204 10th St · Norton, VA 24273

$46,900

2 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 107 Days on market

Built 1900 4,356 sqft lot $45/sqft · 46% below area Est $88k · 46% under ↓ 6% since listing

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.3/10.0
• Appreciation +5.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to a home in downtown Norton with tons of potential. This home is located conveniently within walking distance to downtown, restaurants, shopping, the city park, and schools. Sitting on one town lot with street parking in the front and potential for private parking in the rear off of its own private alley. This home would make a great investment property or starter home. Inside it's one level with 3 bedrooms and 1 full bath. You also have hardwood throughout. The home is heated and cooled by a heat pump. Schedule your showing today! Buyers and buyers agent to confirm all information contained in this listing. Subject to errors and omissions.

Key facts

• Heat pump
• Hardwood throughout
• 4,356 sq ft lot

Tags

• WALKING DISTANCE TO DOWNTOWN
• PRIVATE PARKING IN THE REAR
• HARDWOOD THROUGHOUT
• HEAT PUMP

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $47k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• Recommended offer: $43k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 4.5% in Norton — 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 74/100 on livability (#139 in VA, #4,441 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A; Watch: commute D, crime F, amenities F.
• Norton City Public School District (town): math 68% / reading 85% proficiency, ranked #12 of 131 in VA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP.

Forward outlook

• In year one you build about $391 of equity ($324 loan paydown + $67 appreciation (0.1% local appreciation)).
• Norton County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $42,679 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Crime grade is F 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?
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: 2.46% ✓
• Cap rate: 21.71%
• Cash-on-cash: 55.07%
• DSCR: 3.45
• GRM: 3.4

CMA / ARV

• ARV (median comp): $87,619
• List price: $46,900
• Delta: -46.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1048 Ridge Ave	0.21mi	2/1.0	925 (-10%)	5mo	$90,000	$97	69
39 12th St St	0.26mi	3/2.0 (+1)	1,050 (+2%)	9mo	$8,000	$8	68

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

Projected returns pro-forma

0.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.6%
• Equity multiple: 3.52×
• Total profit: $33,144
• Equity at exit: $13,952

10-year hold

• IRR: 53.1%
• Equity multiple: 7.06×
• Total profit: $79,547
• Equity at exit: $17,040

Cash invested: $13,132 (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 24273

• Home prices YoY: 0.1%
• Active inventory: 40
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,155 medium
• Mortgage (P&I): −$246
• Tax from tax record: −$44 /mo · $527/yr
• Insurance: −$20
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $536

Break-even live

Break-even rent $476

Max offer price $46,900

Occupancy floor 49%

Sensitivity live

Price	-10% $563	-5% $550	+0% $536	+5% $523	+10% $510
Rent	-10% $445	-5% $491	+0% $536	+5% $582	+10% $627
Rate	-1.0pp $560	-0.5pp $548	base $536	+0.5pp $524	+1.0pp $512

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: $11,725
• Closing costs: $1,407
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $46,900 Active 107 DOM
2. 2026-06-18
   days on market $46,900 Active 105 DOM
3. 2026-06-17
   days on market $46,900 Active 104 DOM
4. 2026-06-16
   days on market $46,900 Active 103 DOM
5. 2026-06-15
   days on market $46,900 Active 102 DOM
6. 2026-06-15
   days on market $46,900 Active 101 DOM
7. 2026-06-13
   days on market $46,900 Active 100 DOM
8. 2026-06-12
   days on market $46,900 Active 99 DOM
9. 2026-06-09
   days on market $46,900 Active 96 DOM
10. 2026-06-08
    days on market $46,900 Active 95 DOM
11. 2026-06-08
    days on market $46,900 Active 94 DOM
12. 2026-06-05
    days on market $46,900 Active 92 DOM
13. 2026-06-03
    days on market $46,900 Active 90 DOM
14. 2026-06-02
    days on market $46,900 Active 89 DOM
15. 2026-06-01
    days on market $46,900 Active 88 DOM
16. 2026-05-31
    days on market $46,900 Active 87 DOM
17. 2026-04-22
    price $46,900 658-char remark

    Show marketing remark (658 chars)

    Welcome to a home in downtown Norton with tons of potential. This home is located conveniently within walking distance to downtown, restaurants, shopping, the city park, and schools. Sitting on one town lot with street parking in the front and potential for private parking in the rear off of its own private alley. This home would make a great investment property or starter home. Inside it's one level with 3 bedrooms and 1 full bath. You also have hardwood throughout. The home is heated and cooled by a heat pump. Schedule your showing today! Buyers and buyers agent to confirm all information contained in this listing. Subject to errors and omissions.

