428 Faire Chase · Chesapeake, VA 23322

$295,000

3 bd · 3.0 ba · 1,368 sqft · Townhouse public records · 14 Days on market

Built 1986 2,178 sqft lot Est $295k · at est.

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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).

• Cash flow +11.4/30.0
• ARV discount +7.6/15.0
• Schools +5.8/10.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming townhouse in the highly sought-after Great Bridge area of Chesapeake! No HOA! This well-maintained home offers a functional layout with a spacious kitchen featuring an abundance of cabinet space perfect for storage and everyday living. The generous dining area flows seamlessly into the inviting living room, complete with a cozy wood-burning fireplace, creating the ideal space for entertaining or relaxing. Go outside to enjoy a large, fully fenced backyard with a deck. Upstairs, the oversized primary suite boasts a private en suite bath and a walk-in closet, offering both comfort and convenience. With its prime location near shopping, dining, and schools, this home i

Key facts

• Spacious kitchen
• Generous dining area
• No hoa

Tags

• NO HOA
• SPACIOUS KITCHEN
• ABUNDANCE OF CABINET SPACE
• GENEROUS DINING AREA
• WOOD-BURNING FIREPLACE
• FULLY FENCED BACKYARD

Property features AI

Finance

• Other: Lot approximately 0.05 acre (lot front 20', depth 138'); Wooded view; Neighborhood: MIDDLE OAKS
• HOA & community: No HOA or association fees indicated

Exterior

• Parking: Driveway parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached townhouse; 2 stories; Simple ownership; Slab foundation
• Construction: Brick and vinyl siding; Asphalt shingle roof
• Exterior features: Deck; Storage shed; Back yard with wood fence

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range
• Bedrooms: Includes 1 bedroom with an ensuite
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan; Wood-burning fireplace; Walk-in closet; Window treatments; Attic; Foyer; Utility closet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $295k.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (23.1% below list).
• Recommended offer: $227k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.7% in Chesapeake — 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 (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Great Bridge Primary (701 students, 18% FRL); Great Bridge High (math 60% / reading 87%, grade B+, #124 of 319 statewide, top 40%, 1,624 students, 25% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 596 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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 $183k; list at $295k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $226,769 (23.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.77% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $295,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 Faire Chase	0.00mi	3/2.5	1,368 (0%)	0mo	$295,000	$216	98
409 Faire Chase	0.05mi	2/2.5 (-1)	1,341 (-2%)	4mo	$299,900	$224	84
328 Faire Chase Dr	0.15mi	3/2.5	1,301 (-5%)	1mo	$299,900	$231	82
303 Middle Oaks Dr	0.15mi	2/2.5 (-1)	1,330 (-3%)	6mo	$285,000	$214	76
418 Middle Oaks Dr	0.06mi	2/2.5 (-1)	1,278 (-7%)	5mo	$270,000	$211	75
340 Middle Oaks Dr	0.08mi	2/2.5 (-1)	1,238 (-10%)	1mo	$302,000	$244	73
632 Sedgefield Ct	0.57mi	2/2.5 (-1)	1,361 (-0%)	3mo	$235,000	$173	63
800 Mill Landing Rd	0.36mi	2/2.5 (-1)	1,240 (-9%)	1mo	$305,000	$246	60
619 Sedgefield Ct	0.59mi	2/2.5 (-1)	1,492 (+9%)	3mo	$235,000	$158	48
559 Mill Landing Rd	0.60mi	3/2.5	1,525 (+12%)	4mo	$294,000	$193	48
426 San Roman Dr	0.69mi	3/2.5	1,540 (+13%)	1mo	$355,000	$231	44
640 W Lake Cir	0.66mi	3/2.5	1,557 (+14%)	6mo	$307,500	$197	39

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 · 4.46% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.38×
• Total profit: $-50,958
• Equity at exit: $43,985

10-year hold

• IRR: -6.9%
• Equity multiple: 0.53×
• Total profit: $-38,654
• Equity at exit: $25,506

Cash invested: $82,600 (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 23322

• Rents YoY: 4.5%
• Active inventory: 596
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$223 /mo · $2,680/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-102

Break-even live

Break-even rent $2,396

Max offer price $277,027

Occupancy floor 99%

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 Faire Chase Chesapeake, VA	2.0	2.0	1215	$1,850	$1.52	16d	1	0.03mi
430 Faire Chase Chesapeake, VA	2.0	2.0	1215	$1,850	$1.52	23d	1	0.03mi
525 Dove Dr Chesapeake, VA	3.0	2.0	1819	$2,800	$1.54	21d	1	0.57mi
632 Sedgefield Ct Chesapeake, VA	2.0	3.0	1361	$2,100	$1.54	17d	1	0.57mi
316 San Roman Dr Chesapeake, VA	3.0	1.5	1304	$1,895	$1.45	23d	1	0.61mi
552 Mill Landing Rd Chesapeake, VA	3.0	3.0	1532	$2,000	$1.31	23d	1	0.64mi
1090 Washington Dr Chesapeake, VA	3.0	2.0	1400	$2,700	$1.93	12d	1	1.32mi

Listing history 7 events

1. 2026-05-13
   status Under Contract
2. 2026-05-05
   historical Active Under Contract
3. 2026-04-29
   listed $295,000 Active
4. 2017-07-05
   soldstatus $183,000
5. 2017-06-07
   status Under Contract
6. 2017-05-23
   listed $183,000 Active
7. 1986-10-30
   soldstatus $70,500

ⓘ 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: $2,680 · $223/mo
• Projected year-2 tax: $2,680 · $223/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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $27,212
• − Mortgage interest: −$16,525
• − Property taxes: −$2,680
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$8,582
• Taxable loss: −$6,403
• Est. tax savings @ 24.0%: +$1,537
• After-tax cash flow: $316/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 66,956
• Household income: $134,880
• Rent vs Own: 9.9% rent · 90.1% own
• Severe rent burden: 507.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -357.58%
• Current HPI: 312.495
• Rent YoY: ▲ 4.46%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+318.4% since first listed

7 events — show timeline

• 2026-05-13 Pending — REINMLS
• 2026-05-05 Contingent — REINMLS
• 2026-04-29 Listed $295,000 REINMLS
• 2017-07-05 Sold (Public Records) $183,000 Public Records
• 2017-06-07 Pending — REINMLS
• 2017-05-23 Listed $183,000 REINMLS
• 1986-10-30 Sold (Public Records) $70,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $2,680 · +5.1% YoY. Source: county tax records.