6800 Fleetwood Rd #818

McLean, VA 22101

$345,000D

2 bd · 2.0 ba · 1,223 sqft · Built 1975 · Condo · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,675/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$602
• HOA: −$1,139
• Vac / Maint / Mgmt: −$772
• Net cashflow: $-647/mo
• Annual: $-7,766/yr
• Cap rate: 4.04%
• Cash-on-cash: -8.04%
• DSCR: 0.64
• 1% rule: 1.07%
• Cash to close: $96,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $345k.
• At list price, monthly cash flow is $-647 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (33.1% below list).
• Meets the 1% rule at list price ($4k rent vs $345k).
• It's been on market 73 days — a 6% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (33.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#52 in VA, #1,425 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety C-, amenities F, cost of living F.
• Fairfax County Public School District (suburban): math 61% / reading 73% proficiency, ranked #13 of 131 in VA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Haycock Elementary (math 91% / reading 95%, grade A+, #5 of 1,108 statewide, top 0%, 872 students, 3% FRL); Longfellow Middle (math 87% / reading 93%, grade A+, #2 of 342 statewide, top 0%, 1,225 students, 14% FRL); Mclean High (math 81% / reading 77%, grade A-, #71 of 319 statewide, top 23%, 2,441 students, 12% FRL).
• Zoned-school proficiency averages 87% at this address vs 67% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Fairfax County Public School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 31% of rent.
• Market conditions: Rents rising (+2.6%/yr); 528 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,861 units permitted in Fairfax County in 2024 (1,829 in 5+ unit buildings).
• Fairfax County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $24k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $180k; list at $345k implies a 92% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.0% vs local median 1.1% in McLean — 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?
• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?