2283 Buccaneer Blvd · Captains Cove, VA 23356

$225,000

3 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 284 Days on market

Built 2008 9,750 sqft lot $180/sqft · 17% below area Est $272k · 17% under $156/mo HOA · 9% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Appreciation +5.6/10.0
• Schools +4.3/10.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Motivated Seller! Freshly painted living room in this affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features updated laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don’t miss this great opportunity to own in one of the Eastern Shore’s most sought-after communities.

Key facts

• Shaded backyard
• Storage shed
• Refreshed hall bath

Tags

• UPDATED LAMINATE FLOORING
• REFRESHED HALL BATH
• SHADED BACKYARD
• STORAGE SHED
• PAVER PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (19.6% below list).
• Recommended offer: $181k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.5% in Captains Cove — 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 63/100 on livability (#371 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A-, housing A-; Watch: schools F, amenities F, commute F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 303 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
• Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $180,817 (19.6% 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 284 days. Have you received any prior offers? Is the seller open to a 20% 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. 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 F-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. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 10.4

CMA / ARV

• ARV (median comp): $272,247
• List price: $225,000
• Delta: -17.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37046 Forecastle Ct	0.13mi	3/2.0	1,319 (+6%)	8mo	$268,000	$203	78
2309 Bounty Ct	0.30mi	3/2.0	1,256 (+1%)	10mo	$265,000	$211	76
4070 Captains Corridor	0.34mi	3/2.0	1,217 (-2%)	12mo	$249,900	$205	70
2331 Mermaid Ct	0.15mi	3/2.5	1,322 (+6%)	17mo	$298,000	$225	67
2488 Jolly Rodger Dr	0.50mi	3/2.0	1,296 (+4%)	5mo	$245,000	$189	66
37287 Longboat Ct	0.53mi	3/2.0	1,196 (-4%)	5mo	$1,450	$1	64
2361 Spinnaker St	0.17mi	3/2.0	1,357 (+9%)	17mo	$297,500	$219	63
2175 Brigantine Dr	0.41mi	3/1.0	1,178 (-6%)	11mo	$338,730	$288	58
1518 Brigantine Blvd	0.56mi	3/2.0	1,282 (+3%)	18mo	$264,000	$206	54
2282 Yardarm Dr	0.62mi	3/2.0	1,304 (+4%)	16mo	$270,000	$207	51
37352 Davey Jones Blvd	0.67mi	3/2.0	1,332 (+7%)	12mo	$270,000	$203	48
3288 Navigator Dr	0.45mi	2/2.0 (-1)	1,360 (+9%)	14mo	$220,000	$162	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,278
• Equity at exit: $79,574

10-year hold

• IRR: 5.0%
• Equity multiple: 1.63×
• Total profit: $39,486
• Equity at exit: $107,917

Cash invested: $63,000 (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 23356

• Home prices YoY: 0.7%
• Active inventory: 303
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,808 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$86 /mo · $1,027/yr
• Insurance: −$94
• HOA: −$156
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-87

Break-even live

Break-even rent $1,918

Max offer price $209,663

Occupancy floor 100%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3928 Captains Corridor Greenbackville, VA	3.0	2.0	1312	$1,700	$1.30	14d	1	0.21mi
38040 Davey Jones Blvd Greenbackville, VA	3.0	2.0	1300	$2,200	$1.69	14d	1	1.01mi
38019 Fathom Rd Greenbackville, VA	3.0	2.5	1440	$2,000	$1.39	21d	1	1.34mi

HOA detail

• Monthly dues: $156 · $1,872/yr
• Likely covers: waterpoolgym

Listing history 23 events

1. 2026-06-18
   days on market $225,000 Active 284 DOM
2. 2026-06-17
   days on market $225,000 Active 283 DOM
3. 2026-06-16
   days on market $225,000 Active 282 DOM
4. 2026-06-15
   days on market $225,000 Active 281 DOM
5. 2026-06-15
   days on market $225,000 Active 280 DOM
6. 2026-06-13
   days on market $225,000 Active 279 DOM
7. 2026-06-12
   days on market $225,000 Active 278 DOM
8. 2026-06-09
   days on market $225,000 Active 275 DOM
9. 2026-06-08
   days on market $225,000 Active 274 DOM
10. 2026-06-08
    days on market $225,000 Active 273 DOM
11. 2026-06-07
    days on market $225,000 Active 272 DOM
12. 2026-06-03
    days on market $225,000 Active 269 DOM
13. 2026-05-31
    days on market $225,000 Active 268 DOM
14. 2026-04-21
    price $225,000 885-char remark

    Show marketing remark (791 chars)

    Motivated Seller! Affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features freshly painted living room, laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don't miss this great opportunity!

