1600 Edwards Ave · Richmond, VA 23224

$189,900

4 bd · 1.0 ba · 1,021 sqft · SingleFamily public records · 40 Days on market

Built 1947 6,568 sqft lot $186/sqft · 17% below area Est $230k · 17% under

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Why this score? — see what drove the B- 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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great corner-lot cape. Big back yard. Updated kitchen and bath a few years ago. Eat-in kitchen. Updated HVAC few years old. Large sitting front porch

Key facts

• Back yard
• Updated bath
• Corner-lot

Tags

• CORNER-LOT
• BACK YARD
• UPDATED KITCHEN
• UPDATED BATH
• EAT-IN KITCHEN
• UPDATED HVAC

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.
• Market conditions: Rents rising fast (+4.5%/yr); 177 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $1,978/mo this rent would consume 47% of the median local household income ($50k/yr) (locally 3584% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 23y 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 $101k; list at $190k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — 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 $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — 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. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• GRM: 8.0

CMA / ARV

• ARV (median comp): $229,936
• List price: $189,900
• Delta: -17.41%
• 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
1718 Fairfax Ave	0.13mi	3/1.0 (-1)	986 (-3%)	3mo	$184,950	$188	81
2020 Ingram Ave	0.38mi	3/1.0 (-1)	985 (-4%)	2mo	$157,000	$159	70
1100 E 16th St	0.13mi	3/1.0 (-1)	1,136 (+11%)	3mo	$237,000	$209	68
1712 Halifax Ave	0.23mi	3/1.0 (-1)	1,084 (+6%)	11mo	$254,950	$235	65
2004 Edwards Ave	0.22mi	3/2.0 (-1)	1,136 (+11%)	1mo	$225,000	$198	61
2115 Dinwiddie Ave	0.33mi	3/2.0 (-1)	1,106 (+8%)	2mo	$230,000	$208	60
1807 Mansion Ave	0.49mi	3/2.0 (-1)	1,048 (+3%)	11mo	$259,950	$248	55
2010 Gordon Ave	0.28mi	3/2.0 (-1)	1,164 (+14%)	1mo	$260,200	$224	54
2004 Harwood St	0.57mi	3/2.0 (-1)	1,067 (+4%)	8mo	$255,000	$239	50
1322 Lynhaven Ave	0.68mi	3/1.0 (-1)	1,160 (+14%)	7mo	$239,000	$206	34
1421 Drewry St	0.75mi	3/1.0 (-1)	867 (-15%)	4mo	$205,000	$236	31
1404 Enfield Ave	0.75mi	3/2.0 (-1)	912 (-11%)	10mo	$255,900	$281	30

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,237
• Equity at exit: $28,315

10-year hold

• IRR: 9.6%
• Equity multiple: 1.78×
• Total profit: $41,728
• Equity at exit: $16,419

Cash invested: $53,172 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,978 high
• Mortgage (P&I): −$996
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $384

Break-even live

Break-even rent $1,492

Max offer price $189,900

Occupancy floor 76%

Sensitivity live

Price	-10% $491	-5% $438	+0% $384	+5% $330	+10% $276
Rent	-10% $228	-5% $306	+0% $384	+5% $462	+10% $540
Rate	-1.0pp $480	-0.5pp $432	base $384	+0.5pp $335	+1.0pp $285

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1808 Edwards Ave Richmond, VA	3.0	2.0	1040	$1,750	$1.68	24d	1	0.16mi
1112 E 16th St Richmond, VA	4.0	1.0	1206	$1,595	$1.32	45d	1	0.20mi
1709 Everett St Richmond, VA	4.0	1.5	1460	$1,995	$1.37	45d	1	0.38mi
116 E 15th St Richmond, VA	4.0	2.0	1452	$2,250	$1.55	24d	1	0.46mi
2208 Keswick Ave Richmond, VA	3.0	1.0	916	$1,775	$1.94	21d	1	0.55mi
1100 Richmond Hwy Richmond, VA	1.0–3.0	1.0–2.0	1062	$2,345	$2.21	2d	16	0.62mi
1912 Porter St Richmond, VA	3.0	1.5	1415	$1,950	$1.38	24d	1	0.75mi
1411 Porter St Unit B Richmond, VA	3.0	3.0	1500	$2,145	$1.43	5d	1	0.76mi
1410 Enfield Ave Unit 1410 Richmond, VA	3.0	1.0	912	$1,500	$1.64	45d	1	0.79mi
403 Stockton St Richmond, VA	1.0–3.0	1.0–2.0	882	$2,140	$2.42	4d	22	0.83mi
15 W 7th St Richmond, VA	1.0–3.0	1.0–2.5	881	$3,031	$3.44	3d	6	0.84mi
84 W 6th St Richmond, VA	3.0	2.0	1493	$2,715	$1.82	4d	1	0.88mi
1429 McDonough St Richmond, VA	1.0–3.0	1.0–2.0	826	$2,469	$2.99	3d	15	0.91mi
815 Perry St Richmond, VA	1.0–3.0	1.0–2.0	1004	$1,800	$1.79	2d	10	0.95mi
2522 Porter St Richmond, VA	3.0	2.5	1390	$1,800	$1.29	45d	1	0.97mi
2100 Wright Ave Richmond, VA	3.0	1.0	1014	$1,695	$1.67	3d	1	1.24mi
3154 Stockton St Richmond, VA	3.0	1.0	1169	$1,600	$1.37	45d	1	1.28mi

