8 S Robinson St · Richmond, VA 23220

$399,950

4 bd · 2.0 ba · 1,789 sqft · MultiFamily public records · 41 Days on market

Built 1920 2,012 sqft lot $224/sqft · 40% below area Est $661k · 40% under ↓ 2% since listing

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Why this score? — see what drove the C- 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 +15.0/15.0
• DSCR +4.6/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

CALLING ALL INVESTORS AND OWNER OCCUPANTS: OPPORTUNITY IS KNOCKING! Located in Richmond's Fan District and priced to sell (at just over the 2025 real estate tax assessment). Offered along with attached 10 South Robinson. .. buy one or both. Two bedroom, 1 bath units with off street parking and conveniently located near everything that's RVA. Living room & kitchen feature an open living space; units feature gas cooking & heating with central air. Other than water & sewer (paid by the owner or billed to the tenants) electric & gas utilizes are metered separately.

Key facts

• Off street parking
• Gas cooking
• Open living space

Tags

• OFF STREET PARKING
• OPEN LIVING SPACE
• GAS COOKING
• CENTRAL AIR

Property features AI

Finance

• Financial info: Property contains 2 rental units; Gross monthly income reported as $2,300; Each unit currently rents for $1,150; Both units are leased (one lease expires September 30, 2026; the other expires July 31, 2026)

Exterior

• Parking: Open parking (lot and on-street)
• Utilities: Public water; Public sewer; Natural gas
• Home design: 2-story building
• Construction: Frame construction with drywall, vinyl siding and wood siding
• Exterior features: On-street parking available; Parking lot; Zoned B-6

Interior

• Kitchen: Gas stove in each unit; Refrigerator in each unit
• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central air in each unit; Forced hot air (natural gas) heating
• Interior features: Crawl space basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (15.7% below list).
• Recommended offer: $337k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.2% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — 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.
• Zoned schools: William Fox Elementary (math 15% / reading 24%, grade F, #1,082 of 1,108 statewide, top 98%, 326 students, 99% FRL); Binford Middle (math 37% / reading 47%, grade D-, #295 of 342 statewide, top 87%, 452 students, 99% FRL); Thomas Jefferson High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 816 students, 80% FRL) — zoned schools average 93% FRL vs 74% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.5%/yr); 176 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $3,373/mo this rent would consume 66% of the median local household income ($61k/yr) (locally 2962% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 2 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $337,300 (15.7% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (median comp): $661,283
• List price: $399,950
• Delta: -39.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.54% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.60×
• Total profit: $-44,391
• Equity at exit: $59,634

10-year hold

• IRR: 2.8%
• Equity multiple: 1.23×
• Total profit: $26,284
• Equity at exit: $34,580

Cash invested: $111,986 (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 23220

• Rents YoY: 6.5%
• Active inventory: 176
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $3,373 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$274 /mo · $3,288/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $127

Break-even live

Break-even rent $3,213

Max offer price $399,950

Occupancy floor 91%

Sensitivity live

Price	-10% $353	-5% $240	+0% $127	+5% $13	+10% $-100
Rent	-10% $-140	-5% $-7	+0% $127	+5% $260	+10% $393
Rate	-1.0pp $328	-0.5pp $228	base $127	+0.5pp $23	+1.0pp $-82

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,374
Total (2 units)			$3,373

