2204 Redd St · Richmond, VA 23223

$250,000

4 bd · 3.0 ba · 1,568 sqft · SingleFamily public records · 50 Days on market

Built 1926 6,115 sqft lot $159/sqft · 15% below area Est $296k · 15% 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 +20.7/30.0
• ARV discount +14.4/15.0
• DSCR +6.6/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Price! Two story home located just off Mechanicsville Turnpike on a corner lot. Three bedrooms, living room, dining room, needs a new new kitchen, utility room, storage building. This property is being sold subject to 24 CFR 206.125.

Key facts

• Numerous renovations
• Corner lot
• 6,115 sq ft lot

Tags

• CORNER LOT
• NUMEROUS RENOVATIONS

Property features AI

Finance

• Financial info: Resale property

Exterior

• Parking: No garage; On-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story home; Approximate year built; R-6 zoning
• Construction: Aluminum siding and frame construction; Partial finished basement area below grade (unfinished area present)
• Exterior features: Front porch; Porch; Shed(s); Level lot

Interior

• Kitchen: Gas cooking
• Bedrooms: Total rooms: 8
• Flooring: Wood
• Bathrooms: 1 full bathroom with tub and shower; 1 half bathroom (first level)
• Heating & cooling: Window unit(s) for cooling
• Interior features: Wood flooring; Partial basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/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 $231k (7.4% below list).
• Recommended offer: $231k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 337 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,315/mo this rent would consume 50% of the median local household income ($56k/yr) (locally 3530% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago 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 $17k; list at $250k implies a 1371% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $231,491 (7.4% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
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: 0.93% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• GRM: 9.0

CMA / ARV

• ARV (median comp): $295,570
• List price: $250,000
• Delta: -15.42%
• 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
1311 N 22nd St	0.38mi	4/2.5	1,584 (+1%)	1mo	$329,900	$208	78
1724 N 20th St	0.36mi	3/2.5 (-1)	1,600 (+2%)	2mo	$375,000	$234	71
1109 N 20th St	0.32mi	3/3.0 (-1)	1,477 (-6%)	1mo	$335,000	$227	69
1110 N 23rd St	0.45mi	3/2.5 (-1)	1,670 (+6%)	0mo	$382,500	$229	61
1722 N 20th St	0.35mi	3/2.5 (-1)	1,722 (+10%)	1mo	$349,950	$203	59
2000 Selden St	0.57mi	3/2.0 (-1)	1,604 (+2%)	2mo	$242,500	$151	59
2012 Venable St	0.53mi	3/2.5 (-1)	1,472 (-6%)	0mo	$410,000	$279	58
1516 N 22nd St	0.37mi	3/2.5 (-1)	1,792 (+14%)	1mo	$399,900	$223	51
1500 N 23rd St	0.42mi	3/2.0 (-1)	1,764 (+12%)	2mo	$427,500	$242	49
2315 Carrington St	0.51mi	3/3.0 (-1)	1,779 (+14%)	2mo	$415,000	$233	48
2402 Carrington St	0.51mi	3/2.5 (-1)	1,800 (+15%)	1mo	$445,000	$247	44
509 Mosby St	0.68mi	3/1.5 (-1)	1,744 (+11%)	1mo	$360,000	$206	38

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.84×
• Total profit: $-11,044
• Equity at exit: $37,276

10-year hold

• IRR: 8.8%
• Equity multiple: 1.76×
• Total profit: $53,346
• Equity at exit: $21,615

Cash invested: $70,000 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,315 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$77 /mo · $924/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $337

