312 Front St · Galax, VA 24333

$98,500

3 bd · 1.0 ba · 995 sqft · SingleFamily public records · 44 Days on market

Built 1942 0.30 ac lot $99/sqft · 22% below area Est $140k · 30% under ↓ 24% since listing

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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 +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready 3-4 bedroom home with heat pumps, replacement windows and vinyl siding! Main level features a nice living room, large kitchen with all major appliances, abundance of cabinets and counterspace, master bedroom, second bedroom or office, bathroom and the list goes on! Upstairs you will find 2 nice sized guest bedrooms and sitting area! Other features include two new heat pumps, replacement windows, vinyl sided, public utilities, 2 driveways, covered front porch, carport, outbuilding and the list goes on! Don't miss out on this affordable home on a corner level lot in a convenient location with the City of Galax within walking distance to schools, library and restaurants!

Key facts

• Washer and dryer
• Dual heat pumps
• Vinyl siding

Tags

• DUAL HEAT PUMPS
• VINYL SIDING
• REPLACEMENT WINDOWS
• CORNER LOT
• SPACIOUS EAT-IN KITCHEN
• WASHER AND DRYER

Property features AI

Exterior

• Parking: Attached parking; Has carport
• Security: Security system
• Utilities: Public water; Public sewer
• Home design: Single family residence; One and one-half stories
• Construction: Vinyl siding
• Exterior features: Shingle roof; Corner lot; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Flooring: Laminate; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Ceiling fan cooling; Has heating and cooling
• Interior features: Insulated windows; Partial unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/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 $98k (0.9% below list).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.7% in Galax — 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 66/100 on livability (#327 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Galax City Public School District (town): math 54% / reading 68% proficiency, ranked #64 of 131 in VA (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Galax Elementary (math 53% / reading 63%, grade C+, #583 of 1,108 statewide, top 53%, 686 students, 96% FRL); Galax Middle (math 52% / reading 70%, grade B+, #151 of 342 statewide, top 45%, 329 students, 101% FRL); Galax High (math 62% / reading 77%, grade B, #159 of 319 statewide, top 53%, 378 students, 88% FRL) — zoned schools average 95% FRL vs 57% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 117 active listings in the ZIP; 16 units permitted in Galax city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $681 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Galax County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $26k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,545 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.99% ✗
• Cap rate: 8.01%
• Cash-on-cash: 6.12%
• DSCR: 1.27
• GRM: 8.4

CMA / ARV

• ARV (median comp): $140,035
• List price: $98,500
• Delta: -29.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Circle Dr	0.06mi	3/1.0	980 (-2%)	3mo	$125,000	$128	92
106 Riverside Dr	0.36mi	3/1.0	967 (-3%)	5mo	$40,000	$41	74
203 Anderson St	0.09mi	3/1.0	948 (-5%)	22mo	$82,000	$86	69
202 Calhoun St	0.33mi	2/1.0 (-1)	1,002 (+1%)	15mo	$49,900	$50	66
220 Swanson St	0.17mi	3/1.0	1,092 (+10%)	14mo	$86,500	$79	64
903 W Stuart Dr	0.43mi	2/1.5 (-1)	981 (-1%)	11mo	$200,000	$204	62
312 Edgewood Dr	0.63mi	2/1.0 (-1)	952 (-4%)	1mo	$137,000	$144	58
607 Parkwood Dr	0.58mi	3/1.0	1,088 (+9%)	13mo	$200,000	$184	47
301 W Webster St	0.63mi	2/1.0 (-1)	1,062 (+7%)	11mo	$163,000	$153	45
607 W Center St	0.60mi	3/1.0	884 (-11%)	21mo	$116,500	$132	36
305 Alderman St	0.59mi	3/1.5	1,107 (+11%)	23mo	$202,000	$182	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-7,021
• Equity at exit: $14,687

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $5,354
• Equity at exit: $8,516

Cash invested: $27,580 (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 24333

• Home prices YoY: -29.1%
• Active inventory: 117
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $976 medium
• Mortgage (P&I): −$517
• Tax from tax record: −$73 /mo · $875/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $141

Break-even live

Break-even rent $798

Max offer price $98,500

Occupancy floor 81%

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: $24,625
• Closing costs: $2,955
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $98,500 Active 44 DOM
2. 2026-06-17
   days on market $98,500 Active 43 DOM
3. 2026-06-16
   days on market $98,500 Active 42 DOM
4. 2026-06-15
   days on market $98,500 Active 41 DOM
5. 2026-06-15
   days on market $98,500 Active 40 DOM
6. 2026-06-13
   days on market $98,500 Active 39 DOM
7. 2026-06-12
   days on market $98,500 Active 38 DOM
8. 2026-06-09
   days on market $98,500 Active 35 DOM
9. 2026-06-08
   pricedays on market $98,500 Active 34 DOM
10. 2026-06-08
    days on market $119,900 Active 33 DOM
11. 2026-06-07
    days on market $119,900 Active 32 DOM
12. 2026-06-03
    days on market $119,900 Active 29 DOM
13. 2026-06-02
    days on market $119,900 Active 28 DOM
14. 2026-06-01
    days on market $119,900 Active 27 DOM
15. 2026-05-31
    days on market $119,900 Active 26 DOM
16. 2026-05-11
    historical Active Under Contract 920-char remark
17. 2026-05-05
    listed $124,900 Active 920-char remark
18. 2025-08-27
    soldstatus $92,000 Closed 690-char remark

