1003 Oakgrove Ave · Martinsville, VA 24112

$144,000

3 bd · 1.0 ba · 1,266 sqft · Other public records · 64 Days on market

Built 1937 0.30 ac lot $114/sqft · 52% above area ↓ 17% since listing

---

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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.7/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

Key facts

• New stove
• New refrigerator
• New deck

Tags

• NEW HEATING CENTRAL AIR
• NEW DECK
• NEW STOVE
• NEW REFRIGERATOR
• NEW DISHWASHER
• NEW WASHER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $144k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (3.3% below list).
• Recommended offer: $135k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 5.8% in Martinsville — 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 70/100 on livability (#231 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B; Watch: amenities F, commute F, employment D-.
• Martinsville City Public School District (town): math 29% / reading 53% proficiency, ranked #122 of 131 in VA (top 93%) — 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.
• Zoned schools: Albert Harris Elementary (math 22% / reading 32%, grade F, #1,029 of 1,108 statewide, top 94%, 403 students, 101% FRL); Martinsville Middle (math 33% / reading 58%, grade D+, #268 of 342 statewide, top 80%, 393 students, 100% FRL); Martinsville High (math 32% / reading 72%, grade D+, #295 of 319 statewide, top 93%, 564 students, 101% FRL) — zoned schools average 101% FRL vs 74% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 258 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 5 units permitted in Martinsville city in 2024 (5 in 5+ unit buildings).
• This rent runs 34% of the median local income ($49k/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 $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Martinsville County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,360 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 8.05%
• Cash-on-cash: 6.29%
• DSCR: 1.28
• GRM: 8.6

CMA / ARV

• ARV (median comp): $94,704
• List price: $144,000
• Delta: 52.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.6%
• Equity multiple: 0.75×
• Total profit: $-9,916
• Equity at exit: $21,471

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $8,520
• Equity at exit: $12,450

Cash invested: $40,320 (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 24112

• Active inventory: 258
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,393 medium
• Mortgage (P&I): −$755
• Tax from tax record: −$74 /mo · $884/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $211

Break-even live

Break-even rent $1,125

Max offer price $144,000

Occupancy floor 80%

Sensitivity live

Price	-10% $293	-5% $252	+0% $211	+5% $171	+10% $130
Rent	-10% $101	-5% $156	+0% $211	+5% $266	+10% $321
Rate	-1.0pp $284	-0.5pp $248	base $211	+0.5pp $174	+1.0pp $136

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1305 Oakgrove Ave Martinsville, VA	4.0	1.0	1085	$1,700	$1.57	45d	1	0.25mi
1002 Oak St Martinsville, VA	3.0	1.0	884	$1,263	$1.43	45d	1	0.38mi
35 Circle Dr Martinsville, VA	3.0	1.0	960	$1,263	$1.32	45d	1	0.69mi
900 Rives Rd Martinsville, VA	2.0	2.0	1248	$850	$0.68	15d	4	0.75mi

Listing history 28 events

1. 2026-05-15
   status Active 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

2. 2026-05-15
   price $144,000 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

3. 2026-04-27
   status Pending 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

4. 2026-04-09
   price $139,900 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

5. 2026-03-28
   price $144,000 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

6. 2026-03-01
   listed $149,900 Active 665-char remark

   Show marketing remark (665 chars)

   MOVE IN CONDITION: This three bedroom/one bath , with one bedroom on the main floor and two bedrooms upstairs, attractive brick Tudor home offers a new Goodman 2.5 ton heating/central air heat pump system. A new deck has been added on the back of the house. Updates include ALL new stove, refrigerator, dishwasher, washer, dryer, counter tops, carpets and vinyl floors in kitchen and bath. The bathroom also has ALL NEW bath surround, new tub, pedestal sink and toilet. ALL window treatments, drapes and curtains, stay. There is a one car detached garage and plenty of parking in the rear of the house. Don't miss this great opportunity! Owner financing available.

