3224 Creekside Dr · Virginia Beach, VA 23453

$275,000

2 bd · 2.0 ba · 1,264 sqft · Townhouse public records · 27 Days on market

Built 1985 Est $273k · at est.

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Why this score? — see what drove the D- 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 +9.5/30.0
• ARV discount +7.2/15.0
• Schools +6.4/10.0
• Rent growth +4.9/5.0
• Livability +4.2/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! Move in ready and LOW maintenance townhome in central Virginia Beach! This home was COMPLETELY refurbished in 2025 to include upgraded windows, flooring, lighting & plumbing fixtures, baths, kitchen, and much more! The living area is an open concept style with plenty of space for entertaining! There is recessed lighting and durable vinyl plank flooring. Kitchen has modern shaker cabinets, granite counters, and stainless appliances! Upstairs are two spacious bedrooms, each with dual closets w/ shelving and private baths- both baths have upscale tilework and a modern look. Backyard is fully fenced, private driveway and welcoming front porch. No HOA! Photos have been virtua

Key facts

• Upgraded windows
• Recessed lighting
• Move in ready

Tags

• MOVE IN READY
• COMPLETELY REFURBISHED
• UPGRADED WINDOWS
• OPEN CONCEPT STYLE
• RECESSED LIGHTING
• DURABLE VINYL PLANK FLOORING

Property features AI

Finance

• HOA & community: No HOA (assoc fees listed as 0)

Exterior

• Parking: 4 off-street parking spaces (driveway and street)
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached townhouse; 2 stories; Slab foundation; Simple ownership
• Construction: Vinyl exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Vinyl siding; Wood fence (full); Asphalt shingle roof

Interior

• Kitchen: Dishwasher; Microwave; Electric range; Refrigerator; Pantry; Breakfast area
• Bedrooms: 2 bedrooms with ensuite
• Flooring: Carpet; Laminate; Slate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air
• Interior features: Scuttle access
• Laundry & utility: Washer hookup; Dryer hookup; Utility room; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $275k.

Deal economics

• At list price, monthly cash flow is $-190 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (28.9% below list).
• Recommended offer: $195k (28.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Holland Elementary (math 57% / reading 67%, grade B, #480 of 1,108 statewide, top 46%, 460 students, 95% FRL); Landstown High (math 67% / reading 86%, grade A-, #99 of 319 statewide, top 31%, 2,226 students, 38% FRL) — zoned schools average 67% FRL vs 28% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.7%/yr); 99 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 $162k; list at $275k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,393 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.71% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.96%
• DSCR: 0.87
• GRM: 11.7

CMA / ARV

• ARV (on-the-fly): $273,024
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1010 Scarborough Ct	0.14mi	3/1.5 (+1)	1,250 (-1%)	1mo	$235,000	$188	84
3218 Scarborough Way	0.20mi	3/1.5 (+1)	1,258 (-0%)	2mo	$245,000	$195	81
959 S Club House Rd	0.26mi	3/1.5 (+1)	1,276 (+1%)	2mo	$244,000	$191	77
1137 Old Clubhouse Rd	0.05mi	2/1.5	1,124 (-11%)	3mo	$220,000	$196	75
3234 Creekside Dr	0.02mi	2/2.0	1,080 (-15%)	1mo	$260,000	$241	74
965 Clubhouse Rd S	0.25mi	3/1.5 (+1)	1,320 (+4%)	2mo	$250,000	$189	72
3176 Ashaway Rd	0.48mi	3/2.0 (+1)	1,256 (-1%)	1mo	$345,000	$275	70
1232 White Birch Ln	0.47mi	3/1.5 (+1)	1,254 (-1%)	2mo	$241,500	$193	68
3300 Waterman Rd	0.26mi	3/2.0 (+1)	1,368 (+8%)	2mo	$340,000	$249	68
3152 Ashaway Rd	0.34mi	3/2.0 (+1)	1,356 (+7%)	2mo	$342,000	$252	65
917 Matunuck Ct	0.58mi	3/2.5 (+1)	1,260 (-0%)	1mo	$315,000	$250	65
3244 Yorkborough Way	0.28mi	3/2.5 (+1)	1,386 (+10%)	0mo	$300,000	$216	64

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: -16.3%
• Equity multiple: 0.40×
• Total profit: $-46,424
• Equity at exit: $41,003

10-year hold

• IRR: -1.5%
• Equity multiple: 0.88×
• Total profit: $-9,323
• Equity at exit: $23,777

Cash invested: $77,000 (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 23453

• Home prices YoY: -13.4%
• Rents YoY: 9.7%
• Active inventory: 99
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$177 /mo · $2,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-190

