204 Locust St · Narrows, VA 24124

$70,000

2 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 71 Days on market

Built 1950 0.30 ac lot $53/sqft · 57% below area ↓ 10% since listing

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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
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

Key facts

• Outdoor recreation
• New river
• Convenient access

Tags

• NEW RIVER
• FUNCTIONAL LAYOUT
• CONVENIENT ACCESS
• OUTDOOR RECREATION
• LOCAL SCHOOLS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#204 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Giles County Public School District (rural): math 56% / reading 68% proficiency, ranked #54 of 131 in VA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 41 active listings in the ZIP; 25 units permitted in Giles County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($484 loan paydown + $4k appreciation (6.0% local appreciation)).
• Giles County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 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 71 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $30k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.56% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.65%
• DSCR: 2.14
• GRM: 5.3

CMA / ARV

• ARV (median comp): $171,558
• List price: $70,000
• Delta: -59.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
181 Stockpen Mountain Rd	0.38mi	3/2.0 (+1)	1,308 (-1%)	6mo	$267,900	$205	66
305 Fairview St	0.37mi	3/1.0 (+1)	1,287 (-2%)	15mo	$97,750	$76	61
111 Spring St	0.24mi	3/1.5 (+1)	1,190 (-10%)	24mo	$200,000	$168	46
212 Gross St	0.73mi	2/1.0	1,140 (-14%)	14mo	$65,000	$57	32

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

Projected returns pro-forma

6.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.1%
• Equity multiple: 3.40×
• Total profit: $47,036
• Equity at exit: $44,159

10-year hold

• IRR: 34.4%
• Equity multiple: 6.99×
• Total profit: $117,405
• Equity at exit: $80,215

Cash invested: $19,600 (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 24124

• Home prices YoY: 3.1%
• Active inventory: 41
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$50 /mo · $595/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $419

Break-even live

Break-even rent $564

Max offer price $70,000

Occupancy floor 57%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $70,000 Active 71 DOM
2. 2026-06-18
   days on market $70,000 Active 70 DOM
3. 2026-06-17
   days on market $70,000 Active 69 DOM
4. 2026-06-16
   days on market $70,000 Active 68 DOM
5. 2026-06-15
   days on market $70,000 Active 67 DOM
6. 2026-06-14
   days on market $70,000 Active 65 DOM
7. 2026-06-13
   days on market $70,000 Active 64 DOM
8. 2026-06-10
   days on market $70,000 Active 62 DOM
9. 2026-06-09
   days on market $70,000 Active 61 DOM
10. 2026-06-08
    days on market $70,000 Active 60 DOM
11. 2026-06-07
    days on market $70,000 Active 59 DOM
12. 2026-06-03
    days on market $70,000 Active 55 DOM
13. 2026-06-02
    days on market $70,000 Active 54 DOM
14. 2026-06-01
    days on market $70,000 Active 53 DOM
15. 2026-05-31
    days on market $70,000 Active 52 DOM
16. 2026-05-30
    days on market $70,000 Active 51 DOM
17. 2026-05-19
    price $75,000 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

18. 2026-05-09
    price $77,500 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

19. 2026-05-01
    price $81,500 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

20. 2026-04-24
    price $82,000 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

21. 2026-04-22
    price $84,900 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

22. 2026-04-10
    price $89,999 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

23. 2026-04-10
    listed $99,999 Active 374-char remark

    Show marketing remark (374 chars)

    Three-bedroom, one-bath home in Narrows located near the beautiful New River—perfect for anyone looking for a project with great potential. This property is just waiting for a buyer wanting to add their own touches. Features a functional layout, and convenient access to town amenities, outdoor recreation, and local schools. Home will be cleaned out prior to closing.

24. 2018-08-17
    soldstatus $49,900 340-char remark

    Show marketing remark (340 chars)

    Great house for starting out. Main floor offers two bedrooms, office space, and laundry area. Full walk up finished attic space offers great possibilities for additional space. Great front porch with mountain view and side deck for the BBQ. Legal: Building #1 - Tax Map #24B 11 93. Sold as is and where is. No Warranties given or implied.

25. 2018-05-29
    listed $49,900 340-char remark

    Show marketing remark (340 chars)

    Great house for starting out. Main floor offers two bedrooms, office space, and laundry area. Full walk up finished attic space offers great possibilities for additional space. Great front porch with mountain view and side deck for the BBQ. Legal: Building #1 - Tax Map #24B 11 93. Sold as is and where is. No Warranties given or implied.

26. 2018-03-27
    soldstatus $67,150
27. 2013-09-27
    soldstatus $91,500
28. 2007-04-25
    soldstatus $82,900

ⓘ 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: $595 · $50/mo
• Projected year-2 tax: $595 · $50/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 9 d/yr ≥91°F today · 26 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,137
• − Mortgage interest: −$3,921
• − Property taxes: −$595
• − Insurance: −$350
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$2,036
• Taxable income: $4,133
• Est. tax owed @ 24.0%: −$992
• After-tax cash flow: $4,036/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: Giles County Public School District
• NCES district ID: 5101590
• Math proficiency: 56% ▼ -26.00%
• Reading proficiency: 68% ▼ -8.00%
• Median HH income: $45,394
• Composite: 52.25/100
• National rank: #1600
• State rank: #54 of 131 in VA

Livability — Narrows

• Score: 72/100
• State rank: #204
• US rank: #6289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Narrows, VA
• Population (ZIP): 4,177

Population outlook (Giles County) Hauer SSP2

• Today (2025): 15,868 people
• By 2030: 15,306 · -3.5%
• By 2040: 14,149 · -10.8%
• By 2050: 13,059 · -17.7%
• By 2075: 10,837 · -31.7%
• By 2100: 8,648 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Giles

• 2024 margin: Solid R (+54.5) · D 22.4% · R 76.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -16.3pp · 2024: -54.5pp
• All cycles: 2024: R+54.5 2020: R+51.4 2016: R+48.6 2012: R+25.6 2008: R+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.04%
• Current HPI: 201.2028
• 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

-9.5% since first listed

12 events — show timeline

• 2026-05-19 Price Changed $75,000 NRVMLS
• 2026-05-09 Price Changed $77,500 NRVMLS
• 2026-05-01 Price Changed $81,500 NRVMLS
• 2026-04-24 Price Changed $82,000 NRVMLS
• 2026-04-22 Price Changed $84,900 NRVMLS
• 2026-04-10 Price Changed $89,999 NRVMLS
• 2026-04-10 Listed $99,999 NRVMLS
• 2018-08-17 Sold (MLS) $49,900 MLSRV
• 2018-05-29 Listed $49,900 MLSRV
• 2018-03-27 Sold (Public Records) $67,150 Public Records
• 2013-09-27 Sold (Public Records) $91,500 Public Records
• 2007-04-25 Sold (Public Records) $82,900 Public Records

Property tax history

+1.7%/yr

Latest (2025): $595 · +0.0% YoY. Source: county tax records.