138 Park St · Gate City, VA 24251

$39,900

4 bd · 1.0 ba · 1,316 sqft · SingleFamily public records · 169 Days on market

Built 1920 2,613 sqft lot $30/sqft · 68% 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
• Schools +5.8/10.0
• Appreciation +5.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

* THIS PROPERTY IS FOR SALE ONLY * Investor/ Contractor/Renovators Seeking CASH buyers . .. Step back in time and unlock the potential of 138 Park Street in Gate City, Virginia. This 1920 gem is nestled on historic Park Street, a location rich with character and small-town charm. Homes from this era were built with craftsmanship and presence--and this one is no exception. From the moment you arrive, you can sense the history, offering the perfect canvas for a full restoration. Whether your vision is a classic historic revival, a charming rental, or a profitable flip, this property presents an opportunity to breathe new life into a home that has stood the test of time. Located just minutes from downtown Gate City, schools, and local amenities, in walking distance from Grogan Park the setting adds to its long-term value and appeal. For investors, renovators, or buyers seeking a project with character and upside, 138 Park Street is a rare chance to own and restore a piece of Gate City history. With the right vision, this 1920 home could once again shine as a true standout on one of the town's most charming streets. Opportunities like this don't come often--bring your plans, your creativity, and your vision.

Key facts

• Historic park street
• Full restoration
• 2,613 sq ft lot

Tags

• HISTORIC PARK STREET
• FULL RESTORATION
• PIECE OF GATE CITY HISTORY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.2% vs local median 4.4% in Gate City — 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 62/100 on livability (#400 in VA) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Scott County Public School District (rural): math 66% / reading 73% proficiency, ranked #33 of 131 in VA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 50 active listings in the ZIP; 22 units permitted in Scott County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $365 of equity ($276 loan paydown + $89 appreciation (0.2% local appreciation)).
• Scott County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $40k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 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 1920 — 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 A-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: 3.39% ✓
• Cap rate: 31.17%
• Cash-on-cash: 88.84%
• DSCR: 4.95
• GRM: 2.5

CMA / ARV

• ARV (median comp): $189,292
• List price: $39,900
• Delta: -78.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
158 Benton Dr	0.37mi	4/1.0	1,393 (+6%)	15mo	$30,000	$22	60
252 Highland St	0.49mi	3/2.0 (-1)	1,352 (+3%)	9mo	$220,000	$163	56
561 Manville Rd	0.49mi	3/1.0 (-1)	1,250 (-5%)	11mo	$131,000	$105	55
327 Walnut St	0.17mi	3/1.0 (-1)	1,182 (-10%)	19mo	$175,000	$148	54
421 Highland St	0.67mi	4/2.0	1,329 (+1%)	11mo	$190,000	$143	54
568 Manville Rd	0.51mi	3/1.0 (-1)	1,151 (-12%)	10mo	$84,800	$74	42
422 Highland St	0.67mi	4/2.0	1,357 (+3%)	23mo	$146,000	$108	40
153 Burnt Cabin Branch Dr	0.71mi	3/2.0 (-1)	1,312 (-0%)	21mo	$160,000	$122	40
127 Promise St	0.47mi	3/1.5 (-1)	1,144 (-13%)	13mo	$20,000	$17	39

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

Projected returns pro-forma

0.22% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 91.4%
• Equity multiple: 5.65×
• Total profit: $51,932
• Equity at exit: $12,035

10-year hold

• IRR: 92.5%
• Equity multiple: 11.63×
• Total profit: $118,766
• Equity at exit: $14,830

Cash invested: $11,172 (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 24251

• Home prices YoY: 0.1%
• Active inventory: 50
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,353 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$16 /mo · $186/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $827

Break-even live

Break-even rent $306

Max offer price $39,900

Occupancy floor 34%

Sensitivity live

Price	-10% $850	-5% $838	+0% $827	+5% $816	+10% $805
Rent	-10% $720	-5% $774	+0% $827	+5% $881	+10% $934
Rate	-1.0pp $847	-0.5pp $837	base $827	+0.5pp $817	+1.0pp $806

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $39,900 Active 169 DOM
2. 2026-06-18
   days on market $39,900 Active 167 DOM
3. 2026-06-17
   days on market $39,900 Active 166 DOM
4. 2026-06-16
   days on market $39,900 Active 165 DOM
5. 2026-06-15
   days on market $39,900 Active 164 DOM
6. 2026-06-15
   days on market $39,900 Active 163 DOM
7. 2026-06-13
   days on market $39,900 Active 162 DOM
8. 2026-06-12
   days on market $39,900 Active 161 DOM
9. 2026-06-09
   days on market $39,900 Active 158 DOM
10. 2026-06-08
    days on market $39,900 Active 157 DOM
11. 2026-06-08
    days on market $39,900 Active 156 DOM
12. 2026-06-07
    days on market $39,900 Active 155 DOM
13. 2026-06-03
    days on market $39,900 Active 152 DOM
14. 2026-06-02
    days on market $39,900 Active 151 DOM
15. 2026-06-01
    days on market $39,900 Active 150 DOM
16. 2026-05-31
    days on market $39,900 Active 149 DOM
17. 2026-03-06
    price $39,900 1226-char remark

