2607 W Grace St · Richmond, VA 23220

$800,000

4 bd · 2.0 ba · 2,694 sqft · MultiFamily public records · 151 Days on market

Built 1910 3,624 sqft lot $297/sqft · at area comps Est $836k · at est.

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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 +13.4/30.0
• ARV discount +9.4/15.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• DSCR +4.0/10.0
• Schools +3.3/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Prime Fan District investment opportunity at 2607 W Grace St—a classic 1910 brick quadplex featuring four (4) one-bedroom apartments in one of Richmond’s most in-demand, walkable locations. With 2,694 sq ft across two stories, plus a partial basement, this property offers a strong footprint for a buy-and-hold strategy with long-term upside. The brick exterior, charming front porch, and off-street parking for two cars add durable appeal and rarity for the neighborhood. Tenants will love being steps from the Fan’s best restaurants, museums, shopping, and nightlife, supporting consistent rental demand. A location-driven asset in a proven submarket—ideal for investors seeking stable cash flow potential and appreciation in the heart of Richmond.

Key facts

• Brick exterior
• Off street parking
• Front porch

Tags

• BRICK QUADPLEX
• ONE BEDROOM APARTMENTS
• BRICK EXTERIOR
• FRONT PORCH
• OFF STREET PARKING
• WALKABLE LOCATION

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $8 ($95/yr) — positive. Per door: $2/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $646k (19.2% below list).
• Recommended offer: $646k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.2% 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.
• Zoned schools: William Fox Elementary (math 15% / reading 24%, grade F, #1,082 of 1,108 statewide, top 98%, 326 students, 99% FRL); Albert Hill Middle (math 62% / reading 77%, grade A, #85 of 342 statewide, top 26%, 453 students, 99% FRL); Thomas Jefferson High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 816 students, 80% FRL) — zoned schools average 93% FRL vs 74% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 55% at this address vs 40% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Richmond City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.5%/yr); 176 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k 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.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $30k; list at $800k implies a 2567% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $646,400 (19.2% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.81% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• GRM: 10.3

CMA / ARV

• ARV (median comp): $836,064
• List price: $800,000
• Delta: -4.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500 N Stafford Ave	0.22mi	4/2.0	2,792 (+4%)	1mo	$600,000	$215	83
3006 Floyd Ave	0.62mi	5/2.0 (+1)	2,767 (+3%)	2mo	$750,000	$271	60

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 · 6.54% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.53×
• Total profit: $-105,455
• Equity at exit: $119,283

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $13,374
• Equity at exit: $69,169

Cash invested: $224,000 (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 23220

• Rents YoY: 6.5%
• Active inventory: 176
• Price-to-rent: 41.3×

Monthly cashflow live

• Estimated rent: $6,464 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$570 /mo · $6,840/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,357
• Net cashflow: $8

Break-even live

Break-even rent $6,454

Max offer price $800,000

Occupancy floor 95%

Sensitivity live

Price	-10% $461	-5% $234	+0% $8	+5% $-218	+10% $-445
Rent	-10% $-503	-5% $-247	+0% $8	+5% $263	+10% $519
Rate	-1.0pp $411	-0.5pp $211	base $8	+0.5pp $-199	+1.0pp $-410

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,464
Total (4 units)			$6,464