    Show marketing remark (690 chars)

    Move-in ready 3-4 bedroom home with heat pumps, replacement windows and vinyl siding! Main level features a nice living room, large kitchen with all major appliances, abundance of cabinets and counterspace, master bedroom, second bedroom or office, bathroom and the list goes on! Upstairs you will find 2 nice sized guest bedrooms and sitting area! Other features include two new heat pumps, replacement windows, vinyl sided, public utilities, 2 driveways, covered front porch, carport, outbuilding and the list goes on! Don't miss out on this affordable home on a corner level lot in a convenient location with the City of Galax within walking distance to schools, library and restaurants!

19. 2025-08-14
    status Pending 690-char remark

    Show marketing remark (690 chars)

    Move-in ready 3-4 bedroom home with heat pumps, replacement windows and vinyl siding! Main level features a nice living room, large kitchen with all major appliances, abundance of cabinets and counterspace, master bedroom, second bedroom or office, bathroom and the list goes on! Upstairs you will find 2 nice sized guest bedrooms and sitting area! Other features include two new heat pumps, replacement windows, vinyl sided, public utilities, 2 driveways, covered front porch, carport, outbuilding and the list goes on! Don't miss out on this affordable home on a corner level lot in a convenient location with the City of Galax within walking distance to schools, library and restaurants!

20. 2025-06-18
    listed $129,900 Active 690-char remark

    Show marketing remark (690 chars)

    Move-in ready 3-4 bedroom home with heat pumps, replacement windows and vinyl siding! Main level features a nice living room, large kitchen with all major appliances, abundance of cabinets and counterspace, master bedroom, second bedroom or office, bathroom and the list goes on! Upstairs you will find 2 nice sized guest bedrooms and sitting area! Other features include two new heat pumps, replacement windows, vinyl sided, public utilities, 2 driveways, covered front porch, carport, outbuilding and the list goes on! Don't miss out on this affordable home on a corner level lot in a convenient location with the City of Galax within walking distance to schools, library and restaurants!

ⓘ 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: $875 · $73/mo
• Projected year-2 tax: $875 · $73/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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,713
• − Mortgage interest: −$5,518
• − Property taxes: −$875
• − Insurance: −$492
• − Repairs & maintenance: −$937
• − Management: −$937
• − Depreciation: −$2,865
• Taxable income: $89
• Est. tax owed @ 24.0%: −$21
• After-tax cash flow: $1,666/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: Galax City Public School District
• NCES district ID: 5101560
• Math proficiency: 54% ▼ -34.00%
• Reading proficiency: 68% ▼ -10.00%
• Median HH income: $29,679
• Composite: 49.91/100
• National rank: #1941
• State rank: #64 of 131 in VA

Livability — Galax

• Score: 66/100
• State rank: #327
• US rank: #12370

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galax, VA
• Population (ZIP): 17,841

Population outlook (Galax County) Hauer SSP2

• Today (2025): 6,548 people
• By 2030: 6,418 · -2.0%
• By 2040: 6,110 · -6.7%
• By 2050: 5,785 · -11.7%
• By 2075: 5,168 · -21.1%
• By 2100: 4,347 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 6% Black 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Serbian 2% Slovak 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Galax

• 2024 margin: Solid R (+43.9) · D 27.7% · R 71.6%
• 2008→2024 swing: -32.9pp toward R · 2008: -11.0pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+40.2 2016: R+39.1 2012: R+19.0 2008: R+11.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.21%
• Current HPI: 168.5375
• 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

-24.2% since first listed

8 events — show timeline

• 2026-06-08 Price Changed $98,500 SWVAR
• 2026-05-28 Relisted — SWVAR
• 2026-05-28 Price Changed $119,900 SWVAR
• 2026-05-11 Contingent — SWVAR
• 2026-05-05 Listed $124,900 SWVAR
• 2025-08-27 Sold (MLS) $92,000 SWVAR
• 2025-08-14 Pending — SWVAR
• 2025-06-18 Listed $129,900 SWVAR

Property tax history

+8.6%/yr

Latest (2026): $875 · +0.0% YoY. Source: county tax records.