1913 Willis St · Salem, VA 24153

$143,000

2 bd · 1.0 ba · 792 sqft · SingleFamily public records · 44 Days on market

Built 1945 0.34 ac lot $181/sqft · 33% above area Est $213k · 33% under ↓ 3% since listing

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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 +15.5/30.0
• ARV discount +15.0/15.0
• Schools +5.7/10.0
• DSCR +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable homeownership in the Roanoke Valley starts here. This 3 bedroom, 1 bath home is your chance to stop renting and start building equity without the hefty price tag. Move in, make it yours, and watch your investment grow -- all while enjoying the perks of Salem City limits and Salem City Schools. Whether you're a first-time buyer ready to put down roots or an investor looking for your next add, this one checks the boxes. Priced to sell and sold as-is. Schedule your showing today.

Key facts

• 0.34 acre lot
• Garage
• Built 1945

Property features AI

Finance

• Other: Annual tax amount listed as $618
• Financial info: Listing price $148,000

Exterior

• Home design: Residential property; Built in 1945
• Exterior features: Lot approximately 0.34 acres

Interior

• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air gas heating; Central cooling
• Interior features: Has heating and cooling; Forced air gas heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $143k.

Deal economics

• At list price, monthly cash flow is $58 ($696/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 $123k (14.1% below list).
• Recommended offer: $123k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Salem City Public School District (suburban): math 61% / reading 74% proficiency, ranked #35 of 131 in VA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: East Salem Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 409 students, 73% FRL); Andrew Lewis Middle (math 57% / reading 72%, grade A-, #123 of 342 statewide, top 37%, 895 students, 44% FRL); Salem High (math 64% / reading 91%, grade A-, #83 of 319 statewide, top 28%, 1,227 students, 39% FRL) — zoned schools average 52% FRL vs 27% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 271 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $989 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Salem County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($139k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,846 (14.1% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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: 0.86% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (median comp): $213,095
• List price: $143,000
• Delta: -32.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 Ward St	0.21mi	2/1.0	774 (-2%)	2mo	$189,000	$244	85
1720 Millbrook St	0.39mi	2/1.0	864 (+9%)	3mo	$221,500	$256	64
113 Bellevue Ave	0.27mi	2/1.0	896 (+13%)	4mo	$185,000	$206	62
4924 Morwanda St NW	0.49mi	2/1.5	811 (+2%)	12mo	$176,000	$217	61
818 Peck St NW	0.25mi	2/1.0	844 (+7%)	22mo	$148,000	$175	59
4615 Renfro Blvd NW	0.58mi	2/1.0	740 (-7%)	5mo	$150,000	$203	57
5011 Morwanda St NW	0.39mi	2/1.0	840 (+6%)	19mo	$133,000	$158	56
4414 Surrey Ave NW	0.67mi	2/1.0	713 (-10%)	10mo	$161,000	$226	44

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.61×
• Total profit: $-15,711
• Equity at exit: $21,322

10-year hold

• IRR: 2.3%
• Equity multiple: 1.19×
• Total profit: $7,513
• Equity at exit: $12,364

Cash invested: $40,040 (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 24153

• Rents YoY: 6.0%
• Active inventory: 271
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,228 high
• Mortgage (P&I): −$750
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $58

Break-even live

Break-even rent $1,155

Max offer price $143,000

Occupancy floor 90%

Sensitivity live

Price	-10% $139	-5% $99	+0% $58	+5% $18	+10% $-23
Rent	-10% $-39	-5% $10	+0% $58	+5% $107	+10% $155
Rate	-1.0pp $130	-0.5pp $94	base $58	+0.5pp $21	+1.0pp $-17

