203 Henry St · Norton, VA 24273

$119,900

2 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 73 Days on market

Built 1950 0.30 ac lot $100/sqft · 12% above area Est $107k · 12% over

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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 +21.8/30.0
• DSCR +7.0/10.0
• Schools +6.3/10.0
• Appreciation +5.1/10.0
• 1% rule +4.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.2/15.0

Listing remarks MLS

Step into a true piece of American history with this rare 1950 Lustron home located in the heart of the City of Norton! Known for their iconic all-steel construction and timeless mid-century design, Lustron homes are a remarkable blend of durability, character, and architectural significance. This home proudly retains its fully original metal construction, from the signature steel exterior panels to the thoughtfully designed interior details that make these homes so sought after by history enthusiasts and design lovers alike. Built to stand the test of time, this home offers a rare opportunity to own a truly one-of-a-kind property with unmatched character and conversation-worthy appeal. Conveniently situated within the city limits of Norton, you'll enjoy the perfect combination of historic charm and modern-day convenience with shopping, dining, and local amenities just minutes away. Whether you're a collector of unique homes, a lover of mid-century design, or simply looking for something unlike anything else on the market, this Lustron home is a must-see!

Key facts

• Mid-century design
• Lustron home
• 0.3 acre lot

Tags

• LUSTRON HOME
• ALL-STEEL CONSTRUCTION
• MID-CENTURY DESIGN
• ORIGINAL METAL CONSTRUCTION
• STEEL EXTERIOR PANELS
• THOUGHTFULLY DESIGNED INTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $187 ($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 $117k (2.5% below list).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.5% in Norton — 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 74/100 on livability (#139 in VA, #4,441 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A; Watch: commute D, crime F, amenities F.
• Norton City Public School District (town): math 68% / reading 85% proficiency, ranked #12 of 131 in VA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP.

Forward outlook

• In year one you build about $999 of equity ($829 loan paydown + $170 appreciation (0.1% local appreciation)).
• Norton County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.97% ✗
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• GRM: 8.5

CMA / ARV

• ARV (median comp): $107,253
• List price: $119,900
• Delta: 11.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 10th St	0.18mi	2/1.0	1,329 (+11%)	19mo	$115,000	$87	58
39 12th St St	0.41mi	3/2.0 (+1)	1,050 (-12%)	9mo	$8,000	$8	43

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

Projected returns pro-forma

0.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.27×
• Total profit: $9,195
• Equity at exit: $35,668

10-year hold

• IRR: 10.7%
• Equity multiple: 2.19×
• Total profit: $39,861
• Equity at exit: $43,562

Cash invested: $33,572 (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 24273

• Home prices YoY: 0.1%
• Active inventory: 40
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,169 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$57 /mo · $686/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $187

Break-even live

Break-even rent $931

Max offer price $119,900

Occupancy floor 79%

Sensitivity live

Price	-10% $255	-5% $221	+0% $187	+5% $154	+10% $120
Rent	-10% $95	-5% $141	+0% $187	+5% $234	+10% $280
Rate	-1.0pp $248	-0.5pp $218	base $187	+0.5pp $156	+1.0pp $125

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $119,900 Active 73 DOM
2. 2026-06-18
   days on market $119,900 Active 71 DOM
3. 2026-06-17
   days on market $119,900 Active 70 DOM
4. 2026-06-16
   days on market $119,900 Active 69 DOM
5. 2026-06-15
   days on market $119,900 Active 68 DOM
6. 2026-06-15
   days on market $119,900 Active 67 DOM
7. 2026-06-13
   pricedays on market $119,900 Active 66 DOM
8. 2026-06-12
   days on market $123,900 Active 65 DOM
9. 2026-06-09
   days on market $123,900 Active 62 DOM
10. 2026-06-08
    days on market $123,900 Active 61 DOM
11. 2026-06-08
    days on market $123,900 Active 60 DOM
12. 2026-06-05
    days on market $123,900 Active 58 DOM
13. 2026-06-03
    days on market $123,900 Active 56 DOM
14. 2026-06-02
    days on market $123,900 Active 55 DOM
15. 2026-06-01
    days on market $123,900 Active 54 DOM
16. 2026-05-31
    days on market $123,900 Active 53 DOM
17. 2026-05-11
    price $123,900 1071-char remark

    Show marketing remark (1071 chars)

    Step into a true piece of American history with this rare 1950 Lustron home located in the heart of the City of Norton! Known for their iconic all-steel construction and timeless mid-century design, Lustron homes are a remarkable blend of durability, character, and architectural significance. This home proudly retains its fully original metal construction, from the signature steel exterior panels to the thoughtfully designed interior details that make these homes so sought after by history enthusiasts and design lovers alike. Built to stand the test of time, this home offers a rare opportunity to own a truly one-of-a-kind property with unmatched character and conversation-worthy appeal. Conveniently situated within the city limits of Norton, you'll enjoy the perfect combination of historic charm and modern-day convenience with shopping, dining, and local amenities just minutes away. Whether you're a collector of unique homes, a lover of mid-century design, or simply looking for something unlike anything else on the market, this Lustron home is a must-see!

18. 2026-05-07
    price $134,000 1071-char remark

    Show marketing remark (1071 chars)

    Step into a true piece of American history with this rare 1950 Lustron home located in the heart of the City of Norton! Known for their iconic all-steel construction and timeless mid-century design, Lustron homes are a remarkable blend of durability, character, and architectural significance. This home proudly retains its fully original metal construction, from the signature steel exterior panels to the thoughtfully designed interior details that make these homes so sought after by history enthusiasts and design lovers alike. Built to stand the test of time, this home offers a rare opportunity to own a truly one-of-a-kind property with unmatched character and conversation-worthy appeal. Conveniently situated within the city limits of Norton, you'll enjoy the perfect combination of historic charm and modern-day convenience with shopping, dining, and local amenities just minutes away. Whether you're a collector of unique homes, a lover of mid-century design, or simply looking for something unlike anything else on the market, this Lustron home is a must-see!

