415 415 Lee St · Richlands, VA 24641

$85,000

3 bd · 1.0 ba · 1,450 sqft · SingleFamily public records · 224 Days on market

Built 1930 0.30 ac lot Est $125k · 32% under

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Schools +6.0/10.0
• Appreciation +4.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This beautiful two-story home in the heart of Richlands has been lovingly cared for with plenty of TLC over the past seven years! From the moment you see it, the pictures will invite you to imagine yourself moving right in. Offering the perfect blend of small-town charm and in-town convenience, this home features comfortable living spaces, character-filled details, and a welcoming atmosphere throughout. Enjoy scenic views right from your doorstep, while still being close to schools, shopping, and local amenities. If two-story living with a view is what you've been dreaming of, you'll fall in love with the charm and warmth this property has to offer. This home has room to add a few more pers

Key facts

• Close to schools
• Scenic views
• Local amenities

Tags

• TWO STORY HOME
• SCENIC VIEWS
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• LOCAL AMENITIES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Block and vinyl siding construction; Metal roof; 750 sq ft below-grade finished area
• Exterior features: Corner lot

Interior

• Kitchen: Refrigerator
• Flooring: Tile; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric forced air heating; Wall/window cooling units
• Interior features: Refrigerator included; Tile and wood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.4% in Richlands — 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 (#314 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime C-, amenities F, commute F.
• Tazewell County Public School District (town): math 67% / reading 78% proficiency, ranked #21 of 131 in VA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Richlands Elementary (math 69% / reading 79%, grade A, #248 of 1,108 statewide, top 23%, 547 students, 83% FRL); Richlands Middle (math 58% / reading 71%, grade A-, #123 of 342 statewide, top 37%, 495 students, 83% FRL); Richlands High (math 68% / reading 87%, grade A-, #83 of 319 statewide, top 28%, 636 students, 82% FRL) — zoned schools average 83% FRL vs 47% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 44 active listings in the ZIP; 4 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $588 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Tazewell County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.9% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 1.31% ✓
• Cap rate: 11.33%
• Cash-on-cash: 17.98%
• DSCR: 1.80
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $124,700
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
802E 1ST Street St	0.30mi	3/2.0	1,312 (-10%)	6mo	$50,000	$38	61
1314 Kentucky Ave	0.36mi	3/2.0	1,417 (-2%)	18mo	$120,000	$85	60
307 Tazewell Ave	0.66mi	3/1.5	1,460 (+1%)	12mo	$172,500	$118	56
1409 Farmer St	0.72mi	3/1.0	1,585 (+9%)	4mo	$137,000	$86	48
504 Brown Ave	0.72mi	3/2.0	1,232 (-15%)	8mo	$130,000	$106	31
111 Royal St	0.65mi	4/2.0 (+1)	1,301 (-10%)	16mo	$87,500	$67	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.55×
• Total profit: $13,000
• Equity at exit: $17,018

10-year hold

• IRR: 19.9%
• Equity multiple: 2.85×
• Total profit: $44,140
• Equity at exit: $15,032

Cash invested: $23,800 (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 24641

• Home prices YoY: -1.3%
• Active inventory: 44
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,113 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$41 /mo · $498/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $357

Break-even live

Break-even rent $662

Max offer price $85,000

Occupancy floor 63%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-03-03
   historical Active Under Contract
2. 2026-01-03
   price $85,000
3. 2025-10-13
   listed $95,000 Active
4. 2014-07-31
   listed $69,900

ⓘ 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: $498 · $41/mo
• Projected year-2 tax: $697 · $58/mo
• Expected delta: +$199/yr (+$17/mo · 40.1%)

ⓘ 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 · 21 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: $13,356
• − Mortgage interest: −$4,761
• − Property taxes: −$498
• − Insurance: −$425
• − Repairs & maintenance: −$1,068
• − Management: −$1,068
• − Depreciation: −$2,473
• Taxable income: $3,062
• Est. tax owed @ 24.0%: −$735
• After-tax cash flow: $3,545/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: Tazewell County Public School District
• NCES district ID: 5103810
• Math proficiency: 67% ▼ -23.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $37,003
• Composite: 60.16/100
• National rank: #865
• State rank: #21 of 131 in VA

Livability — Richlands

• Score: 66/100
• State rank: #314
• US rank: #11229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richlands, VA
• Population (ZIP): 5,417

Population outlook (Tazewell County) Hauer SSP2

• Today (2025): 38,275 people
• By 2030: 35,719 · -6.7%
• By 2040: 30,875 · -19.3%
• By 2050: 26,798 · -30.0%
• By 2075: 19,286 · -49.6%
• By 2100: 13,631 · -64.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Asian 2%
• Common ancestry: Serbian 1% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Tazewell

• 2024 margin: Solid R (+68.9) · D 15.3% · R 84.2%
• 2008→2024 swing: -36.0pp toward R · 2008: -32.9pp · 2024: -68.9pp
• All cycles: 2024: R+68.9 2020: R+67.2 2016: R+66.3 2012: R+57.5 2008: R+32.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.87%
• Current HPI: 141.9823
• 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

+21.6% since first listed

4 events — show timeline

• 2026-03-03 Contingent — SWVAR
• 2026-01-03 Price Changed $85,000 SWVAR
• 2025-10-13 Listed $95,000 SWVAR
• 2014-07-31 Listed $69,900 SWVAR

Property tax history

+5.0%/yr

Latest (2025): $498 · +0.0% YoY. Source: county tax records.