (Public Records) $55,000 Public Records
• 2026-05-22 Sold (MLS) $55,000 CVRMLS
• 2026-05-09 Pending — CVRMLS
• 2026-04-30 Listed $59,000 CVRMLS
• 2018-09-21 Sold (MLS) $13,500 CVRMLS
• 2018-08-14 Pending — CVRMLS
• 2018-08-06 Price Changed $18,000 CVRMLS
• 2018-07-23 Listed $20,000 CVRMLS

Property tax history

+13.3%/yr

Latest (2025): $732 · +364.5% YoY. Source: county tax records.