7. 2026-01-20
   price $155,500
8. 2025-11-28
   price $159,900
9. 2025-11-24
   status Active
10. 2025-11-17
    historical Active Under Contract
11. 2025-11-08
    listed $162,500 Active
12. 2025-11-05
    historical
13. 2025-10-20
    listed $165,500 Active
14. 2025-06-11
    price $149,900
15. 2025-05-30
    price $152,900
16. 2025-05-24
    price $154,900
17. 2025-05-13
    status Active
18. 2025-04-14
    status Pending
19. 2025-04-14
    historical
20. 2025-04-05
    price $159,900
21. 2025-03-23
    price $165,900
22. 2025-03-23
    price $159,900
23. 2025-02-15
    price $165,900
24. 2025-02-07
    price $174,900
25. 2025-02-01
    price $169,500
26. 2025-02-01
    status Active
27. 2025-01-27
    historical
28. 2024-12-30
    listed $172,500 Active

ⓘ 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: $884 · $74/mo
• Projected year-2 tax: $1,181 · $98/mo
• Expected delta: +$296/yr (+$25/mo · 33.5%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $16,712
• − Mortgage interest: −$8,066
• − Property taxes: −$884
• − Insurance: −$720
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$4,189
• Taxable income: $179
• Est. tax owed @ 24.0%: −$43
• After-tax cash flow: $2,494/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: Martinsville City Public School District
• NCES district ID: 5102400
• Math proficiency: 29% ▼ -51.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $31,215
• Composite: 33.43/100
• National rank: #5467
• State rank: #122 of 131 in VA

Livability — Martinsville

• Score: 70/100
• State rank: #231
• US rank: #7826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsville, VA
• County: Martinsville City · 31,028 people
• City population: 31,028
• Metro: Martinsville, VA
• Population (ZIP): 31,028
• Household income: $48,770
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 888.0

Population outlook (Martinsville County) Hauer SSP2

• Today (2025): 13,026 people
• By 2030: 12,673 · -2.7%
• By 2040: 11,933 · -8.4%
• By 2050: 11,136 · -14.5%
• By 2075: 9,886 · -24.1%
• By 2100: 8,334 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Martinsville

• 2024 margin: Strong D (+22.6) · D 60.7% · R 38.1% · Other 1.2%
• 2008→2024 swing: -5.4pp toward R · 2008: 28.0pp · 2024: 22.6pp
• All cycles: 2024: D+22.6 2020: D+26.6 2016: D+23.5 2012: D+24.6 2008: D+28.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.37%
• Current HPI: 172.4393
• Rent YoY: —
• Metro: Martinsville, 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

-16.5% since first listed

28 events — show timeline

• 2026-05-15 Relisted — MLSRV
• 2026-05-15 Price Changed $144,000 MLSRV
• 2026-04-27 Pending — MLSRV
• 2026-04-09 Price Changed $139,900 MLSRV
• 2026-03-28 Price Changed $144,000 MLSRV
• 2026-03-01 Listed $149,900 MLSRV
• 2026-01-20 Price Changed $155,500 MHPCAR
• 2025-11-28 Price Changed $159,900 MHPCAR
• 2025-11-24 Relisted — MHPCAR
• 2025-11-17 Contingent — MHPCAR
• 2025-11-08 Listed $162,500 MHPCAR
• 2025-11-05 Listing Removed — MLSRV
• 2025-10-20 Listed $165,500 MLSRV
• 2025-06-11 Price Changed $149,900 MLSRV
• 2025-05-30 Price Changed $152,900 MLSRV
• 2025-05-24 Price Changed $154,900 MLSRV
• 2025-05-13 Relisted — MLSRV
• 2025-04-14 Pending — MLSRV
• 2025-04-14 Listing Removed — MLSRV
• 2025-04-05 Price Changed $159,900 MLSRV
• 2025-03-23 Price Changed $165,900 MLSRV
• 2025-03-23 Price Changed $159,900 MLSRV
• 2025-02-15 Price Changed $165,900 MLSRV
• 2025-02-07 Price Changed $174,900 MLSRV
• 2025-02-01 Price Changed $169,500 MLSRV
• 2025-02-01 Relisted — MLSRV
• 2025-01-27 Listing Removed — MLSRV
• 2024-12-30 Listed $172,500 MLSRV

Property tax history

+0.7%/yr

Latest (2025): $884 · -17.2% YoY. Source: county tax records.