19. 2026-04-09
    listed $134,900 Active 1071-char remark

    Show marketing remark (1071 chars)

    Step into a true piece of American history with this rare 1950 Lustron home located in the heart of the City of Norton! Known for their iconic all-steel construction and timeless mid-century design, Lustron homes are a remarkable blend of durability, character, and architectural significance. This home proudly retains its fully original metal construction, from the signature steel exterior panels to the thoughtfully designed interior details that make these homes so sought after by history enthusiasts and design lovers alike. Built to stand the test of time, this home offers a rare opportunity to own a truly one-of-a-kind property with unmatched character and conversation-worthy appeal. Conveniently situated within the city limits of Norton, you'll enjoy the perfect combination of historic charm and modern-day convenience with shopping, dining, and local amenities just minutes away. Whether you're a collector of unique homes, a lover of mid-century design, or simply looking for something unlike anything else on the market, this Lustron home is a must-see!

20. 2024-01-25
    status Pending 575-char remark

    Show marketing remark (575 chars)

    Beautiful home on the corner of Henry street. It has amazing view of the mountains. Located on the corner with for a large level yard that includes 2 lots. The home is constructed as Lustron home. Lustron houses are prefabricated enameled steel houses developments in the post World War II era. It includes 3 bedrooms, 1 baths, living room and kitchen. It has metal walls and concrete sub floors. The laundry is off the kitchen. Make your appointment today! sold AS IS and the Buyer and buyer agents to verify all information in this listing. Subject to Errors and Omissions

21. 2024-01-24
    soldstatus $95,400 Closed 575-char remark

    Show marketing remark (575 chars)

    Beautiful home on the corner of Henry street. It has amazing view of the mountains. Located on the corner with for a large level yard that includes 2 lots. The home is constructed as Lustron home. Lustron houses are prefabricated enameled steel houses developments in the post World War II era. It includes 3 bedrooms, 1 baths, living room and kitchen. It has metal walls and concrete sub floors. The laundry is off the kitchen. Make your appointment today! sold AS IS and the Buyer and buyer agents to verify all information in this listing. Subject to Errors and Omissions

22. 2023-10-17
    listed Active Under Contract 575-char remark

    Show marketing remark (575 chars)

    Beautiful home on the corner of Henry street. It has amazing view of the mountains. Located on the corner with for a large level yard that includes 2 lots. The home is constructed as Lustron home. Lustron houses are prefabricated enameled steel houses developments in the post World War II era. It includes 3 bedrooms, 1 baths, living room and kitchen. It has metal walls and concrete sub floors. The laundry is off the kitchen. Make your appointment today! sold AS IS and the Buyer and buyer agents to verify all information in this listing. Subject to Errors and Omissions

23. 2023-10-17
    listed $94,900 575-char remark

    Show marketing remark (575 chars)

    Beautiful home on the corner of Henry street. It has amazing view of the mountains. Located on the corner with for a large level yard that includes 2 lots. The home is constructed as Lustron home. Lustron houses are prefabricated enameled steel houses developments in the post World War II era. It includes 3 bedrooms, 1 baths, living room and kitchen. It has metal walls and concrete sub floors. The laundry is off the kitchen. Make your appointment today! sold AS IS and the Buyer and buyer agents to verify all information in this listing. Subject to Errors and Omissions

ⓘ 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: $686 · $57/mo
• Projected year-2 tax: $983 · $82/mo
• Expected delta: +$297/yr (+$25/mo · 43.4%)

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

Taxation est. · year 1

• Rental income: $14,025
• − Mortgage interest: −$6,716
• − Property taxes: −$686
• − Insurance: −$600
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − Depreciation: −$3,488
• Taxable income: $292
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $2,179/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: Norton City Public School District
• NCES district ID: 5102760
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 85% ▲ 2.00%
• Median HH income: $34,636
• Composite: 63.22/100
• National rank: #636
• State rank: #12 of 131 in VA

Livability — Norton

• Score: 74/100
• State rank: #139
• US rank: #4441

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norton, VA
• Population (ZIP): 5,860

Population outlook (Norton County) Hauer SSP2

• Today (2025): 3,919 people
• By 2030: 3,899 · -0.5%
• By 2040: 3,838 · -2.1%
• By 2050: 3,778 · -3.6%
• By 2075: 3,584 · -8.5%
• By 2100: 3,154 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Norton

• 2024 margin: Solid R (+43.6) · D 27.9% · R 71.5%
• 2008→2024 swing: -43.5pp toward R · 2008: -0.1pp · 2024: -43.6pp
• All cycles: 2024: R+43.6 2020: R+40.3 2016: R+43.8 2012: R+22.1 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.14%
• Current HPI: 140.9507
• 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

+30.6% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $123,900 TVRMLS
• 2026-05-07 Price Changed $134,000 TVRMLS
• 2026-04-09 Listed $134,900 TVRMLS
• 2024-01-25 Pending — TVRMLS
• 2024-01-24 Sold (MLS) $95,400 TVRMLS
• 2023-10-17 Listed — TVRMLS
• 2023-10-17 Listed $94,900 TVRMLS

Property tax history

+3.0%/yr

Latest (2026): $686 · +0.0% YoY. Source: county tax records.