    Show marketing remark (1226 chars)

    * THIS PROPERTY IS FOR SALE ONLY * Investor/ Contractor/Renovators Seeking CASH buyers . .. Step back in time and unlock the potential of 138 Park Street in Gate City, Virginia. This 1920 gem is nestled on historic Park Street, a location rich with character and small-town charm. Homes from this era were built with craftsmanship and presence--and this one is no exception. From the moment you arrive, you can sense the history, offering the perfect canvas for a full restoration. Whether your vision is a classic historic revival, a charming rental, or a profitable flip, this property presents an opportunity to breathe new life into a home that has stood the test of time. Located just minutes from downtown Gate City, schools, and local amenities, in walking distance from Grogan Park the setting adds to its long-term value and appeal. For investors, renovators, or buyers seeking a project with character and upside, 138 Park Street is a rare chance to own and restore a piece of Gate City history. With the right vision, this 1920 home could once again shine as a true standout on one of the town's most charming streets. Opportunities like this don't come often--bring your plans, your creativity, and your vision.

18. 2026-01-02
    listed $49,000 Active 1226-char remark

    Show marketing remark (1226 chars)

    * THIS PROPERTY IS FOR SALE ONLY * Investor/ Contractor/Renovators Seeking CASH buyers . .. Step back in time and unlock the potential of 138 Park Street in Gate City, Virginia. This 1920 gem is nestled on historic Park Street, a location rich with character and small-town charm. Homes from this era were built with craftsmanship and presence--and this one is no exception. From the moment you arrive, you can sense the history, offering the perfect canvas for a full restoration. Whether your vision is a classic historic revival, a charming rental, or a profitable flip, this property presents an opportunity to breathe new life into a home that has stood the test of time. Located just minutes from downtown Gate City, schools, and local amenities, in walking distance from Grogan Park the setting adds to its long-term value and appeal. For investors, renovators, or buyers seeking a project with character and upside, 138 Park Street is a rare chance to own and restore a piece of Gate City history. With the right vision, this 1920 home could once again shine as a true standout on one of the town's most charming streets. Opportunities like this don't come often--bring your plans, your creativity, and your vision.

19. 1992-12-01
    soldstatus $18,500

ⓘ 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: $186 · $16/mo
• Projected year-2 tax: $327 · $27/mo
• Expected delta: +$141/yr (+$12/mo · 75.6%)

ⓘ 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 4/10 Moderate 8 d/yr ≥100°F today · 23 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: $16,230
• − Mortgage interest: −$2,235
• − Property taxes: −$186
• − Insurance: −$200
• − Repairs & maintenance: −$1,298
• − Management: −$1,298
• − Depreciation: −$1,161
• Taxable income: $9,852
• Est. tax owed @ 24.0%: −$2,364
• After-tax cash flow: $7,561/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: Scott County Public School District
• NCES district ID: 5103480
• Math proficiency: 66% ▼ -26.00%
• Reading proficiency: 73% ▼ -12.00%
• Median HH income: $36,567
• Composite: 57.65/100
• National rank: #1061
• State rank: #33 of 131 in VA

Livability — Gate City

• Score: 62/100
• State rank: #400
• US rank: #16427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gate City, VA
• Population (ZIP): 7,976

Population outlook (Scott County) Hauer SSP2

• Today (2025): 20,405 people
• By 2030: 19,379 · -5.0%
• By 2040: 17,325 · -15.1%
• By 2050: 15,464 · -24.2%
• By 2075: 11,845 · -42.0%
• By 2100: 8,516 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Scott

• 2024 margin: Solid R (+70.4) · D 14.5% · R 84.9%
• 2008→2024 swing: -27.3pp toward R · 2008: -43.1pp · 2024: -70.4pp
• All cycles: 2024: R+70.4 2020: R+67.8 2016: R+66.3 2012: R+50.6 2008: R+43.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.22%
• Current HPI: 211.6519
• 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

+115.7% since first listed

3 events — show timeline

• 2026-03-06 Price Changed $39,900 TVRMLS
• 2026-01-02 Listed $49,000 TVRMLS
• 1992-12-01 Sold (Public Records) $18,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $186 · +0.0% YoY. Source: county tax records.