59 Munsey Dr · Lebanon, VA 24266

$59,000

3 bd · 1.0 ba · 1,209 sqft · SingleFamily public records · 196 Days on market

Built 1940 0.40 ac lot $49/sqft · 65% below area ↓ 27% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +5.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

Key facts

• 0.4 acre lot
• Built 1940
• Listed 195 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.1% vs local median 2.7% in Lebanon — 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 76/100 on livability (#115 in VA, #3,561 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: employment D+, amenities D-, commute F.
• Russell County Public School District (rural): math 58% / reading 73% proficiency, ranked #44 of 131 in VA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 77 active listings in the ZIP; 35 units permitted in Russell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($408 loan paydown + $1k appreciation (1.7% local appreciation)).
• Russell County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.11% ✓
• Cap rate: 19.09%
• Cash-on-cash: 45.72%
• DSCR: 3.03
• GRM: 4.0

CMA / ARV

• ARV (median comp): $169,066
• List price: $59,000
• Delta: -65.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
172 Lee Ave	0.14mi	3/1.0	1,278 (+6%)	6mo	$175,000	$137	79
172 Lee St	0.14mi	3/1.0	1,278 (+6%)	6mo	$175,000	$137	79
17 Gay Ave	0.13mi	3/1.0	1,070 (-12%)	20mo	$99,900	$93	58
139 Linkous Dr	0.29mi	3/1.0	1,299 (+7%)	20mo	$77,500	$60	58
73 Vine St	0.24mi	3/2.0	1,092 (-10%)	13mo	$190,000	$174	57
57 Ledge Dr	0.44mi	3/1.0	1,245 (+3%)	23mo	$154,000	$124	56
399 Rose Dr	0.44mi	3/1.5	1,120 (-7%)	14mo	$162,000	$145	54
129 Brumley Circle Cir	0.56mi	3/2.0	1,250 (+3%)	14mo	$220,000	$176	52
218 Banner St	0.66mi	2/1.0 (-1)	1,349 (+12%)	7mo	$140,000	$104	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.3%
• Equity multiple: 3.62×
• Total profit: $43,249
• Equity at exit: $22,351

10-year hold

• IRR: 50.2%
• Equity multiple: 7.23×
• Total profit: $102,927
• Equity at exit: $31,494

Cash invested: $16,520 (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 24266

• Home prices YoY: 0.9%
• Active inventory: 77
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,243 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$19 /mo · $225/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $629

Break-even live

Break-even rent $446

Max offer price $59,000

Occupancy floor 44%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $59,000 Active 196 DOM
2. 2026-06-18
   days on market $59,000 Active 195 DOM
3. 2026-06-17
   days on market $59,000 Active 194 DOM
4. 2026-06-16
   days on market $59,000 Active 193 DOM
5. 2026-06-15
   days on market $59,000 Active 192 DOM
6. 2026-06-14
   days on market $59,000 Active 190 DOM
7. 2026-06-13
   days on market $59,000 Active 189 DOM
8. 2026-06-10
   days on market $59,000 Active 187 DOM
9. 2026-06-09
   days on market $59,000 Active 186 DOM
10. 2026-06-08
    days on market $59,000 Active 185 DOM
11. 2026-06-07
    days on market $59,000 Active 184 DOM
12. 2026-06-02
    days on market $59,000 Active 179 DOM
13. 2026-06-01
    days on market $59,000 Active 178 DOM
14. 2026-05-31
    days on market $59,000 Active 177 DOM
15. 2026-05-30
    days on market $59,000 Active 176 DOM
16. 2026-05-01
    price $65,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

17. 2026-05-01
    price $65,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

18. 2026-04-14
    price $69,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

19. 2026-04-14
    price $69,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

20. 2026-03-03
    price $75,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

21. 2026-03-03
    price $75,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

22. 2026-01-21
    soldstatus $59,000
23. 2026-01-05
    price $79,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

24. 2026-01-05
    price $79,000 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

25. 2025-12-06
    listed $89,000 Active 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

26. 2025-12-05
    listed $89,000 Active 216-char remark

    Show marketing remark (216 chars)

    ATTENTION INVESTORS! Come take a look at this 3-bedroom 1-bath home located in Lebanon, Virginia, conveniently located near Old Fincastle Rd. With a little creativity and effort, it's ready to become your dream home.

ⓘ 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: $225 · $19/mo
• Projected year-2 tax: $484 · $40/mo
• Expected delta: +$259/yr (+$22/mo · 115.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥89°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,918
• − Mortgage interest: −$3,305
• − Property taxes: −$225
• − Insurance: −$295
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − Depreciation: −$1,716
• Taxable income: $6,990
• Est. tax owed @ 24.0%: −$1,677
• After-tax cash flow: $5,875/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: Russell County Public School District
• NCES district ID: 5103420
• Math proficiency: 58% ▼ -32.00%
• Reading proficiency: 73% ▼ -10.00%
• Median HH income: $34,970
• Composite: 54.14/100
• National rank: #1384
• State rank: #44 of 131 in VA

Livability — Lebanon

• Score: 76/100
• State rank: #115
• US rank: #3561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, VA
• Population (ZIP): 8,688

Population outlook (Russell County) Hauer SSP2

• Today (2025): 25,787 people
• By 2030: 24,485 · -5.0%
• By 2040: 21,750 · -15.7%
• By 2050: 19,214 · -25.5%
• By 2075: 14,500 · -43.8%
• By 2100: 10,629 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Black 2%
• Common ancestry: Serbian 2% Italian 1% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Russell

• 2024 margin: Solid R (+67.5) · D 16.1% · R 83.6%
• 2008→2024 swing: -54.8pp toward R · 2008: -12.7pp · 2024: -67.5pp
• All cycles: 2024: R+67.5 2020: R+63.5 2016: R+58.9 2012: R+37.0 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.71%
• Current HPI: 184.8412
• Rent YoY: —
• Metro: —
• 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

-27.0% since first listed

11 events — show timeline

• 2026-05-01 Price Changed $65,000 TVRMLS
• 2026-05-01 Price Changed $65,000 SWVAR
• 2026-04-14 Price Changed $69,000 SWVAR
• 2026-04-14 Price Changed $69,000 TVRMLS
• 2026-03-03 Price Changed $75,000 SWVAR
• 2026-03-03 Price Changed $75,000 TVRMLS
• 2026-01-21 Sold (Public Records) $59,000 Public Records
• 2026-01-05 Price Changed $79,000 TVRMLS
• 2026-01-05 Price Changed $79,000 SWVAR
• 2025-12-06 Listed $89,000 TVRMLS
• 2025-12-05 Listed $89,000 SWVAR

Property tax history

-0.9%/yr

Latest (2024): $225 · +0.0% YoY. Source: county tax records.