3520 E Richmond Rd Unit U106 · Richmond, VA 23223

$125,000

3 bd · 1.0 ba · 780 sqft · Condo public records · 106 Days on market

Built 1975 $160/sqft · 20% above area Est $104k · 20% over $134/mo HOA · 9% of rent ↓ 4% 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).

• Cash flow +25.5/30.0
• DSCR +8.4/10.0
• 1% rule +7.1/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

Key facts

• Renovated
• Updated kitchen
• Move in ready

Tags

• RENOVATED
• MOVE IN READY
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPDATED BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 16d 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 32% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Recommended offer $113,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• GRM: 6.9

CMA / ARV

• ARV (median comp): $103,786
• List price: $125,000
• Delta: 20.44%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.38% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,564
• Equity at exit: $18,638

10-year hold

• IRR: 15.3%
• Equity multiple: 2.44×
• Total profit: $50,389
• Equity at exit: $10,808

Cash invested: $35,000 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,507 high
• Mortgage (P&I): −$656
• Tax from tax record: −$59 /mo · $708/yr
• Insurance: −$52
• HOA: −$134
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $290

Break-even live

Break-even rent $1,140

Max offer price $125,000

Occupancy floor 76%

Sensitivity live

Price	-10% $361	-5% $325	+0% $290	+5% $255	+10% $219
Rent	-10% $171	-5% $231	+0% $290	+5% $350	+10% $409
Rate	-1.0pp $353	-0.5pp $322	base $290	+0.5pp $258	+1.0pp $225

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3508 E Richmond Rd Richmond, VA	2.0	1.0	801	$1,336	$1.67	5d	7	0.02mi
3528 E Richmond Rd Unit 21 Richmond, VA	2.0	1.0	780	$1,195	$1.53	12d	1	0.02mi
3528 E Richmond Rd Unit U5 Richmond, VA	2.0	1.0	692	$1,145	$1.65	24d	1	0.02mi
3516 E Richmond Rd Unit 10 Richmond, VA	2.0	1.0	760	$1,250	$1.64	44d	1	0.07mi
1400 Jennie Scher Rd Richmond, VA	2.0–3.0	1.0	900	$1,475	$1.64	44d	2	0.67mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	5d	1	0.72mi
613 N 32nd St Apt C Richmond, VA	2.0	1.0	600	$1,650	$2.75	5d	1	0.74mi
1603 N 29th St Richmond, VA	3.0	1.0	950	$1,600	$1.68	5d	1	0.76mi
2906 Nine Mile Rd Richmond, VA	2.0	1.0	885	$1,845	$2.08	24d	1	0.77mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	44d	1	0.78mi
3503 E Marshall St Unit 2 Richmond, VA	2.0	1.0	1100	$1,400	$1.27	12d	1	0.80mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	5d	1	0.88mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	22d	1	0.89mi
2300 Farrand St Henrico, VA	2.0	1.0	930	$1,600	$1.72	44d	1	0.93mi
1708 Carlisle Ave Unit 1 Richmond, VA	2.0	1.0	850	$1,295	$1.52	44d	1	0.98mi
1708 Carlisle Ave Unit 6 Richmond, VA	2.0	1.0	900	$1,295	$1.44	24d	1	0.98mi
1210 Carlisle Ave Richmond, VA	3.0	1.0	912	$1,695	$1.86	5d	1	1.08mi
2411 Carlisle Ave Henrico, VA	3.0	1.0	930	$1,750	$1.88	3d	1	1.08mi
1822 Williamsburg Rd Unit 9 Richmond, VA	2.0	1.0	800	$995	$1.24	21d	1	1.10mi
2706 Selden St Richmond, VA	3.0	1.0	862	$1,895	$2.20	44d	1	1.10mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	24d	1	1.15mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	44d	1	1.15mi
3005 E Franklin St Apt 106 Richmond, VA	2.0	2.0	900	$1,850	$2.06	12d	1	1.15mi
1021 Carlisle Ave Richmond, VA	1.0–2.0	1.0–2.0	789	$2,059	$2.61	22d	1	1.16mi
2200 Carrington St Unit 300 Richmond, VA	2.0	2.0	880	$1,435	$1.63	44d	1	1.18mi
2200 Carrington St Unit 301 Richmond, VA	2.0	2.0	890	$1,435	$1.61	17d	1	1.18mi
2852 Fairfield Ave Richmond, VA	2.0–3.0	1.0	870	$1,350	$1.55	5d	1	1.20mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	44d	1	1.24mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	15d	1	1.24mi
1108 N 21st St Unit B Richmond, VA	2.0	2.0	1000	$1,799	$1.80	3d	1	1.26mi
2515 E Grace St Unit C Richmond, VA	2.0	2.0	800	$2,100	$2.62	5d	1	1.28mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	45d	15	1.28mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	2d	9	1.28mi
2801 E Main St Richmond, VA	1.0–2.0	1.0–2.0	797	$2,312	$2.90	2d	16	1.32mi
1013 Garber St Richmond, VA	2.0	1.0	1021	$1,675	$1.64	44d	1	1.34mi
2021 Fairfield Ave Richmond, VA	2.0	1.0	785	$1,195	$1.52	15d	1	1.35mi
2418 E Franklin St Unit U104 Richmond, VA	2.0	2.0	774	$1,662	$2.15	5d	1	1.35mi
2525 E Main St Richmond, VA	2.0	1.0–2.0	736	$1,895	$2.57	2d	10	1.38mi
1213 Nelson St Unit C Richmond, VA	2.0	1.0	600	$1,195	$1.99	5d	1	1.39mi
5205 Scott St Richmond, VA	3.0	1.0	912	$1,995	$2.19	3d	1	1.39mi

