1024 Shelby Dr · Richmond, VA 23224

$240,000

3 bd · 1.0 ba · 1,389 sqft · SingleFamily public records · 8 Days on market

Built 1956 0.46 ac lot $173/sqft · 12% below area Est $272k · 12% under

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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).

• ARV discount +12.8/15.0
• Cash flow +11.3/30.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• DSCR +3.3/10.0
• Schools +3.3/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming rancher tucked into the heart of the well-established Woodstock neighborhood. Located on a quiet street with quick and easy access to Hull Street, you truly get the best of both convenience and tranquility. Inside, you’ll find 3 comfortable bedrooms and 2 full baths, along with 1,389 square feet of inviting living space designed for everyday ease. The eat-in kitchen is a standout feature, offering granite countertops, a stylish tile backsplash, and a warm, functional layout perfect for gathering and making memories. Thoughtful updates throughout the home include newer ceiling fans in all main living areas, an updated water heater, and a recently installed

Key facts

• 0.46 acre lot
• Garage
• Built 1956

Property features AI

Exterior

• Parking: 1-car garage; Driveway with garage door opener; Paved access
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Single-story home; Resale property; R-2 zoning
• Construction: Brick, frame, drywall, and vinyl siding construction; Composition roof; Garage(s) on site; Partial, partially finished walk-out basement with sump pump
• Exterior features: Paved driveway; Chain link and partial fencing; Level lot

Interior

• Kitchen: Electric cooking; Oven; Granite counters; Pantry; Eat-in kitchen
• Bedrooms: Bedroom on main level
• Flooring: Wood flooring; Linoleum flooring
• Bathrooms: 2 full bathrooms; Full bath with tub and shower
• Heating & cooling: Central air conditioning; Attic fan; Electric cooling; Heat pump; Baseboard heating; Hot water heating; Oil heating
• Interior features: Bookcases and built-in features; Ceiling fans; Eat-in kitchen; Fireplaces (2) with masonry construction; Granite counters; Pantry; Storm windows and screens; Storm door(s)
• Laundry & utility: Washer hookup; Dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (24.1% below list).
• Recommended offer: $182k (24.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.2% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — 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.
• Zoned schools: Miles Jones Elementary (math 17% / reading 32%, grade F, #1,051 of 1,108 statewide, top 96%, 559 students, 99% FRL); Lucille M. Brown Middle (math 34% / reading 56%, grade D, #274 of 342 statewide, top 81%, 543 students, 98% FRL); Huguenot High (math 37% / reading 57%, grade D-, #305 of 319 statewide, top 97%, 1,551 students, 88% FRL) — zoned schools average 95% FRL vs 74% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 177 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 43% of the median local income ($50k/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 $7k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $64k; list at $240k implies a 272% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $182,061 (24.1% 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. Built in 1956 — 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. Crime grade is D 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 11.0

CMA / ARV

• ARV (median comp): $271,912
• List price: $240,000
• Delta: -11.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1032 Circlewood Dr	0.24mi	3/1.0	1,352 (-3%)	1mo	$315,000	$233	84
819 Newkirk Dr	0.23mi	3/1.5	1,248 (-10%)	1mo	$297,500	$238	69
1008 Circlewood Dr	0.24mi	3/1.5	1,556 (+12%)	2mo	$185,300	$119	66
5116 Alberene Rd	0.38mi	3/1.5	1,222 (-12%)	2mo	$309,000	$253	59
5077 Warwick Rd	0.55mi	3/2.5	1,456 (+5%)	4mo	$295,000	$203	57
801 Bedrock Ln	0.48mi	3/1.5	1,280 (-8%)	8mo	$260,000	$203	56
1724 Alaska Dr	0.50mi	3/2.0	1,235 (-11%)	2mo	$187,000	$151	53
300 Green Acres Ave	0.51mi	3/2.5	1,538 (+11%)	1mo	$345,000	$224	51
1109 Evergreen Ave	0.54mi	4/2.0 (+1)	1,503 (+8%)	3mo	$185,000	$123	50
601 Woodstock Rd	0.63mi	3/2.5	1,240 (-11%)	8mo	$320,000	$258	40
705 Yorkshire Dr	0.62mi	3/2.0	1,200 (-14%)	7mo	$215,000	$179	38
807 E Belt Blvd	0.68mi	4/2.0 (+1)	1,537 (+11%)	5mo	$228,500	$149	38

