1017 South Ave · South Boston, VA 24592

$55,000

3 bd · 2.0 ba · 2,556 sqft · SingleFamily public records · 65 Days on market

Built 1950 6,534 sqft lot $22/sqft · 73% below area ↓ 34% since listing

---

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
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special in the heart of downtown South Boston! Spacious 4BR/2BA home with approx. 2,556 sq. ft. Prime in-town location within walking distance to shops & dining. Ready for renovation - ideal for flip, rental or restoration. Sold AS IS. This home will not qualify for government backed loans in its current condition.

Key facts

• Ready for renovation
• In-town location
• Sold as is

Tags

• HEART OF DOWNTOWN SOUTH BOSTON
• IN-TOWN LOCATION
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO DINING
• READY FOR RENOVATION
• SOLD AS IS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 24.3% vs local median 5.0% in South Boston — 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 74/100 on livability (#147 in VA, #4,742 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Halifax County Public School District (town): math 29% / reading 59% proficiency, ranked #116 of 131 in VA (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Boston Elementary (math 18% / reading 48%, grade F, #986 of 1,108 statewide, top 89%, 666 students, 93% FRL); Halifax County Middle (math 27% / reading 60%, grade D, #285 of 342 statewide, top 84%, 925 students, 92% FRL); Halifax County High (math 40% / reading 69%, grade C-, #281 of 319 statewide, top 90%, 1,397 students, 90% FRL) — zoned schools average 92% FRL vs 58% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 66 active listings in the ZIP; 97 units permitted in Halifax County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Halifax County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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. 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: 2.69% ✓
• Cap rate: 24.29%
• Cash-on-cash: 64.27%
• DSCR: 3.86
• GRM: 3.1

CMA / ARV

• ARV (median comp): $202,177
• List price: $55,000
• Delta: -72.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1801 Wilkerson St	0.20mi	3/3.0	2,479 (-3%)	14mo	$367,500	$148	70
1204 South Ave Unit -	0.11mi	3/2.5	2,225 (-13%)	7mo	$227,000	$102	66
506 Bellwood Ln	0.65mi	4/2.5 (+1)	2,489 (-3%)	11mo	$327,450	$132	50
1316 Hodges St	0.18mi	4/1.5 (+1)	2,286 (-11%)	21mo	$247,000	$108	49
4505 Brentwood Dr	0.72mi	4/2.5 (+1)	2,250 (-12%)	2mo	$368,000	$164	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.4%
• Equity multiple: 3.83×
• Total profit: $43,619
• Equity at exit: $8,201

10-year hold

• IRR: 67.8%
• Equity multiple: 7.86×
• Total profit: $105,629
• Equity at exit: $4,755

Cash invested: $15,400 (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 24592

• Home prices YoY: -27.0%
• Active inventory: 66
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,482 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$34 /mo · $412/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $825

Break-even live

Break-even rent $438

Max offer price $55,000

Occupancy floor 39%

Sensitivity live

Price	-10% $856	-5% $840	+0% $825	+5% $809	+10% $794
Rent	-10% $708	-5% $766	+0% $825	+5% $883	+10% $942
Rate	-1.0pp $852	-0.5pp $839	base $825	+0.5pp $811	+1.0pp $796

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-15
   days on market $55,000 Active 65 DOM
2. 2026-06-15
   days on market $55,000 Active 64 DOM
3. 2026-06-13
   days on market $55,000 Active 63 DOM
4. 2026-06-12
   days on market $55,000 Active 62 DOM
5. 2026-06-09
   days on market $55,000 Active 59 DOM
6. 2026-06-08
   days on market $55,000 Active 58 DOM
7. 2026-06-08
   days on market $55,000 Active 57 DOM
8. 2026-06-07
   days on market $55,000 Active 56 DOM
9. 2026-06-03
   days on market $55,000 Active 53 DOM
10. 2026-06-02
    days on market $55,000 Active 52 DOM
11. 2026-06-01
    days on market $55,000 Active 51 DOM
12. 2026-05-31
    days on market $55,000 Active 50 DOM
13. 2026-04-12
    listed $55,000 Active 332-char remark

    Show marketing remark (332 chars)

    Investor special in the heart of downtown South Boston! Spacious 4BR/2BA home with approx. 2,556 sq. ft. Prime in-town location within walking distance to shops & dining. Ready for renovation - ideal for flip, rental or restoration. Sold AS IS. This home will not qualify for government backed loans in its current condition.

