3938 Virginia Ave NW · Roanoke, VA 24017

$129,950

3 bd · 1.0 ba · 750 sqft · SingleFamily public records · 101 Days on market

Built 1950 6,500 sqft lot $173/sqft · 66% above area Est $157k · 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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +5.4/10.0
• Schools +4.1/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOVE IN READY! FRESHLY PAINTED AND REPLACEMENT WINDOWS. NEW LVP FLOORS - FORCED AIR GAS HEAT - THREE BEDROOMS AND ONE FULL BATHROOM - CLOSE TO RESTAURANTS, PUBLIC TRANSPORTATION, AND GROCERY STORES - GREAT FIRST HOME OR INVESTMENT PROPERTY!

Key facts

• 6,500 sq ft lot
• 2 parking spots
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.2% in Roanoke — 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 73/100 on livability (#163 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment D, crime F.
• Roanoke City Public School District (urban): math 40% / reading 58% proficiency, ranked #102 of 131 in VA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.7%/yr); 151 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 113 units permitted in Roanoke city in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Roanoke County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y 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 $12k; list at $130k implies a 983% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,254 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% 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 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. 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?
7. 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.
8. 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.
9. 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: 1.04% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 8.0

CMA / ARV

• ARV (median comp): $156,865
• List price: $129,950
• Delta: -17.16%
• 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
4031 Tennessee Ave NW	0.23mi	2/1.0 (-1)	750 (0%)	7mo	$160,000	$213	79
1301 Monroe St NW	0.15mi	3/1.0	785 (+5%)	11mo	$80,000	$102	76
3926 Maine Ave NW	0.13mi	3/1.0	812 (+8%)	7mo	$147,340	$181	75
3911 Michigan Ave NW	0.19mi	2/1.0 (-1)	676 (-10%)	3mo	$160,000	$237	68
3933 Dakota Ave NW	0.11mi	2/1.0 (-1)	825 (+10%)	9mo	$150,000	$182	66
3925 Vermont Ave NW	0.09mi	2/2.0 (-1)	704 (-6%)	14mo	$160,000	$227	65
3931 Tyler Ave NW	0.25mi	2/1.0 (-1)	672 (-10%)	6mo	$80,000	$119	61
3923 Michigan Ave NW	0.18mi	3/1.5	828 (+10%)	17mo	$160,000	$193	58
4044 Kentucky Ave NW	0.27mi	2/2.0 (-1)	823 (+10%)	6mo	$160,000	$194	57
3810 Vermont Ave NW	0.17mi	3/1.0	850 (+13%)	19mo	$145,000	$171	54
4414 Surrey Ave NW	0.62mi	2/1.0 (-1)	713 (-5%)	10mo	$161,000	$226	50
4134 Wyoming Ave NW	0.37mi	3/1.0	828 (+10%)	22mo	$145,000	$175	47

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 · 5.71% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-3,641
• Equity at exit: $19,376

10-year hold

• IRR: 9.8%
• Equity multiple: 1.85×
• Total profit: $30,832
• Equity at exit: $11,236

Cash invested: $36,386 (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 24017

• Home prices YoY: -28.3%
• Rents YoY: 5.7%
• Active inventory: 151
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,357 high
• Mortgage (P&I): −$681
• Tax from tax record: −$122 /mo · $1,466/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $214

Break-even live

Break-even rent $1,086

Max offer price $129,950

Occupancy floor 79%

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: $32,488
• Closing costs: $3,898
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4310 Tyree Rd NW Roanoke, VA	3.0	1.0	913	$1,650	$1.81	13d	1	0.35mi
3802 Panorama Ave NW #12 Roanoke, VA	3.0	1.0	1100	$995	$0.90	44d	1	0.51mi
3802 Panorama Ave NW #6 Roanoke, VA	2.0	1.0	900	$1,050	$1.17	44d	1	0.51mi
3802 Panorama Ave NW #2 Roanoke, VA	2.0	1.0	900	$995	$1.11	44d	1	0.51mi
3340 Hershberger Rd NW Roanoke, VA	2.0	1.0	924	$1,050	$1.14	44d	1	1.00mi
3533 Ferncliff Ave NW Roanoke, VA	1.0–3.0	1.0	980	$1,426	$1.46	13d	11	1.15mi
2744 Melrose Ave NW Roanoke, VA	1.0–2.0	1.0–1.5	936	$1,045	$1.12	13d	7	1.21mi
733 29th St NW Roanoke, VA	2.0–3.0	2.0	1022	$1,625	$1.59	13d	4	1.23mi
1331 Dudley St NW Roanoke, VA	2.0	1.0	700	$1,500	$2.14	13d	1	1.31mi
1741 Pexton Ave Salem, VA	3.0	1.0	792	$1,452	$1.83	13d	1	1.36mi
2215 Montauk Rd NW Roanoke, VA	1.0–2.0	1.0–1.5	653	$1,425	$2.18	13d	5	1.43mi

