1515 Lee St · West Point, VA 23181

$248,000

3 bd · 2.0 ba · 1,587 sqft · SingleFamily public records · 51 Days on market

Built 1933 5,488 sqft lot Est $309k · 20% 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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• Schools +6.1/10.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Cape home located in the Town of West Point. 3BR 2BA with hardwood floors, built in shelves and lots of charm. Home features a Florida room, eat in kitchen, dining room, detached 1 car garage and a fire pit located in a fenced in back yard. There is also an additional room on the first floor that can be used as an office or bedroom (no closet). Walking distance to kayak launch, town riverwalk, pavilion and downtown attractions. Also located in the award winning West Point School district. This is a must see and won't last long.

Key facts

• 5,488 sq ft lot
• Garage
• Built 1933

Property features AI

Exterior

• Parking: Detached garage; Off-street parking; On-street parking; 1 garage space
• Utilities: Public sewer; Community/Co-op or shared well water
• Home design: Single-story (1 story); Resale condition; R-3 zoning
• Construction: Block, drywall and vinyl siding construction; Composition shingle roof; Crawl space
• Exterior features: Front porch; Porch; Fenced backyard

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Stove
• Bedrooms: Bedrooms located on first and second levels
• Flooring: Tile flooring; Wood flooring
• Bathrooms: Two full bathrooms; Second-level full bath with tub and shower; First-level full bath with shower
• Heating & cooling: Heat pump cooling; Electric heating; Zoned heating
• Interior features: Sliding doors; Ceiling fans; High ceilings; Cable TV
• Laundry & utility: Dryer; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $248k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/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 $221k (10.7% below list).
• Recommended offer: $221k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.4% in West Point — 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 76/100 on livability (#111 in VA, #3,458 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• West Point Public School District (town): math 63% / reading 80% proficiency, ranked #17 of 131 in VA (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 62 active listings in the ZIP; 129 units permitted in King William County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 8 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.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $221,431 (10.7% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1933 — 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. 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 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: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $309,465
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 18th St	0.16mi	3/1.5	1,560 (-2%)	1mo	$185,000	$119	87
3050 King William Ave	0.36mi	4/1.5 (+1)	1,574 (-1%)	6mo	$273,000	$173	70
1620 Lee St	0.07mi	4/2.0 (+1)	1,703 (+7%)	14mo	$233,000	$137	67
1803 Lee St	0.15mi	3/2.0	1,456 (-8%)	16mo	$135,000	$93	66
322 12th St	0.25mi	3/2.0	1,793 (+13%)	2mo	$385,000	$215	65
320 12th St	0.25mi	3/2.0	1,793 (+13%)	12mo	$360,000	$201	56
516 12th St	0.22mi	4/2.5 (+1)	1,800 (+13%)	12mo	$275,000	$153	51
718 Kirby St	0.47mi	3/2.5	1,646 (+4%)	24mo	$334,990	$204	50
311 7th St	0.50mi	3/2.5	1,646 (+4%)	24mo	$329,990	$200	49
428 3rd St	0.72mi	3/2.0	1,472 (-7%)	7mo	$285,000	$194	48
311 11th St	0.28mi	2/1.0 (-1)	1,351 (-15%)	12mo	$284,990	$211	43
615 Lee St	0.51mi	3/2.0	1,382 (-13%)	18mo	$269,950	$195	40

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-21,934
• Equity at exit: $36,978

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $4,064
• Equity at exit: $21,443

Cash invested: $69,440 (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 23181

• Home prices YoY: -29.9%
• Active inventory: 62
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,214 medium
• Mortgage (P&I): −$1,301
• Tax from tax record: −$57 /mo · $683/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $288

Break-even live

Break-even rent $1,849

Max offer price $248,000

Occupancy floor 82%

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: $62,000
• Closing costs: $7,440
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-07
   statusdays on market $248,000 Pending 51 DOM
2. 2026-06-03
   days on market $248,000 Active 49 DOM
3. 2026-06-02
   days on market $248,000 Active 48 DOM
4. 2026-06-01
   days on market $248,000 Active 47 DOM
5. 2026-05-31
   days on market $248,000 Active 46 DOM
6. 2026-05-08
   price $248,000
7. 2026-04-16
   listed $249,000 Active
8. 2026-03-26
   historical $249,000
9. 2021-08-31
   soldstatus $217,000 543-char remark

   Show marketing remark (543 chars)

   Beautiful Cape home located in the Town of West Point. 3BR 2BA with hardwood floors, built in shelves and lots of charm. Home features a Florida room, eat in kitchen, dining room, detached 1 car garage and a fire pit located in a fenced in back yard. There is also an additional room on the first floor that can be used as an office or bedroom (no closet). Walking distance to kayak launch, town riverwalk, pavilion and downtown attractions. Also located in the award winning West Point School district. This is a must see and won't last long.

10. 2021-06-04
    listed $227,500 543-char remark

    Show marketing remark (543 chars)

    Beautiful Cape home located in the Town of West Point. 3BR 2BA with hardwood floors, built in shelves and lots of charm. Home features a Florida room, eat in kitchen, dining room, detached 1 car garage and a fire pit located in a fenced in back yard. There is also an additional room on the first floor that can be used as an office or bedroom (no closet). Walking distance to kayak launch, town riverwalk, pavilion and downtown attractions. Also located in the award winning West Point School district. This is a must see and won't last long.