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: $99,988
• Closing costs: $11,998
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
103 S Davis Ave Richmond, VA	1.0–3.0	1.0–2.0	1020	$2,899	$2.84	3d	28	0.12mi
2 N Mulberry St Unit 2A N Mulberry Richmond, VA	3.0	1.0	1229	$2,150	$1.75	6d	1	0.12mi
3 Strawberry St Richmond, VA	3.0	1.5	1920	$2,500	$1.30	18d	1	0.26mi
2312 Rosewood Ave Unit 1545975P Richmond, VA	3.0	2.0	1786	$3,949	$2.21	16d	1	0.31mi
2004 Hanover Ave Richmond, VA	3.0	2.5	2549	$3,950	$1.55	45d	1	0.55mi
1627 W Main St Apt 1 Richmond, VA	3.0	2.0	1500	$2,400	$1.60	45d	1	0.69mi
1713 Jacquelin St Richmond, VA	3.0	2.5	1768	$2,512	$1.42	25d	1	0.72mi
2034 W Grace St Unit B Richmond, VA	4.0	2.0	2500	$3,200	$1.28	45d	1	0.75mi
2034 W Grace St Unit A Richmond, VA	4.0	2.0	2450	$2,950	$1.20	45d	1	0.75mi
102 N Lombardy St Unit 2 Richmond, VA	3.0	2.0	1460	$2,490	$1.71	25d	1	0.76mi
1601 W Cary St Unit 1 Richmond, VA	3.0	1.0	1477	$1,800	$1.22	45d	1	0.77mi
1 N Harvie St Unit B Richmond, VA	3.0	2.0	1662	$3,500	$2.11	6d	1	0.92mi
500 Bethany Dr Richmond, VA	3.0	2.0	1471	$2,300	$1.56	6d	1	0.94mi
508 Bethany Dr Richmond, VA	3.0	1.5	1456	$2,349	$1.61	45d	1	0.95mi
1317 Dance St Richmond, VA	5.0	3.0	1444	$3,800	$2.63	4d	1	1.02mi
3323 W Grace St Richmond, VA	3.0	3.0	2274	$4,250	$1.87	6d	1	1.02mi
1103 W Franklin St Unit A Richmond, VA	3.0	1.5	1250	$1,695	$1.36	25d	1	1.04mi
900 N Allen Ave Richmond, VA	1.0–3.0	1.0–3.0	1286	$3,800	$2.95	3d	30	1.09mi
1417 W Leigh St Richmond, VA	4.0	3.0	1512	$2,600	$1.72	45d	1	1.23mi
1013 N Lombardy St Unit B Richmond, VA	3.0	2.5	2460	$3,030	$1.23	45d	1	1.24mi
1128 W Marshall St Richmond, VA	4.0	3.0	1658	$3,000	$1.81	25d	1	1.26mi
1128 W Marshall St Unit Na Richmond, VA	4.0	3.0	1658	$3,000	$1.81	45d	1	1.26mi
1601 Overbrook Rd Richmond, VA	1.0–3.0	1.0–2.0	922	$3,172	$3.44	3d	25	1.28mi
1500 W Moore St Unit B Richmond, VA	3.0	2.5	2500	$3,700	$1.48	45d	1	1.30mi
2402 Ownby Ln Richmond, VA	3.0	2.5	2253	$3,488	$1.55	3d	4	1.31mi
1661 Roseneath Rd Richmond, VA	3.0	1.0–2.5	1062	$4,132	$3.89	5d	23	1.34mi
2435 Ownby Ln Richmond, VA	3.0	2.5	2516	$3,500	$1.39	45d	1	1.35mi

Listing history 18 events

1. 2026-06-21
   days on market $399,950 Active 41 DOM
2. 2026-06-18
   days on market $399,950 Active 38 DOM
3. 2026-06-17
   days on market $399,950 Active 37 DOM
4. 2026-06-16
   days on market $399,950 Active 36 DOM
5. 2026-06-15
   days on market $399,950 Active 35 DOM
6. 2026-06-13
   days on market $399,950 Active 33 DOM
7. 2026-06-10
   days on market $399,950 Active 30 DOM
8. 2026-06-09
   days on market $399,950 Active 29 DOM
9. 2026-06-08
   days on market $399,950 Active 28 DOM
10. 2026-06-07
    days on market $399,950 Active 27 DOM
11. 2026-06-03
    days on market $399,950 Active 23 DOM
12. 2026-06-02
    days on market $399,950 Active 22 DOM
13. 2026-06-01
    days on market $399,950 Active 21 DOM
14. 2026-05-31
    days on market $399,950 Active 20 DOM
15. 2026-05-11
    listed $399,950 Active 591-char remark
16. 2023-04-01
    price $409,000
17. 2023-04-01
    listed $409,999 Active
18. 2022-02-03
    price $950

ⓘ 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: $3,288 · $274/mo
• Projected year-2 tax: $3,288 · $274/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 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $40,476
• − Mortgage interest: −$22,403
• − Property taxes: −$3,288
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,238
• − Management: −$3,238
• − Depreciation: −$11,635
• Taxable loss: −$5,326
• Est. tax savings @ 24.0%: +$1,278
• After-tax cash flow: $2,798/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 34,671
• Household income: $61,381
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 2962.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Black 31% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -772.63%
• Current HPI: 348.5085
• Rent YoY: ▲ 6.54%
• Metro: Richmond, 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

-2.5% since first listed

4 events — show timeline

• 2026-05-11 Listed $399,950 CVRMLS
• 2023-04-01 Price Changed $409,000 CVRMLS
• 2023-04-01 Listed $409,999 CVRMLS
• 2022-02-03 Price Changed $950 RENT.

Property tax history

+10.2%/yr

Latest (2022): $3,288 · +30.5% YoY. Source: county tax records.