703 S Loudoun St · Winchester, VA 22601

$450,000

3 bd · 2.5 ba · 1,992 sqft · MultiFamily public records · 17 Days on market

Built 1900 3,267 sqft lot $226/sqft · 15% above area Est $391k · 15% over

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Why this score? — see what drove the D 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 +17.9/30.0
• DSCR +5.6/10.0
• Schools +4.8/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

Key facts

• Hardwood flooring
• Detailed millwork
• Inviting fireplaces

Tags

• HISTORIC DISTRICT
• ARCHITECTURAL HERITAGE
• HARDWOOD FLOORING
• DETAILED MILLWORK
• BUILT-IN FEATURES
• INVITING FIREPLACES

Property features AI

Finance

• Other: Not in a federal flood zone
• Financial info: Ownership is fee simple; Ground rent payment frequency: annually
• HOA & community: Lease considered

Exterior

• Parking: Detached garage with 3 garage spaces; Off-street and on-street parking available; Free parking
• Security: No specific security systems listed
• Utilities: Public water; Public sewer; Cable TV available; Above ground utilities
• Home design: Detached structure; Main entrance faces east; Historic property; Metal roof
• Construction: Brick and wood siding construction; Stone foundation; Year built source: assessor; effective remodel year 1980
• Exterior features: Exterior lighting; Outbuilding(s) and shed; Patio(s) and porch(es); Sidewalks and street lights; Corner lot, level with road frontage; Downtown location, in city limits; Above-grade and below-grade other structures (including 2nd house)

Interior

• Kitchen: Built-in microwave; Dishwasher; Electric oven/range; Refrigerator; Freezer; Stainless steel appliances; Pantry
• Bedrooms: Three bedrooms on the first upper level
• Flooring: Hardwood floors; Ceramic tile
• Bathrooms: Two full bathrooms (all upper levels); One half bathroom on the main level
• Heating & cooling: Forced air heating; Natural gas heating fuel; Central air conditioning; Heat pump
• Interior features: Traditional floor plan with built-ins and combination dining/living area; Master bathroom and tub/shower; Dining area and pantry; Attic access; Drywall and plaster walls; Wood floors
• Laundry & utility: Washer and dryer in-unit (main floor); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $375 ($5k/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 $404k (10.1% below list).
• Recommended offer: $404k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.0% 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+, amenities B; 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.
• Zoned schools: John Kerr Elementary (math 52% / reading 62%, grade C+, #597 of 1,108 statewide, top 57%, 526 students, 77% FRL); Daniel Morgan Middle (math 60% / reading 66%, grade B+, #134 of 342 statewide, top 40%, 613 students, 76% FRL); John Handley High (math 54% / reading 78%, grade B, #200 of 319 statewide, top 64%, 1,384 students, 77% FRL) — zoned schools average 77% FRL vs 52% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 145 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 95% of comp listings sitting > 30 days — soft ceiling on asking rent; 91 units permitted in Winchester city in 2024 (52 in 5+ unit buildings).
• At $4,045/mo this rent would consume 76% 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 $14k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago; this cycle's ask is 12062% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $404,500 (10.1% below list)

Questions for the listing agent

1. Built in 1900 — 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 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.58%
• DSCR: 1.16
• GRM: 9.3

CMA / ARV

• ARV (median comp): $390,705
• List price: $450,000
• Delta: 15.18%
• Verdict: OVERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
619 S Cameron St	0.09mi	2/— (-1)	2,124 (+7%)	11mo	$390,000	$184	71
120-122 E Leicester St	0.20mi	4/2.5 (+1)	1,900 (-5%)	17mo	$385,000	$203	64
301-303 National Ave	0.69mi	2/— (-1)	2,282 (+15%)	15mo	$270,000	$118	26

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: -10.1%
• Equity multiple: 0.63×
• Total profit: $-46,754
• Equity at exit: $67,096

10-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-544
• Equity at exit: $38,908

Cash invested: $126,000 (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 22601

• Rents YoY: 3.6%
• Active inventory: 145
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $4,045 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$273 /mo · $3,274/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$849
• Net cashflow: $375

