223 S 11th Ave · Hopewell, VA 23860

$119,450

2 bd · 1.0 ba · 785 sqft · SingleFamily public records · 46 Days on market

Built 1939 6,198 sqft lot $152/sqft · 17% below area Est $145k · 17% under

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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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.2/10.0
• Rent growth +4.7/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

Key facts

• Covered front porch
• Rear storage shed
• Fenced in back yard

Tags

• FENCED IN BACK YARD
• REAR STORAGE SHED
• COVERED FRONT PORCH
• LOW MAINTENANCE VINYL SIDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.2% in Hopewell — 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 (#224 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: crime D+, amenities F, commute F.
• Hopewell City Public School District (suburban): math 23% / reading 49% proficiency, ranked #129 of 131 in VA (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.9%/yr); 228 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 42 units permitted in Hopewell city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hopewell County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $24k; list at $119k implies a 394% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 41% 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 $115,866 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1939 — 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 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?
5. Crime grade is D 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: 1.02% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $144,500
• List price: $119,450
• Delta: -17.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 S 13th Ave	0.13mi	2/2.0	738 (-6%)	6mo	$179,000	$243	75
113 S 13th Ave	0.14mi	2/1.0	882 (+12%)	5mo	$133,000	$151	69
100 N 21st Ave	0.48mi	2/1.0	775 (-1%)	12mo	$105,000	$135	66
102 S 5th Ave	0.27mi	3/1.0 (+1)	864 (+10%)	1mo	$190,000	$220	65
209 S 14th Ave	0.13mi	3/1.0 (+1)	880 (+12%)	9mo	$105,000	$119	61
207 N 7th Ave	0.32mi	3/1.0 (+1)	862 (+10%)	7mo	$177,000	$205	58
903 Dolin St	0.23mi	2/1.0	888 (+13%)	13mo	$190,000	$214	56
2101 Pickett St	0.58mi	2/1.0	696 (-11%)	4mo	$130,000	$187	50
2214 Johnson St	0.61mi	2/1.0	840 (+7%)	13mo	$188,500	$224	49
1715 Richmond St	0.42mi	2/1.0	875 (+12%)	20mo	$90,000	$103	44
2600 Pickett St	0.75mi	2/1.0	855 (+9%)	9mo	$179,900	$210	42
705 8th Ave	0.68mi	3/1.0 (+1)	874 (+11%)	20mo	$197,090	$226	27

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-160
• Equity at exit: $17,810

10-year hold

• IRR: 13.9%
• Equity multiple: 2.36×
• Total profit: $45,644
• Equity at exit: $10,328

Cash invested: $33,446 (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 23860

• Home prices YoY: -22.0%
• Rents YoY: 8.9%
• Active inventory: 228
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,224 high
• Mortgage (P&I): −$626
• Tax from tax record: −$91 /mo · $1,089/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $200

Break-even live

Break-even rent $971

Max offer price $119,450

Occupancy floor 79%

Sensitivity live

Price	-10% $268	-5% $234	+0% $200	+5% $166	+10% $132
Rent	-10% $103	-5% $152	+0% $200	+5% $248	+10% $297
Rate	-1.0pp $260	-0.5pp $230	base $200	+0.5pp $169	+1.0pp $138

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: $29,862
• Closing costs: $3,584
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 W City Point Rd Hopewell, VA	1.0–2.0	1.0–1.5	710	$1,250	$1.76	15d	3	0.26mi
1201 W City Point Rd Apt 204 Hopewell, VA	1.0	1.0	641	$1,225	$1.91	24d	1	0.27mi
1201 W City Point Rd Hopewell, VA	1.0–2.0	1.0–1.5	711	$1,250	$1.76	2d	7	0.27mi
800 Chestnut St Hopewell, VA	2.0	1.0	884	$1,395	$1.58	44d	1	0.32mi
2009 Day St Hopewell, VA	2.0	1.0	780	$895	$1.15	24d	1	0.45mi
101 S Main St Unit 1 Hopewell, VA	2.0	2.0	800	$1,395	$1.74	5d	1	0.52mi
600 Winston Churchill Dr Hopewell, VA	2.0	1.0	900	$1,075	$1.19	2d	1	0.57mi
2305 Poplar St Unit B Hopewell, VA	2.0	1.5	959	$1,050	$1.09	24d	1	0.68mi
708 Crestline Blvd Hopewell, VA	2.0	1.0	672	$841	$1.25	15d	1	0.74mi
507 Hill Ave Hopewell, VA	3.0	1.0	932	$1,395	$1.50	24d	1	0.80mi
311 E Cawson St Hopewell, VA	2.0–3.0	1.0	978	$1,087	$1.11	2d	9	0.81mi
310 Woodbine St Hopewell, VA	1.0–3.0	1.0–1.5	800	$1,334	$1.67	2d	3	0.83mi
1206 Tabb Ave Hopewell, VA	3.0	1.0	974	$1,470	$1.51	44d	1	1.10mi

Listing history 22 events

1. 2026-06-08
   status $119,450 Pending 46 DOM
2. 2026-06-07
   pricedays on market $119,450 Active 46 DOM
3. 2026-06-03
   days on market $119,500 Active 42 DOM
4. 2026-06-02
   days on market $119,500 Active 41 DOM
5. 2026-06-02
   price $119,500 Active 40 DOM
6. 2026-06-01
   days on market $119,550 Active 40 DOM
7. 2026-05-31
   days on market $119,550 Active 39 DOM
8. 2026-05-15
   price $119,700 931-char remark

