203 Sixth St · Grottoes, VA 24441

$185,000

3 bd · 1.5 ba · 1,194 sqft · SingleFamily public records · 16 Days on market

Built 1932 3,049 sqft lot $155/sqft · 30% below area Est $265k · 30% under

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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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• Schools +4.8/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Why not be the one to beautifully restore this 1932 bungalow located on the original Main St. in the Town of Grottoes, VA? Zoning here allows for business, residential and short-term rentals. Bring your vision and bring this gem to life! What are you waiting for?

Key facts

• 1932 bungalow
• 3,049 sq ft lot
• Community pool

Tags

• 1932 BUNGALOW
• ZONING ALLOWS FOR BUSINESS
• ZONING ALLOWS FOR RESIDENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (10.8% below list).
• Recommended offer: $165k (10.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#173 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Rockingham County Public School District (rural): math 47% / reading 64% proficiency, ranked #77 of 131 in VA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 683 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).

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.
• Rockingham 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 16 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $50k; list at $185k implies a 270% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,000 (10.8% below list)

Questions for the listing agent

1. Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.44%
• DSCR: 1.20
• GRM: 9.3

CMA / ARV

• ARV (median comp): $265,290
• List price: $185,000
• Delta: -30.27%
• 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
107 Eighth St	0.13mi	3/2.0	1,196 (+0%)	2mo	$320,000	$268	90
402 Elm Ave	0.29mi	3/2.0	1,248 (+4%)	15mo	$285,000	$228	64
407 14th St	0.56mi	3/2.0	1,220 (+2%)	10mo	$330,000	$270	60
302 14th St	0.54mi	3/2.0	1,232 (+3%)	10mo	$300,000	$244	59
307 15th St	0.58mi	3/2.0	1,288 (+8%)	1mo	$342,000	$266	57
105 8th St	0.18mi	3/2.0	1,358 (+14%)	17mo	$309,000	$228	52
102 14th St	0.54mi	3/2.0	1,352 (+13%)	6mo	$330,000	$244	46
921 Macon Ave	0.68mi	3/2.0	1,296 (+8%)	16mo	$305,000	$235	38
302 17th St	0.72mi	3/1.0	1,060 (-11%)	10mo	$227,000	$214	37
4782 East Side Hwy	0.68mi	2/1.0 (-1)	1,280 (+7%)	17mo	$250,000	$195	36
409 17th St	0.74mi	3/1.0	1,025 (-14%)	13mo	$300,000	$293	29
1109 Scruggs Ln	0.71mi	3/2.0	1,366 (+14%)	14mo	$369,900	$271	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-17,842
• Equity at exit: $27,584

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-124
• Equity at exit: $15,995

Cash invested: $51,800 (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 24441

• Home prices YoY: -26.6%
• Active inventory: 40
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$64 /mo · $774/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $192

Break-even live

Break-even rent $1,407

Max offer price $185,000

Occupancy floor 83%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
818 Carson Cir Grottoes, VA	3.0	2.5	1320	$1,650	$1.25	43d	1	0.73mi

Listing history 6 events

1. 2026-05-03
   status Pending 265-char remark

   Show marketing remark (265 chars)

   Why not be the one to beautifully restore this 1932 bungalow located on the original Main St. in the Town of Grottoes, VA? Zoning here allows for business, residential and short-term rentals. Bring your vision and bring this gem to life! What are you waiting for?

2. 2026-05-03
   status Pending 265-char remark

   Show marketing remark (265 chars)

   Why not be the one to beautifully restore this 1932 bungalow located on the original Main St. in the Town of Grottoes, VA? Zoning here allows for business, residential and short-term rentals. Bring your vision and bring this gem to life! What are you waiting for?

3. 2026-04-17
   listed $185,000 Active 265-char remark

   Show marketing remark (265 chars)

   Why not be the one to beautifully restore this 1932 bungalow located on the original Main St. in the Town of Grottoes, VA? Zoning here allows for business, residential and short-term rentals. Bring your vision and bring this gem to life! What are you waiting for?

4. 2026-04-17
   listed $185,000 Active 265-char remark

   Show marketing remark (265 chars)

   Why not be the one to beautifully restore this 1932 bungalow located on the original Main St. in the Town of Grottoes, VA? Zoning here allows for business, residential and short-term rentals. Bring your vision and bring this gem to life! What are you waiting for?

5. 1995-10-23
   soldstatus $50,000
6. 1994-08-15
   soldstatus $50,000

ⓘ 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: $774 · $64/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$743/yr (+$62/mo · 96.0%)

ⓘ 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 5/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $19,800
• − Mortgage interest: −$10,363
• − Property taxes: −$774
• − Insurance: −$925
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$5,382
• Taxable loss: −$812
• Est. tax savings @ 24.0%: +$195
• After-tax cash flow: $2,496/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: Rockingham County Public School District
• NCES district ID: 5103390
• Math proficiency: 47% ▼ -36.00%
• Reading proficiency: 64% ▼ -12.00%
• Median HH income: $53,178
• Composite: 47.58/100
• National rank: #2264
• State rank: #77 of 131 in VA

Livability — Grottoes

• Score: 73/100
• State rank: #173
• US rank: #5391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grottoes, VA
• Population (ZIP): 6,376

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 83,435 people
• By 2030: 85,223 · +2.1%
• By 2040: 87,667 · +5.1%
• By 2050: 88,550 · +6.1%
• By 2075: 90,331 · +8.3%
• By 2100: 85,122 · +2.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 4% Black 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+37.0) · D 30.9% · R 68.0% · Other 1.1%
• 2008→2024 swing: -1.0pp toward R · 2008: -36.0pp · 2024: -37.0pp
• All cycles: 2024: R+37.0 2020: R+40.4 2016: R+43.5 2012: R+40.6 2008: R+36.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.23%
• Current HPI: 215.9927
• 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

+270.0% since first listed

6 events — show timeline

• 2026-05-03 Pending — HRAR
• 2026-05-03 Pending — BRIGHT MLS
• 2026-04-17 Listed $185,000 BRIGHT MLS
• 2026-04-17 Listed $185,000 HRAR
• 1995-10-23 Sold (Public Records) $50,000 Public Records
• 1994-08-15 Sold (Public Records) $50,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $774 · +0.0% YoY. Source: county tax records.