749 Mt Airy St · Petersburg, VA 23803

$219,950

4 bd · 2.0 ba · 1,296 sqft · MultiFamily · 37 Days on market

Built 1974 Fair condition 5,044 sqft lot $170/sqft · 40% above area Est $157k · 40% over

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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 +22.6/30.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Appreciation +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

Key facts

• Electric oven
• Refrigerator
• Vinyl siding

Tags

• VINYL SIDING
• GOOD ROOF
• BASEBOARD HEAT
• WINDOW AC UNITS
• ELECTRIC OVEN
• REFRIGERATOR

Property features AI

Finance

• Financial info: Two total units; Both units reported as 645 sq. ft. (per unit area); Reported actual rent: $1,000 per unit; One unit noted as leased through October 31, 2026

Exterior

• Utilities: Public water; Public sewer; Electric power
• Home design: Single-story building; R-3 zoning
• Construction: Built (actual year recorded); Frame construction with vinyl siding and drywall; Shingle roof
• Exterior features: Stoop

Interior

• Kitchen: Each unit includes an electric stove and refrigerator
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Individual window units
• Interior features: Paneling/Wainscoting; Crawl space basement
• Laundry & utility: Electric water heater (electric)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive. Per door: $187/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.9%/yr); 290 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• At $2,398/mo this rent would consume 50% of the median local household income ($58k/yr) (locally 2485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $62k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 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 $141k; list at $220k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 46% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,351 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.30%
• DSCR: 1.32
• GRM: 7.6

CMA / ARV

• ARV (median comp): $156,925
• List price: $219,950
• Delta: 40.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.65×
• Total profit: $40,039
• Equity at exit: $80,268

10-year hold

• IRR: 17.2%
• Equity multiple: 3.34×
• Total profit: $144,372
• Equity at exit: $110,797

Cash invested: $61,586 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 290
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $2,398 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,299/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $374

Break-even live

Break-even rent $1,924

Max offer price $219,950

Occupancy floor 79%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,398
Total (2 units)			$2,398

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: $54,988
• Closing costs: $6,598
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1131 Hawk St Petersburg, VA	3.0	2.0	1100	$1,800	$1.64	43d	1	0.40mi
315 St Mark St Petersburg, VA	5.0	2.0	1508	$2,500	$1.66	43d	1	0.46mi
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	43d	1	0.50mi
310 Saint Luke St Petersburg, VA	3.0	2.0	1020	$1,491	$1.46	23d	1	0.55mi
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	43d	1	0.60mi
1640 Johnson Rd Petersburg, VA	1.0–3.0	1.0–1.5	972	$1,549	$1.59	1d	11	0.97mi
331 Glenwood Ct Petersburg, VA	4.0	1.0	1242	$1,800	$1.45	3d	1	1.06mi
1800 Boydton Plank Rd Petersburg, VA	1.0–3.0	1.0	900	$1,425	$1.58	1d	14	1.06mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	43d	1	1.14mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	23d	1	1.14mi
1740 Randolph Ave Petersburg, VA	4.0	2.0	1400	$2,000	$1.43	10d	1	1.15mi
1649 Delmar Ave Petersburg, VA	3.0	1.5	1248	$1,700	$1.36	1d	1	1.16mi
2125 Dupuy Rd Petersburg, VA	3.0	1.0	1063	$1,299	$1.22	1d	1	1.32mi
531 N Azalea Rd Petersburg, VA	3.0	2.0	1600	$1,595	$1.00	23d	1	1.37mi
1823 Brandon Ave Petersburg, VA	3.0	1.0	1153	$1,600	$1.39	17d	1	1.39mi
110 Grigg St Petersburg, VA	3.0	1.5	1200	$1,600	$1.33	1d	1	1.40mi
462 Reservoir Hts Petersburg, VA	4.0	2.0	1640	$1,895	$1.16	23d	1	1.43mi
424 Roundtop Ave Petersburg, VA	3.0	1.0	988	$1,350	$1.37	43d	1	1.45mi