11. 2019-04-01
    soldstatus $180,000
12. 2017-09-22
    soldstatus $150,000
13. 2017-09-21
    soldstatus $150,000 901-char remark

    Show marketing remark (901 chars)

    Adorable and well maintained Cape Cod Home complete with the white picket fence in the charming town of West Point! Ample Charm and character adorn this 3 Bedroom, 2 Bath Home with many rooms that boost Hardwood flooring. Living/Dining Room combined and open into the updated Kitchen with white cabinetry, breakfast bar, and stainless appliances. Den/Family room off Kitchen. Sunroom is heated and cooled with tile flooring, skylight, sliding doors and over looks fenced area in back yard. 1 Bedroom downstairs with carpet over hardwood flooring and 2 bedrooms upstairs with hardwood flooring. Updated Hall Bath. Dual Zone HVAC. Enjoy off street parking with back yard driveway and 1 Car detached Garage. Highly Desired School System within minutes. Convenient river town for boating and fishing. Short drive to Williamsburg or Richmond. All appliances convey. Don't miss this incredible opportunity.

14. 2017-07-30
    listed $149,900 901-char remark

    Show marketing remark (901 chars)

    Adorable and well maintained Cape Cod Home complete with the white picket fence in the charming town of West Point! Ample Charm and character adorn this 3 Bedroom, 2 Bath Home with many rooms that boost Hardwood flooring. Living/Dining Room combined and open into the updated Kitchen with white cabinetry, breakfast bar, and stainless appliances. Den/Family room off Kitchen. Sunroom is heated and cooled with tile flooring, skylight, sliding doors and over looks fenced area in back yard. 1 Bedroom downstairs with carpet over hardwood flooring and 2 bedrooms upstairs with hardwood flooring. Updated Hall Bath. Dual Zone HVAC. Enjoy off street parking with back yard driveway and 1 Car detached Garage. Highly Desired School System within minutes. Convenient river town for boating and fishing. Short drive to Williamsburg or Richmond. All appliances convey. Don't miss this incredible opportunity.

15. 2011-09-29
    historical
16. 2010-10-15
    listed $168,500
17. 2010-01-04
    historical
18. 2009-12-19
    historical
19. 2009-08-19
    listed $194,000
20. 2009-08-19
    listed $194,000
21. 2006-01-29
    soldstatus $185,000
22. 2006-01-29
    soldstatus $185,000
23. 2005-11-30
    listed $189,000
24. 2005-11-30
    listed $189,000

ⓘ 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: $683 · $57/mo
• Projected year-2 tax: $2,034 · $169/mo
• Expected delta: +$1,350/yr (+$113/mo · 197.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥110°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% 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: $26,572
• − Mortgage interest: −$13,892
• − Property taxes: −$683
• − Insurance: −$1,240
• − Repairs & maintenance: −$2,126
• − Management: −$2,126
• − Depreciation: −$7,215
• Taxable loss: −$709
• Est. tax savings @ 24.0%: +$170
• After-tax cash flow: $3,632/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: West Point Public School District
• NCES district ID: 5103950
• Math proficiency: 63% ▼ -30.00%
• Reading proficiency: 80% ▼ -12.00%
• Median HH income: $59,177
• Composite: 61.42/100
• National rank: #761
• State rank: #17 of 131 in VA

Livability — West Point

• Score: 76/100
• State rank: #111
• US rank: #3458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Point, VA
• Population (ZIP): 5,386

Population outlook (King William County) Hauer SSP2

• Today (2025): 16,840 people
• By 2030: 16,990 · +0.9%
• By 2040: 16,965 · +0.7%
• By 2050: 16,483 · -2.1%
• By 2075: 15,292 · -9.2%
• By 2100: 12,764 · -24.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 8% Hispanic / Latino 5% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · King William

• 2024 margin: Solid R (+40.6) · D 29.3% · R 69.9%
• 2008→2024 swing: -21.2pp toward R · 2008: -19.3pp · 2024: -40.6pp
• All cycles: 2024: R+40.6 2020: R+37.8 2016: R+35.3 2012: R+23.9 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.32%
• Current HPI: 179.2453
• 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

+31.2% since first listed

19 events — show timeline

• 2026-05-08 Price Changed $248,000 CVRMLS
• 2026-04-16 Listed $249,000 CVRMLS
• 2026-03-26 Coming Soon $249,000 CVRMLS
• 2021-08-31 Sold (MLS) $217,000 CBRAR
• 2021-06-04 Listed $227,500 CBRAR
• 2019-04-01 Sold (Public Records) $180,000 Public Records
• 2017-09-22 Sold (Public Records) $150,000 Public Records
• 2017-09-21 Sold (MLS) $150,000 CVRMLS
• 2017-07-30 Listed $149,900 CVRMLS
• 2011-09-29 Listing Removed — CVRMLS
• 2010-10-15 Listed $168,500 CVRMLS
• 2010-01-04 Listing Removed — CVRMLS
• 2009-12-19 Listing Removed — CVRMLS
• 2009-08-19 Listed $194,000 CVRMLS
• 2009-08-19 Listed $194,000 CVRMLS
• 2006-01-29 Sold (MLS) $185,000 CVRMLS
• 2006-01-29 Sold (MLS) $185,000 CVRMLS
• 2005-11-30 Listed $189,000 CVRMLS
• 2005-11-30 Listed $189,000 CVRMLS

Property tax history

-6.6%/yr

Latest (2025): $683 · +13.0% YoY. Source: county tax records.