20 High High St · Martinsville, VA 24112

$47,500

2 bd · 1.0 ba · 840 sqft · Other public records · 108 Days on market

Built 1971 6,752 sqft lot $57/sqft · 52% below area

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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
• 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

A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

Key facts

• Public sewer
• Mini-split system
• Public water

Tags

• INVESTMENT OPPORTUNITY
• MINI-SPLIT SYSTEM
• PUBLIC WATER
• PUBLIC SEWER

🏷️ Possibly a rental listed for sale. The $47,500 price doesn't fit this home's estimated sale value (~$99,872) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $48k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $48k).
• Recommended offer: $43k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 5.9% 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+, schools 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.
• Market conditions: 256 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 5 units permitted in Martinsville city in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $27k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $43,225 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 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 1971 — 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: 2.07% ✓
• Cap rate: 18.18%
• Cash-on-cash: 42.44%
• DSCR: 2.89
• GRM: 4.0

CMA / ARV

• ARV (median comp): $99,872
• List price: $47,500
• Delta: -52.44%
• 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: 39.2%
• Equity multiple: 2.67×
• Total profit: $22,266
• Equity at exit: $7,082

10-year hold

• IRR: 45.6%
• Equity multiple: 5.36×
• Total profit: $57,972
• Equity at exit: $4,107

Cash invested: $13,300 (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: 256
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $982 medium
• Mortgage (P&I): −$249
• Tax from tax record: −$37 /mo · $438/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $470

Break-even live

Break-even rent $387

Max offer price $47,500

Occupancy floor 47%

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1002 Oak St Martinsville, VA	3.0	1.0	884	$1,263	$1.43	44d	1	0.86mi
509 Monroe St Unit 6 Martinsville, VA	2.0	1.0	655	$875	$1.34	44d	1	1.10mi
612 Church St E Apt 4 Martinsville, VA	1.0	1.0	750	$800	$1.07	44d	1	1.14mi

Listing history 28 events

1. 2026-06-19
   days on market $47,500 Active 108 DOM
2. 2026-06-18
   days on market $47,500 Active 107 DOM
3. 2026-06-17
   days on market $47,500 Active 106 DOM
4. 2026-06-16
   days on market $47,500 Active 105 DOM
5. 2026-06-15
   days on market $47,500 Active 104 DOM
6. 2026-06-14
   days on market $47,500 Active 102 DOM
7. 2026-06-12
   days on market $47,500 Active 101 DOM
8. 2026-06-09
   days on market $47,500 Active 98 DOM
9. 2026-06-08
   days on market $47,500 Active 97 DOM
10. 2026-06-07
    days on market $47,500 Active 96 DOM
11. 2026-06-02
    days on market $47,500 Active 91 DOM
12. 2026-06-01
    days on market $47,500 Active 90 DOM
13. 2026-05-31
    days on market $47,500 Active 89 DOM
14. 2026-05-30
    days on market $47,500 Active 88 DOM
15. 2026-05-11
    price $50,000 404-char remark

    Show marketing remark (404 chars)

    A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

16. 2026-05-06
    price $57,000 404-char remark

    Show marketing remark (404 chars)

    A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

17. 2026-04-10
    price $60,000 404-char remark

    Show marketing remark (404 chars)

    A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

18. 2026-03-30
    price $67,000 404-char remark

    Show marketing remark (404 chars)

    A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

19. 2026-03-03
    listed $74,900 Active 404-char remark

    Show marketing remark (404 chars)

    A small rental property that represents as an investment opportunity for those who wish to own rental property. The home is currently under a rental lease agreement with the property owner. Home has a new mini-split system, roof appears to be ok, and is served by public water and sewer. House needs a good cleaning and TLC. Subsequent to that I still feel that this would be a very good rental property.

20. 2023-11-30
    historical $900
21. 2023-11-11
    price $900
22. 2023-11-10
    listed $1,000
23. 2023-10-29
    historical $1,000
24. 2023-09-30
    listed $1,000
25. 2023-04-28
    soldstatus $40,000 Closed 261-char remark

    Show marketing remark (261 chars)

    This cottage style brick home is located conveniently in the historic area of uptown. Close to shopping, dining and center city. Perfect for Investors! All info taken from tax ticket and should be verified to the buyer's satisfaction. Selling AS-IS. Cash only.

26. 2023-02-20
    historical Active Under Contract 261-char remark

    Show marketing remark (261 chars)

    This cottage style brick home is located conveniently in the historic area of uptown. Close to shopping, dining and center city. Perfect for Investors! All info taken from tax ticket and should be verified to the buyer's satisfaction. Selling AS-IS. Cash only.

27. 2023-02-15
    listed $32,000 Active 261-char remark

    Show marketing remark (261 chars)

    This cottage style brick home is located conveniently in the historic area of uptown. Close to shopping, dining and center city. Perfect for Investors! All info taken from tax ticket and should be verified to the buyer's satisfaction. Selling AS-IS. Cash only.

28. 2001-05-24
    soldstatus $31,000

ⓘ 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: $438 · $37/mo
• Projected year-2 tax: $438 · $37/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 6/10 Major 7 d/yr ≥102°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: $11,785
• − Mortgage interest: −$2,661
• − Property taxes: −$438
• − Insurance: −$238
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$1,382
• Taxable income: $5,181
• Est. tax owed @ 24.0%: −$1,243
• After-tax cash flow: $4,402/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

+61.3% since first listed

14 events — show timeline

• 2026-05-11 Price Changed $50,000 DRRAR
• 2026-05-06 Price Changed $57,000 DRRAR
• 2026-04-10 Price Changed $60,000 DRRAR
• 2026-03-30 Price Changed $67,000 DRRAR
• 2026-03-03 Listed $74,900 DRRAR
• 2023-11-30 Rental Removed $900 APPFOLIO
• 2023-11-11 Price Changed $900 APPFOLIO
• 2023-11-10 Listed for Rent $1,000 APPFOLIO
• 2023-10-29 Rental Removed $1,000 APPFOLIO
• 2023-09-30 Listed for Rent $1,000 APPFOLIO
• 2023-04-28 Sold (MLS) $40,000 MHPCAR
• 2023-02-20 Contingent — MHPCAR
• 2023-02-15 Listed $32,000 MHPCAR
• 2001-05-24 Sold (Public Records) $31,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $438 · +69.0% YoY. Source: county tax records.