Listing history 23 events

1. 2026-06-18
   days on market $219,950 Active 37 DOM
2. 2026-06-17
   days on market $219,950 Active 36 DOM
3. 2026-06-16
   days on market $219,950 Active 35 DOM
4. 2026-06-15
   days on market $219,950 Active 34 DOM
5. 2026-06-13
   days on market $219,950 Active 32 DOM
6. 2026-06-10
   days on market $219,950 Active 29 DOM
7. 2026-06-09
   days on market $219,950 Active 28 DOM
8. 2026-06-08
   days on market $219,950 Active 27 DOM
9. 2026-06-07
   days on market $219,950 Active 26 DOM
10. 2026-06-05
    days on market $219,950 Active 23 DOM
11. 2026-06-03
    days on market $219,950 Active 22 DOM
12. 2026-06-02
    days on market $219,950 Active 21 DOM
13. 2026-06-01
    days on market $219,950 Active 20 DOM
14. 2026-05-31
    days on market $219,950 Active 19 DOM
15. 2026-05-12
    listed $219,950 Active 674-char remark
16. 2024-06-12
    soldstatus $141,000 Closed 567-char remark

    Show marketing remark (567 chars)

    Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

17. 2024-04-07
    status Pending 567-char remark

    Show marketing remark (567 chars)

    Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

18. 2024-03-23
    status Active 567-char remark

    Show marketing remark (567 chars)

    Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

19. 2024-03-08
    status Pending 567-char remark

    Show marketing remark (567 chars)

    Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

20. 2024-03-02
    listed $179,950 Active 567-char remark

    Show marketing remark (567 chars)

    Turn-Key 2/2 Duplex in Historic Petersburg, Virginia. This Duplex offers 2-beds and 1-bath per side. Both sides are currently rented at $599 per month. This is a Ranch style property, with a front unit and a back unit, end to end rental units. Current leases run in to 2025. If you are looking for a Turnkey rental property, come take a look at 749 Mt Airy St. in beautiful Petersburg, Virginia. Perfect property to buy and hold, and with some TLC and upgrades, you can bring the rental rates up to the market rent for a 2-bedroom, and that's from $800-$1025 or more.

21. 2014-07-02
    soldstatus $17,000

    Show marketing remark (112 chars)

    Very Functional Duplex - Has always been easy to rent. Needs Appliances, paint, carpet, some siding repair, etc.

22. 2014-06-20
    historical

    Show marketing remark (112 chars)

    Very Functional Duplex - Has always been easy to rent. Needs Appliances, paint, carpet, some siding repair, etc.

23. 2014-04-04
    listed $24,950

    Show marketing remark (112 chars)

    Very Functional Duplex - Has always been easy to rent. Needs Appliances, paint, carpet, some siding repair, etc.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 46% 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: $28,776
• − Mortgage interest: −$12,321
• − Property taxes: −$3,299
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,302
• − Management: −$2,302
• − Depreciation: −$6,399
• Taxable income: $1,054
• Est. tax owed @ 24.0%: −$253
• After-tax cash flow: $4,240/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant exterior repairs and maintenance to improve its condition and value. Immediate attention to the siding, landscaping, and HVAC is recommended.

Repairs flagged

• Major siding — Significant wear and tear
• Major landscaping — Overgrown lawn and debris
• Major HVAC — No photos of HVAC or mechanicals

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both landscaping — Improves curb appeal and rental appeal
• Both HVAC — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
landscaping · Overgrown lawn and debris	Major	$15,000–50,000
HVAC · No photos of HVAC or mechanicals	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both landscaping — Improves curb appeal and rental appeal ↑
• Both HVAC — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• Metro: Richmond, 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

+781.6% since first listed

9 events — show timeline

• 2026-05-12 Listed $219,950 CVRMLS
• 2024-06-12 Sold (MLS) $141,000 CVRMLS
• 2024-04-07 Pending — CVRMLS
• 2024-03-23 Relisted — CVRMLS
• 2024-03-08 Pending — CVRMLS
• 2024-03-02 Listed $179,950 CVRMLS
• 2014-07-02 Sold (MLS) $17,000 CVRMLS
• 2014-06-20 Listing Removed — CVRMLS
• 2014-04-04 Listed $24,950 CVRMLS