1002 Main St · Dillwyn, VA 23936

$525,000

4 bd · 3.0 ba · 3,452 sqft · MultiFamily · 166 Days on market

Built 1960 2,178 sqft lot

---

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).

• Appreciation +10.0/10.0
• Cash flow +7.5/30.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.7/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Unique opportunity to live and work in the heart of Dillwyn, VA. This beautifully renovated mixed use building is located on the town's main corridor and offers the perfect blend of residential comfort and commercial opportunity, all connected to city water and city sewer. The first floor features approximately 1,726 sq ft of commercial space, currently set up for a restaurant, making it ideal for an owner operator, small business, studio, or retail use or easily adaptable to suit your vision. Upstairs, the second floor offers two bright and updated 2 bedroom, 1 bath apartments, each approximately 700 sq ft, with original hardwood floors, walk in closets, dishwashers, and in unit washer/dryer hookups. Enjoy charming views of the historic Buckingham Branch Railroad Station and the town clock. Live in one apartment while renting the second unit and/or operating your business below to help offset your mortgage. With walkable access to shops, restaurants, churches, pharmacy, and everyday conveniences, this property offers a rare live work lifestyle in a friendly small town setting combining flexibility, comfort, and built in income potential

Key facts

• Prime location
• Updated apartments
• 2,178 sq ft lot

Tags

• PRIME LOCATION
• MIXED USE COMMERCIAL BUILDING
• UPDATED APARTMENTS
• STRONG RENTAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $-644 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $432k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $378k (28.1% below list).
• Recommended offer: $378k (28.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#435 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Buckingham County Public School District (rural): math 36% / reading 49% proficiency, ranked #117 of 131 in VA (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 63 active listings in the ZIP; 96 units permitted in Buckingham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• Buckingham County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Recommended offer $377,700 (28.1% 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 166 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.72% ✗
• Cap rate: 4.82%
• Cash-on-cash: -5.26%
• DSCR: 0.77
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.6%
• Equity multiple: 2.67×
• Total profit: $244,948
• Equity at exit: $472,962

10-year hold

• IRR: 18.7%
• Equity multiple: 6.13×
• Total profit: $753,717
• Equity at exit: $1,019,960

Cash invested: $147,000 (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 23936

• Home prices YoY: 21.8%
• Active inventory: 63
• Price-to-rent: 23.2×

Monthly cashflow live

• Estimated rent: $3,777 medium
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$793
• Net cashflow: $-644

Break-even live

Break-even rent $4,593

Max offer price $431,765

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,776
Total (2 units)			$3,777

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $525,000 Active 166 DOM
2. 2026-06-18
   days on market $525,000 Active 165 DOM
3. 2026-06-17
   days on market $525,000 Active 164 DOM
4. 2026-06-16
   days on market $525,000 Active 163 DOM
5. 2026-06-15
   days on market $525,000 Active 162 DOM
6. 2026-06-14
   days on market $525,000 Active 160 DOM
7. 2026-06-13
   days on market $525,000 Active 159 DOM
8. 2026-06-10
   days on market $525,000 Active 157 DOM
9. 2026-06-09
   days on market $525,000 Active 156 DOM
10. 2026-06-08
    days on market $525,000 Active 155 DOM
11. 2026-06-07
    days on market $525,000 Active 154 DOM
12. 2026-06-05
    days on market $525,000 Active 151 DOM
13. 2026-06-03
    days on market $525,000 Active 150 DOM
14. 2026-06-02
    days on market $525,000 Active 149 DOM
15. 2026-06-01
    days on market $525,000 Active 148 DOM
16. 2026-05-31
    days on market $525,000 Active 147 DOM
17. 2026-05-30
    days on market $525,000 Active 146 DOM
18. 2026-01-07
    listed $525,000 Active 1155-char remark

    Show marketing remark (1155 chars)

