2121 Refuge Ct · Virginia Beach, VA 23454

$245,000

2 bd · 2.0 ba · 1,117 sqft · Condo public records · 95 Days on market

Built 1993 $455/mo HOA · 19% 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 +9.8/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +4.7/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained condo nestled in a highly desirable neighborhood of Virginia Beach. This spacious and light-filled home offers low-maintenance living with a monthly condo fee of just $455, Amenities included: Landscaping, Sewer, Trash, Water, and access to a community pool - ideal for comfort and convenience. Whether you're looking to expand your investment portfolio or secure a future residence, this property is a fantastic opportunity. A reliable tenant is already in place, paying $2,000 per month, providing immediate rental income. Located just minutes from shopping, restaurants, top-rated schools, and the beach, this property combines value, location, and long-term potential. Don

Key facts

• Access to shopping
• Turnkey investment
• $455 HOA

Tags

• IMMEDIATE RENTAL INCOME
• TURNKEY INVESTMENT
• LOW-MAINTENANCE LIVING
• ACCESS TO SHOPPING
• ACCESS TO RESTAURANTS
• ACCESS TO TOP-RATED SCHOOLS

Property features AI

Finance

• HOA & community: Association: Great Neck Landing (managed by The Select Group - 757-486-6000); Monthly condo fee of $455; Community amenities include pool, ground maintenance, sewer, and trash pickup

Exterior

• Parking: Assigned/reserved parking (1 space) in lot
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Attached condo; Lo-rise style; Single-story living level (1 living level); End unit; Condo ownership; Condo level 1
• Construction: Slab foundation
• Exterior features: Community pool; Ground maintenance; Trash pickup; Sewer service included in community amenities; Located in GREAT NECK neighborhood

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Bedrooms: First-floor master bedroom; End unit with bedroom and full bathroom on first floor
• Flooring: Laminate; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Wood-burning fireplace; Laminate and wood flooring
• Laundry & utility: Washer hookup; Washer; Dryer; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-157 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (3.3% below list).
• Recommended offer: $217k (11.3% below list) — sets the bar for cash-flow.
• 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: Alanton Elementary (math 75% / reading 79%, grade A, #171 of 1,108 statewide, top 17%, 629 students, 46% FRL); Great Neck Middle (math 83% / reading 85%, grade A+, #16 of 342 statewide, top 4%, 1,055 students, 29% FRL); Frank W. Cox High (math 81% / reading 88%, grade A, #23 of 319 statewide, top 8%, 1,681 students, 27% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 209 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• It's been on market 95 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $14k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $217,335 (11.3% 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. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 0.97% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.74%
• DSCR: 0.88
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.41×
• Total profit: $-40,491
• Equity at exit: $36,530

10-year hold

• IRR: -1.4%
• Equity multiple: 0.89×
• Total profit: $-7,582
• Equity at exit: $21,183

Cash invested: $68,600 (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: 209
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,369 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$186 /mo · $2,237/yr
• Insurance: −$102
• HOA: −$455
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-157

Break-even live

Break-even rent $2,567

Max offer price $217,335

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-87	+0% $-157	+5% $-226	+10% $-295
Rent	-10% $-344	-5% $-250	+0% $-157	+5% $-63	+10% $31
Rate	-1.0pp $-33	-0.5pp $-94	base $-157	+0.5pp $-220	+1.0pp $-285

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 Victorian Cres Virginia Beach, VA	3.0	2.5	1490	$2,150	$1.44	25d	1	0.25mi
2220 N Lakeside Dr Virginia Beach, VA	3.0	1.0	1126	$3,300	$2.93	25d	1	0.32mi
1009 Autumn Woods Ln #109 Virginia Beach, VA	1.0	1.0	800	$1,650	$2.06	25d	1	0.95mi
1020 Thousand Oaks Dr Virginia Beach, VA	1.0	1.0	800	$1,530	$1.91	25d	1	1.17mi

HOA detail condo

• Monthly dues: $455 · $5,460/yr
• Likely covers: watersewertrashlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $245,000 Active 95 DOM
2. 2026-06-18
   days on market $245,000 Active 92 DOM
3. 2026-06-17
   days on market $245,000 Active 91 DOM
4. 2026-06-16
   days on market $245,000 Active 90 DOM
5. 2026-06-15
   days on market $245,000 Active 89 DOM
6. 2026-06-13
   days on market $245,000 Active 87 DOM
7. 2026-06-09
   days on market $245,000 Active 83 DOM
8. 2026-06-08
   days on market $245,000 Active 82 DOM
9. 2026-06-07
   days on market $245,000 Active 81 DOM
10. 2026-06-03
    days on market $245,000 Active 77 DOM
11. 2026-06-02
    days on market $245,000 Active 76 DOM
12. 2026-06-01
    days on market $245,000 Active 75 DOM
13. 2026-05-31
    days on market $245,000 Active 74 DOM
14. 2026-03-26
    price $245,000
15. 2026-03-18
    listed $259,000 Active
16. 2026-03-18
    historical
17. 2025-12-18
    price $245,000
18. 2025-12-02
    price $250,000
19. 2025-11-20
    price $255,000
20. 2025-09-30
    listed $259,000 Active
21. 2023-08-21
    soldstatus $230,000
22. 2023-08-02
    status Under Contract
23. 2023-07-17
    historical Active Under Contract
24. 2023-07-15
    listed $220,000 Active
25. 2003-05-12
    soldstatus $85,500

ⓘ 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: $2,237 · $186/mo
• Projected year-2 tax: $2,237 · $186/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 9/10 Extreme 7 d/yr ≥103°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,431
• − Mortgage interest: −$13,724
• − Property taxes: −$2,237
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,274
• − Management: −$2,274
• − HOA: −$5,460
• − Depreciation: −$7,127
• Taxable loss: −$5,891
• Est. tax savings @ 24.0%: +$1,414
• After-tax cash flow: $-465/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

+186.5% since first listed

12 events — show timeline

• 2026-03-26 Price Changed $245,000 REINMLS
• 2026-03-18 Listing Removed — REINMLS
• 2026-03-18 Listed $259,000 REINMLS
• 2025-12-18 Price Changed $245,000 REINMLS
• 2025-12-02 Price Changed $250,000 REINMLS
• 2025-11-20 Price Changed $255,000 REINMLS
• 2025-09-30 Listed $259,000 REINMLS
• 2023-08-21 Sold (Public Records) $230,000 Public Records
• 2023-08-02 Pending — REINMLS
• 2023-07-17 Contingent — REINMLS
• 2023-07-15 Listed $220,000 REINMLS
• 2003-05-12 Sold (Public Records) $85,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,237 · +3.2% YoY. Source: county tax records.