231 New St · Petersburg, VA 23805

$74,995

3 bd · 1.0 ba · 1,920 sqft · SingleFamily public records

Built 1915 6,098 sqft lot ↓ 15% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good investment opportunity, property has a nice level lot, it could easily be used as a bedroom house and could make a great rental, lots of upside to this property.

Key facts

• 6,098 sq ft lot
• Built 1915

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 21.0% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cool Spring Elementary (math 17% / reading 32%, grade F, #1,051 of 1,108 statewide, top 96%, 530 students, 102% FRL); Vernon Johns Middle (math 21% / reading 47%, grade F, #330 of 342 statewide, top 96%, 921 students, 99% FRL); Petersburg High (math 43% / reading 62%, grade C-, #293 of 319 statewide, top 92%, 1,080 students, 97% FRL) — zoned schools average 99% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 118 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 36% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $64k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 48% 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 $74,995

Questions for the listing agent

1. Built in 1915 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F 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?
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: 2.41% ✓
• Cap rate: 21.00%
• Cash-on-cash: 52.54%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $301,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Mistletoe St	0.09mi	4/3.5 (+1)	1,860 (-3%)	4mo	$285,000	$153	72
409 Mistletoe St	0.18mi	4/3.5 (+1)	1,960 (+2%)	4mo	$290,000	$148	70
731 Harding St	0.16mi	4/3.5 (+1)	2,000 (+4%)	3mo	$315,000	$158	68
710 Harding St	0.12mi	4/3.5 (+1)	2,000 (+4%)	6mo	$314,900	$157	68
913 Diamond St	0.28mi	4/3.0 (+1)	1,860 (-3%)	2mo	$309,999	$167	67
1001 Saint James St	0.41mi	4/3.5 (+1)	1,840 (-4%)	2mo	$297,000	$161	58
546 Clinton St	0.46mi	4/2.0 (+1)	1,782 (-7%)	2mo	$305,000	$171	56
403 St Matthew St	0.26mi	4/3.5 (+1)	2,116 (+10%)	6mo	$314,999	$149	51
688 Pegram St	0.60mi	3/1.0	1,665 (-13%)	3mo	$95,000	$57	47
1103 Halifax St	0.59mi	4/3.5 (+1)	2,000 (+4%)	4mo	$325,000	$163	47
1120 Halifax St	0.63mi	4/2.0 (+1)	1,785 (-7%)	6mo	$265,000	$148	45
303 Webster St	0.64mi	4/2.5 (+1)	2,104 (+10%)	6mo	$310,000	$147	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.5%
• Equity multiple: 3.21×
• Total profit: $46,422
• Equity at exit: $11,182

10-year hold

• IRR: 56.0%
• Equity multiple: 6.52×
• Total profit: $115,901
• Equity at exit: $6,484

Cash invested: $20,999 (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 23805

• Home prices YoY: -10.6%
• Active inventory: 118
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,804 high
• Mortgage (P&I): −$393
• Tax from tax record: −$81 /mo · $975/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $919

Break-even live

Break-even rent $640

Max offer price $74,995

Occupancy floor 44%

Sensitivity live

Price	-10% $962	-5% $941	+0% $919	+5% $898	+10% $877
Rent	-10% $777	-5% $848	+0% $919	+5% $991	+10% $1,062
Rate	-1.0pp $957	-0.5pp $938	base $919	+0.5pp $900	+1.0pp $880

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: $18,749
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
838 S Jones St Unit B Petersburg, VA	2.0	1.0	1296	$1,100	$0.85	45d	1	0.42mi
616 S Jefferson St Petersburg, VA	3.0	2.0	2400	$1,957	$0.82	4d	1	0.42mi
331 Glenwood Ct Petersburg, VA	4.0	1.0	1242	$1,800	$1.45	4d	1	0.58mi
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	45d	1	0.58mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	25d	1	0.71mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	45d	1	0.71mi
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	45d	1	0.84mi
462 Reservoir Hts Petersburg, VA	4.0	2.0	1640	$1,895	$1.16	25d	1	0.94mi
531 N Azalea Rd Petersburg, VA	3.0	2.0	1600	$1,595	$1.00	25d	1	0.95mi
335 Claremont St Petersburg, VA	4.0	2.0	2157	$2,500	$1.16	13d	1	1.17mi
1806 Powhatan Ave Petersburg, VA	4.0	2.0	1878	$2,495	$1.33	4d	1	1.24mi

Listing history 6 events

1. 2022-05-12
   soldstatus $64,000
2. 2022-05-10
   soldstatus $64,000 Closed 166-char remark

   Show marketing remark (166 chars)

   Good investment opportunity, property has a nice level lot, it could easily be used as a bedroom house and could make a great rental, lots of upside to this property.

3. 2022-04-26
   status Pending

   Show marketing remark (166 chars)

   Good investment opportunity, property has a nice level lot, it could easily be used as a bedroom house and could make a great rental, lots of upside to this property.

4. 2022-04-26
   status Pending 166-char remark

   Show marketing remark (166 chars)

   Good investment opportunity, property has a nice level lot, it could easily be used as a bedroom house and could make a great rental, lots of upside to this property.

5. 2022-04-22
   listed $74,995 Active 166-char remark

   Show marketing remark (166 chars)

   Good investment opportunity, property has a nice level lot, it could easily be used as a bedroom house and could make a great rental, lots of upside to this property.

6. 2022-04-18
   listed $74,995 Active

ⓘ 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: $975 · $81/mo
• Projected year-2 tax: $975 · $81/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 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 48% 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: $21,648
• − Mortgage interest: −$4,201
• − Property taxes: −$975
• − Insurance: −$375
• − Repairs & maintenance: −$1,732
• − Management: −$1,732
• − Depreciation: −$2,182
• Taxable income: $10,452
• Est. tax owed @ 24.0%: −$2,508
• After-tax cash flow: $8,524/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Petersburg City · 21,408 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 21,408
• Household income: $60,807
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 719.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 58% White 32% Hispanic / Latino 5% Two or more races 4% Asian 2%
• Common ancestry: Italian 2% Lithuanian 1% Hungarian 1%
• Foreign-born: 4% · Canada, Vietnam, South Korea
• Languages at home: 94% English-only · Spanish 3%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.37%
• Current HPI: 426.599
• Rent YoY: —
• 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

-14.7% since first listed

6 events — show timeline

• 2022-05-12 Sold (Public Records) $64,000 Public Records
• 2022-05-10 Sold (MLS) $64,000 CVRMLS
• 2022-04-26 Pending — MLSRV
• 2022-04-26 Pending — CVRMLS
• 2022-04-22 Listed $74,995 CVRMLS
• 2022-04-18 Listed $74,995 MLSRV

Property tax history

+5.5%/yr

Latest (2025): $975 · +102.1% YoY. Source: county tax records.