2515 2nd Ave · Richmond, VA 23222

$129,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 4 Days on market

Built 1930 5,248 sqft lot Est $240k · 46% under

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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 +27.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.1/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity with strong upside potential. This property offers multiple strategies. Renovate and reposition or tear down and rebuild to maximize value. Ideal for savvy investors looking to create a high-performing asset. Don't miss this exceptional investment opportunity primed for transformation. Again, whether you envision a full renovation or a ground-up rebuild, this property presents the flexibility to curate a high-yield asset. Secure your buyer preview and unlock its full potential. Schedule your private preview and explore the possibilities.

Key facts

• 5,248 sq ft lot
• Built 1930
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 9.9% 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 (+7.4%/yr); 179 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 30% of the median local income ($61k/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 $892 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 + 7.4% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $39k; list at $129k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $129,000

Questions for the listing agent

1. Built in 1930 — 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: 1.21% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $240,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1010 Crafton Ln	0.23mi	3/1.0	864 (-10%)	1mo	$275,000	$318	72
1002 Crafton Ln	0.27mi	3/1.0	864 (-10%)	0mo	$275,000	$318	70
1200 Juniper St	0.18mi	2/1.0 (-1)	881 (-8%)	3mo	$145,000	$165	70
1021 Fourqurean Ln	0.21mi	3/1.0	864 (-10%)	4mo	$182,000	$211	70
3122 Enslow Ave	0.58mi	3/1.5	960 (0%)	4mo	$240,000	$250	67
2835 Richmond Henrico Tpke	0.47mi	3/1.0	886 (-8%)	2mo	$276,000	$312	63
3116 5th Ave	0.53mi	2/1.5 (-1)	1,032 (+8%)	3mo	$268,000	$260	53
1201 Willow St	0.27mi	2/1.0 (-1)	1,093 (+14%)	8mo	$240,000	$220	52
2728 Woodrow Ave	0.51mi	2/1.0 (-1)	1,071 (+12%)	5mo	$186,000	$174	48
3223 Maryland Ave	0.71mi	3/1.0	864 (-10%)	6mo	$240,000	$278	45
626 Arnold Ave	0.57mi	3/1.0	1,100 (+15%)	8mo	$257,500	$234	43
3307 Utah Pl	0.72mi	2/1.0 (-1)	850 (-12%)	2mo	$192,000	$226	41

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 · 7.43% rent growth · sell at horizon

5-year hold

• IRR: 7.5%
• Equity multiple: 1.31×
• Total profit: $11,040
• Equity at exit: $19,234

10-year hold

• IRR: 20.2%
• Equity multiple: 3.05×
• Total profit: $74,013
• Equity at exit: $11,154

Cash invested: $36,120 (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 23222

• Rents YoY: 7.4%
• Active inventory: 179
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$676
• Tax from tax record: −$113 /mo · $1,356/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $388

