709 Hecate Dr · Virginia Beach, VA 23454

$348,500

3 bd · 2.5 ba · 1,692 sqft · Townhouse public records · 14 Days on market

Built 1988 5,662 sqft lot Est $349k · at est. $35/mo HOA · 1% of rent

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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 +9.9/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this stunning waterfront end-unit townhome perfectly blending style, comfort and convenience. Enter to find a bright, open floor plan — great for both relaxing and entertaining — with nicely updated kitchen, baths and floors throughout. The Ocean Lakes community offers many amenities including a clubhouse, multiple pools, tennis courts, playgrounds, and scenic lakes with trails, excellent for outdoor fun. Located just minutes from Dam Neck, Oceana, Sandbridge and the oceanfront beaches, this home is move in ready and filled with coastal charm. HBW included!

Key facts

• End-unit
• Updated baths
• Clubhouse

Tags

• WATERFRONT
• END-UNIT
• UPDATED KITCHEN
• UPDATED BATHS
• UPDATED FLOORS
• CLUBHOUSE

Property features AI

Finance

• Other: Approximate lot size: 0.13 acre; Warranty plan included
• HOA & community: HOA present (Ocean Lakes Community Association); Monthly HOA fee: $35; Community amenities: playgrounds, pool, tennis courts

Exterior

• Parking: Attached 1-car garage; Additional multi-car parking; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Gas water heater; Natural gas available; Electric service (standard)
• Home design: Attached townhouse; End unit; Two stories; Two living levels; Slab foundation
• Construction: Vinyl exterior siding; Asphalt shingle roof; Slab foundation
• Exterior features: Patio; Back privacy wood fence; Vinyl siding; Waterfront on a lake

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Gas range; Refrigerator; Breakfast area
• Bedrooms: Master bedroom with ensuite (1 ensuite bedroom); Additional bedroom(s)
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan(s); Built-in bar; Wood-burning fireplace; Pull-down attic stairs; Attic scuttle access; Window treatments
• Laundry & utility: Washer hookup; Dryer hookup; Utility room; Utility closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $348k.

Deal economics

• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (24.9% below list).
• Recommended offer: $262k (24.9% 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: Ocean Lakes Elementary (math 68% / reading 76%, grade A-, #273 of 1,108 statewide, top 27%, 571 students, 31% FRL); Ocean Lakes High (math 73% / reading 89%, grade A, #52 of 319 statewide, top 17%, 1,855 students, 29% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+6.6%/yr); 203 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 31% of the median local income ($103k/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 $2k of loan paydown is wiped out by about $10k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y 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

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,669 (24.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 0.75% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $348,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
725 Hecate Dr	0.03mi	3/2.5	1,696 (+0%)	1mo	$372,500	$220	98
739 Hecate Dr	0.06mi	3/2.5	1,692 (0%)	5mo	$340,000	$201	93
798 Quesnel Dr	0.15mi	3/2.5	1,696 (+0%)	1mo	$362,000	$213	92
822 Quesnel Dr	0.21mi	3/2.5	1,692 (0%)	4mo	$340,000	$201	87
1623 Slidell Ln	0.24mi	3/2.5	1,692 (0%)	3mo	$345,000	$204	86
1531 Sword Dancer Dr	0.35mi	3/2.5	1,692 (0%)	2mo	$345,000	$204	82
818 Quesnel Dr	0.20mi	4/2.5 (+1)	1,696 (+0%)	5mo	$350,000	$206	81
1557 Sword Dancer Dr	0.30mi	3/2.5	1,696 (+0%)	6mo	$356,000	$210	81
749 Quesnel Dr	0.17mi	3/2.5	1,541 (-9%)	5mo	$350,000	$227	73
1614 Sword Dancer Dr	0.33mi	3/2.5	1,560 (-8%)	3mo	$350,000	$224	69
1635 Mantane Arch	0.34mi	3/2.5	1,544 (-9%)	4mo	$280,000	$181	67
1648 Sword Dancer Dr	0.40mi	3/2.5	1,544 (-9%)	0mo	$270,000	$175	66

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 · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.38×
• Total profit: $-60,425
• Equity at exit: $51,962

10-year hold

• IRR: -3.6%
• Equity multiple: 0.72×
• Total profit: $-26,860
• Equity at exit: $30,132

Cash invested: $97,580 (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 23454

• Rents YoY: 6.6%
• Active inventory: 203
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,617 high
• Mortgage (P&I): −$1,828
• Tax from tax record: −$276 /mo · $3,312/yr
• Insurance: −$145
• HOA: −$35
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $-217

Break-even live

Break-even rent $2,891

Max offer price $310,245

Occupancy floor —

Sensitivity live

Price	-10% $-19	-5% $-118	+0% $-217	+5% $-315	+10% $-414
Rent	-10% $-423	-5% $-320	+0% $-217	+5% $-113	+10% $-10
Rate	-1.0pp $-41	-0.5pp $-128	base $-217	+0.5pp $-307	+1.0pp $-399

