215 N Kalmia Ave · Highland Springs, VA 23075

$180,700

3 bd · 1.5 ba · 1,084 sqft · SingleFamily public records · 55 Days on market

Built 1959 6,176 sqft lot Est $266k · 32% 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 +20.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• Schools +4.9/10.0
• 1% rule +4.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! This beautiful, move in ready ranch home is an estate sale in the heart of Highland Springs & comes equipped with a washer, dryer,  refrigerator & stove. Plus the roof, windows, water heater, and HVAC are only about 8 years old and all work wonderfully. Imagine pulling up to the beautiful manicured yard and as you enter the front door , you pass through the den and into the kitchen grab a ice cold drink from the included refrigerator and head to the mud room and check on the laundry in the included washer and dryer and then back to the kitchen to whip up some dinner and enjoy while you watch the evening news and your favorite shows. The maintenance-free exterior leaves plenty of time to enjoy the backyard oasis under the huge beautiful shade tree and large deck providing a wonderful comfortable experience just sitting out back and taking in the outdoors. Hardwoods under carpet throughout, and any furnishings left in home after July 3 will convey. Price to sell by the estate administrator, and although it is not perfect, it is in very good condition and being sold as is. All clear termite inspection is done for your convenience.

Key facts

• Huge shade tree
• Large deck
• Backyard oasis

Tags

• MAINTENANCE-FREE EXTERIOR
• BACKYARD OASIS
• HUGE SHADE TREE
• LARGE DECK
• HARDWOODS UNDER CARPET

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $181k.

Deal economics

• At list price, monthly cash flow is $227 ($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 $177k (2.2% below list).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.1% in Highland Springs — 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 72/100 on livability (#196 in VA) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities F, health & safety F.
• Henrico County Public School District (suburban): math 49% / reading 64% proficiency, ranked #68 of 131 in VA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 63 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,826 units permitted in Henrico County in 2024 (785 in 5+ unit buildings).
• This rent runs 38% of the median local income ($56k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Henrico County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $175,279 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — 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. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $265,580
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 N Kalmia Ave	0.00mi	3/1.0	1,084 (0%)	0mo	$180,700	$167	98
204 N Grove Ave	0.25mi	3/1.5	1,081 (-0%)	0mo	$215,000	$199	88
118 N Linden Ave	0.17mi	3/1.5	1,040 (-4%)	2mo	$266,400	$256	84
10 W Washington St	0.25mi	3/1.5	1,120 (+3%)	2mo	$249,950	$223	82
213 N Elm Ave	0.33mi	3/1.0	1,076 (-1%)	2mo	$261,000	$243	80
133 N Grove	0.24mi	3/1.5	1,178 (+9%)	1mo	$289,000	$245	73
115 N Elm Ave	0.37mi	3/1.0	1,024 (-6%)	2mo	$265,000	$259	70
16 N Juniper Ave	0.31mi	2/1.0 (-1)	980 (-10%)	1mo	$241,000	$246	61
110 N Kalmia Ave	0.20mi	2/1.0 (-1)	1,236 (+14%)	1mo	$200,000	$162	60
127 N Cedar Ave	0.43mi	3/1.0	960 (-11%)	1mo	$265,000	$276	58
508 E Read St	0.55mi	4/1.0 (+1)	1,152 (+6%)	1mo	$225,000	$195	56
125 N Ash Ave	0.52mi	3/1.0	955 (-12%)	1mo	$255,000	$267	53

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: -8.0%
• Equity multiple: 0.71×
• Total profit: $-14,832
• Equity at exit: $26,943

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $5,626
• Equity at exit: $15,624

Cash invested: $50,596 (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 23075

• Home prices YoY: -13.6%
• Active inventory: 63
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,766 high
• Mortgage (P&I): −$948
• Tax from tax record: −$145 /mo · $1,745/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $227