Break-even live

Break-even rent $3,570

Max offer price $450,000

Occupancy floor 86%

Sensitivity live

Price	-10% $630	-5% $503	+0% $375	+5% $248	+10% $121
Rent	-10% $56	-5% $216	+0% $375	+5% $535	+10% $695
Rate	-1.0pp $602	-0.5pp $490	base $375	+0.5pp $259	+1.0pp $140

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,483
▸ 2× units	1	1	$2,562
Total (3 units)			$4,045

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6 E Cecil St Winchester, VA	2.0	1.5	1369	$2,100	$1.53	45d	1	0.19mi
21 S Stewart St Unit 4 Winchester, VA	2.0	2.0	1600	$2,200	$1.38	45d	1	0.46mi
228 Opequon Ave Winchester, VA	2.0	1.0	1300	$1,600	$1.23	45d	1	0.63mi
230 Spring St Winchester, VA	1.0–4.0	1.0–4.0	1042	$3,167	$3.04	6d	1	0.68mi
313 N Kent St Winchester, VA	2.0	1.5	1438	$1,650	$1.15	45d	1	0.70mi
321 N Kent St Winchester, VA	3.0	1.5	1280	$1,950	$1.52	45d	1	0.73mi
412 Diehl St Winchester, VA	2.0	1.0	1693	$1,400	$0.83	45d	1	0.78mi
540 Bellview Ave Winchester, VA	3.0	1.0	1280	$1,850	$1.45	45d	1	0.85mi
30 N Euclid Ave Winchester, VA	3.0	2.5	1626	$2,000	$1.23	45d	1	0.86mi
1829 Harvest Dr Winchester, VA	4.0	3.5	1920	$2,500	$1.30	45d	1	1.05mi
570 N Cameron St Winchester, VA	1.0–2.0	1.0–1.5	1215	$1,467	$1.21	45d	1	1.07mi
532 N Pleasant Valley Rd Unit POPLAR2 QUICK DELV Winchester, VA	3.0	2.5	1440	$2,200	$1.53	45d	1	1.08mi
647 Laurelwood Cir Winchester, VA	3.0	2.5	1450	$2,150	$1.48	45d	1	1.13mi
1981 Randolph Pl Winchester, VA	1.0–3.0	1.0–2.0	1070	$2,055	$1.92	45d	7	1.16mi
1929 Melvor Ln Winchester, VA	4.0	2.5	2424	$2,750	$1.13	45d	1	1.31mi
122 Morningside Dr Winchester, VA	3.0	1.0	1248	$2,195	$1.76	45d	1	1.42mi
824 Appleseed Ct Winchester, VA	3.0	1.5	2052	$2,200	$1.07	45d	1	1.44mi
813 Appleseed Ct Winchester, VA	2.0	2.5	1655	$1,800	$1.09	45d	1	1.45mi
2079 Honeysuckle Ln Winchester, VA	3.0	2.5	1750	$2,500	$1.43	45d	1	1.47mi

Listing history 34 events

1. 2026-06-21
   days on market $450,000 Active 17 DOM
2. 2026-06-19
   days on market $450,000 Active 15 DOM
3. 2026-06-18
   days on market $450,000 Active 14 DOM
4. 2026-06-17
   days on market $450,000 Active 13 DOM
5. 2026-06-16
   days on market $450,000 Active 12 DOM
6. 2026-06-15
   days on market $450,000 Active 11 DOM
7. 2026-06-14
   days on market $450,000 Active 9 DOM
8. 2026-06-13
   days on market $450,000 Active 8 DOM
9. 2026-06-10
   days on market $450,000 Active 6 DOM
10. 2026-06-09
    days on market $450,000 Active 5 DOM
11. 2026-06-08
    days on market $450,000 Active 4 DOM
12. 2026-06-07
    days on marketlisting id $450,000 Active 3 DOM
13. 2026-05-31
    days on market $450,000 Active 113 DOM
14. 2026-05-30
    days on market $450,000 Active 112 DOM
15. 2026-05-14
    price $450,000 2148-char remark
16. 2026-04-19
    status Active 2148-char remark
17. 2026-04-12
    historical Active Under Contract 2148-char remark
18. 2026-03-24
    price $479,900 2148-char remark
19. 2026-02-24
    price $484,900 2148-char remark
20. 2026-01-30
    listed $489,900 Active 2148-char remark
21. 2026-01-23
    historical $489,900 2148-char remark
22. 2023-04-10
    soldstatus $435,000 Closed 907-char remark