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 · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.38×
• Total profit: $-41,748
• Equity at exit: $35,785

10-year hold

• IRR: -7.0%
• Equity multiple: 0.53×
• Total profit: $-31,682
• Equity at exit: $20,751

Cash invested: $67,200 (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 23224

• Rents YoY: 4.5%
• Active inventory: 177
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,821 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$169 /mo · $2,028/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-89

Break-even live

Break-even rent $1,934

Max offer price $224,224

Occupancy floor 100%

Sensitivity live

Price	-10% $47	-5% $-21	+0% $-89	+5% $-157	+10% $-225
Rent	-10% $-233	-5% $-161	+0% $-89	+5% $-17	+10% $55
Rate	-1.0pp $32	-0.5pp $-28	base $-89	+0.5pp $-151	+1.0pp $-215

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1200 Southwood Pkwy Richmond, VA	1.0–2.0	1.0–2.0	916	$1,605	$1.75	45d	11	0.30mi
216 Brandon Rd Richmond, VA	3.0	1.0	1237	$1,800	$1.46	25d	1	0.45mi
152 Brandon Rd Richmond, VA	3.0	1.0	1237	$2,109	$1.70	25d	1	0.53mi
1244 Canterbury Ridge Rd Unit 1 Richmond, VA	3.0	2.5	1250	$2,000	$1.60	6d	1	0.67mi
1840 Powell Rd Richmond, VA	2.0	1.0	1228	$1,695	$1.38	18d	1	0.70mi
100 Mardick Rd Richmond, VA	4.0	2.0	1254	$2,250	$1.79	25d	1	0.87mi
4904 Warwick Rd Unit 4705 Richmond, VA	2.0	1.5	900	$1,400	$1.56	45d	1	0.89mi
402 Westover Hills Blvd Richmond, VA	1.0–2.0	1.0	692	$1,390	$2.01	3d	125	0.95mi
1018 Barlen Dr Richmond, VA	3.0	1.0	935	$1,700	$1.82	45d	1	0.99mi
3314 Decatur St Richmond, VA	2.0	1.5	1640	$1,800	$1.10	45d	1	1.12mi
2143 S Kinsley Ave Richmond, VA	4.0	1.0	1297	$1,550	$1.20	45d	1	1.12mi
603 Westover Hills Blvd Richmond, VA	1.0–2.0	1.0	720	$1,385	$1.92	45d	2	1.14mi
3300 Midlothian Tpke Richmond, VA	2.0	1.0	1116	$1,800	$1.61	6d	1	1.22mi
3154 Stockton St Richmond, VA	3.0	1.0	1169	$1,600	$1.37	45d	1	1.27mi
2336 Sara Ln Richmond, VA	3.0	1.0	1120	$1,695	$1.51	45d	1	1.41mi
723 Faye St Richmond, VA	2.0	1.0	1100	$1,850	$1.68	45d	1	1.41mi
5601 Larrymore Rd Richmond, VA	4.0	2.0	1581	$1,960	$1.24	45d	1	1.43mi
811 Irby Dr Richmond, VA	3.0	1.5	1202	$1,895	$1.58	18d	1	1.48mi
435 German School Rd Richmond, VA	1.0–3.0	1.0–2.0	956	$1,744	$1.82	3d	18	1.48mi

Listing history 3 events

1. 2026-05-16
   listed $240,000 Active 1227-char remark
2. 2026-05-01
   historical $240,000 1227-char remark
3. 1991-10-09
   soldstatus $64,500

ⓘ 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: $2,028 · $169/mo
• Projected year-2 tax: $2,028 · $169/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,847
• − Mortgage interest: −$13,444
• − Property taxes: −$2,028
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,748
• − Management: −$1,748
• − Depreciation: −$6,982
• Taxable loss: −$5,302
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $201/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 40,575
• Household income: $50,475
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3584.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 22% White 15% Two or more races 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 78% English-only · Spanish 19% French/Haitian/Cajun 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.99%
• Current HPI: 336.9345
• Rent YoY: ▲ 4.55%
• Metro: Richmond, 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

+272.1% since first listed

4 events — show timeline

• 2026-05-23 Pending — CVRMLS
• 2026-05-16 Listed $240,000 CVRMLS
• 2026-05-01 Coming Soon $240,000 CVRMLS
• 1991-10-09 Sold (Public Records) $64,500 Public Records

Property tax history

+2.4%/yr

Latest (2022): $2,028 · +42.0% YoY. Source: county tax records.