Listing history 42 events

1. 2026-06-18
   days on market $129,950 Active 101 DOM
2. 2026-06-17
   days on market $129,950 Active 100 DOM
3. 2026-06-16
   days on market $129,950 Active 99 DOM
4. 2026-06-15
   days on market $129,950 Active 98 DOM
5. 2026-06-14
   days on market $129,950 Active 96 DOM
6. 2026-06-13
   days on market $129,950 Active 95 DOM
7. 2026-06-10
   days on market $129,950 Active 93 DOM
8. 2026-06-09
   days on market $129,950 Active 92 DOM
9. 2026-06-08
   days on market $129,950 Active 91 DOM
10. 2026-06-05
    days on market $129,950 Active 87 DOM
11. 2026-06-03
    days on market $129,950 Active 86 DOM
12. 2026-06-02
    days on market $129,950 Active 85 DOM
13. 2026-06-01
    days on market $129,950 Active 84 DOM
14. 2026-05-31
    days on market $129,950 Active 83 DOM
15. 2026-05-30
    days on market $129,950 Active 82 DOM
16. 2026-03-09
    listed $129,950 Active 240-char remark

    Show marketing remark (240 chars)

    MOVE IN READY! FRESHLY PAINTED AND REPLACEMENT WINDOWS. NEW LVP FLOORS - FORCED AIR GAS HEAT - THREE BEDROOMS AND ONE FULL BATHROOM - CLOSE TO RESTAURANTS, PUBLIC TRANSPORTATION, AND GROCERY STORES - GREAT FIRST HOME OR INVESTMENT PROPERTY!

17. 2026-02-27
    historical
18. 2026-02-25
    price $129,950
19. 2025-08-17
    status Active
20. 2025-08-12
    historical
21. 2025-02-12
    listed $130,950 Active
22. 2025-02-10
    historical
23. 2024-08-10
    listed $130,950 Active
24. 2024-07-25
    status Active
25. 2024-06-12
    status Pending
26. 2024-06-12
    historical
27. 2024-05-06
    price $130,950
28. 2024-03-29
    price $131,450
29. 2024-02-09
    listed $131,950 Active
30. 2024-02-08
    historical
31. 2024-02-01
    price $131,950
32. 2023-12-13
    price $132,450
33. 2023-10-18
    price $132,950
34. 2023-09-25
    price $133,450
35. 2023-09-07
    price $133,950
36. 2023-08-23
    price $134,450
37. 2023-08-08
    listed $134,950 Active
38. 2023-08-07
    historical
39. 2023-02-10
    listed $134,950 Active
40. 2004-04-16
    historical
41. 2003-10-17
    listed $47,950
42. 1993-10-12
    soldstatus $12,000

ⓘ 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: $1,466 · $122/mo
• Projected year-2 tax: $1,466 · $122/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 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: $16,279
• − Mortgage interest: −$7,279
• − Property taxes: −$1,466
• − Insurance: −$650
• − Repairs & maintenance: −$1,302
• − Management: −$1,302
• − Depreciation: −$3,780
• Taxable income: $498
• Est. tax owed @ 24.0%: −$120
• After-tax cash flow: $2,447/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: Roanoke City Public School District
• NCES district ID: 5103300
• Math proficiency: 40% ▼ -38.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $38,592
• Composite: 40.8/100
• National rank: #3639
• State rank: #102 of 131 in VA

Livability — Roanoke

• Score: 73/100
• State rank: #163
• US rank: #5055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roanoke, VA
• County: Roanoke City · 101,625 people
• City population: 168,930
• Metro: Roanoke, VA
• Population (ZIP): 23,678
• Household income: $47,360
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 913.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 106,094 people
• By 2030: 108,927 · +2.7%
• By 2040: 114,104 · +7.5%
• By 2050: 118,032 · +11.3%
• By 2075: 123,363 · +16.3%
• By 2100: 116,827 · +10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% White 25% Hispanic / Latino 9% Asian 4% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 8% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong D (+23.6) · D 61.1% · R 37.5% · Other 1.4%
• 2008→2024 swing: +0.2pp no change · 2008: 23.4pp · 2024: 23.6pp
• All cycles: 2024: D+23.6 2020: D+25.8 2016: D+17.6 2012: D+21.5 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.29%
• Current HPI: 198.5991
• Rent YoY: ▲ 5.71%
• Metro: Roanoke, 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

+982.9% since first listed

27 events — show timeline

• 2026-03-09 Listed $129,950 MLSRV
• 2026-02-27 Listing Removed — MLSRV
• 2026-02-25 Price Changed $129,950 MLSRV
• 2025-08-17 Relisted — MLSRV
• 2025-08-12 Listing Removed — MLSRV
• 2025-02-12 Listed $130,950 MLSRV
• 2025-02-10 Listing Removed — MLSRV
• 2024-08-10 Listed $130,950 MLSRV
• 2024-07-25 Relisted — MLSRV
• 2024-06-12 Pending — MLSRV
• 2024-06-12 Listing Removed — MLSRV
• 2024-05-06 Price Changed $130,950 MLSRV
• 2024-03-29 Price Changed $131,450 MLSRV
• 2024-02-09 Listed $131,950 MLSRV
• 2024-02-08 Listing Removed — MLSRV
• 2024-02-01 Price Changed $131,950 MLSRV
• 2023-12-13 Price Changed $132,450 MLSRV
• 2023-10-18 Price Changed $132,950 MLSRV
• 2023-09-25 Price Changed $133,450 MLSRV
• 2023-09-07 Price Changed $133,950 MLSRV
• 2023-08-23 Price Changed $134,450 MLSRV
• 2023-08-08 Listed $134,950 MLSRV
• 2023-08-07 Listing Removed — MLSRV
• 2023-02-10 Listed $134,950 MLSRV
• 2004-04-16 Listing Removed — MLSRV
• 2003-10-17 Listed $47,950 MLSRV
• 1993-10-12 Sold (Public Records) $12,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $1,466 · +18.5% YoY. Source: county tax records.