9226 River Rd

Matoaca, VA 23803

$240,000D+

3 bd · 2.0 ba · 1,492 sqft · Built 1961 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,657/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-219/mo
• Annual: $-2,628/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• 1% rule: 0.69%
• Cash to close: $67,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (30.9% below list).
• It's been on market 16 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (30.9% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.4% local appreciation)).
• Location reads 73/100 on livability (#178 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Chesterfield County Public School District (suburban): math 52% / reading 64% proficiency, ranked #57 of 131 in VA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Matoaca Elementary (math 37% / reading 52%, grade F, #827 of 1,108 statewide, top 77%, 619 students, 81% FRL); Matoaca Middle (math 46% / reading 48%, grade D+, #257 of 342 statewide, top 77%, 865 students, 45% FRL); Matoaca High (math 49% / reading 82%, grade B, #204 of 319 statewide, top 65%, 1,630 students, 39% FRL) — zoned schools average 55% FRL vs 26% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 294 active listings in the ZIP; 2,307 units permitted in Chesterfield County in 2024 (462 in 5+ unit buildings).
• Chesterfield County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 15y 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.
• Current owner paid $93k; list at $240k implies a 158% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 5.2% vs local median 3.8% in Matoaca — 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.
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.
• 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.
• 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.