120 Park St · Martinsville, VA 24112

$122,900

3 bd · 1.0 ba · 800 sqft · Other public records · 4 Days on market

Built 1952 6,098 sqft lot

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully updated 3-bedroom, 1-bath bungalow nestled on a corner lot within the Martinsville city limits! Built in 1952, this charming 800 sq. ft. home blends classic character with modern improvements for worry-free living. Updates completed in approx. 2023 include electrical, plumbing, pipes, roof, windows, siding, HVAC system, flooring, and a recently freshly painted interior-giving buyers peace of mind and move-in-ready convenience. Note how each bedroom closet has a light to help you select your outfit for the day. Step outside and enjoy the low-maintenance exterior with its inviting covered front porch, perfect for relaxing with your morning coffee. The yard is

Key facts

• Updated electrical
• Updated siding
• Updated windows

Tags

• CORNER LOT
• UPDATED ELECTRICAL
• UPDATED PLUMBING
• UPDATED ROOF
• UPDATED WINDOWS
• UPDATED SIDING

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Residential property; 1 story
• Construction: Vinyl siding; Composition roof
• Exterior features: Level lot

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 total rooms
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: Insulated windows; No basement
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $123k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/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 $121k (1.6% below list).
• Recommended offer: $121k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 8.5% vs local median 5.8% in Martinsville — 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 70/100 on livability (#231 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools B; Watch: amenities F, commute F, employment D-.
• Martinsville City Public School District (town): math 29% / reading 53% proficiency, ranked #122 of 131 in VA (top 93%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 258 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 5 units permitted in Martinsville city in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Martinsville County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y 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 $85k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,913 (1.6% below list)

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 8.49%
• Cash-on-cash: 7.85%
• DSCR: 1.35
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-5,641
• Equity at exit: $18,325

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $13,315
• Equity at exit: $10,626

Cash invested: $34,412 (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 24112

• Active inventory: 258
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,209 high
• Mortgage (P&I): −$645
• Tax from tax record: −$35 /mo · $414/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $225

Break-even live

Break-even rent $924

Max offer price $122,900

Occupancy floor 76%

Sensitivity live

Price	-10% $295	-5% $260	+0% $225	+5% $190	+10% $155
Rent	-10% $129	-5% $177	+0% $225	+5% $273	+10% $320
Rate	-1.0pp $287	-0.5pp $256	base $225	+0.5pp $193	+1.0pp $161

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1002 Oak St Martinsville, VA	3.0	1.0	884	$1,263	$1.43	45d	1	0.19mi
1305 Oakgrove Ave Martinsville, VA	4.0	1.0	1085	$1,700	$1.57	45d	1	0.67mi
509 Monroe St Unit 6 Martinsville, VA	2.0	1.0	655	$875	$1.34	45d	1	0.69mi
35 Circle Dr Martinsville, VA	3.0	1.0	960	$1,263	$1.32	45d	1	1.10mi
300 Dye Plant Rd Apt F Martinsville, VA	2.0	1.0	739	$875	$1.18	45d	1	1.32mi

Listing history 22 events

1. 2026-06-01
   status $122,900 Pending 4 DOM
2. 2026-06-01
   days on market $122,900 Active 4 DOM
3. 2026-05-31
   days on market $122,900 Active 3 DOM
4. 2026-05-30
   days on market $122,900 Active 2 DOM
5. 2026-05-28
   listed $122,900 Active
6. 2023-12-15
   soldstatus $85,000 Closed
7. 2023-12-15
   soldstatus $85,000
8. 2023-11-15
   historical Active Under Contract
9. 2023-10-24
   price $89,000
10. 2023-10-03
    listed $99,000 Active
11. 2023-01-17
    soldstatus $12,250
12. 2022-03-08
    listed $15,000
13. 2022-02-11
    soldstatus $12,250
14. 2022-02-10
    soldstatus $12,250
15. 2022-01-19
    listed $15,000
16. 2021-07-01
    listed $19,000
17. 2021-03-29
    soldstatus $5,825
18. 2021-03-22
    soldstatus $23,300
19. 2008-06-12
    listed $25,500
20. 2002-02-15
    soldstatus $15,000
21. 2002-02-15
    soldstatus $15,000
22. 2000-08-29
    listed $15,000

ⓘ 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: $414 · $35/mo
• Projected year-2 tax: $1,008 · $84/mo
• Expected delta: +$593/yr (+$49/mo · 143.2%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $14,510
• − Mortgage interest: −$6,884
• − Property taxes: −$414
• − Insurance: −$614
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$3,575
• Taxable income: $700
• Est. tax owed @ 24.0%: −$168
• After-tax cash flow: $2,532/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: Martinsville City Public School District
• NCES district ID: 5102400
• Math proficiency: 29% ▼ -51.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $31,215
• Composite: 33.43/100
• National rank: #5467
• State rank: #122 of 131 in VA

Livability — Martinsville

• Score: 70/100
• State rank: #231
• US rank: #7826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsville, VA
• County: Martinsville City · 31,028 people
• City population: 31,028
• Metro: Martinsville, VA
• Population (ZIP): 31,028
• Household income: $48,770
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 888.0

Population outlook (Martinsville County) Hauer SSP2

• Today (2025): 13,026 people
• By 2030: 12,673 · -2.7%
• By 2040: 11,933 · -8.4%
• By 2050: 11,136 · -14.5%
• By 2075: 9,886 · -24.1%
• By 2100: 8,334 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 38% Hispanic / Latino 7% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 1% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Martinsville

• 2024 margin: Strong D (+22.6) · D 60.7% · R 38.1% · Other 1.2%
• 2008→2024 swing: -5.4pp toward R · 2008: 28.0pp · 2024: 22.6pp
• All cycles: 2024: D+22.6 2020: D+26.6 2016: D+23.5 2012: D+24.6 2008: D+28.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.37%
• Current HPI: 172.4393
• Rent YoY: —
• Metro: Martinsville, VA
• 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

+719.3% since first listed

18 events — show timeline

• 2026-05-28 Listed $122,900 MHPCAR
• 2023-12-15 Sold (Public Records) $85,000 Public Records
• 2023-12-15 Sold (MLS) $85,000 MHPCAR
• 2023-11-15 Contingent — MHPCAR
• 2023-10-24 Price Changed $89,000 MHPCAR
• 2023-10-03 Listed $99,000 MHPCAR
• 2023-01-17 Sold (MLS) $12,250 MHPCAR
• 2022-03-08 Listed $15,000 MHPCAR
• 2022-02-11 Sold (MLS) $12,250 MLSRV
• 2022-02-10 Sold (Public Records) $12,250 Public Records
• 2022-01-19 Listed $15,000 MLSRV
• 2021-07-01 Listed $19,000 MHPCAR
• 2021-03-29 Sold (Public Records) $5,825 Public Records
• 2021-03-22 Sold (Public Records) $23,300 Public Records
• 2008-06-12 Listed $25,500 MHPCAR
• 2002-02-15 Sold (Public Records) $15,000 Public Records
• 2002-02-15 Sold (MLS) $15,000 MHPCAR
• 2000-08-29 Listed $15,000 MHPCAR

Property tax history

+5.1%/yr

Latest (2025): $414 · +85.2% YoY. Source: county tax records.