Break-even live

Break-even rent $2,195

Max offer price $241,398

Occupancy floor —

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
932 Gossman Dr Virginia Beach, VA	3.0	1.5	1430	$2,300	$1.61	21d	1	0.34mi
1232 White Birch Ln Virginia Beach, VA	3.0	2.0	1254	$2,095	$1.67	23d	1	0.45mi
1240 White Birch Ln Virginia Beach, VA	3.0	1.5	1254	$1,950	$1.56	17d	1	0.46mi
3304 Weeping Willow Ln Virginia Beach, VA	3.0	1.5	1254	$1,750	$1.40	23d	1	0.46mi
1257 Green Cedar Ln Virginia Beach, VA	2.0	1.5	950	$1,725	$1.82	7d	1	0.57mi
2925 Theodorus Ct Virginia Beach, VA	3.0	1.5	1120	$2,000	$1.79	4d	1	0.62mi
3500 Green Garden Cir Virginia Beach, VA	2.0	1.0	980	$1,685	$1.72	23d	1	0.74mi
1301 Pine Cone Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	827	$1,874	$2.26	1d	13	0.75mi
3517 Plum Cres Virginia Beach, VA	3.0	2.0	1450	$2,200	$1.52	12d	1	0.84mi
3745 Edenberry Ct Virginia Beach, VA	1.0	1.0	920	$1,699	$1.85	1d	1	0.88mi
3745 Edenberry Ct Virginia Beach, VA	2.0	2.0	1044	$1,899	$1.82	4d	1	0.88mi
3416 Hollygreen Dr Virginia Beach, VA	2.0	1.0	960	$1,754	$1.83	23d	5	1.01mi
1434 Peony Arch Virginia Beach, VA	3.0	2.0	1407	$2,600	$1.85	23d	1	1.07mi
713 Willow Lake Cir Virginia Beach, VA	1.0–2.0	1.0–2.0	1041	$2,475	$2.38	23d	1	1.08mi
3521 Sierra Arch Virginia Beach, VA	3.0	1.5	1420	$1,650	$1.16	23d	1	1.11mi
1404 Wendfield Dr Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	4d	1	1.25mi
1404 Wendfield Dr #102 Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	4d	1	1.25mi
1404 Wendfield Dr #102 Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	23d	1	1.25mi
1401 Wendfield Dr #103 Virginia Beach, VA	3.0	1.5	1344	$1,850	$1.38	20d	1	1.30mi
717 Grant Ave Virginia Beach, VA	3.0	2.5	1248	$2,160	$1.73	23d	1	1.36mi
3638 Windmill Dr Virginia Beach, VA	2.0	1.0	934	$1,695	$1.81	10d	1	1.39mi
3560 Windmill Dr Virginia Beach, VA	3.0	1.5	1080	$2,100	$1.94	23d	1	1.41mi
726 Hayes Ave Virginia Beach, VA	2.0	1.5	1008	$1,700	$1.69	23d	1	1.41mi

Listing history 24 events

1. 2026-06-18
   days on market $275,000 Active 27 DOM
2. 2026-06-17
   days on market $275,000 Active 26 DOM
3. 2026-06-16
   days on market $275,000 Active 25 DOM
4. 2026-06-15
   days on market $275,000 Active 24 DOM
5. 2026-06-13
   days on market $275,000 Active 22 DOM
6. 2026-06-09
   days on market $275,000 Active 18 DOM
7. 2026-06-08
   days on market $275,000 Active 17 DOM
8. 2026-06-07
   days on market $275,000 Active 16 DOM
9. 2026-06-03
   days on market $275,000 Active 12 DOM
10. 2026-06-02
    days on market $275,000 Active 11 DOM
11. 2026-06-01
    days on market $275,000 Active 10 DOM
12. 2026-05-31
    days on market $275,000 Active 9 DOM
13. 2026-05-22
    listed $275,000 Active
14. 2026-04-29
    listed $2,200
15. 2025-05-17
    historical $2,200
16. 2025-05-15
    listed $2,200
17. 2025-05-13
    historical $2,200
18. 2025-04-19
    listed $2,200
19. 2025-03-10
    status Under Contract
20. 2025-03-05
    historical Active Under Contract
21. 2025-02-24
    listed $265,000 Active
22. 2025-01-24
    soldstatus $162,500
23. 2025-01-14
    status Under Contract
24. 2025-01-13
    listed $160,000 Active

ⓘ 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: $2,125 · $177/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$130/yr (+$11/mo · 6.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,447
• − Mortgage interest: −$15,404
• − Property taxes: −$2,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$8,000
• Taxable loss: −$7,209
• Est. tax savings @ 24.0%: +$1,730
• After-tax cash flow: $-552/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 34,482
• Household income: $93,838
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 799.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Black 22% Two or more races 14% Asian 12% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 2% Romanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Tagalog/Filipino 6% Spanish 5% Other Indo-European 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.96%
• Current HPI: 341.8757
• Rent YoY: ▲ 9.69%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+71.9% since first listed

12 events — show timeline

• 2026-05-22 Listed $275,000 REINMLS
• 2026-04-29 Listed for Rent $2,200 REINMLS
• 2025-05-17 Rental Removed $2,200 REINMLS
• 2025-05-15 Listed for Rent $2,200 REINMLS
• 2025-05-13 Rental Removed $2,200 REINMLS
• 2025-04-19 Listed for Rent $2,200 REINMLS
• 2025-03-10 Pending — REINMLS
• 2025-03-05 Contingent — REINMLS
• 2025-02-24 Listed $265,000 REINMLS
• 2025-01-24 Sold (Public Records) $162,500 Public Records
• 2025-01-14 Pending — REINMLS
• 2025-01-13 Listed $160,000 REINMLS

Property tax history

+5.2%/yr

Latest (2025): $2,125 · +8.7% YoY. Source: county tax records.