646 W Washington St · Petersburg, VA 23803

$120,000

4 bd · 2.0 ba · 2,240 sqft · SingleFamily public records · 13 Days on market

Built 1800 5,187 sqft lot $54/sqft · 37% below area ↓ 11% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

Key facts

• Exceptional exposure
• Corner lot
• 5,187 sq ft lot

Tags

• CORNER LOT
• RENOVATING OPPORTUNITY
• HIGH VISIBILITY TRAFFIC
• EXCEPTIONAL EXPOSURE

Property features AI

Exterior

• Parking: Alley access; On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story residence; Approximate year built
• Construction: Brick and wood siding construction; Metal roof; Crawl space foundation
• Exterior features: Front porch; Side porch; Chain link fencing in the backyard; Corner, level lot

Interior

• Flooring: Wood
• Bathrooms: Two full bathrooms (one on the first level, one on the second level) — each with tub and shower
• Interior features: Wood flooring; Decorative fireplace
• Laundry & utility: Water heater included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 13.4% 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); 290 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 38% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($830 loan paydown + $2k 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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.
• Current owner paid $25k; list at $120k implies a 380% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 42% 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 $120,000

Questions for the listing agent

1. Built in 1800 — 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: 1.51% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.41%
• DSCR: 2.13
• GRM: 5.5

CMA / ARV

• ARV (median comp): $383,910
• List price: $120,000
• Delta: -68.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
935 Hinton St	0.28mi	4/3.5	2,240 (0%)	8mo	$317,000	$142	74
224 S South St	0.19mi	4/2.0	2,114 (-6%)	9mo	$90,250	$43	74
21 Pine St	0.07mi	3/3.0 (-1)	2,388 (+7%)	8mo	$309,000	$129	70
938 Rome St	0.31mi	4/3.5	2,116 (-6%)	1mo	$328,375	$155	70
1012 W Wythe St	0.32mi	4/3.0	2,118 (-5%)	4mo	$255,000	$120	69
904 Wilcox St	0.33mi	4/2.5	2,464 (+10%)	1mo	$283,000	$115	65
1022 W High St	0.43mi	3/2.5 (-1)	2,068 (-8%)	1mo	$255,000	$123	59
206 S West St	0.42mi	4/3.5	2,484 (+11%)	1mo	$325,000	$131	56
1348 Rome St	0.72mi	4/3.5	2,138 (-5%)	4mo	$290,000	$136	49
243 High St	0.49mi	3/1.5 (-1)	1,968 (-12%)	2mo	$262,000	$133	48
1340 Rome St	0.71mi	4/3.0	1,929 (-14%)	2mo	$210,000	$109	38
409 Mistletoe St	0.74mi	4/3.5	1,960 (-12%)	4mo	$290,000	$148	35

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: 30.8%
• Equity multiple: 2.65×
• Total profit: $55,594
• Equity at exit: $43,793

10-year hold

• IRR: 34.2%
• Equity multiple: 5.65×
• Total profit: $156,074
• Equity at exit: $60,449

Cash invested: $33,600 (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: 290
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,812 high
• Mortgage (P&I): −$629
• Tax from tax record: −$41 /mo · $494/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $711

Break-even live

Break-even rent $912

Max offer price $120,000

Occupancy floor 56%

Sensitivity live

Price	-10% $779	-5% $745	+0% $711	+5% $677	+10% $643
Rent	-10% $568	-5% $640	+0% $711	+5% $783	+10% $855
Rate	-1.0pp $772	-0.5pp $742	base $711	+0.5pp $680	+1.0pp $649

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	44d	1	0.11mi
922 Wilcox St Petersburg, VA	5.0	2.5	1985	$1,799	$0.91	3d	1	0.35mi
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	44d	1	0.51mi
608 Halifax St Unit 608 Petersburg, VA	5.0	2.5	2288	$1,699	$0.74	3d	1	0.64mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	24d	1	0.85mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	44d	1	0.85mi
1021 Melville St Petersburg, VA	5.0	2.0	2014	$1,899	$0.94	16d	1	0.92mi
315 St Mark St Petersburg, VA	5.0	2.0	1508	$2,500	$1.66	44d	1	0.96mi
616 S Jefferson St Petersburg, VA	3.0	2.0	2400	$1,957	$0.82	3d	1	1.01mi
1740 Randolph Ave Petersburg, VA	4.0	2.0	1400	$2,000	$1.43	11d	1	1.21mi
211 Jefferson Ave Colonial Heights, VA	4.0	2.0	1507	$1,900	$1.26	2d	1	1.23mi
462 Reservoir Hts Petersburg, VA	4.0	2.0	1640	$1,895	$1.16	24d	1	1.42mi

Listing history 11 events

1. 2026-05-12
   listed $120,000 Active 1191-char remark
2. 2024-06-13
   listed $60,000 Active
3. 2023-02-23
   soldstatus $25,000 Closed

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

4. 2023-01-04
   status Pending

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

5. 2022-11-05
   price $30,000

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

6. 2022-11-01
   price $45,000

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

7. 2022-10-18
   price $55,000

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

8. 2022-07-23
   price $70,000

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

9. 2022-06-27
   price $80,000

   Show marketing remark (99 chars)

   Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

10. 2022-06-05
    listed $110,000 Active

    Show marketing remark (99 chars)

    Great Lot! 2,240 square foot house on 5,190 square foot lot . Property will convey As-Is condition.

11. 1989-11-14
    soldstatus $135,000

ⓘ 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: $494 · $41/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$490/yr (+$41/mo · 99.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 42% 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: $21,750
• − Mortgage interest: −$6,722
• − Property taxes: −$494
• − Insurance: −$600
• − Repairs & maintenance: −$1,740
• − Management: −$1,740
• − Depreciation: −$3,491
• Taxable income: $6,963
• Est. tax owed @ 24.0%: −$1,671
• After-tax cash flow: $6,866/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

-11.1% since first listed

12 events — show timeline

• 2026-05-25 Pending — CVRMLS
• 2026-05-12 Listed $120,000 CVRMLS
• 2024-06-13 Listed $60,000 CVRMLS
• 2023-02-23 Sold (MLS) $25,000 CVRMLS
• 2023-01-04 Pending — CVRMLS
• 2022-11-05 Price Changed $30,000 CVRMLS
• 2022-11-01 Price Changed $45,000 CVRMLS
• 2022-10-18 Price Changed $55,000 CVRMLS
• 2022-07-23 Price Changed $70,000 CVRMLS
• 2022-06-27 Price Changed $80,000 CVRMLS
• 2022-06-05 Listed $110,000 CVRMLS
• 1989-11-14 Sold (Public Records) $135,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $494 · +0.0% YoY. Source: county tax records.