7 Spencer St · Martinsville, VA 24112

$22,500

2 bd · 1.0 ba · 760 sqft · Other public records · 20 Days on market

Built 1961 4,356 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors, builders, and renovators! This property offers an opportunity to redevelop or rebuild on an established residential lot in Martinsville. The existing home has sustained significant fire damage and will require extensive renovation. Situated on a 4,182 sq. ft. lot, the property provides a blank canvas for your vision and future improvements. Conveniently located near local amenities, shopping, dining, and major roadways, this property presents potential for those seeking their next investment project. Buyers are encouraged to perform their own due diligence regarding the condition of the structure, zoning, and intended use. Property is being sold strictly as-is, where-is

Key facts

• 4,356 sq ft lot
• Built 1961
• Listed 19 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential property; Single-story
• Construction: Block construction; Composition roof
• Exterior features: Rolling slope lot

Interior

• Bedrooms: 4 total rooms
• Flooring: Concrete
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Floor furnace; Window air conditioning units
• Interior features: Gas water heater; Concrete flooring; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $22k.

Deal economics

• At list price, monthly cash flow is $614 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($961 rent vs $22k).
• Recommended offer: $22k (1.5% below list) — sets the bar for market timing.
• Cap rate 39.1% vs local median 5.9% in Martinsville — 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 70/100 on livability (#231 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools B; Watch: amenities F, commute F, employment D-.
• Martinsville City Public School District (town): math 29% / reading 53% proficiency, ranked #122 of 131 in VA (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 256 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 5 units permitted in Martinsville city in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $156 of loan paydown is wiped out by about $675 of value loss. Plan a longer hold.
• Martinsville County population projected at -14% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $13k; list at $22k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $22,162 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 4.27% ✓
• Cap rate: 39.06%
• Cash-on-cash: 117.04%
• DSCR: 6.21
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.63×
• Total profit: $35,496
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 13.91×
• Total profit: $81,333
• Equity at exit: $1,945

Cash invested: $6,300 (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 24112

• Active inventory: 256
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $961 medium
• Mortgage (P&I): −$118
• Tax from tax record: −$18 /mo · $212/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $614

Break-even live

Break-even rent $184

Max offer price $22,500

Occupancy floor 31%

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1002 Oak St Martinsville, VA	3.0	1.0	884	$1,263	$1.43	43d	1	0.86mi
509 Monroe St Unit 6 Martinsville, VA	2.0	1.0	655	$875	$1.34	43d	1	1.01mi
612 Church St E Apt 4 Martinsville, VA	1.0	1.0	750	$800	$1.07	43d	1	1.03mi

Listing history 15 events

1. 2026-06-19
   days on market $22,500 Active 20 DOM
2. 2026-06-18
   days on market $22,500 Active 19 DOM
3. 2026-06-17
   days on market $22,500 Active 18 DOM
4. 2026-06-16
   days on market $22,500 Active 17 DOM
5. 2026-06-15
   days on market $22,500 Active 16 DOM
6. 2026-06-14
   days on market $22,500 Active 14 DOM
7. 2026-06-12
   days on market $22,500 Active 13 DOM
8. 2026-06-09
   days on market $22,500 Active 10 DOM
9. 2026-06-09
   price $22,500 Active 9 DOM
10. 2026-06-08
    days on market $29,900 Active 9 DOM
11. 2026-06-07
    days on market $29,900 Active 8 DOM
12. 2026-06-02
    days on market $29,900 Active 3 DOM
13. 2026-06-01
    days on market $29,900 Active 2 DOM
14. 2026-05-30
    remarks 699-char remark
15. 2026-05-30
    listed $29,900 Active 1 DOM

ⓘ 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: $212 · $18/mo
• Projected year-2 tax: $212 · $18/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 6/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,536
• − Mortgage interest: −$1,260
• − Property taxes: −$212
• − Insurance: −$112
• − Repairs & maintenance: −$923
• − Management: −$923
• − Depreciation: −$655
• Taxable income: $7,451
• Est. tax owed @ 24.0%: −$1,788
• After-tax cash flow: $5,585/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: Martinsville City Public School District
• NCES district ID: 5102400
• Math proficiency: 29% ▼ -51.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $31,215
• Composite: 33.43/100
• National rank: #5467
• State rank: #122 of 131 in VA

Livability — Martinsville

• Score: 70/100
• State rank: #231
• US rank: #7826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsville, VA
• County: Martinsville City · 31,028 people
• City population: 31,028
• Metro: Martinsville, VA
• Population (ZIP): 31,028
• Household income: $48,770
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 888.0

Population outlook (Martinsville County) Hauer SSP2

• Today (2025): 13,026 people
• By 2030: 12,673 · -2.7%
• By 2040: 11,933 · -8.4%
• By 2050: 11,136 · -14.5%
• By 2075: 9,886 · -24.1%
• By 2100: 8,334 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Martinsville

• 2024 margin: Strong D (+22.6) · D 60.7% · R 38.1% · Other 1.2%
• 2008→2024 swing: -5.4pp toward R · 2008: 28.0pp · 2024: 22.6pp
• All cycles: 2024: D+22.6 2020: D+26.6 2016: D+23.5 2012: D+24.6 2008: D+28.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.37%
• Current HPI: 172.4393
• Rent YoY: —
• Metro: Martinsville, 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

+130.0% since first listed

2 events — show timeline

• 2026-05-30 Listed $29,900 MHPCAR
• 1990-07-01 Sold (Public Records) $13,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $212 · +18.8% YoY. Source: county tax records.