Break-even live

Break-even rent $1,067

Max offer price $129,000

Occupancy floor 70%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2810 2nd Ave Richmond, VA	2.0	1.0	1120	$1,950	$1.74	43d	1	0.22mi
2919 4th Ave #2 Richmond, VA	2.0	2.0	950	$1,287	$1.35	43d	1	0.35mi
3119 4th Ave Richmond, VA	2.0	1.0	820	$1,225	$1.49	16d	1	0.52mi
2420 Barton Ave Apt 2 Richmond, VA	2.0	1.0	900	$1,150	$1.28	23d	1	0.62mi
2416 Barton Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,150	$1.15	43d	1	0.62mi
3117 Meadowbridge Rd Richmond, VA	2.0	1.0	887	$1,225	$1.38	43d	1	0.62mi
2400 Barton Ave Richmond, VA	2.0	1.0	813	$1,245	$1.53	4d	2	0.62mi
2000 Lamb Ave Apt C Richmond, VA	2.0	1.0	750	$1,295	$1.73	43d	1	0.67mi
200 Minor St Unit A Richmond, VA	3.0	1.0	1100	$1,295	$1.18	23d	1	0.68mi
1910 North Ave Richmond, VA	3.0	1.0	1010	$1,595	$1.58	10d	1	0.77mi
622 Pollock St Richmond, VA	3.0	1.5	1122	$2,300	$2.05	23d	1	0.80mi
1901 Whitcomb St Richmond, VA	2.0	1.0	750	$1,200	$1.60	23d	1	0.82mi
2423 Whitcomb St Richmond, VA	3.0	1.0	1000	$1,100	$1.10	23d	1	0.83mi
2106 Wood St Richmond, VA	3.0	1.0	862	$1,814	$2.10	20d	1	0.84mi
3418 Carolina Ave Unit A Richmond, VA	2.0	1.0	1000	$1,524	$1.52	43d	1	0.88mi
3303 Branch Ave Richmond, VA	3.0	1.0	800	$1,300	$1.62	43d	1	0.91mi
1610 Fendall Ave Richmond, VA	2.0	1.0	825	$1,249	$1.51	43d	1	1.06mi
1606 Fendall Ave Richmond, VA	2.0	1.0	825	$1,349	$1.64	43d	1	1.07mi
1611 Hickory St Richmond, VA	2.0	1.0	825	$1,449	$1.76	43d	1	1.08mi
1605 Hickory St Richmond, VA	2.0	1.0	825	$1,249	$1.51	43d	1	1.09mi
403 Fritz St Richmond, VA	2.0	1.0	1000	$1,595	$1.59	43d	1	1.10mi
417 Fritz St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.11mi
1711 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.12mi
1708 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.14mi
1508 Hickory St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.15mi
1706 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.15mi
501 Fritz St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.15mi
1619 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.15mi
1609 Brookfield St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.17mi
1607 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.17mi
1608 Brookfield St Richmond, VA	2.0	1.0	725	$1,195	$1.65	23d	1	1.18mi
510 W Bacon St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.19mi
1601 Roane St Richmond, VA	1.0–3.0	1.0–2.5	914	$2,100	$2.30	1d	28	1.21mi
527 Fritz St Richmond, VA	2.0	1.0	725	$1,195	$1.65	43d	1	1.21mi
2100 Phaup St Richmond, VA	2.0	1.0	800	$995	$1.24	23d	1	1.22mi
2108 Phaup St Unit D Richmond, VA	2.0	1.0	700	$995	$1.42	23d	1	1.24mi
600 W Bacon St Richmond, VA	2.0	1.0	725	$1,295	$1.79	43d	1	1.25mi
306 St Claire Ln Richmond, VA	3.0	1.0	1017	$1,595	$1.57	2d	1	1.28mi
3716 Delmont St Richmond, VA	2.0	2.0	890	$1,122	$1.26	43d	1	1.28mi
401 Winston St Richmond, VA	2.0	1.0	784	$1,250	$1.59	1d	15	1.29mi

Listing history 3 events

1. 2026-04-16
   status Pending
2. 2026-04-12
   listed $129,000 Active
3. 1996-12-02
   soldstatus $38,750

ⓘ 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: $1,356 · $113/mo
• Projected year-2 tax: $1,356 · $113/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 1/10 Low
• 🌡 Heat 8/10 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: $18,698
• − Mortgage interest: −$7,226
• − Property taxes: −$1,356
• − Insurance: −$645
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$3,753
• Taxable income: $2,727
• Est. tax owed @ 24.0%: −$654
• After-tax cash flow: $3,998/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: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 26,322
• Household income: $61,345
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 1325.0

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 (70%)
• Race & ethnicity: Black 70% White 21% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 1% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 2% 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: ▼ -288.72%
• Current HPI: 428.4029
• Rent YoY: ▲ 7.43%
• 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

+232.9% since first listed

3 events — show timeline

• 2026-04-16 Pending — CVRMLS
• 2026-04-12 Listed $129,000 CVRMLS
• 1996-12-02 Sold (Public Records) $38,750 Public Records

Property tax history

+11.0%/yr

Latest (2022): $1,356 · +68.7% YoY. Source: county tax records.