406-408 S Cameron St · Winchester, VA 22601

$429,000

3 bd · 3.0 ba · 2,724 sqft · MultiFamily public records · 3 Days on market

Built 1869 2,613 sqft lot Est $381k · 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +6.6/10.0
• Schools +4.8/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Opportunity is knocking! This 3-unit multifamily property is centrally located in downtown Winchester, just minutes from the Walking Mall. The property is fully occupied and offers immediate rental income with strong upside potential. The property currently has a long term tenants with leases as follows: One month-to-month tenant , One tenant with a lease ending June 5, 2026 , One tenant with a lease ending March 14, 2027. All three units offer the potential for rent increases, providing an excellent value-add opportunity for investors. Conveniently located near shopping, dining, entertainment, and downtown amenities, this property is well-positioned for long-term growth and cash flow.

Key facts

• 2,613 sq ft lot
• Built 1869
• Listed 3 days

Property features AI

Finance

• Financial info: Owned fee simple

Exterior

• Parking: On-street parking (public)
• Utilities: Public water; Public sewer; Electric service available; Sewer available; Water available
• Home design: Semi-detached building; Three total units; Estimated year built
• Construction: Wood siding exterior; Concrete perimeter foundation
• Exterior features: Sidewalks; Balcony; Porches

Interior

• Kitchen: Electric oven/range; Stove; Refrigerator
• Bedrooms: Two one-bedroom units; One two-bedroom unit
• Flooring: Hardwood floors; Carpet; Laminate; Partially carpeted
• Bathrooms: Bathrooms with tub/shower
• Heating & cooling: Electric baseboard heating; Window air conditioning units (electric)
• Interior features: Combination kitchen/dining area; Tub with shower; Wood floors; Carpeted areas
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $443/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $429k).
• Cap rate 10.0% vs local median 3.1% in Winchester — 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 (#138 in VA, #4,429 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A-; Watch: commute F.
• Winchester City Public School District (urban): math 52% / reading 62% proficiency, ranked #73 of 131 in VA (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.6%/yr); 144 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 91 units permitted in Winchester city in 2024 (52 in 5+ unit buildings).
• At $4,968/mo this rent would consume 93% of the median local household income ($64k/yr) (locally 1627% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Winchester County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $120k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $429,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.16% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $381,360
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
378 National Ave	0.61mi	4/— (+1)	3,032 (+11%)	17mo	$425,000	$140	34

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 · 3.58% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $17,919
• Equity at exit: $63,965

10-year hold

• IRR: 13.8%
• Equity multiple: 2.13×
• Total profit: $136,122
• Equity at exit: $37,092

Cash invested: $120,120 (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 22601

• Rents YoY: 3.6%
• Active inventory: 144
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $4,968 high
• Mortgage (P&I): −$2,250
• Tax from tax record: −$167 /mo · $2,002/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,043
• Net cashflow: $1,329

Break-even live

Break-even rent $3,285

Max offer price $429,000

Occupancy floor 68%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,968
Total (3 units)			$4,968

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1829 Harvest Dr Winchester, VA	4.0	3.5	1920	$2,500	$1.30	43d	1	1.26mi

Listing history 4 events

1. 2026-06-19
   days on market $429,000 Coming Soon 3 DOM
2. 2026-06-18
   days on market $429,000 Coming Soon 2 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $429,000 Coming Soon 1 DOM

ⓘ 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: $2,002 · $167/mo
• Projected year-2 tax: $3,518 · $293/mo
• Expected delta: +$1,516/yr (+$126/mo · 75.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,616
• − Mortgage interest: −$24,031
• − Property taxes: −$2,002
• − Insurance: −$2,145
• − Repairs & maintenance: −$4,769
• − Management: −$4,769
• − Depreciation: −$12,480
• Taxable income: $9,420
• Est. tax owed @ 24.0%: −$2,261
• After-tax cash flow: $13,692/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: Winchester City Public School District
• NCES district ID: 5104050
• Math proficiency: 52% ▼ -25.00%
• Reading proficiency: 62% ▼ -5.00%
• Median HH income: $46,544
• Composite: 48.23/100
• National rank: #2164
• State rank: #73 of 131 in VA

Livability — Winchester

• Score: 74/100
• State rank: #138
• US rank: #4429

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winchester, VA
• County: Winchester City · 29,230 people
• City population: 62,070
• Metro: Winchester, VA-WV
• Population (ZIP): 29,230
• Household income: $64,258
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 1627.0

Population outlook (Winchester County) Hauer SSP2

• Today (2025): 29,693 people
• By 2030: 30,745 · +3.5%
• By 2040: 32,619 · +9.9%
• By 2050: 34,014 · +14.6%
• By 2075: 35,490 · +19.5%
• By 2100: 35,424 · +19.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Hispanic / Latino 19% Two or more races 11% Black 10% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 12% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Winchester

• 2024 margin: Lean D (+9.8) · D 54.2% · R 44.4% · Other 1.4%
• 2008→2024 swing: +4.4pp toward D · 2008: 5.4pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+11.5 2016: D+3.5 2012: D+1.4 2008: D+5.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -245.80%
• Current HPI: 297.2882
• Rent YoY: ▲ 3.58%
• Metro: Winchester, VA-WV
• 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

1 event — show timeline

• 2026-06-16 Coming Soon $429,000 BRIGHT MLS

Property tax history

+2.8%/yr

Latest (2026): $2,002 · +0.0% YoY. Source: county tax records.