Break-even live

Break-even rent $1,479

Max offer price $180,700

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: $45,175
• Closing costs: $5,421
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
239 N Mapleleaf Ave Henrico, VA	3.0	1.0	980	$1,750	$1.79	23d	1	0.18mi
117 N Ivy Ave Henrico, VA	3.0	1.0	980	$1,590	$1.62	2d	1	0.19mi
118 N Linden Ave Henrico, VA	3.0	1.5	1080	$1,795	$1.66	43d	1	0.19mi
132 N Elm Ave Henrico, VA	3.0	1.0	840	$1,629	$1.94	43d	1	0.34mi
1000 E Washington St Henrico, VA	2.0	1.0	888	$2,000	$2.25	2d	1	0.49mi
205 Bridge St Henrico, VA	3.0	2.0	1242	$1,850	$1.49	10d	1	0.52mi
901 E 9 Mile Rd Unit a Highland Springs, VA	2.0	1.0	800	$1,312	$1.64	21d	1	0.55mi
1005 W Nine Mile Rd Unit J Henrico, VA	2.0	1.0	783	$1,395	$1.78	23d	1	0.86mi
1005 W Nine Mile Rd Henrico, VA	2.0	1.0	783	$1,345	$1.72	43d	1	0.88mi
419 Roxana Rd Henrico, VA	3.0	1.5	1085	$2,050	$1.89	2d	1	1.03mi
339 E Jerald St Henrico, VA	3.0	1.5	1160	$1,950	$1.68	43d	1	1.08mi
5951 Tiger Lily Ln Richmond, VA	2.0–3.0	2.0	1080	$1,592	$1.47	1d	12	1.26mi
120 Barker Ave Richmond, VA	3.0	1.0	1064	$1,597	$1.50	2d	1	1.28mi

Listing history 14 events

1. 2026-04-14
   status Pending
2. 2026-03-05
   status Active
3. 2026-02-05
   status Pending
4. 2026-02-05
   price $180,700
5. 2026-02-04
   price $189,000
6. 2026-01-21
   listed $180,700 Active
7. 2026-01-17
   historical
8. 2025-12-09
   price $200,700
9. 2025-10-17
   listed $223,000 Active
10. 2023-07-21
    soldstatus $235,000
11. 2023-07-20
    soldstatus $235,000 Closed 1176-char remark

    Show marketing remark (1176 chars)

    Welcome home! This beautiful, move in ready ranch home is an estate sale in the heart of Highland Springs & comes equipped with a washer, dryer,  refrigerator & stove. Plus the roof, windows, water heater, and HVAC are only about 8 years old and all work wonderfully. Imagine pulling up to the beautiful manicured yard and as you enter the front door , you pass through the den and into the kitchen grab a ice cold drink from the included refrigerator and head to the mud room and check on the laundry in the included washer and dryer and then back to the kitchen to whip up some dinner and enjoy while you watch the evening news and your favorite shows. The maintenance-free exterior leaves plenty of time to enjoy the backyard oasis under the huge beautiful shade tree and large deck providing a wonderful comfortable experience just sitting out back and taking in the outdoors. Hardwoods under carpet throughout, and any furnishings left in home after July 3 will convey. Price to sell by the estate administrator, and although it is not perfect, it is in very good condition and being sold as is. All clear termite inspection is done for your convenience.

12. 2023-06-28
    status Pending 1176-char remark

    Show marketing remark (1176 chars)

    Welcome home! This beautiful, move in ready ranch home is an estate sale in the heart of Highland Springs & comes equipped with a washer, dryer,  refrigerator & stove. Plus the roof, windows, water heater, and HVAC are only about 8 years old and all work wonderfully. Imagine pulling up to the beautiful manicured yard and as you enter the front door , you pass through the den and into the kitchen grab a ice cold drink from the included refrigerator and head to the mud room and check on the laundry in the included washer and dryer and then back to the kitchen to whip up some dinner and enjoy while you watch the evening news and your favorite shows. The maintenance-free exterior leaves plenty of time to enjoy the backyard oasis under the huge beautiful shade tree and large deck providing a wonderful comfortable experience just sitting out back and taking in the outdoors. Hardwoods under carpet throughout, and any furnishings left in home after July 3 will convey. Price to sell by the estate administrator, and although it is not perfect, it is in very good condition and being sold as is. All clear termite inspection is done for your convenience.

