534 Rainbow Ct #102 · Newport News, VA 23608

$164,900

2 bd · 2.0 ba · 1,250 sqft · Condo · 29 Days on market

Built 1990 Good condition $300/mo HOA · 19% of rent ↓ 6% since listing

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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 +8.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Rent growth +4.2/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks at 534 Rainbow Ct #102 in Newport News! This well-maintained, no-frills condo offers a practical layout with comfortable living space, making it an excellent choice for an investor looking to expand a rental portfolio. The unit features a functional kitchen, spacious living area, and ample natural light throughout. Conveniently located near shopping, dining, and major commuter routes, this property provides easy access to everything the Peninsula has to offer.

Key facts

• Functional kitchen
• Ample natural light
• Spacious living area

Tags

• FUNCTIONAL KITCHEN
• SPACIOUS LIVING AREA
• AMPLE NATURAL LIGHT
• CONVENIENTLY LOCATED

Property features AI

Finance

• HOA & community: Part of The Arbors HOA managed by Community First Management Inc.; Condo association fee approximately $300 per month

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached condo; Single-story; Unit on level 1
• Construction: Slab foundation
• Exterior features: Brick exterior; Asphalt shingle roof

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Bedroom with full bathroom on the first floor
• Flooring: Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (provides heating and cooling)
• Interior features: One fireplace; Laminate and vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (14.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (2.0% below list).
• Recommended offer: $141k (14.3% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 4.2% in Newport News — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.9%/yr); 215 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $141,297 (14.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.24%
• DSCR: 0.81
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.87% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.34×
• Total profit: $-30,365
• Equity at exit: $24,587

10-year hold

• IRR: -2.6%
• Equity multiple: 0.79×
• Total profit: $-9,921
• Equity at exit: $14,258

Cash invested: $46,172 (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 23608

• Home prices YoY: -10.5%
• Rents YoY: 6.9%
• Active inventory: 215
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,616 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$300
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-163

Break-even live

Break-even rent $1,822

Max offer price $141,297

Occupancy floor —

Sensitivity live

Price	-10% $-49	-5% $-106	+0% $-163	+5% $-220	+10% $-277
Rent	-10% $-291	-5% $-227	+0% $-163	+5% $-99	+10% $-35
Rate	-1.0pp $-80	-0.5pp $-121	base $-163	+0.5pp $-206	+1.0pp $-249