   Show marketing remark (931 chars)

   Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

9. 2026-05-11
   price $119,750 931-char remark

   Show marketing remark (931 chars)

   Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

10. 2026-05-08
    price $119,850 931-char remark

    Show marketing remark (931 chars)

    Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

11. 2026-04-30
    price $119,900 931-char remark

    Show marketing remark (931 chars)

    Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

12. 2026-04-22
    listed $119,950 Active 931-char remark

    Show marketing remark (931 chars)

    Charming property built in 1939. Offering 2- bedrooms and a full bathroom, a third room for bedroom if wardrobe, or can be used as office gaming room, nursery. With 758 Square feet, and a spacious 6200 square foot lot. This property features a fenced in back yard (chain link) providing space for pets, outdoor enjoyment, or added privacy. A rear storage shed offers additional utility and convenience. Inside, you will find a functional layout with an extra room, or that needed third bedroom with the addition of a wardrobe. The home conveys with Refrigerator, washer, making it move in ready for its next owner, or for its next investor looking to start a rental property or portfolio. Enjpy relaxing days with a covered front porch and appreciate the low- maintenance vinyl siding exterior. Whether you're a first-time buyer or an investor looking for a solid rental opportunity, this property offers great potential and value.

13. 2012-06-04
    soldstatus $24,200
14. 2012-06-01
    soldstatus $24,200 242-char remark

    Show marketing remark (242 chars)

    Renovated rambler! 1 bedroom, 1 full bath, cozy living room, kitchen with nice cabinets and good flooring, carpets in good condition throughout, gas cooking, nice country front porch, vinyl siding and fenced backyard! Convenient to Fort Lee!

15. 2012-05-16
    historical 242-char remark

    Show marketing remark (242 chars)

    Renovated rambler! 1 bedroom, 1 full bath, cozy living room, kitchen with nice cabinets and good flooring, carpets in good condition throughout, gas cooking, nice country front porch, vinyl siding and fenced backyard! Convenient to Fort Lee!

16. 2012-04-25
    listed $24,200 242-char remark

    Show marketing remark (242 chars)

    Renovated rambler! 1 bedroom, 1 full bath, cozy living room, kitchen with nice cabinets and good flooring, carpets in good condition throughout, gas cooking, nice country front porch, vinyl siding and fenced backyard! Convenient to Fort Lee!

17. 2009-10-13
    soldstatus $74,900
18. 2009-10-09
    soldstatus $74,900
19. 2009-10-09
    soldstatus $74,900
20. 2009-08-11
    listed $74,900
21. 2009-08-11
    listed $74,900
22. 1983-06-09
    soldstatus $14,000

ⓘ 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: $1,089 · $91/mo
• Projected year-2 tax: $1,089 · $91/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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥110°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 41% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,689
• − Mortgage interest: −$6,691
• − Property taxes: −$1,089
• − Insurance: −$597
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$3,475
• Taxable income: $487
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $2,284/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: Hopewell City Public School District
• NCES district ID: 5101980
• Math proficiency: 23% ▼ -54.00%
• Reading proficiency: 49% ▼ -18.00%
• Median HH income: $38,234
• Composite: 29.95/100
• National rank: #6377
• State rank: #129 of 131 in VA

Livability — Hopewell

• Score: 70/100
• State rank: #224
• US rank: #7437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hopewell, VA
• County: Hopewell City · 31,404 people
• City population: 31,404
• Metro: Richmond, VA
• Population (ZIP): 31,404
• Household income: $62,141
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1055.0

Population outlook (Hopewell County) Hauer SSP2

• Today (2025): 21,776 people
• By 2030: 21,457 · -1.5%
• By 2040: 20,882 · -4.1%
• By 2050: 20,239 · -7.1%
• By 2075: 18,905 · -13.2%
• By 2100: 16,949 · -22.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 43% Black 42% Two or more races 9% Hispanic / Latino 8% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Hopewell

• 2024 margin: D (+13.8) · D 56.4% · R 42.6% · Other 1.0%
• 2008→2024 swing: +1.8pp toward D · 2008: 11.9pp · 2024: 13.8pp
• All cycles: 2024: D+13.8 2020: D+14.7 2016: D+9.3 2012: D+16.0 2008: D+11.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.28%
• Current HPI: 302.6343
• Rent YoY: ▲ 8.86%
• 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

+755.0% since first listed

15 events — show timeline

• 2026-05-15 Price Changed $119,700 CVRMLS
• 2026-05-11 Price Changed $119,750 CVRMLS
• 2026-05-08 Price Changed $119,850 CVRMLS
• 2026-04-30 Price Changed $119,900 CVRMLS
• 2026-04-22 Listed $119,950 CVRMLS
• 2012-06-04 Sold (Public Records) $24,200 Public Records
• 2012-06-01 Sold (MLS) $24,200 CVRMLS
• 2012-05-16 Listing Removed — CVRMLS
• 2012-04-25 Listed $24,200 CVRMLS
• 2009-10-13 Sold (Public Records) $74,900 Public Records
• 2009-10-09 Sold (MLS) $74,900 CVRMLS
• 2009-10-09 Sold (MLS) $74,900 CVRMLS
• 2009-08-11 Listed $74,900 CVRMLS
• 2009-08-11 Listed $74,900 CVRMLS
• 1983-06-09 Sold (Public Records) $14,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,089 · +1.2% YoY. Source: county tax records.