13. 2023-06-27
    listed $219,000 Active 1176-char remark

    Show marketing remark (1176 chars)

    Welcome home! This beautiful, move in ready ranch home is an estate sale in the heart of Highland Springs & comes equipped with a washer, dryer,  refrigerator & stove. Plus the roof, windows, water heater, and HVAC are only about 8 years old and all work wonderfully. Imagine pulling up to the beautiful manicured yard and as you enter the front door , you pass through the den and into the kitchen grab a ice cold drink from the included refrigerator and head to the mud room and check on the laundry in the included washer and dryer and then back to the kitchen to whip up some dinner and enjoy while you watch the evening news and your favorite shows. The maintenance-free exterior leaves plenty of time to enjoy the backyard oasis under the huge beautiful shade tree and large deck providing a wonderful comfortable experience just sitting out back and taking in the outdoors. Hardwoods under carpet throughout, and any furnishings left in home after July 3 will convey. Price to sell by the estate administrator, and although it is not perfect, it is in very good condition and being sold as is. All clear termite inspection is done for your convenience.

14. 1977-12-01
    soldstatus $29,950

ⓘ 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: $1,745 · $145/mo
• Projected year-2 tax: $1,745 · $145/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $21,198
• − Mortgage interest: −$10,122
• − Property taxes: −$1,745
• − Insurance: −$904
• − Repairs & maintenance: −$1,696
• − Management: −$1,696
• − Depreciation: −$5,257
• Taxable loss: −$221
• Est. tax savings @ 24.0%: +$53
• After-tax cash flow: $2,780/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: Henrico County Public School District
• NCES district ID: 5101890
• Math proficiency: 49% ▼ -32.00%
• Reading proficiency: 64% ▼ -12.00%
• Median HH income: $61,854
• Composite: 49.25/100
• National rank: #2031
• State rank: #68 of 131 in VA

Livability — Highland Springs

• Score: 72/100
• State rank: #196
• US rank: #6085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Highland Springs, VA
• County: Henrico County · 334,490 people
• City population: 8,347
• Metro: Richmond, VA
• Population (ZIP): 8,347
• Household income: $55,567
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 283.0

Population outlook (Henrico County) Hauer SSP2

• Today (2025): 365,885 people
• By 2030: 384,255 · +5.0%
• By 2040: 416,688 · +13.9%
• By 2050: 442,376 · +20.9%
• By 2075: 488,037 · +33.4%
• By 2100: 487,430 · +33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (62%)
• Race & ethnicity: Black 62% White 29% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Lithuanian 1% Romanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 2% Spanish 1%

Political lean MEDSL · Henrico

• 2024 margin: Strong D (+28.9) · D 63.7% · R 34.8% · Other 1.5%
• 2008→2024 swing: +16.6pp toward D · 2008: 12.2pp · 2024: 28.9pp
• All cycles: 2024: D+28.9 2020: D+29.0 2016: D+21.0 2012: D+11.7 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.15%
• Current HPI: 458.732
• 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

+503.3% since first listed

14 events — show timeline

• 2026-04-14 Pending — CVRMLS
• 2026-03-05 Relisted — CVRMLS
• 2026-02-05 Pending — CVRMLS
• 2026-02-05 Price Changed $180,700 CVRMLS
• 2026-02-04 Price Changed $189,000 CVRMLS
• 2026-01-21 Listed $180,700 CVRMLS
• 2026-01-17 Listing Removed — CVRMLS
• 2025-12-09 Price Changed $200,700 CVRMLS
• 2025-10-17 Listed $223,000 CVRMLS
• 2023-07-21 Sold (Public Records) $235,000 Public Records
• 2023-07-20 Sold (MLS) $235,000 CVRMLS
• 2023-06-28 Pending — CVRMLS
• 2023-06-27 Listed $219,000 CVRMLS
• 1977-12-01 Sold (Public Records) $29,950 Public Records

Property tax history

+6.8%/yr

Latest (2025): $1,745 · +8.0% YoY. Source: county tax records.