3101 Harmony Rd · Cave Spring, VA 24018

$349,950

3 bd · 2.5 ba · 1,508 sqft · SingleFamily public records · 3 Days on market

Built 1960 0.65 ac lot Est $320k · 9% over

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Why this score? — see what drove the F 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 +9.3/30.0
• Schools +6.4/10.0
• Livability +3.8/5.0
• ARV discount +3.2/15.0
• Rent growth +3.2/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Updated all-brick ranch in a sought-after Southwest County neighborhood, tucked away on a quiet cul-de-sac. This beautiful renovated 3 bedroom home features a modern kitchen w/ granite countertops, new stainless steel appliances, & a cozy fireplace. New luxury plank flooring flows throughout the home, complemented by fresh interior paint & updated interior & exterior lighting. Major upgrades include 2 new heat pumps, new water heater, new 200-amp breaker box, new sewer line, and a new roof. All 3 bathrooms have been completely updated with stylish finishes. The finished basement offers an additional fireplace office, & spacious recreation room. Situated on over a half-

Key facts

• Cozy fireplace
• Modern kitchen
• Granite countertops

Tags

• MODERN KITCHEN
• GRANITE COUNTERTOPS
• NEW STAINLESS STEEL APPLIANCES
• COZY FIREPLACE
• NEW LUXURY PLANK FLOORING
• FRESH INTERIOR PAINT

Property features AI

Exterior

• Home design: Residential property; Built in 1960
• Exterior features: Front porch; Rear porch; 0.65-acre lot

Interior

• Kitchen: Built-in microwave
• Bedrooms: 3 bedrooms, all on the main level
• Flooring: Vinyl flooring
• Bathrooms: 3 full bathrooms (2 on the main level)
• Heating & cooling: Electric heat pump heating; Heat pump water cooling
• Interior features: 10 total rooms; Clad windows; Two fireplaces

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-254 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (12.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (29.2% below list).
• Recommended offer: $248k (29.2% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.4% in Cave Spring — 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 (#113 in VA, #3,513 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities F, commute F.
• Roanoke County Public School District (suburban): math 71% / reading 78% proficiency, ranked #9 of 131 in VA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Green Valley Elementary (math 63% / reading 75%, grade A-, #351 of 1,108 statewide, top 32%, 518 students, 43% FRL); Hidden Valley Middle (math 76% / reading 83%, grade A+, #28 of 342 statewide, top 8%, 578 students, 26% FRL); Hidden Valley High (math 90% / reading 92%, grade A+, #5 of 319 statewide, top 1%, 830 students, 24% FRL).
• Market conditions: Rents rising (+2.9%/yr); 339 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 360 units permitted in Roanoke County in 2024 (228 in 5+ unit buildings).
• This rent runs 33% of the median local income ($91k/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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Roanoke County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $115k; list at $350k implies a 204% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $247,909 (29.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1960 — 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. 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?
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: 0.71% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.11%
• DSCR: 0.86
• GRM: 11.8

CMA / ARV

• ARV (on-the-fly): $319,696
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3516 Grandin Rd SW	0.40mi	3/2.0	1,555 (+3%)	7mo	$329,950	$212	68
3533 Bunker Hill Dr	0.59mi	3/2.0	1,568 (+4%)	9mo	$308,500	$197	56
4322 Garstview Cir	0.56mi	2/2.0 (-1)	1,358 (-10%)	6mo	$350,000	$258	45
2825 Tillett Rd SW	0.70mi	3/2.0	1,452 (-4%)	20mo	$299,000	$206	42
2934 Corbieshaw Rd SW	0.71mi	3/2.5	1,680 (+11%)	15mo	$367,000	$218	36
4346 Garstview Cir	0.51mi	2/2.0 (-1)	1,358 (-10%)	24mo	$329,950	$243	33
3912 Hyde Park Dr	0.75mi	3/2.0	1,626 (+8%)	22mo	$323,000	$199	32
3601 Brandywine Ave	0.66mi	4/1.0 (+1)	1,606 (+6%)	21mo	$265,000	$165	30

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.25×
• Total profit: $-73,262
• Equity at exit: $52,179

10-year hold

• IRR: -15.7%
• Equity multiple: 0.12×
• Total profit: $-86,198
• Equity at exit: $30,257

Cash invested: $97,986 (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 24018

• Rents YoY: 2.9%
• Active inventory: 339
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,479 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$231 /mo · $2,776/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $-254

