107 W Clay St · Richmond, VA 23220

$457,950

5 bd · 3.0 ba · 2,839 sqft · MultiFamily public records · 7 Days on market

Built 1875 2,787 sqft lot $161/sqft · 21% below area Est $583k · 21% under

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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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2 bedroom apartment in rear, last rent for $550/mo

Key facts

• 2,787 sq ft lot
• Built 1875
• Listed 7 days

Property features AI

Finance

• Financial info: Property contains two rental units with listed rents: one unit at $850 and one unit at $2,000

Exterior

• Parking: Alley access; On-street parking
• Utilities: Public water; Public sewer
• Home design: 3-story building; Multi-family property (2 total units); Brick and plaster construction; Shingle roof; Zoned R-6
• Construction: Built (year listed as actual); Brick and plaster exterior; Shingle roof
• Exterior features: Front porch; Fenced backyard; Level lot

Interior

• Kitchen: Dishwasher; Refrigerator; Eat-in kitchen / breakfast area
• Bedrooms: Two 2-bedroom units; One 4-bedroom unit
• Bathrooms: Units include full bathrooms (1 bath in 2-bed unit; 2 baths in 4-bed unit)
• Heating & cooling: Central air; 3+ zoned heating and 3+ zoned air conditioning; Electric heat and heat pump in one unit
• Interior features: Built-in bookcases; Breakfast area / eat-in kitchen; High ceilings; Laminate counters
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $457,950 price doesn't fit this home's estimated sale value (~$582,978) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $458k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive. Per door: $207/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $422k (7.9% below list).
• Recommended offer: $422k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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 (+6.5%/yr); 170 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• At $4,219/mo this rent would consume 82% of the median local household income ($61k/yr) (locally 2962% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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 $238k; list at $458k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — 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 $421,900 (7.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• GRM: 9.0

CMA / ARV

• ARV (median comp): $582,978
• List price: $457,950
• Delta: -21.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 W Marshall St	0.13mi	4/3.0 (-1)	2,940 (+4%)	2mo	$649,950	$221	82
218 W Main St	0.35mi	4/2.0 (-1)	2,494 (-12%)	0mo	$575,000	$231	54

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 · 6.54% rent growth · sell at horizon

5-year hold

• IRR: -6.6%
• Equity multiple: 0.75×
• Total profit: $-32,325
• Equity at exit: $68,282

10-year hold

• IRR: 6.7%
• Equity multiple: 1.58×
• Total profit: $74,184
• Equity at exit: $39,595

Cash invested: $128,226 (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 23220

• Rents YoY: 6.5%
• Active inventory: 170
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $4,219 high
• Mortgage (P&I): −$2,402
• Tax from tax record: −$326 /mo · $3,912/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$886
• Net cashflow: $415

Break-even live

Break-even rent $3,694

Max offer price $457,950

Occupancy floor 85%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,218
Total (2 units)			$4,219

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: $114,488
• Closing costs: $13,738
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
615 S Laurel St Richmond, VA	4.0	3.0	2110	$3,500	$1.66	23d	1	0.91mi
1260 Parkwood Ave Richmond, VA	6.0	3.0	2180	$4,800	$2.20	23d	1	0.92mi
2053 W Moore St Richmond, VA	5.0	5.5	2640	$4,200	$1.59	43d	1	1.24mi
1616 Kemper St Richmond, VA	5.0	3.5	3176	$3,400	$1.07	43d	1	1.28mi
2034 W Grace St Unit A Richmond, VA	4.0	2.0	2450	$2,950	$1.20	43d	1	1.29mi
2034 W Grace St Unit B Richmond, VA	4.0	2.0	2500	$3,200	$1.28	43d	1	1.29mi

Listing history 12 events

1. 2026-05-02
   historical $457,950 921-char remark
2. 2006-03-03
   soldstatus $238,000 50-char remark

   Show marketing remark (50 chars)

   2 bedroom apartment in rear, last rent for $550/mo

3. 2006-03-03
   soldstatus $238,000

   Show marketing remark (50 chars)

   2 bedroom apartment in rear, last rent for $550/mo

4. 2006-03-03
   soldstatus $238,000

   Show marketing remark (50 chars)

   2 bedroom apartment in rear, last rent for $550/mo

5. 2005-09-30
   historical
6. 2005-09-30
   historical
7. 2005-09-15
   listed $265,500
8. 2005-09-15
   listed $265,500
9. 2005-09-06
   listed $259,500 50-char remark

   Show marketing remark (50 chars)

   2 bedroom apartment in rear, last rent for $550/mo

10. 2005-09-06
    listed $259,500

    Show marketing remark (50 chars)

    2 bedroom apartment in rear, last rent for $550/mo

11. 1998-04-13
    soldstatus $73,000
12. 1997-03-06
    soldstatus $120,000

ⓘ 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: $3,912 · $326/mo
• Projected year-2 tax: $3,912 · $326/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,628
• − Mortgage interest: −$25,652
• − Property taxes: −$3,912
• − Insurance: −$2,290
• − Repairs & maintenance: −$4,050
• − Management: −$4,050
• − Depreciation: −$13,322
• Taxable loss: −$2,649
• Est. tax savings @ 24.0%: +$636
• After-tax cash flow: $5,612/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): 34,671
• Household income: $61,381
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 2962.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Black 31% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% Chinese 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: ▼ -772.63%
• Current HPI: 348.5085
• Rent YoY: ▲ 6.54%
• 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

+281.6% since first listed

14 events — show timeline

• 2026-05-28 Pending — CVRMLS
• 2026-05-21 Listed $457,950 CVRMLS
• 2026-05-02 Coming Soon $457,950 CVRMLS
• 2006-03-03 Sold (Public Records) $238,000 Public Records
• 2006-03-03 Sold (MLS) $238,000 CVRMLS
• 2006-03-03 Sold (MLS) $238,000 CVRMLS
• 2005-09-30 Listing Removed — CVRMLS
• 2005-09-30 Listing Removed — CVRMLS
• 2005-09-15 Listed $265,500 CVRMLS
• 2005-09-15 Listed $265,500 CVRMLS
• 2005-09-06 Listed $259,500 CVRMLS
• 2005-09-06 Listed $259,500 CVRMLS
• 1998-04-13 Sold (Public Records) $73,000 Public Records
• 1997-03-06 Sold (Public Records) $120,000 Public Records

Property tax history

+3.9%/yr

Latest (2022): $3,912 · +26.4% YoY. Source: county tax records.