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: $87,125
• Closing costs: $10,455
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1671 Ocean Bay Dr Virginia Beach, VA	2.0	2.5	1354	$2,100	$1.55	24d	1	0.10mi
762 Quesnel Dr Virginia Beach, VA	3.0	2.5	1541	$3,600	$2.34	24d	1	0.11mi
792 Quesnel Dr Unit 1 Virginia Beach, VA	3.0	2.5	1616	$2,295	$1.42	8d	1	0.12mi
520 Hillshire Way Virginia Beach, VA	4.0	2.5	1634	$2,900	$1.77	24d	1	0.26mi
501 Hillshire Way Virginia Beach, VA	3.0	2.5	1459	$2,745	$1.88	24d	1	0.27mi
1631 Sword Dancer Dr Virginia Beach, VA	3.0	2.0	1180	$2,500	$2.12	13d	1	0.33mi
1631 Sword Dancer Dr Virginia Beach, VA	3.0	2.0	1180	$2,500	$2.12	24d	1	0.33mi
1473 Levy Ct Virginia Beach, VA	3.0	2.5	1831	$2,795	$1.53	3d	1	0.52mi
512 Fieldstone Glen Way Virginia Beach, VA	3.0	2.5	2100	$2,550	$1.21	24d	1	0.52mi
1676 Da Vinci Dr Virginia Beach, VA	2.0	1.0	1512	$1,595	$1.05	13d	1	0.61mi
1676 Da Vinci Dr Virginia Beach, VA	2.0	1.0	1512	$1,595	$1.05	5d	1	0.61mi
1808 Haviland Dr Virginia Beach, VA	4.0	2.5	1993	$3,500	$1.76	24d	1	0.99mi
1836 Haviland Dr Virginia Beach, VA	4.0	2.5	1993	$2,895	$1.45	18d	1	1.03mi
1828 Blairmore Arch Virginia Beach, VA	3.0	2.0	1300	$3,000	$2.31	24d	1	1.17mi
1221 Garth Ct Virginia Beach, VA	3.0	2.5	1614	$2,600	$1.61	15d	1	1.34mi
1584 Boles Pl Virginia Beach, VA	3.0	2.5	1902	$2,450	$1.29	5d	1	1.39mi
1149 Balch Pl Virginia Beach, VA	3.0	2.5	1450	$2,495	$1.72	21d	1	1.43mi
1149 Balch Pl Virginia Beach, VA	3.0	2.5	1450	$2,495	$1.72	4d	1	1.43mi
1230 Gunn Hall Dr Virginia Beach, VA	3.0	2.5	1764	$2,650	$1.50	24d	1	1.45mi

HOA detail

• Monthly dues: $35 · $420/yr
• Likely covers: waterlandscapingpool

Listing history 22 events

1. 2026-06-13
   statusdays on market $348,500 Under Contract 14 DOM
2. 2026-06-09
   days on market $348,500 Active Under Contract 12 DOM
3. 2026-06-08
   days on market $348,500 Active Under Contract 11 DOM
4. 2026-06-07
   days on market $348,500 Active Under Contract 10 DOM
5. 2026-06-03
   days on market $348,500 Active Under Contract 6 DOM
6. 2026-06-02
   days on market $348,500 Active Under Contract 5 DOM
7. 2026-06-02
   status $348,500 Active Under Contract 4 DOM
8. 2026-06-01
   days on market $348,500 Active 4 DOM
9. 2026-05-31
   days on market $348,500 Active 3 DOM
10. 2026-05-28
    listed $348,500 Active
11. 2023-08-01
    soldstatus $333,000
12. 2023-07-19
    status Under Contract
13. 2023-06-27
    price $333,000
14. 2023-06-26
    historical Active Under Contract
15. 2023-06-22
    listed $324,900 Active
16. 2021-03-25
    soldstatus $255,000
17. 2021-03-23
    status Under Contract
18. 2021-02-15
    historical Active Under Contract
19. 2021-02-13
    status Active
20. 2021-02-12
    listed $245,000 Active
21. 2021-02-12
    historical
22. 2009-11-24
    soldstatus $214,500

ⓘ 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: $3,312 · $276/mo
• Projected year-2 tax: $3,312 · $276/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,400
• − Mortgage interest: −$19,521
• − Property taxes: −$3,312
• − Insurance: −$1,742
• − Repairs & maintenance: −$2,512
• − Management: −$2,512
• − HOA: −$420
• − Depreciation: −$10,138
• Taxable loss: −$8,757
• Est. tax savings @ 24.0%: +$2,102
• After-tax cash flow: $-497/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): 58,178
• Household income: $102,796
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1696.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Tagalog/Filipino 1% Chinese 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: ▼ -385.89%
• Current HPI: 328.85
• Rent YoY: ▲ 6.62%
• 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

+62.5% since first listed

13 events — show timeline

• 2026-05-28 Listed $348,500 REINMLS
• 2023-08-01 Sold (Public Records) $333,000 Public Records
• 2023-07-19 Pending — REINMLS
• 2023-06-27 Price Changed $333,000 REINMLS
• 2023-06-26 Contingent — REINMLS
• 2023-06-22 Listed $324,900 REINMLS
• 2021-03-25 Sold (Public Records) $255,000 Public Records
• 2021-03-23 Pending — REINMLS
• 2021-02-15 Contingent — REINMLS
• 2021-02-13 Relisted — REINMLS
• 2021-02-12 Listing Removed — REINMLS
• 2021-02-12 Listed $245,000 REINMLS
• 2009-11-24 Sold (Public Records) $214,500 Public Records

Property tax history

+5.2%/yr

Latest (2025): $3,312 · +7.4% YoY. Source: county tax records.