215 S Washington Ave · Pulaski, VA 24301

$80,000

4 bd · 3.5 ba · 2,062 sqft · Other · 100 Days on market

Built 1934 5,663 sqft lot $39/sqft · 46% below area Est $148k · 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention Investors and Rehabbers! Rare opportunity to transform this spacious home. It’s ready for your redesign and rebuild. A true value-add project with tremendous upside potential. Sold as-is.

Key facts

• 5,663 sq ft lot
• Built 1934
• Listed 99 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.6% vs local median 5.5% in Pulaski — 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 67/100 on livability (#297 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Pulaski County Public School District (rural): math 48% / reading 61% proficiency, ranked #86 of 131 in VA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 114 active listings in the ZIP; 39 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pulaski County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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 $36k; list at $80k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
8. 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.
9. 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.
10. 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: 1.83% ✓
• Cap rate: 16.57%
• Cash-on-cash: 36.70%
• DSCR: 2.63
• GRM: 4.6

CMA / ARV

• ARV (median comp): $148,288
• List price: $80,000
• Delta: -46.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.3%
• Equity multiple: 2.18×
• Total profit: $26,450
• Equity at exit: $11,928

10-year hold

• IRR: 35.8%
• Equity multiple: 4.30×
• Total profit: $73,817
• Equity at exit: $6,917

Cash invested: $22,400 (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 24301

• Active inventory: 114
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,463 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$18 /mo · $216/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $619

Break-even live

Break-even rent $680

Max offer price $80,000

Occupancy floor 53%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $80,000 Active 100 DOM
2. 2026-06-18
   days on market $80,000 Active 99 DOM
3. 2026-06-17
   days on market $80,000 Active 98 DOM
4. 2026-06-16
   days on market $80,000 Active 97 DOM
5. 2026-06-15
   days on market $80,000 Active 96 DOM
6. 2026-06-14
   days on market $80,000 Active 94 DOM
7. 2026-06-13
   days on market $80,000 Active 93 DOM
8. 2026-06-10
   days on market $80,000 Active 91 DOM
9. 2026-06-09
   days on market $80,000 Active 90 DOM
10. 2026-06-08
    days on market $80,000 Active 89 DOM
11. 2026-06-07
    days on market $80,000 Active 88 DOM
12. 2026-06-05
    days on market $80,000 Active 85 DOM
13. 2026-06-02
    days on market $80,000 Active 83 DOM
14. 2026-06-01
    days on market $80,000 Active 82 DOM
15. 2026-05-31
    days on market $80,000 Active 81 DOM
16. 2026-05-30
    days on market $80,000 Active 80 DOM
17. 2026-03-11
    listed $80,000 Active 203-char remark

    Show marketing remark (203 chars)

    Attention Investors and Rehabbers! Rare opportunity to transform this spacious home. It’s ready for your redesign and rebuild. A true value-add project with tremendous upside potential. Sold as-is.

18. 2021-06-28
    soldstatus $35,500
19. 2015-03-23
    soldstatus $20,000
20. 2014-02-20
    listed $29,900
21. 2007-04-17
    soldstatus $19,000

ⓘ 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: $216 · $18/mo
• Projected year-2 tax: $656 · $55/mo
• Expected delta: +$440/yr (+$37/mo · 203.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,559
• − Mortgage interest: −$4,481
• − Property taxes: −$216
• − Insurance: −$1,198
• − Repairs & maintenance: −$1,405
• − Management: −$1,405
• − Depreciation: −$2,327
• Taxable income: $6,527
• Est. tax owed @ 24.0%: −$1,567
• After-tax cash flow: $5,857/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: Pulaski County Public School District
• NCES district ID: 5103150
• Math proficiency: 48% ▼ -31.00%
• Reading proficiency: 61% ▼ -13.00%
• Median HH income: $44,912
• Composite: 45.98/100
• National rank: #2537
• State rank: #86 of 131 in VA

Livability — Pulaski

• Score: 67/100
• State rank: #297
• US rank: #10639

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pulaski, VA
• Population (ZIP): 13,370

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 32,949 people
• By 2030: 31,812 · -3.5%
• By 2040: 29,224 · -11.3%
• By 2050: 26,691 · -19.0%
• By 2075: 21,312 · -35.3%
• By 2100: 15,697 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Italian 2% Iranian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+44.7) · D 27.3% · R 72.0%
• 2008→2024 swing: -25.1pp toward R · 2008: -19.5pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+41.5 2016: R+40.7 2012: R+24.8 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.98%
• Current HPI: 144.6556
• Rent YoY: —
• Metro: —
• 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

+321.1% since first listed

5 events — show timeline

• 2026-03-11 Listed $80,000 NRVMLS
• 2021-06-28 Sold (Public Records) $35,500 Public Records
• 2015-03-23 Sold (Public Records) $20,000 Public Records
• 2014-02-20 Listed $29,900 NRVMLS
• 2007-04-17 Sold (Public Records) $19,000 Public Records

Property tax history

+6.0%/yr

Latest (2026): $216 · +0.0% YoY. Source: county tax records.