3769 Governors Way · Virginia Beach, VA 23452

$299,899

4 bd · 2.5 ba · 1,704 sqft · Townhouse public records · 82 Days on market

Built 1974 Est $324k · 7% under ↓ 3% since listing

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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 +12.3/30.0
• ARV discount +10.8/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BRAND NEW ROOF! Brand new windows, new gutters, new hot water heater, fully professionally cleaned, fresh pest treatment done. House has been updated and renovated and looking for an owner occupant OR investor! NO HOA PAYMENT MONTHLY saves you big $$! It's a corner unit with a big yard (side yard is yours also!) Replacement windows, new LVP flooring throughout, fresh paint, good heating & air, appliances convey with sale, whole home is under a home warranty. Make an offer - Buy into some equity immediately! Give me a call today to schedule your private showing!

Key facts

• Big yard
• Fresh paint
• Corner unit

Tags

• CORNER UNIT
• BIG YARD
• REPLACEMENT WINDOWS
• NEW LVP FLOORING
• FRESH PAINT
• GOOD HEATING AND AIR

Property features AI

Finance

• HOA & community: No HOA/Condo fees

Exterior

• Parking: Off-street parking for multiple cars
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; 2 stories; Slab foundation; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Corner lot; Privacy fence

Interior

• Kitchen: Range; Refrigerator; Dishwasher
• Bedrooms: 2 bedrooms with ensuite
• Flooring: Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Scuttle access; Assigned storage; Attic; Breakfast area; Foyer; Pantry
• Laundry & utility: Washer hookup; Dryer hookup; 220 V electric outlet

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath townhouse listed at $300k.

Deal economics

• At list price, monthly cash flow is $-57 ($-688/yr) — negative.
• To cash-flow at today's rent, offer at most $290k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (22.2% below list).
• Recommended offer: $233k (22.2% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Windsor Oaks Elementary (math 62% / reading 77%, grade A-, #313 of 1,108 statewide, top 32%, 509 students, 75% FRL); Plaza Middle (math 76% / reading 84%, grade A+, #24 of 342 statewide, top 8%, 1,036 students, 46% FRL); Green Run High (math 64% / reading 69%, grade B, #195 of 319 statewide, top 62%, 1,517 students, 69% FRL) — zoned schools average 63% FRL vs 28% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 232 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 35% of the median local income ($79k/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 $9k 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 82 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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, 98% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $233,352 (22.2% 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 82 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — 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 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?
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 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: 0.78% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $323,760
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3781 Chancery Ln	0.05mi	3/2.5 (-1)	1,632 (-4%)	0mo	$311,000	$191	85
800 Kearney Pl	0.60mi	3/2.5 (-1)	1,688 (-1%)	1mo	$300,000	$178	64
4072 Thomas Jefferson Dr	0.33mi	3/2.5 (-1)	1,848 (+8%)	1mo	$345,000	$187	64
3920 Filbert Way	0.61mi	3/2.5 (-1)	1,688 (-1%)	1mo	$349,000	$207	64
3911 Van Ness Dr	0.69mi	3/2.5 (-1)	1,688 (-1%)	0mo	$354,900	$210	61
3817 Chimney Creek Dr	0.37mi	3/2.5 (-1)	1,527 (-10%)	1mo	$285,000	$187	60
3853 Chimney Creek Dr	0.42mi	3/2.5 (-1)	1,527 (-10%)	1mo	$290,000	$190	57
3612 Essex Pond Quay	0.51mi	3/2.5 (-1)	1,568 (-8%)	1mo	$280,000	$179	57
887 Hunley Dr	0.62mi	3/2.5 (-1)	1,595 (-6%)	0mo	$366,000	$229	55
906 Hunley Dr	0.65mi	3/2.5 (-1)	1,595 (-6%)	1mo	$350,000	$219	53
815 Mission Ave	0.63mi	3/2.0 (-1)	1,866 (+10%)	1mo	$349,900	$188	47
3913 Van Ness Dr	0.69mi	3/2.0 (-1)	1,866 (+10%)	1mo	$350,000	$188	44

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 · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.43×
• Total profit: $-47,723
• Equity at exit: $44,716

10-year hold

• IRR: -4.5%
• Equity multiple: 0.68×
• Total profit: $-26,936
• Equity at exit: $25,930

Cash invested: $83,972 (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 23452

• Rents YoY: 4.9%
• Active inventory: 232
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,334 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$203 /mo · $2,438/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $-57

Break-even live

Break-even rent $2,406

Max offer price $289,774

Occupancy floor 97%

Sensitivity live

Price	-10% $112	-5% $28	+0% $-57	+5% $-142	+10% $-227
Rent	-10% $-242	-5% $-149	+0% $-57	+5% $35	+10% $127
Rate	-1.0pp $94	-0.5pp $19	base $-57	+0.5pp $-135	+1.0pp $-214