Listing history 26 events

1. 2026-05-08
   price $189,900 149-char remark

   Show marketing remark (149 chars)

   Great corner-lot cape. Big back yard. Updated kitchen and bath a few years ago. Eat-in kitchen. Updated HVAC few years old. Large sitting front porch

2. 2026-05-08
   status Active 149-char remark

   Show marketing remark (149 chars)

   Great corner-lot cape. Big back yard. Updated kitchen and bath a few years ago. Eat-in kitchen. Updated HVAC few years old. Large sitting front porch

3. 2026-03-27
   status Pending 149-char remark

   Show marketing remark (149 chars)

   Great corner-lot cape. Big back yard. Updated kitchen and bath a few years ago. Eat-in kitchen. Updated HVAC few years old. Large sitting front porch

4. 2026-03-09
   listed $194,900 Active 149-char remark

   Show marketing remark (149 chars)

   Great corner-lot cape. Big back yard. Updated kitchen and bath a few years ago. Eat-in kitchen. Updated HVAC few years old. Large sitting front porch

5. 2024-11-06
   historical
6. 2024-09-05
   listed $210,000 Active
7. 2009-09-22
   historical
8. 2007-03-05
   soldstatus $101,000
9. 2007-02-22
   soldstatus $101,000
10. 2007-02-22
    soldstatus $101,000
11. 2007-01-05
    listed $109,000
12. 2007-01-05
    listed $109,000
13. 2007-01-01
    historical
14. 2006-11-08
    listed $109,000
15. 2006-11-08
    listed $109,000
16. 2006-06-20
    soldstatus $79,000
17. 2006-06-19
    soldstatus $79,000
18. 2006-06-19
    soldstatus $79,000
19. 2006-03-29
    listed $79,000
20. 2006-03-29
    listed $79,000
21. 2003-12-09
    soldstatus $65,000
22. 2003-12-08
    soldstatus $65,000
23. 2003-12-08
    soldstatus $65,000
24. 2003-08-19
    listed $59,950
25. 2003-08-19
    listed $59,950
26. 1992-09-29
    soldstatus $39,975

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$309/yr (+$26/mo · 24.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,741
• − Mortgage interest: −$10,637
• − Property taxes: −$1,248
• − Insurance: −$950
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$5,524
• Taxable income: $1,583
• Est. tax owed @ 24.0%: −$380
• After-tax cash flow: $4,228/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

+375.0% since first listed

26 events — show timeline

• 2026-05-08 Price Changed $189,900 CVRMLS
• 2026-05-08 Relisted — CVRMLS
• 2026-03-27 Pending — CVRMLS
• 2026-03-09 Listed $194,900 CVRMLS
• 2024-11-06 Listing Removed — CVRMLS
• 2024-09-05 Listed $210,000 CVRMLS
• 2009-09-22 Listing Removed — CVRMLS
• 2007-03-05 Sold (Public Records) $101,000 Public Records
• 2007-02-22 Sold (MLS) $101,000 CVRMLS
• 2007-02-22 Sold (MLS) $101,000 CVRMLS
• 2007-01-05 Listed $109,000 CVRMLS
• 2007-01-05 Listed $109,000 CVRMLS
• 2007-01-01 Listing Removed — CVRMLS
• 2006-11-08 Listed $109,000 CVRMLS
• 2006-11-08 Listed $109,000 CVRMLS
• 2006-06-20 Sold (Public Records) $79,000 Public Records
• 2006-06-19 Sold (MLS) $79,000 CVRMLS
• 2006-06-19 Sold (MLS) $79,000 CVRMLS
• 2006-03-29 Listed $79,000 CVRMLS
• 2006-03-29 Listed $79,000 CVRMLS
• 2003-12-09 Sold (Public Records) $65,000 Public Records
• 2003-12-08 Sold (MLS) $65,000 CVRMLS
• 2003-12-08 Sold (MLS) $65,000 CVRMLS
• 2003-08-19 Listed $59,950 CVRMLS
• 2003-08-19 Listed $59,950 CVRMLS
• 1992-09-29 Sold (Public Records) $39,975 Public Records

Property tax history

+6.3%/yr

Latest (2022): $1,248 · +82.5% YoY. Source: county tax records.