HOA detail condo

• Monthly dues: $134 · $1,608/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-03-27
   status Active 933-char remark

   Show marketing remark (933 chars)

   Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

2. 2026-02-28
   status Pending 933-char remark

   Show marketing remark (933 chars)

   Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

3. 2026-02-18
   status Active 933-char remark

   Show marketing remark (933 chars)

   Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

4. 2026-02-11
   status Pending 933-char remark

   Show marketing remark (933 chars)

   Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

5. 2026-01-02
   listed $125,000 Active 933-char remark

   Show marketing remark (933 chars)

   Renovated and Move-In Ready, Conveniently located in Richmond! This recently renovated home is the perfect opportunity for first time home buyers or investors. This property is back on the market at no fault of the seller. The previous buyer’s financing was denied due to the association not qualifying for conventional financing. This property is best suited for cash buyers or non-traditional financing options. Recent upgrades include: New flooring throughout, fresh paint, an updated kitchen with granite countertops and cabinetry with modern finishes, and an updated bathroom with a soaking tub and vanity. This home comes fully equipped with stainless steel appliances: stove, microwave, and dishwasher. It’s conveniently located in Richmond, minutes from Downtown, VCU, Church Hill, or Eastern Henrico. Whether you’re looking to live here or add to your investment portfolio, this property is a must see!

6. 2025-12-31
   historical
7. 2025-09-11
   listed $130,000 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: $708 · $59/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$317/yr (+$26/mo · 44.8%)

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

Taxation est. · year 1

• Rental income: $18,086
• − Mortgage interest: −$7,002
• − Property taxes: −$708
• − Insurance: −$625
• − Repairs & maintenance: −$1,447
• − Management: −$1,447
• − HOA: −$1,608
• − Depreciation: −$3,636
• Taxable income: $1,613
• Est. tax owed @ 24.0%: −$387
• After-tax cash flow: $3,094/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

-3.8% since first listed

7 events — show timeline

• 2026-03-27 Relisted — CVRMLS
• 2026-02-28 Pending — CVRMLS
• 2026-02-18 Relisted — CVRMLS
• 2026-02-11 Pending — CVRMLS
• 2026-01-02 Listed $125,000 CVRMLS
• 2025-12-31 Listing Removed — CVRMLS
• 2025-09-11 Listed $130,000 CVRMLS

Property tax history

-2.2%/yr

Latest (2022): $708 · -1.7% YoY. Source: county tax records.