    Show marketing remark (907 chars)

    What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

23. 2023-04-04
    status Pending 907-char remark

    Show marketing remark (907 chars)

    What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

24. 2023-03-15
    historical Active Under Contract 907-char remark

    Show marketing remark (907 chars)

    What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

25. 2023-03-10
    listed $430,000 Active 907-char remark

    Show marketing remark (907 chars)

    What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

26. 2023-03-09
    historical $430,000 907-char remark

    Show marketing remark (907 chars)

    What a great example of the old Potato Hill Construction of 1856. The very front part of the home dates back to 1854. Fine examples of architectural features of 4 fireplaces with mantels & hearth, gleaming wide pine floors and board and batten doors in a few areas. The Cottage directly behind the Rutter home burned down and was likely a summer kitchen, but the beautiful fireplace was saved and the building was rebuilt around the 1980's. It has been very recently used as a rental and could used as an AirBnB with its own private access and utilities and street address. The commercial zoning allows as your residence with the cottage/office space directly behind. An older 3 bay garage finishes out the lot and was previously stated to have been a blacksmith shop and with 2 spaces currently rented out. What a great find in the Winchester's Historic District! Schedule your private appt soon!

27. 2017-12-04
    historical
28. 2017-11-30
    soldstatus $260,000
29. 2017-11-30
    soldstatus $260,000 Sold
30. 2017-10-23
    status Contingent (No Kick Out)
31. 2017-10-14
    listed $270,000 Active
32. 2017-10-13
    listed $270,000
33. 2005-10-03
    historical
34. 2005-06-28
    listed

ⓘ 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: $3,274 · $273/mo
• Projected year-2 tax: $3,690 · $308/mo
• Expected delta: +$416/yr (+$35/mo · 12.7%)

ⓘ 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 6/10 Major 7 d/yr ≥102°F today · 16 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: $48,540
• − Mortgage interest: −$25,207
• − Property taxes: −$3,274
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,883
• − Management: −$3,883
• − Depreciation: −$13,091
• Taxable loss: −$3,048
• Est. tax savings @ 24.0%: +$732
• After-tax cash flow: $5,236/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

-98.6% since first listed

23 events — show timeline

• 2026-06-06 Listed for Rent $3,700 BRIGHTMLS
• 2026-06-05 Listed $450,000 BRIGHT MLS
• 2026-05-31 Listing Removed — BRIGHT MLS
• 2026-05-14 Price Changed $450,000 BRIGHT MLS
• 2026-04-19 Relisted — BRIGHT MLS
• 2026-04-12 Contingent — BRIGHT MLS
• 2026-03-24 Price Changed $479,900 BRIGHT MLS
• 2026-02-24 Price Changed $484,900 BRIGHT MLS
• 2026-01-30 Listed $489,900 BRIGHT MLS
• 2026-01-23 Coming Soon — BRIGHT MLS
• 2023-04-10 Sold (MLS) $435,000 BRIGHT MLS
• 2023-04-04 Pending — BRIGHT MLS
• 2023-03-15 Contingent — BRIGHT MLS
• 2023-03-10 Listed $430,000 BRIGHT MLS
• 2023-03-09 Coming Soon $430,000 BRIGHT MLS
• 2017-12-04 Listing Removed — BRIGHT MLS
• 2017-11-30 Sold (MLS) $260,000 MRIS
• 2017-11-30 Sold (MLS) $260,000 BRIGHT MLS
• 2017-10-23 Pending — MRIS
• 2017-10-14 Listed $270,000 MRIS
• 2017-10-13 Listed $270,000 BRIGHT MLS
• 2005-10-03 Delisted — MRIS
• 2005-06-28 Listed — MRIS

Property tax history

+2.8%/yr

Latest (2026): $3,274 · +0.0% YoY. Source: county tax records.