288 Samuel Harris Ln · Chatham, VA 24531

$119,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 60 Days on market

Built 1950 0.37 ac lot $139/sqft · 16% below area Est $144k · 16% under

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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 +22.3/30.0
• ARV discount +14.9/15.0
• DSCR +7.1/10.0
• Schools +6.0/10.0
• 1% rule +4.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This adorable 2 bed, 1 bath home offers a functional layout with thoughtful updates throughout. The remodeled kitchen (2022) brings a fresh feel to the heart of the home, while laminate flooring runs seamlessly throughout for low-maintenance living. Major improvements include a metal roof (2018), Furnace (2020), updated electrical to breaker (2022), & a new pump tank (2025). Freshly painted exterior trim. Enjoy added storage with a shed & lean-to with electric. Washer, dryer, stove & refrigerator all convey, making this home move-in ready.

Key facts

• 0.37 acre lot
• Built 1950
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $198 ($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 $115k (4.1% below list).
• Recommended offer: $115k (4.1% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 5.6% in Chatham — 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 68/100 on livability (#268 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, schools A-; Watch: health & safety C-, amenities F, commute F.
• Pittsylvania County Public School District (rural): math 65% / reading 78% proficiency, ranked #22 of 131 in VA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 39 active listings in the ZIP; 72 units permitted in Pittsylvania County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pittsylvania County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 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

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,977 (4.1% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• GRM: 8.7

CMA / ARV

• ARV (median comp): $143,500
• List price: $119,900
• Delta: -16.45%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-6,880
• Equity at exit: $17,877

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $10,015
• Equity at exit: $10,367

Cash invested: $33,572 (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 24531

• Home prices YoY: -20.7%
• Active inventory: 39
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$32 /mo · $380/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $198

Break-even live

Break-even rent $899

Max offer price $119,900

Occupancy floor 78%

Sensitivity live

Price	-10% $266	-5% $232	+0% $198	+5% $164	+10% $130
Rent	-10% $107	-5% $152	+0% $198	+5% $243	+10% $289
Rate	-1.0pp $258	-0.5pp $228	base $198	+0.5pp $167	+1.0pp $135

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-16
   days on market $119,900 Active 60 DOM
2. 2026-06-15
   days on market $119,900 Active 59 DOM
3. 2026-06-14
   days on market $119,900 Active 57 DOM
4. 2026-06-13
   days on market $119,900 Active 56 DOM
5. 2026-06-10
   days on market $119,900 Active 54 DOM
6. 2026-06-09
   days on market $119,900 Active 53 DOM
7. 2026-06-08
   days on market $119,900 Active 52 DOM
8. 2026-06-07
   days on market $119,900 Active 51 DOM
9. 2026-06-03
   days on market $119,900 Active 47 DOM
10. 2026-06-02
    days on market $119,900 Active 46 DOM
11. 2026-06-01
    days on market $119,900 Active 45 DOM
12. 2026-05-31
    days on market $119,900 Active 44 DOM
13. 2026-05-30
    days on market $119,900 Active 43 DOM
14. 2026-05-12
    status Active 562-char remark

    Show marketing remark (562 chars)

    This adorable 2 bed, 1 bath home offers a functional layout with thoughtful updates throughout. The remodeled kitchen (2022) brings a fresh feel to the heart of the home, while laminate flooring runs seamlessly throughout for low-maintenance living. Major improvements include a metal roof (2018), Furnace (2020), updated electrical to breaker (2022), & a new pump tank (2025). Freshly painted exterior trim. Enjoy added storage with a shed & lean-to with electric. Washer, dryer, stove & refrigerator all convey, making this home move-in ready.

15. 2026-04-29
    historical Active Under Contract 562-char remark

    Show marketing remark (562 chars)

    This adorable 2 bed, 1 bath home offers a functional layout with thoughtful updates throughout. The remodeled kitchen (2022) brings a fresh feel to the heart of the home, while laminate flooring runs seamlessly throughout for low-maintenance living. Major improvements include a metal roof (2018), Furnace (2020), updated electrical to breaker (2022), & a new pump tank (2025). Freshly painted exterior trim. Enjoy added storage with a shed & lean-to with electric. Washer, dryer, stove & refrigerator all convey, making this home move-in ready.

16. 2026-04-17
    listed $119,900 Active 562-char remark

    Show marketing remark (562 chars)

    This adorable 2 bed, 1 bath home offers a functional layout with thoughtful updates throughout. The remodeled kitchen (2022) brings a fresh feel to the heart of the home, while laminate flooring runs seamlessly throughout for low-maintenance living. Major improvements include a metal roof (2018), Furnace (2020), updated electrical to breaker (2022), & a new pump tank (2025). Freshly painted exterior trim. Enjoy added storage with a shed & lean-to with electric. Washer, dryer, stove & refrigerator all convey, making this home move-in ready.

ⓘ 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: $380 · $32/mo
• Projected year-2 tax: $983 · $82/mo
• Expected delta: +$603/yr (+$50/mo · 158.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $13,797
• − Mortgage interest: −$6,716
• − Property taxes: −$380
• − Insurance: −$600
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$3,488
• Taxable income: $406
• Est. tax owed @ 24.0%: −$97
• After-tax cash flow: $2,277/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: Pittsylvania County Public School District
• NCES district ID: 5102940
• Math proficiency: 65% ▼ -22.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $41,672
• Composite: 59.77/100
• National rank: #900
• State rank: #22 of 131 in VA

Livability — Chatham

• Score: 68/100
• State rank: #268
• US rank: #9452

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,107

Population outlook (Pittsylvania County) Hauer SSP2

• Today (2025): 58,725 people
• By 2030: 56,388 · -4.0%
• By 2040: 51,088 · -13.0%
• By 2050: 45,875 · -21.9%
• By 2075: 36,555 · -37.8%
• By 2100: 28,288 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 22% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Serbian 2% Slovak 2% Scotch-Irish 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Pittsylvania

• 2024 margin: Solid R (+43.1) · D 28.1% · R 71.3%
• 2008→2024 swing: -19.1pp toward R · 2008: -24.0pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+39.8 2016: R+39.6 2012: R+27.5 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -44.86%
• Current HPI: 172.2543
• 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

3 events — show timeline

• 2026-05-12 Relisted — DRRAR
• 2026-04-29 Contingent — DRRAR
• 2026-04-17 Listed $119,900 DRRAR

Property tax history

+4.0%/yr

Latest (2025): $380 · +0.0% YoY. Source: county tax records.