225 That Way · Midlothian, VA 23114

$399,000

4 bd · 3.0 ba · 1,777 sqft · SingleFamily · 127 Days on market

Built 2025 $225/sqft · 6% below area Est $424k · 6% under $183/mo HOA · 7% of rent ↓ 11% since listing

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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 +10.1/15.0
• Cash flow +9.0/30.0
• Schools +5.2/10.0
• Rent growth +4.6/5.0
• DSCR +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious three-story townhome offers three bedrooms, two full bathrooms, two half bathrooms, and a two-car garage—all while overlooking a pond! Upon entering from either the front porch or garage, you’ll find a massive flex space and half bathroom on the first floor. Head upstairs to the open-concept second floor, where the spacious great room seamlessly into the eat-in area and kitchen. Enjoy outdoor living with a rear deck right off the kitchen. Plus, a butler's pantry that adds both style and storage. A powder room and walk-in pantry complete this level. The third level offers a primary suite with double vanities and a huge walk in closet, two secondary bedrooms, and a hall bathroom. A laundry closet and a linen closet complete this floor. This home is under construction with an estimated completion date of June/July 2026. * Photos for new homes may vary from the actual home available for sale. We often showcase pictures from a model home of the same style *

Key facts

• Linen closet
• Laundry closet
• Butler's pantry

Tags

• REAR DECK
• BUTLER'S PANTRY
• WALK IN CLOSET
• LAUNDRY CLOSET
• LINEN CLOSET

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-314 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $343k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (30.2% below list).
• Recommended offer: $279k (30.2% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.2% in Midlothian — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Market conditions: Rents rising fast (+8.3%/yr); 216 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,307 units permitted in Chesterfield County in 2024 (462 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Chesterfield County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.

Recommended offer $278,668 (30.2% 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. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.70% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 11.9

CMA / ARV

• ARV (median comp): $423,724
• List price: $399,000
• Delta: -5.83%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 Sycamore Village Ter	0.08mi	3/2.5 (-1)	1,790 (+1%)	15mo	$395,000	$221	76
14031 S Carriage Ln	0.25mi	4/2.0	1,724 (-3%)	13mo	$415,000	$241	68
13730 Village View Dr	0.17mi	4/2.5	1,554 (-12%)	11mo	$385,000	$248	60
13503 Headwaters Pl	0.61mi	3/2.5 (-1)	1,780 (+0%)	11mo	$361,000	$203	55
1301 Salisbury Dr	0.41mi	3/1.5 (-1)	1,927 (+8%)	1mo	$434,950	$226	55
14051 S Carriage Ln	0.31mi	3/2.0 (-1)	1,820 (+2%)	23mo	$425,000	$234	54
1210 Salisbury Dr	0.34mi	3/2.0 (-1)	1,630 (-8%)	13mo	$386,000	$237	50
1607 Headwaters Rd	0.69mi	3/2.5 (-1)	1,708 (-4%)	8mo	$415,900	$244	48
13002 Glengate Rd	0.71mi	3/2.5 (-1)	1,792 (+1%)	15mo	$407,000	$227	46
13330 Mulligan Ct	0.35mi	3/2.0 (-1)	1,582 (-11%)	21mo	$392,500	$248	39
13001 Glengate Rd	0.74mi	3/2.5 (-1)	1,571 (-12%)	19mo	$276,100	$176	23

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.37×
• Total profit: $-70,055
• Equity at exit: $59,492

10-year hold

• IRR: -2.2%
• Equity multiple: 0.82×
• Total profit: $-20,186
• Equity at exit: $34,498

Cash invested: $111,720 (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 23114

• Rents YoY: 8.3%
• Active inventory: 216
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,787 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$166
• HOA: −$183
• Vacancy / Maint / Mgmt: −$585
• Net cashflow: $-314

Break-even live

Break-even rent $3,185

Max offer price $343,471

Occupancy floor —

Sensitivity live

Price	-10% $-88	-5% $-201	+0% $-314	+5% $-427	+10% $-540
Rent	-10% $-534	-5% $-424	+0% $-314	+5% $-204	+10% $-94
Rate	-1.0pp $-113	-0.5pp $-213	base $-314	+0.5pp $-418	+1.0pp $-523

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 This Midlothian, VA	4.0	3.5	1792	$2,550	$1.42	44d	1	0.01mi
101 Avenda Ln Midlothian, VA	4.0	2.5	1792	$2,625	$1.46	15d	1	0.04mi
13836 Randolph Pond Ln Midlothian, VA	4.0	3.5	2122	$2,700	$1.27	18d	1	0.18mi
13836 Randolph Pond Ln Unit 1 Midlothian, VA	4.0	3.0	2270	$2,700	$1.19	44d	1	0.18mi
13801 Randolph Pond Ln Midlothian, VA	4.0	3.5	2059	$2,995	$1.45	3d	1	0.23mi
13349 Coalfield Station Ln Midlothian, VA	3.0	2.5	2512	$2,990	$1.19	44d	1	0.31mi
13300 Enclave Dr Midlothian, VA	1.0–3.0	1.0–2.0	1044	$1,966	$1.88	3d	14	0.38mi
14201 Martinet Xing Midlothian, VA	3.0	2.5	2160	$2,500	$1.16	24d	1	0.48mi
13121 Brattice Loop Midlothian, VA	3.0	2.5	1573	$2,400	$1.53	45d	1	0.56mi
1301 Buckingham Station Dr Midlothian, VA	1.0–3.0	1.0–2.0	1092	$2,210	$2.02	2d	52	0.65mi
1532 Ewing Park Loop Unit 1 Midlothian, VA	3.0	3.0	1641	$2,900	$1.77	44d	1	0.68mi
500 Bristol Village Dr Midlothian, VA	1.0–3.0	1.0–2.0	1145	$2,273	$1.98	3d	6	0.80mi
13201 Glenmeadow Ct Midlothian, VA	4.0	2.0	1555	$2,650	$1.70	4d	1	0.80mi
719 Biggin Pond Rd Midlothian, VA	4.0	2.5	2587	$3,000	$1.16	24d	1	0.86mi
637 Abbey Village Cir Midlothian, VA	4.0	3.5	1963	$2,680	$1.37	4d	1	0.93mi
12703 Mill Forest Ct Midlothian, VA	4.0	3.0	2170	$2,700	$1.24	15d	1	0.99mi