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2034 W Grace St Unit B Richmond, VA	4.0	2.0	2500	$3,200	$1.28	45d	1	0.36mi
2034 W Grace St Unit A Richmond, VA	4.0	2.0	2450	$2,950	$1.20	45d	1	0.36mi
2004 Hanover Ave Richmond, VA	3.0	2.5	2549	$3,950	$1.55	45d	1	0.54mi
2053 W Moore St Richmond, VA	5.0	5.5	2640	$4,200	$1.59	45d	1	0.54mi
900 N Allen Ave Richmond, VA	1.0–3.0	1.0–3.0	1286	$3,800	$2.95	3d	30	0.64mi
3 Strawberry St Richmond, VA	3.0	1.5	1920	$2,500	$1.30	19d	1	0.65mi
3323 W Grace St Richmond, VA	3.0	3.0	2274	$4,250	$1.87	6d	1	0.66mi
2402 Ownby Ln Richmond, VA	3.0	2.5	2253	$3,488	$1.55	3d	4	0.67mi
2435 Ownby Ln Richmond, VA	3.0	2.5	2516	$3,500	$1.39	45d	1	0.72mi
1013 N Lombardy St Unit B Richmond, VA	3.0	2.5	2460	$3,030	$1.23	45d	1	0.85mi
1500 W Moore St Unit B Richmond, VA	3.0	2.5	2500	$3,700	$1.48	45d	1	0.89mi
2312 Rosewood Ave Unit 1545975P Richmond, VA	3.0	2.0	1786	$3,949	$2.21	16d	1	0.95mi
1713 Jacquelin St Richmond, VA	3.0	2.5	1768	$2,512	$1.42	25d	1	1.16mi
1616 Kemper St Richmond, VA	5.0	3.5	3176	$3,400	$1.07	45d	1	1.22mi
2701 Northumberland Ave Richmond, VA	3.0	3.0	2310	$2,630	$1.14	6d	1	1.25mi

Listing history 18 events

1. 2026-06-21
   days on market $800,000 Active 151 DOM
2. 2026-06-18
   days on market $800,000 Active 148 DOM
3. 2026-06-17
   days on market $800,000 Active 147 DOM
4. 2026-06-16
   days on market $800,000 Active 146 DOM
5. 2026-06-15
   days on market $800,000 Active 145 DOM
6. 2026-06-13
   days on market $800,000 Active 143 DOM
7. 2026-06-10
   days on market $800,000 Active 140 DOM
8. 2026-06-09
   days on market $800,000 Active 139 DOM
9. 2026-06-08
   days on market $800,000 Active 138 DOM
10. 2026-06-07
    days on market $800,000 Active 137 DOM
11. 2026-06-03
    days on market $800,000 Active 133 DOM
12. 2026-06-02
    days on market $800,000 Active 132 DOM
13. 2026-06-01
    days on market $800,000 Active 131 DOM
14. 2026-05-31
    days on market $800,000 Active 130 DOM
15. 2026-01-21
    listed $800,000 Active 774-char remark

    Show marketing remark (774 chars)

    Prime Fan District investment opportunity at 2607 W Grace St—a classic 1910 brick quadplex featuring four (4) one-bedroom apartments in one of Richmond’s most in-demand, walkable locations. With 2,694 sq ft across two stories, plus a partial basement, this property offers a strong footprint for a buy-and-hold strategy with long-term upside. The brick exterior, charming front porch, and off-street parking for two cars add durable appeal and rarity for the neighborhood. Tenants will love being steps from the Fan’s best restaurants, museums, shopping, and nightlife, supporting consistent rental demand. A location-driven asset in a proven submarket—ideal for investors seeking stable cash flow potential and appreciation in the heart of Richmond.

16. 2021-06-21
    historical
17. 2021-05-25
    listed $599,950 Active
18. 1984-08-23
    soldstatus $30,000

ⓘ 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: $6,840 · $570/mo
• Projected year-2 tax: $6,840 · $570/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $77,568
• − Mortgage interest: −$44,812
• − Property taxes: −$6,840
• − Insurance: −$4,000
• − Repairs & maintenance: −$6,205
• − Management: −$6,205
• − Depreciation: −$23,273
• Taxable loss: −$13,768
• Est. tax savings @ 24.0%: +$3,304
• After-tax cash flow: $3,400/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: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 34,671
• Household income: $61,381
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 2962.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Black 31% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% Chinese 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: ▼ -772.63%
• Current HPI: 348.5085
• Rent YoY: ▲ 6.54%
• 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

+2566.7% since first listed

4 events — show timeline

• 2026-01-21 Listed $800,000 CVRMLS
• 2021-06-21 Listing Removed — CVRMLS
• 2021-05-25 Listed $599,950 CVRMLS
• 1984-08-23 Sold (Public Records) $30,000 Public Records

Property tax history

+5.2%/yr

Latest (2022): $6,840 · +135.5% YoY. Source: county tax records.