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: $35,750
• Closing costs: $4,290
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1741 Pexton Ave Salem, VA	3.0	1.0	792	$1,452	$1.83	14d	1	0.61mi
4310 Tyree Rd NW Roanoke, VA	3.0	1.0	913	$1,650	$1.81	14d	1	0.92mi
4112 Virginia Ave NW Roanoke, VA	1.0	1.0	750	$850	$1.13	44d	1	1.01mi
829 Westside Blvd NW Apt 2 Roanoke, VA	1.0	1.0	700	$895	$1.28	44d	1	1.08mi
817 Westside Blvd NW Unit A Roanoke, VA	1.0	1.0	525	$716	$1.36	21d	1	1.10mi
813 Westside Blvd NW Apt A Roanoke, VA	1.0	1.0	525	$716	$1.36	44d	1	1.11mi
809 Westside Blvd NW Apt C Roanoke, VA	1.0	1.0	525	$696	$1.33	44d	1	1.12mi
3802 Panorama Ave NW #12 Roanoke, VA	3.0	1.0	1100	$995	$0.90	44d	1	1.24mi
3802 Panorama Ave NW #6 Roanoke, VA	2.0	1.0	900	$1,050	$1.17	44d	1	1.24mi
3802 Panorama Ave NW #2 Roanoke, VA	2.0	1.0	900	$995	$1.11	44d	1	1.24mi
900 Camelot Dr Salem, VA	1.0–3.0	1.0–1.5	905	$1,532	$1.69	14d	10	1.25mi
128 Rutledge Dr Salem, VA	1.0–3.0	1.0–2.0	822	$1,365	$1.66	14d	13	1.43mi
803 Roanoke Blvd Salem, VA	2.0	1.0	900	$1,295	$1.44	44d	1	1.49mi
777 Roanoke Blvd Salem, VA	1.0–3.0	1.0	779	$1,332	$1.71	14d	12	1.50mi

Listing history 15 events

1. 2026-06-18
   days on market $143,000 Active 44 DOM
2. 2026-06-17
   days on market $143,000 Active 43 DOM
3. 2026-06-16
   days on market $143,000 Active 42 DOM
4. 2026-06-15
   days on market $143,000 Active 41 DOM
5. 2026-06-14
   days on market $143,000 Active 39 DOM
6. 2026-06-13
   days on market $143,000 Active 38 DOM
7. 2026-06-10
   days on market $143,000 Active 36 DOM
8. 2026-06-09
   days on market $143,000 Active 35 DOM
9. 2026-06-08
   days on market $143,000 Active 34 DOM
10. 2026-06-03
    days on market $143,000 Active 29 DOM
11. 2026-06-02
    days on market $143,000 Active 28 DOM
12. 2026-06-01
    days on market $143,000 Active 27 DOM
13. 2026-05-31
    days on market $143,000 Active 26 DOM
14. 2026-05-30
    days on market $143,000 Active 25 DOM
15. 2026-05-05
    listed $148,000 Active 492-char remark

ⓘ 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: $1,235 · $103/mo
• Projected year-2 tax: $1,235 · $103/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 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,742
• − Mortgage interest: −$8,010
• − Property taxes: −$1,235
• − Insurance: −$715
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$4,160
• Taxable loss: −$1,738
• Est. tax savings @ 24.0%: +$417
• After-tax cash flow: $1,114/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: Salem City Public School District
• NCES district ID: 5103460
• Math proficiency: 61% ▼ -21.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $49,976
• Composite: 57.25/100
• National rank: #1092
• State rank: #35 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, VA
• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 26,761 people
• By 2030: 27,543 · +2.9%
• By 2040: 29,174 · +9.0%
• By 2050: 30,902 · +15.5%
• By 2075: 35,530 · +32.8%
• By 2100: 39,381 · +47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.3) · D 39.8% · R 59.1% · Other 1.1%
• 2008→2024 swing: -3.8pp toward R · 2008: -15.5pp · 2024: -19.3pp
• All cycles: 2024: R+19.3 2020: R+19.4 2016: R+24.8 2012: R+20.6 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• 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

-3.4% since first listed

2 events — show timeline

• 2026-05-28 Price Changed $143,000 MLSRV
• 2026-05-05 Listed $148,000 MLSRV

Property tax history

+5.8%/yr

Latest (2025): $1,235 · +6.7% YoY. Source: county tax records.