605 Spirit Ct · Virginia Beach, VA 23462

$139,800

2 bd · 1.0 ba · 866 sqft · Condo public records · 32 Days on market

Built 1985 $430/mo HOA · 25% of rent

---

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 +14.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +6.4/10.0
• DSCR +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Updated first floor one-story condo centrally located near Town Center, shopping, dining, interstates, and military bases. This condo features an open-concept living area with fireplace that flows into the kitchen with bar seating and dining area. Recent updates include a new HVAC system, new flooring all throughout and recently painted. The layout offers two bedrooms, including a primary suite with a walk-in closet, along with a full bathroom and a large walk-in laundry room, all conveniently located on the first floor. One reserved parking space is included, with additional guest parking available on a first come, first served basis. An excellent opportunity for a first-time buyer or inve

Key facts

• New flooring
• Bar seating
• Recently painted

Tags

• OPEN-CONCEPT LIVING AREA
• FIREPLACE
• BAR SEATING
• NEW HVAC SYSTEM
• NEW FLOORING
• RECENTLY PAINTED

Property features AI

Finance

• HOA & community: Condo association (Newpointe Condo Association); Managed by The Select Group; HOA fee $430 monthly; Condo POA covers ground maintenance, sewer, trash pickup, and water

Exterior

• Parking: Assigned/reserved parking (1 space, lot)
• Utilities: City/County water; City/County sewer
• Home design: Attached condo; Low-rise style; Single-story (1 living level); Condo unit on level 1; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Porch; Ground maintenance provided by condo association

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Master bedroom with ensuite (first floor)
• Flooring: Ceramic; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump (heating and cooling); Electric heating; Central air
• Interior features: Cable hookup; Ceiling fan; Bar; Dual-entry bath (bedroom and hallway); Wood fireplace; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $36 ($436/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Williams Elementary (math 35% / reading 47%, grade F, #892 of 1,108 statewide, top 81%, 409 students, 95% FRL); Bayside High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 1,983 students, 65% FRL) — zoned schools average 80% FRL vs 28% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 55% at this address vs 74% district-wide (-18 pts) — the specific schools serving this property underperform the Va Beach City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.6%/yr); 220 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 30% of the median local income ($69k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: moderate flood risk; severe wind risk, 94% 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 $135,606 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.24% ✓
• Cap rate: 6.61%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.61% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.61×
• Total profit: $-15,412
• Equity at exit: $20,845

10-year hold

• IRR: 3.3%
• Equity multiple: 1.28×
• Total profit: $10,817
• Equity at exit: $12,087

Cash invested: $39,144 (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 23462

• Rents YoY: 5.6%
• Active inventory: 220
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,734 high
• Mortgage (P&I): −$733
• Tax from tax record: −$112 /mo · $1,348/yr
• Insurance: −$58
• HOA: −$430
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $36

Break-even live

Break-even rent $1,688

Max offer price $139,800

Occupancy floor 93%

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: $34,950
• Closing costs: $4,194
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Spirit Ct Virginia Beach, VA	2.0	1.0	866	$1,875	$2.17	8d	1	0.02mi
607 Crows Nest Ct Virginia Beach, VA	2.0	1.0	700	$1,700	$2.43	24d	1	0.06mi
502 Wharf Ct Virginia Beach, VA	2.0	1.0	866	$1,495	$1.73	11d	1	0.07mi
5516 Seawall Ct Virginia Beach, VA	2.0–3.0	1.0–3.0	1125	$1,536	$1.36	2d	18	0.08mi
5619 Summit Arch Virginia Beach, VA	2.0	2.0	957	$1,650	$1.72	4d	1	0.16mi
5547 Lynbrook Lndg Virginia Beach, VA	3.0	1.0	820	$1,350	$1.65	17d	1	0.62mi
453 Peregrine St Virginia Beach, VA	2.0	1.0	994	$1,500	$1.51	24d	1	0.66mi
5781 Lake Edward Dr Virginia Beach, VA	2.0	1.0–1.5	1075	$1,478	$1.37	2d	15	0.78mi
512 Featherstone Ct Unit 501-201D Virginia Beach, VA	2.0	1.0	897	$1,549	$1.73	24d	1	0.81mi
512 Featherstone Ct Unit 573F Virginia Beach, VA	3.0	1.0	1047	$1,675	$1.60	24d	1	0.81mi
512 Featherstone Ct Unit 520102-F Virginia Beach, VA	1.0	1.0	897	$799	$0.89	4d	1	0.81mi
5414 Catina Arch Virginia Beach, VA	1.0–4.0	1.0–1.5	866	$1,717	$1.98	3d	10	0.86mi
5161 Weaver Dr Virginia Beach, VA	2.0–3.0	1.0	971	$1,549	$1.60	4d	4	0.89mi
5141 Gracewood Ln Unit 203 Virginia Beach, VA	1.0	1.0	748	$1,595	$2.13	20d	1	0.91mi
5433 Campus Dr Virginia Beach, VA	2.0	2.0	1000	$1,700	$1.70	3d	1	0.95mi
5301 Justin Ct Virginia Beach, VA	1.0–2.0	1.0	695	$1,599	$2.30	24d	12	0.98mi
5312 Justin Ct Unit 800-21-102E Virginia Beach, VA	2.0	1.0	800	$1,599	$2.00	24d	1	1.01mi
5312 Justin Ct Unit 808-11-202E Virginia Beach, VA	1.0	1.0	550	$1,399	$2.54	24d	1	1.01mi
5441 Greenwich Rd Virginia Beach, VA	1.0–2.0	1.0–2.0	1075	$3,149	$2.93	2d	13	1.02mi
6163 Kempsville Cir Norfolk, VA	1.0–3.0	1.0–2.0	1120	$2,523	$2.25	2d	12	1.36mi
5528 Carolanne Ter Virginia Beach, VA	2.0	2.0	950	$1,725	$1.82	2d	1	1.36mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	723	$1,775	$2.46	20d	1	1.45mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1070	$2,400	$2.24	44d	1	1.45mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	914	$2,250	$2.46	16d	1	1.45mi
1060 Kempsville Rd Apt 10305 Norfolk, VA	2.0	2.0	975	$2,142	$2.20	8d	1	1.46mi
1060 Kempsville Rd Unit 00 09212 Norfolk, VA	2.0	2.0	1002	$2,370	$2.37	44d	1	1.46mi

HOA detail condo

• Monthly dues: $430 · $5,160/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-06
   status Under Contract
2. 2026-04-03
   listed $139,800 Active
3. 2023-01-27
   soldstatus $125,000

ⓘ 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: $1,348 · $112/mo
• Projected year-2 tax: $1,348 · $112/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 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,812
• − Mortgage interest: −$7,831
• − Property taxes: −$1,348
• − Insurance: −$699
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − HOA: −$5,160
• − Depreciation: −$4,067
• Taxable loss: −$1,623
• Est. tax savings @ 24.0%: +$390
• After-tax cash flow: $826/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 66,151
• Household income: $69,040
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 3906.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -269.19%
• Current HPI: 333.1908
• Rent YoY: ▲ 5.61%
• 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

+11.8% since first listed

3 events — show timeline

• 2026-05-06 Pending — REINMLS
• 2026-04-03 Listed $139,800 REINMLS
• 2023-01-27 Sold (Public Records) $125,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $1,348 · +6.8% YoY. Source: county tax records.