1121 Arlington Blvd #321

Arlington, VA 22209

$159,000C-

1 bd · 1.0 ba · 514 sqft · Built 1955 · Condo · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,968/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$249
• HOA: −$514
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-42/mo
• Annual: $-502/yr
• Cap rate: 6.48%
• Cash-on-cash: 0.66%
• DSCR: 1.03
• 1% rule: 1.24%
• Cash to close: $44,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $159k.
• At list price, monthly cash flow is $-42 ($-502/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (4.6% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (4.6% below list) — sets the bar for cash-flow.
• In year one you build about $1k of equity ($1k loan paydown + $34 appreciation (0.0% local appreciation)).
• Location reads 86/100 on livability (#14 in VA, #387 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Arlington County Public School District (urban): math 65% / reading 77% proficiency, ranked #8 of 131 in VA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 103 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 621 units permitted in Arlington County in 2024 (429 in 5+ unit buildings).
• Arlington County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $41k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 1.7% in Arlington — 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.

Questions for listing agent

• 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?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.