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
640 Counselor Sq Virginia Beach, VA	3.0	1.5	1320	$2,000	$1.52	16d	1	0.04mi
629 Counselor Sq Virginia Beach, VA	3.0	1.5	1326	$1,995	$1.50	25d	1	0.08mi
3841 Forrester Ln Virginia Beach, VA	3.0	2.0	1522	$2,300	$1.51	25d	1	0.11mi
621 Chancery Sq Virginia Beach, VA	3.0	1.0	1320	$1,970	$1.49	19d	1	0.17mi
4016 Richard Lee Ct Virginia Beach, VA	3.0	1.5	1470	$2,100	$1.43	4d	1	0.36mi
3700 Snowdrift Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	887	$2,599	$2.93	25d	1	0.41mi
701 Arthur Ave Virginia Beach, VA	4.0	1.5	1404	$2,500	$1.78	19d	1	0.46mi
3816 Banyan Grove Ln Virginia Beach, VA	1.0–3.0	1.0–2.0	1021	$3,082	$3.02	0d	17	0.51mi
717 Grant Ave Virginia Beach, VA	3.0	2.5	1248	$2,160	$1.73	25d	1	0.52mi
3620 Dryden Ct Virginia Beach, VA	3.0	2.5	1678	$2,500	$1.49	0d	1	0.55mi
3564 Faraday Ln Virginia Beach, VA	4.0	2.5	1700	$2,600	$1.53	25d	1	0.61mi
833 Tamarack Ct Virginia Beach, VA	3.0	2.0	1650	$2,100	$1.27	18d	1	0.64mi
3632 Silina Dr Virginia Beach, VA	4.0	2.5	1666	$2,495	$1.50	9d	1	0.88mi
1500 Chase Arbor Cmn Virginia Beach, VA	1.0–3.0	1.0–2.0	1095	$2,629	$2.40	0d	27	1.03mi
3828 Brentwood Cres Virginia Beach, VA	4.0	2.5	1900	$2,450	$1.29	13d	1	1.12mi
643 Orangewood Dr Virginia Beach, VA	3.0	2.0	1571	$2,495	$1.59	25d	1	1.17mi
3560 Windmill Dr Virginia Beach, VA	3.0	1.5	1080	$2,000	$1.85	0d	1	1.17mi
229 Thalia Trace Dr Virginia Beach, VA	3.0	1.5	1248	$2,000	$1.60	0d	1	1.19mi
3444 Terrazzo Trl Virginia Beach, VA	3.0	2.0	1217	$1,650	$1.36	6d	1	1.20mi
224 Thalia Trace Dr Virginia Beach, VA	3.0	1.5	1248	$1,800	$1.44	3d	1	1.21mi
3910 Inverness Rd Virginia Beach, VA	3.0	1.5	1200	$2,250	$1.88	16d	1	1.24mi
220 S Rosemont Rd Virginia Beach, VA	4.0	2.0	1350	$2,650	$1.96	25d	1	1.25mi
278 Thalia Trace Dr Virginia Beach, VA	3.0	1.5	1178	$1,900	$1.61	19d	1	1.26mi
212 Paladin Dr Virginia Beach, VA	3.0	2.0	1456	$2,800	$1.92	25d	1	1.34mi
3504 Shawn Ct Virginia Beach, VA	4.0	2.5	1669	$2,650	$1.59	25d	1	1.37mi
408 Lineberry Rd Virginia Beach, VA	4.0	2.0	1561	$2,700	$1.73	25d	1	1.40mi
4119 Eastham Rd Virginia Beach, VA	3.0	2.0	1505	$3,800	$2.52	25d	1	1.45mi
149 S Budding Ave Virginia Beach, VA	1.0–3.0	1.0–2.0	1100	$2,144	$1.95	0d	25	1.49mi

Listing history 16 events

1. 2026-06-10
   status $299,899 Under Contract 82 DOM
2. 2026-06-09
   days on market $299,899 Active Under Contract 82 DOM
3. 2026-06-08
   days on market $299,899 Active Under Contract 81 DOM
4. 2026-06-07
   days on market $299,899 Active Under Contract 80 DOM
5. 2026-06-03
   days on market $299,899 Active Under Contract 76 DOM
6. 2026-06-02
   days on market $299,899 Active Under Contract 75 DOM
7. 2026-06-01
   days on market $299,899 Active Under Contract 74 DOM
8. 2026-05-31
   days on market $299,899 Active Under Contract 73 DOM
9. 2026-05-19
   price $299,899
10. 2026-05-11
    price $319,900
11. 2026-05-11
    status Active
12. 2026-03-31
    status Under Contract
13. 2026-03-23
    historical Active Under Contract
14. 2026-02-13
    status Active
15. 2026-02-10
    historical Active Under Contract
16. 2026-02-05
    listed $307,750 Active

ⓘ 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: $2,438 · $203/mo
• Projected year-2 tax: $2,459 · $205/mo
• Expected delta: +$22/yr (+$2/mo · 0.9%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,002
• − Mortgage interest: −$16,799
• − Property taxes: −$2,438
• − Insurance: −$1,499
• − Repairs & maintenance: −$2,240
• − Management: −$2,240
• − Depreciation: −$8,724
• Taxable loss: −$5,939
• Est. tax savings @ 24.0%: +$1,425
• After-tax cash flow: $737/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): 58,455
• Household income: $79,085
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2293.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 20% Two or more races 10% Hispanic / Latino 9% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -363.80%
• Current HPI: 328.5435
• Rent YoY: ▲ 4.92%
• 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

-2.6% since first listed

8 events — show timeline

• 2026-05-19 Price Changed $299,899 REINMLS
• 2026-05-11 Price Changed $319,900 REINMLS
• 2026-05-11 Relisted — REINMLS
• 2026-03-31 Pending — REINMLS
• 2026-03-23 Contingent — REINMLS
• 2026-02-13 Relisted — REINMLS
• 2026-02-10 Contingent — REINMLS
• 2026-02-05 Listed $307,750 REINMLS

Property tax history

+4.3%/yr

Latest (2025): $2,438 · +3.3% YoY. Source: county tax records.