15. 2026-04-21
    price $225,000 791-char remark

    Show marketing remark (791 chars)

    Motivated Seller! Affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features freshly painted living room, laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don't miss this great opportunity!

16. 2026-02-25
    price $235,000 791-char remark

    Show marketing remark (791 chars)

    Motivated Seller! Affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features freshly painted living room, laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don't miss this great opportunity!

17. 2026-02-24
    price $235,000 885-char remark

    Show marketing remark (885 chars)

    Motivated Seller! Freshly painted living room in this affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features updated laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don’t miss this great opportunity to own in one of the Eastern Shore’s most sought-after communities.

18. 2025-10-15
    price $239,900 885-char remark

    Show marketing remark (791 chars)

    Motivated Seller! Affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features freshly painted living room, laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don't miss this great opportunity!

19. 2025-10-15
    price $239,900 791-char remark

    Show marketing remark (791 chars)

    Motivated Seller! Affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features freshly painted living room, laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don't miss this great opportunity!

20. 2025-09-05
    listed $244,900 Active 791-char remark

    Show marketing remark (885 chars)

    Motivated Seller! Freshly painted living room in this affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features updated laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don’t miss this great opportunity to own in one of the Eastern Shore’s most sought-after communities.

21. 2025-09-05
    listed $244,900 Active 885-char remark

    Show marketing remark (885 chars)

    Motivated Seller! Freshly painted living room in this affordable Coastal Living in Captain's Cove! Welcome to this charming 3-bedroom, 2-bath rancher built in 2008, ideally situated in the heart of Captain's Cove. This well-maintained home features updated laminate flooring throughout the main living areas and a recently refreshed hall bath with a new vanity. The spacious guest bedrooms offer generous closet space, while the private primary suite provides a comfortable retreat with its own full bath. Step outside to a shaded backyard with a storage shed and a paver patio—perfect for relaxing or entertaining. Enjoy all the amenities this vibrant waterfront community has to offer, including a golf course, marina, 3 swimming pools, fitness center, and parks. Don’t miss this great opportunity to own in one of the Eastern Shore’s most sought-after communities.

22. 2017-03-07
    soldstatus $1,039,000
23. 2009-10-16
    soldstatus $149,000

ⓘ 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: $1,027 · $86/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$818/yr (+$68/mo · 79.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $21,698
• − Mortgage interest: −$12,603
• − Property taxes: −$1,027
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − HOA: −$1,872
• − Depreciation: −$6,545
• Taxable loss: −$4,947
• Est. tax savings @ 24.0%: +$1,187
• After-tax cash flow: $145/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: Accomack County Public School District
• NCES district ID: 5100060
• Math proficiency: 44% ▼ -36.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $40,348
• Composite: 43.05/100
• National rank: #3096
• State rank: #99 of 131 in VA

Livability — Captains Cove

• Score: 63/100
• State rank: #371
• US rank: #14910

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Captains Cove, VA
• Population (ZIP): 1,738

Population outlook (Accomack County) Hauer SSP2

• Today (2025): 32,072 people
• By 2030: 31,425 · -2.0%
• By 2040: 29,685 · -7.4%
• By 2050: 27,748 · -13.5%
• By 2075: 23,396 · -27.1%
• By 2100: 18,774 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Romanian 9% Slovak 6% Subsaharan African 2%
• Languages at home: 97% English-only · Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Accomack

• 2024 margin: R (+13.3) · D 43.0% · R 56.3%
• 2008→2024 swing: -11.9pp toward R · 2008: -1.4pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+9.4 2016: R+11.7 2012: R+3.5 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.24%
• Current HPI: 191.9035
• 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

+51.0% since first listed

10 events — show timeline

• 2026-04-21 Price Changed $225,000 BRIGHT MLS
• 2026-04-21 Price Changed $225,000 ESAR
• 2026-02-25 Price Changed $235,000 ESAR
• 2026-02-24 Price Changed $235,000 BRIGHT MLS
• 2025-10-15 Price Changed $239,900 BRIGHT MLS
• 2025-10-15 Price Changed $239,900 ESAR
• 2025-09-05 Listed $244,900 ESAR
• 2025-09-05 Listed $244,900 BRIGHT MLS
• 2017-03-07 Sold (Public Records) $1,039,000 Public Records
• 2009-10-16 Sold (Public Records) $149,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,027 · +10.0% YoY. Source: county tax records.