    Unique opportunity to live and work in the heart of Dillwyn, VA. This beautifully renovated mixed use building is located on the town's main corridor and offers the perfect blend of residential comfort and commercial opportunity, all connected to city water and city sewer. The first floor features approximately 1,726 sq ft of commercial space, currently set up for a restaurant, making it ideal for an owner operator, small business, studio, or retail use or easily adaptable to suit your vision. Upstairs, the second floor offers two bright and updated 2 bedroom, 1 bath apartments, each approximately 700 sq ft, with original hardwood floors, walk in closets, dishwashers, and in unit washer/dryer hookups. Enjoy charming views of the historic Buckingham Branch Railroad Station and the town clock. Live in one apartment while renting the second unit and/or operating your business below to help offset your mortgage. With walkable access to shops, restaurants, churches, pharmacy, and everyday conveniences, this property offers a rare live work lifestyle in a friendly small town setting combining flexibility, comfort, and built in income potential

19. 2026-01-03
    listed $525,000 Active 1161-char remark

    Show marketing remark (1161 chars)

    Unique opportunity to live and work in the heart of Dillwyn, VA. This beautifully renovated mixed use building is located on the town’s main corridor and offers the perfect blend of residential comfort and commercial opportunity, all connected to city water and city sewer. The first floor features approximately 1,726 sq ft of commercial space, currently set up for a restaurant, making it ideal for an owner operator, small business, studio, or retail use or easily adaptable to suit your vision. Upstairs, the second floor offers two bright and updated 2 bedroom, 1 bath apartments, each approximately 700 sq ft, with original hardwood floors, walk in closets, dishwashers, and in unit washer/dryer hookups. Enjoy charming views of the historic Buckingham Branch Railroad Station and the town clock. Live in one apartment while renting the second unit and/or operating your business below to help offset your mortgage. With walkable access to shops, restaurants, churches, pharmacy, and everyday conveniences, this property offers a rare live work lifestyle in a friendly small town setting combining flexibility, comfort, and built in income potential

20. 2025-05-28
    historical
21. 2025-05-04
    listed
22. 2024-07-05
    historical
23. 2024-06-25
    listed

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

Taxation est. · year 1

• Rental income: $45,324
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$3,626
• − Management: −$3,626
• − Depreciation: −$15,273
• Taxable loss: −$17,109
• Est. tax savings @ 24.0%: +$4,106
• After-tax cash flow: $-3,626/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: Buckingham County Public School District
• NCES district ID: 5100540
• Math proficiency: 36% ▼ -38.00%
• Reading proficiency: 49% ▼ -12.00%
• Median HH income: $40,158
• Composite: 35.58/100
• National rank: #4897
• State rank: #117 of 131 in VA

Livability — Dillwyn

• Score: 60/100
• State rank: #435
• US rank: #18682

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dillwyn, VA
• Population (ZIP): 6,992

Population outlook (Buckingham County) Hauer SSP2

• Today (2025): 16,866 people
• By 2030: 16,625 · -1.4%
• By 2040: 16,108 · -4.5%
• By 2050: 15,588 · -7.6%
• By 2075: 14,125 · -16.3%
• By 2100: 11,701 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 53% Black 40% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Lithuanian 1% Slovak 1% Scotch-Irish 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Buckingham

• 2024 margin: Strong R (+23.5) · D 37.8% · R 61.2% · Other 1.0%
• 2008→2024 swing: -24.4pp toward R · 2008: 0.9pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+13.2 2016: R+11.6 2012: D+2.4 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 39.71%
• Current HPI: 221.8804
• 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

+0.0% since first listed

6 events — show timeline

• 2026-01-07 Listed $525,000 SCAR
• 2026-01-03 Listed $525,000 CVRMLS
• 2025-05-28 Rental Removed — TURBOTENANT
• 2025-05-04 Listed for Rent — TURBOTENANT
• 2024-07-05 Rental Removed — TURBOTENANT
• 2024-06-25 Listed for Rent — TURBOTENANT