14. 2026-01-26
    price $55,000
15. 2025-12-03
    status Active
16. 2025-12-03
    price $65,000
17. 2025-10-14
    status Pending
18. 2025-09-11
    historical Active Under Contract
19. 2025-08-21
    listed $60,000 Active
20. 2025-02-26
    soldstatus $48,000 Closed
21. 2025-02-26
    soldstatus $48,000
22. 2025-01-31
    status Pending
23. 2024-12-18
    price $44,900
24. 2024-11-14
    price $49,900
25. 2024-10-10
    price $54,900
26. 2024-09-06
    price $59,900
27. 2024-08-06
    price $64,900
28. 2024-07-03
    listed $70,700 Active
29. 2023-10-25
    listed $82,725 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: $412 · $34/mo
• Projected year-2 tax: $451 · $38/mo
• Expected delta: +$39/yr (+$3/mo · 9.4%)

ⓘ 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 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% 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: $17,779
• − Mortgage interest: −$3,081
• − Property taxes: −$412
• − Insurance: −$275
• − Repairs & maintenance: −$1,422
• − Management: −$1,422
• − Depreciation: −$1,600
• Taxable income: $9,566
• Est. tax owed @ 24.0%: −$2,296
• After-tax cash flow: $7,601/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: Halifax County Public School District
• NCES district ID: 5101770
• Math proficiency: 29% ▼ -51.00%
• Reading proficiency: 59% ▼ -15.00%
• Median HH income: $36,137
• Composite: 36.36/100
• National rank: #4687
• State rank: #116 of 131 in VA

Livability — South Boston

• Score: 74/100
• State rank: #147
• US rank: #4742

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Boston, VA
• Population (ZIP): 14,411

Population outlook (Halifax County) Hauer SSP2

• Today (2025): 32,892 people
• By 2030: 31,438 · -4.4%
• By 2040: 28,350 · -13.8%
• By 2050: 25,553 · -22.3%
• By 2075: 20,217 · -38.5%
• By 2100: 14,645 · -55.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (55%)
• Race & ethnicity: White 55% Black 40% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Halifax

• 2024 margin: Strong R (+21.1) · D 39.1% · R 60.2%
• 2008→2024 swing: -18.2pp toward R · 2008: -2.8pp · 2024: -21.1pp
• All cycles: 2024: R+21.1 2020: R+15.1 2016: R+16.6 2012: R+5.6 2008: R+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.37%
• Current HPI: 190.3767
• 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

-33.5% since first listed

17 events — show timeline

• 2026-04-12 Listed $55,000 SPLLAR
• 2026-01-26 Price Changed $55,000 SPLLAR
• 2025-12-03 Relisted — SPLLAR
• 2025-12-03 Price Changed $65,000 SPLLAR
• 2025-10-14 Pending — SPLLAR
• 2025-09-11 Contingent — SPLLAR
• 2025-08-21 Listed $60,000 SPLLAR
• 2025-02-26 Sold (Public Records) $48,000 Public Records
• 2025-02-26 Sold (MLS) $48,000 LMLS
• 2025-01-31 Pending — LMLS
• 2024-12-18 Price Changed $44,900 LMLS
• 2024-11-14 Price Changed $49,900 LMLS
• 2024-10-10 Price Changed $54,900 LMLS
• 2024-09-06 Price Changed $59,900 LMLS
• 2024-08-06 Price Changed $64,900 LMLS
• 2024-07-03 Listed $70,700 LMLS
• 2023-10-25 Listed $82,725 DRRAR

Property tax history

+0.3%/yr

Latest (2025): $412 · +0.0% YoY. Source: county tax records.