Break-even live

Break-even rent $2,800

Max offer price $305,110

Occupancy floor —

Sensitivity live

Price	-10% $-56	-5% $-155	+0% $-254	+5% $-353	+10% $-452
Rent	-10% $-450	-5% $-352	+0% $-254	+5% $-156	+10% $-58
Rate	-1.0pp $-78	-0.5pp $-165	base $-254	+0.5pp $-345	+1.0pp $-437

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: $87,488
• Closing costs: $10,498
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4356 Old Garst Ml Rd Cave Spring, VA	1.0–2.0	1.0–1.5	889	$1,341	$1.51	15d	14	0.40mi
3419 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	45d	1	0.47mi
3423 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	45d	1	0.48mi
3427 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	45d	1	0.49mi
2911 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	22d	1	0.54mi
2923 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	22d	1	0.54mi
2917 Evergreen Ln SW Roanoke, VA	4.0	3.5	2240	$3,195	$1.43	22d	1	0.54mi
3711 Crescent Ridge Dr SW Roanoke, VA	4.0	2.5	2232	$2,899	$1.30	22d	1	0.97mi
3602 Colonial Green Cir SW Roanoke, VA	3.0	2.5	1670	$2,622	$1.57	15d	1	0.98mi
4630 Roxbury Ln Cave Spring, VA	1.0–2.0	1.0–1.5	930	$1,625	$1.75	15d	7	1.06mi
3620 Manassas Dr Roanoke, VA	3.0	1.5	1200	$2,300	$1.92	45d	1	1.12mi
3464 Colonial Ave Roanoke, VA	2.0	1.0	1100	$1,495	$1.36	15d	5	1.18mi
5204 Lakeland Dr Roanoke, VA	3.0	2.5	2000	$2,595	$1.30	46d	1	1.29mi
5220 Lakeland Dr Roanoke, VA	3.0	2.5	2000	$2,695	$1.35	46d	1	1.32mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,825	$1.38	22d	1	1.33mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,800	$1.36	45d	1	1.33mi
3345 Circle Brook Dr Cave Spring, VA	1.0–3.0	1.0–2.0	997	$1,920	$1.92	15d	11	1.40mi
3807 Brandon Ave SW Roanoke, VA	3.0	2.0	1200	$1,600	$1.33	15d	2	1.46mi

Listing history 6 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   status Active
3. 2026-05-10
   listed $349,950 Active
4. 2026-05-10
   historical
5. 2025-11-14
   soldstatus $115,000
6. 1991-05-01
   soldstatus $99,500

ⓘ 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: $2,776 · $231/mo
• Projected year-2 tax: $2,870 · $239/mo
• Expected delta: +$94/yr (+$8/mo · 3.4%)

ⓘ 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 5/10 Major 7 d/yr ≥100°F today · 18 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: $29,749
• − Mortgage interest: −$19,603
• − Property taxes: −$2,776
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,380
• − Management: −$2,380
• − Depreciation: −$10,180
• Taxable loss: −$9,319
• Est. tax savings @ 24.0%: +$2,237
• After-tax cash flow: $-809/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: Roanoke County Public School District
• NCES district ID: 5103330
• Math proficiency: 71% ▼ -19.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $60,526
• Composite: 64.08/100
• National rank: #578
• State rank: #9 of 131 in VA

Livability — Cave Spring

• Score: 76/100
• State rank: #113
• US rank: #3513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cave Spring, VA
• County: Roanoke County · 67,305 people
• Metro: Roanoke, VA
• Population (ZIP): 38,720
• Household income: $90,885
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 495.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 98,162 people
• By 2030: 99,793 · +1.7%
• By 2040: 101,965 · +3.9%
• By 2050: 103,328 · +5.3%
• By 2075: 108,641 · +10.7%
• By 2100: 104,845 · +6.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Hispanic / Latino 4% Two or more races 4% Black 4%
• Common ancestry: Italian 4% Slovak 3% Serbian 3%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong R (+22.5) · D 38.2% · R 60.7% · Other 1.1%
• 2008→2024 swing: -1.4pp toward R · 2008: -21.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+21.8 2016: R+28.1 2012: R+25.6 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -266.18%
• Current HPI: 176.0558
• Rent YoY: ▲ 2.88%
• Metro: Roanoke, 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

+251.7% since first listed

6 events — show timeline

• 2026-05-14 Pending — MLSRV
• 2026-05-11 Relisted — MLSRV
• 2026-05-10 Listing Removed — MLSRV
• 2026-05-10 Listed $349,950 MLSRV
• 2025-11-14 Sold (Public Records) $115,000 Public Records
• 1991-05-01 Sold (Public Records) $99,500 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,776 · +2.4% YoY. Source: county tax records.