18. 2026-04-22
    status Active 658-char remark

    Show marketing remark (658 chars)

    Welcome to a home in downtown Norton with tons of potential. This home is located conveniently within walking distance to downtown, restaurants, shopping, the city park, and schools. Sitting on one town lot with street parking in the front and potential for private parking in the rear off of its own private alley. This home would make a great investment property or starter home. Inside it's one level with 3 bedrooms and 1 full bath. You also have hardwood throughout. The home is heated and cooled by a heat pump. Schedule your showing today! Buyers and buyers agent to confirm all information contained in this listing. Subject to errors and omissions.

19. 2026-04-12
    historical Active Under Contract 658-char remark

    Show marketing remark (658 chars)

    Welcome to a home in downtown Norton with tons of potential. This home is located conveniently within walking distance to downtown, restaurants, shopping, the city park, and schools. Sitting on one town lot with street parking in the front and potential for private parking in the rear off of its own private alley. This home would make a great investment property or starter home. Inside it's one level with 3 bedrooms and 1 full bath. You also have hardwood throughout. The home is heated and cooled by a heat pump. Schedule your showing today! Buyers and buyers agent to confirm all information contained in this listing. Subject to errors and omissions.

20. 2026-03-05
    listed $49,900 Active 658-char remark

    Show marketing remark (658 chars)

    Welcome to a home in downtown Norton with tons of potential. This home is located conveniently within walking distance to downtown, restaurants, shopping, the city park, and schools. Sitting on one town lot with street parking in the front and potential for private parking in the rear off of its own private alley. This home would make a great investment property or starter home. Inside it's one level with 3 bedrooms and 1 full bath. You also have hardwood throughout. The home is heated and cooled by a heat pump. Schedule your showing today! Buyers and buyers agent to confirm all information contained in this listing. Subject to errors and omissions.

ⓘ 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: $527 · $44/mo
• Projected year-2 tax: $527 · $44/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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥87°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,855
• − Mortgage interest: −$2,627
• − Property taxes: −$527
• − Insurance: −$1,032
• − Repairs & maintenance: −$1,108
• − Management: −$1,108
• − Depreciation: −$1,364
• Taxable income: $6,087
• Est. tax owed @ 24.0%: −$1,461
• After-tax cash flow: $4,974/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: Norton City Public School District
• NCES district ID: 5102760
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 85% ▲ 2.00%
• Median HH income: $34,636
• Composite: 63.22/100
• National rank: #636
• State rank: #12 of 131 in VA

Livability — Norton

• Score: 74/100
• State rank: #139
• US rank: #4441

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norton, VA
• Population (ZIP): 5,860

Population outlook (Norton County) Hauer SSP2

• Today (2025): 3,919 people
• By 2030: 3,899 · -0.5%
• By 2040: 3,838 · -2.1%
• By 2050: 3,778 · -3.6%
• By 2075: 3,584 · -8.5%
• By 2100: 3,154 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Norton

• 2024 margin: Solid R (+43.6) · D 27.9% · R 71.5%
• 2008→2024 swing: -43.5pp toward R · 2008: -0.1pp · 2024: -43.6pp
• All cycles: 2024: R+43.6 2020: R+40.3 2016: R+43.8 2012: R+22.1 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.14%
• Current HPI: 140.9507
• 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

-6.0% since first listed

4 events — show timeline

• 2026-04-22 Price Changed $46,900 TVRMLS
• 2026-04-22 Relisted — TVRMLS
• 2026-04-12 Contingent — TVRMLS
• 2026-03-05 Listed $49,900 TVRMLS

Property tax history

+3.9%/yr

Latest (2026): $527 · +0.0% YoY. Source: county tax records.