HOA detail

• Monthly dues: $183 · $2,196/yr

Listing history 3 events

1. 2026-05-19
   status Pending 995-char remark

   Show marketing remark (995 chars)

   This spacious three-story townhome offers three bedrooms, two full bathrooms, two half bathrooms, and a two-car garage—all while overlooking a pond! Upon entering from either the front porch or garage, you’ll find a massive flex space and half bathroom on the first floor. Head upstairs to the open-concept second floor, where the spacious great room seamlessly into the eat-in area and kitchen. Enjoy outdoor living with a rear deck right off the kitchen. Plus, a butler's pantry that adds both style and storage. A powder room and walk-in pantry complete this level. The third level offers a primary suite with double vanities and a huge walk in closet, two secondary bedrooms, and a hall bathroom. A laundry closet and a linen closet complete this floor. This home is under construction with an estimated completion date of June/July 2026. * Photos for new homes may vary from the actual home available for sale. We often showcase pictures from a model home of the same style *

2. 2026-03-27
   price $399,000 995-char remark

   Show marketing remark (995 chars)

   This spacious three-story townhome offers three bedrooms, two full bathrooms, two half bathrooms, and a two-car garage—all while overlooking a pond! Upon entering from either the front porch or garage, you’ll find a massive flex space and half bathroom on the first floor. Head upstairs to the open-concept second floor, where the spacious great room seamlessly into the eat-in area and kitchen. Enjoy outdoor living with a rear deck right off the kitchen. Plus, a butler's pantry that adds both style and storage. A powder room and walk-in pantry complete this level. The third level offers a primary suite with double vanities and a huge walk in closet, two secondary bedrooms, and a hall bathroom. A laundry closet and a linen closet complete this floor. This home is under construction with an estimated completion date of June/July 2026. * Photos for new homes may vary from the actual home available for sale. We often showcase pictures from a model home of the same style *

3. 2026-01-12
   listed $446,112 Active 995-char remark

   Show marketing remark (995 chars)

   This spacious three-story townhome offers three bedrooms, two full bathrooms, two half bathrooms, and a two-car garage—all while overlooking a pond! Upon entering from either the front porch or garage, you’ll find a massive flex space and half bathroom on the first floor. Head upstairs to the open-concept second floor, where the spacious great room seamlessly into the eat-in area and kitchen. Enjoy outdoor living with a rear deck right off the kitchen. Plus, a butler's pantry that adds both style and storage. A powder room and walk-in pantry complete this level. The third level offers a primary suite with double vanities and a huge walk in closet, two secondary bedrooms, and a hall bathroom. A laundry closet and a linen closet complete this floor. This home is under construction with an estimated completion date of June/July 2026. * Photos for new homes may vary from the actual home available for sale. We often showcase pictures from a model home of the same style *

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $3,272 · $273/mo
• Expected delta: +$2,382/yr (+$198/mo · 267.6%)

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

Taxation est. · year 1

• Rental income: $33,440
• − Mortgage interest: −$22,350
• − Property taxes: −$890
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,675
• − Management: −$2,675
• − HOA: −$2,196
• − Depreciation: −$11,607
• Taxable loss: −$10,949
• Est. tax savings @ 24.0%: +$2,628
• After-tax cash flow: $-1,144/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: Chesterfield County Public School District
• NCES district ID: 5100840
• Math proficiency: 52% ▼ -30.00%
• Reading proficiency: 64% ▼ -15.00%
• Median HH income: $72,821
• Composite: 51.56/100
• National rank: #1712
• State rank: #57 of 131 in VA

Livability — Midlothian

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Midlothian, VA
• County: Chesterfield County · 406,988 people
• City population: 106,124
• Metro: Richmond, VA
• Population (ZIP): 21,631
• Household income: $112,738
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 408.0

Population outlook (Chesterfield County) Hauer SSP2

• Today (2025): 377,190 people
• By 2030: 395,710 · +4.9%
• By 2040: 427,694 · +13.4%
• By 2050: 452,706 · +20.0%
• By 2075: 505,533 · +34.0%
• By 2100: 521,282 · +38.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 12% Asian 7% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 2% Italian 2% Serbian 1%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Chesterfield

• 2024 margin: Lean D (+9.0) · D 53.8% · R 44.8% · Other 1.4%
• 2008→2024 swing: +16.4pp toward D · 2008: -7.5pp · 2024: 9.0pp
• All cycles: 2024: D+9.0 2020: D+6.7 2016: R+2.2 2012: R+7.1 2008: R+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.53%
• Current HPI: 254.5393
• Rent YoY: ▲ 8.31%
• 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

-10.6% since first listed

3 events — show timeline

• 2026-05-19 Pending — CVRMLS
• 2026-03-27 Price Changed $399,000 CVRMLS
• 2026-01-12 Listed $446,112 CVRMLS