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
568 Candle Ln Newport News, VA	2.0	2.0	960	$1,395	$1.45	44d	1	0.10mi
572 Candle Ln Apt 302 Newport News, VA	2.0	2.0	960	$1,395	$1.45	24d	1	0.11mi
418 Cox Lndg Newport News, VA	1.0–3.0	1.0–1.5	975	$1,352	$1.39	3d	9	0.26mi
106 Woodhaven Rd Newport News, VA	3.0	1.0	1162	$1,450	$1.25	21d	1	0.35mi
581 Calla Ct Newport News, VA	1.0–3.0	1.0–2.0	990	$1,360	$1.37	2d	11	0.52mi
573 Old Colonial Way Newport News, VA	3.0	2.5	1580	$1,985	$1.26	44d	1	0.62mi
376 Susan Constant Dr Newport News, VA	3.0	3.0	1584	$1,695	$1.07	24d	1	0.70mi
26 Garfield Dr Newport News, VA	3.0	1.0	1090	$1,850	$1.70	24d	1	0.73mi
55 Rexford Dr Newport News, VA	3.0	2.0	1428	$2,000	$1.40	44d	1	0.76mi
399 Hickory Point Blvd Newport News, VA	2.0	1.5	984	$1,594	$1.62	2d	10	0.76mi
461 Revolution Ln Newport News, VA	3.0	2.0	1490	$2,000	$1.34	8d	1	0.77mi
91 River Palms Rd Newport News, VA	1.0–3.0	1.0–2.5	871	$1,741	$2.00	2d	49	0.80mi
416 Hustings Ln Unit F Newport News, VA	3.0	2.5	1422	$1,850	$1.30	15d	1	0.86mi
416 Hustings Ln Newport News, VA	3.0	3.0	1422	$1,850	$1.30	13d	1	0.86mi
401 Jester Ct Newport News, VA	2.0	2.0	949	$1,462	$1.54	2d	3	0.89mi
397 Deputy Ln Unit A Newport News, VA	3.0	2.5	1422	$1,925	$1.35	22d	1	0.90mi
329 Boulder Dr Newport News, VA	2.0	2.0	960	$1,482	$1.54	3d	13	1.00mi
381 Advocate Ct Unit F Newport News, VA	3.0	2.5	1400	$1,325	$0.95	44d	1	1.08mi
500 Big Forrest Ct Newport News, VA	1.0–2.0	1.0	828	$1,383	$1.67	5d	4	1.10mi
305 Mona Dr Newport News, VA	3.0	1.0	1016	$1,650	$1.62	11d	1	1.11mi
330 Kingsman Dr Newport News, VA	3.0	1.5	1166	$1,650	$1.42	44d	1	1.16mi
108 Tazewell Rd Newport News, VA	3.0	2.0	1144	$1,900	$1.66	44d	1	1.16mi
14505 Old Courthouse Way Newport News, VA	2.0	2.0	970	$1,500	$1.55	5d	3	1.18mi
23 Williamson Park Dr Newport News, VA	3.0	1.0	1296	$1,990	$1.54	45d	1	1.20mi
218 Mona Dr Newport News, VA	3.0	1.0	993	$2,150	$2.17	24d	1	1.20mi
163 Windsor Castle Dr Unit B Newport News, VA	2.0	2.5	1369	$1,750	$1.28	22d	1	1.23mi
153 Windsor Castle Dr Unit A Newport News, VA	2.0	2.0	985	$1,450	$1.47	11d	1	1.24mi
722 Emerald Ct Newport News, VA	3.0	2.5	1488	$2,400	$1.61	44d	1	1.24mi
800 Skelton Way Newport News, VA	3.0	2.5	1710	$2,195	$1.28	44d	1	1.29mi
713 Emerald Ct Newport News, VA	3.0	2.5	1455	$2,300	$1.58	44d	1	1.29mi
4 Belle Cir Newport News, VA	3.0	2.0	1600	$2,200	$1.38	15d	1	1.29mi
104 Landmark Ct Newport News, VA	1.0–3.0	1.0–2.0	1020	$1,504	$1.47	3d	1	1.31mi
3900 Woodbridge Dr Unit 00 1808 Newport News, VA	2.0	2.5	1235	$1,599	$1.29	24d	1	1.32mi
3900 Woodbridge Dr Unit 00 1402 Newport News, VA	2.0	2.0	1148	$1,649	$1.44	18d	1	1.32mi
3900 Woodbridge Dr Unit 00 2106 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	21d	1	1.32mi
3900 Woodbridge Dr Unit 00 2006 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	17d	1	1.32mi
3900 Woodbridge Dr Unit 00 1604 Newport News, VA	2.0	1.5	1121	$1,499	$1.34	24d	1	1.32mi
7 Friedman Pl Newport News, VA	3.0	2.0	1537	$2,250	$1.46	11d	1	1.34mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	44d	1	1.36mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	18d	1	1.36mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-15
   price $164,900 483-char remark
2. 2026-05-05
   price $169,900 483-char remark
3. 2026-04-30
   listed $175,000 Active 483-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,389
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$1,551
• − Management: −$1,551
• − HOA: −$3,600
• − Depreciation: −$4,797
• Taxable loss: −$4,645
• Est. tax savings @ 24.0%: +$1,115
• After-tax cash flow: $-843/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.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This well-maintained townhouse in Newport News offers a practical layout with comfortable living space and ample natural light. It is an excellent choice for an investor looking to expand a rental portfolio.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and trimming bushes — Improves curb appeal and enhances property value
• Both Reorganizing kitchen and bathroom storage — Creates a more inviting and functional living space

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and trimming bushes — Improves curb appeal and enhances property value ↑
• Both Reorganizing kitchen and bathroom storage — Creates a more inviting and functional living space ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,641
• Household income: $71,126
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2094.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 40% White 36% Hispanic / Latino 12% Two or more races 11% Asian 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.79%
• Current HPI: 297.7465
• Rent YoY: ▲ 6.87%
• 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

-5.8% since first listed

4 events — show timeline

• 2026-05-30 Listing Removed — REINMLS
• 2026-05-15 Price Changed $164,900 REINMLS
• 2026-05-05 Price Changed $169,900 REINMLS
• 2026-04-30 Listed $175,000 REINMLS