Break-even live

Break-even rent $1,889

Max offer price $250,000

Occupancy floor 80%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1313 N 20th St Richmond, VA	3.0	2.0	2000	$2,045	$1.02	11d	1	0.26mi
1806 Sussex St Richmond, VA	4.0	2.0	1197	$2,500	$2.09	43d	1	0.37mi
1617 N 21st St Richmond, VA	3.0	1.0	1157	$1,825	$1.58	4d	1	0.39mi
1004 1/2 N 21st St Unit A Richmond, VA	3.0	2.0	1248	$2,195	$1.76	17d	1	0.39mi
1427 N 22nd St Richmond, VA	3.0	2.5	1764	$2,700	$1.53	43d	1	0.40mi
2209 Fairmount Ave Richmond, VA	3.0	2.0	1652	$2,500	$1.51	43d	1	0.42mi
1614 N 19th St Richmond, VA	4.0	2.0	1584	$2,395	$1.51	4d	1	0.42mi
1308 N 23rd St Richmond, VA	3.0	2.5	2052	$2,900	$1.41	17d	1	0.43mi
2106 Newbourne St Richmond, VA	3.0	2.0	1172	$1,875	$1.60	43d	1	0.60mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	43d	1	0.62mi
1221 N 26th St Richmond, VA	3.0	2.5	1900	$2,700	$1.42	23d	1	0.65mi
1920 Princess Anne Ave Richmond, VA	3.0	2.0	2000	$2,595	$1.30	4d	1	0.69mi
1107 N 27th St Richmond, VA	3.0	3.5	1792	$2,600	$1.45	4d	1	0.73mi
901 N 27th St Apt 1 Richmond, VA	4.0	1.0	1240	$2,000	$1.61	17d	1	0.78mi
1903 E Marshall St Richmond, VA	3.0	1.0–2.0	723	$1,799	$2.49	1d	57	0.79mi
2820 Q St Richmond, VA	3.0	2.0	1523	$2,195	$1.44	4d	1	0.83mi
1404 N 30th St Richmond, VA	3.0	2.5	1700	$2,195	$1.29	4d	1	0.86mi
3018 S St Richmond, VA	3.0	2.5	1786	$2,645	$1.48	43d	1	0.93mi
1901 E Franklin St Apt 5 Richmond, VA	3.0	3.0	1530	$1,850	$1.21	23d	1	1.00mi
2201 E Franklin St Richmond, VA	1.0–3.0	1.0–3.0	905	$2,349	$2.59	3d	7	1.06mi
724 N 1st St Richmond, VA	3.0	2.5	1704	$3,000	$1.76	43d	1	1.08mi
113 E Leigh St Richmond, VA	3.0	2.0	1206	$2,099	$1.74	43d	1	1.10mi
207 Welford St Richmond, VA	3.0	1.5	1348	$1,850	$1.37	23d	1	1.12mi
326 E Broad St Richmond, VA	1.0–3.0	1.0–2.0	925	$2,199	$2.38	2d	4	1.12mi
307 N 29th St Richmond, VA	3.0	3.0	1992	$2,900	$1.46	4d	1	1.14mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	17d	1	1.15mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	4d	1	1.15mi
200 Minor St Unit A Richmond, VA	3.0	1.0	1100	$1,295	$1.18	23d	1	1.18mi
823 E Main St Richmond, VA	3.0	1.0–2.5	1178	$2,687	$2.28	1d	14	1.18mi
2 S 25th St Richmond, VA	1.0–3.0	1.0–2.0	1050	$2,360	$2.25	2d	69	1.21mi
1601 Roane St Richmond, VA	1.0–3.0	1.0–2.5	914	$2,100	$2.30	1d	28	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $250,000 Active 50 DOM
2. 2026-06-17
   days on market $250,000 Active 49 DOM
3. 2026-06-16
   days on market $250,000 Active 48 DOM
4. 2026-06-15
   days on market $250,000 Active 47 DOM
5. 2026-06-13
   days on market $250,000 Active 45 DOM
6. 2026-06-10
   days on market $250,000 Active 42 DOM
7. 2026-06-09
   days on market $250,000 Active 41 DOM
8. 2026-06-08
   days on market $250,000 Active 40 DOM
9. 2026-06-07
   days on market $250,000 Active 39 DOM
10. 2026-06-03
    days on market $250,000 Active 35 DOM
11. 2026-06-02
    days on market $250,000 Active 34 DOM
12. 2026-06-01
    days on market $250,000 Active 33 DOM
13. 2026-05-31
    days on market $250,000 Active 32 DOM
14. 2026-04-29
    listed $250,000 Active 206-char remark
15. 2012-12-05
    soldstatus $17,000 237-char remark

    Show marketing remark (237 chars)

    New Price! Two story home located just off Mechanicsville Turnpike on a corner lot. Three bedrooms, living room, dining room, needs a new new kitchen, utility room, storage building. This property is being sold subject to 24 CFR 206.125.

16. 2012-10-04
    historical 237-char remark

    Show marketing remark (237 chars)

    New Price! Two story home located just off Mechanicsville Turnpike on a corner lot. Three bedrooms, living room, dining room, needs a new new kitchen, utility room, storage building. This property is being sold subject to 24 CFR 206.125.

17. 2012-05-17
    listed $17,000 237-char remark

    Show marketing remark (237 chars)

    New Price! Two story home located just off Mechanicsville Turnpike on a corner lot. Three bedrooms, living room, dining room, needs a new new kitchen, utility room, storage building. This property is being sold subject to 24 CFR 206.125.

18. 2006-01-31
    soldstatus $43,000
19. 2006-01-31
    soldstatus $43,000
20. 2005-08-09
    listed $49,950
21. 2005-08-09
    listed $49,950
22. 1971-03-16
    soldstatus $9,500

ⓘ 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: $924 · $77/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$1,126/yr (+$94/mo · 121.9%)

ⓘ 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 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,779
• − Mortgage interest: −$14,004
• − Property taxes: −$924
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,222
• − Management: −$2,222
• − Depreciation: −$7,273
• Taxable loss: −$116
• Est. tax savings @ 24.0%: +$28
• After-tax cash flow: $4,067/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Henrico County · 334,490 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• Metro: Richmond, VA
• 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

+2531.6% since first listed

9 events — show timeline

• 2026-04-29 Listed $250,000 CVRMLS
• 2012-12-05 Sold (MLS) $17,000 CVRMLS
• 2012-10-04 Listing Removed — CVRMLS
• 2012-05-17 Listed $17,000 CVRMLS
• 2006-01-31 Sold (MLS) $43,000 CVRMLS
• 2006-01-31 Sold (MLS) $43,000 CVRMLS
• 2005-08-09 Listed $49,950 CVRMLS
• 2005-08-09 Listed $49,950 CVRMLS
• 1971-03-16 Sold (Public Records) $9,500 Public Records

Property tax history

-9.6%/yr

Latest (2022): $924 · +44.0% YoY. Source: county tax records.