1608 Eastgate Ave · Roanoke, VA 24019

$80,000

3 bd · 1.0 ba · 927 sqft · SingleFamily public records · 38 Days on market

Built 1948 9,945 sqft lot $86/sqft · 57% below area

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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
• Schools +4.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1608 Eastgate Ave NE in Roanoke, Virginia! Investor opportunity with strong upside—this 2 bedroom, 1 bathroom home offers 927 sqft of value-add potential, ideal for a flip, rental, or BRRRR strategy. Sitting on a spacious 9,945 sqft lot—larger than typical for the area—this property provides multiple exit strategies, including potential subdivision (buyer to verify with the city regarding alley access/closure). The lot also includes a detached garage/shed, adding extra utility and flexibility. Key exterior components are already in good shape, including a 5-year-old roof and solid vinyl siding. The property will require HVAC, electrical updates, new windows, rear foundation repair, and a full cosmetic renovation—making it a true value-add project for experienced investors or builders. Property will be delivered vacant at closing. Builders, flippers, and buy-and-hold investors—this is the kind of deal you’re looking for.

Key facts

• 5 year old roof
• Value add potential
• Spacious lot

Tags

• SPACIOUS LOT
• DETACHED GARAGE
• 5 YEAR OLD ROOF
• SOLID VINYL SIDING
• VALUE ADD POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 4.2% in Roanoke — 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 73/100 on livability (#163 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment D, crime F.
• Roanoke City Public School District (urban): math 40% / reading 58% proficiency, ranked #102 of 131 in VA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 175 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 113 units permitted in Roanoke city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Roanoke County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $12k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• 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 $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1948 — 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. 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?
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: 1.75% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.07%
• DSCR: 2.20
• GRM: 4.8

CMA / ARV

• ARV (median comp): $187,721
• List price: $80,000
• Delta: -57.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1448 Archbold Ave NE	0.28mi	2/1.0 (-1)	930 (+0%)	6mo	$199,950	$215	77
1427 Varnell Ave NE	0.24mi	2/1.5 (-1)	960 (+4%)	2mo	$205,000	$214	75
1417 Varnell Ave NE	0.26mi	2/1.5 (-1)	960 (+4%)	4mo	$213,000	$222	72
1807 Archbold Ave NE	0.29mi	2/1.0 (-1)	876 (-6%)	1mo	$156,600	$179	72
1424 Varnell Ave NE	0.23mi	2/1.0 (-1)	875 (-6%)	5mo	$198,000	$226	71
1503 23rd St NE	0.38mi	2/1.0 (-1)	902 (-3%)	3mo	$145,000	$161	71
1424 Varnell Ave NE	0.23mi	2/1.0 (-1)	875 (-6%)	7mo	$195,880	$224	69
920 Mohawk Ave NE	0.43mi	3/2.0	964 (+4%)	1mo	$225,000	$233	69
1443 Varnell Ave NE	0.22mi	2/2.0 (-1)	1,003 (+8%)	6mo	$200,000	$199	62
1416 Archbold Ave NE	0.32mi	2/1.0 (-1)	866 (-7%)	9mo	$91,000	$105	62
1928 Archbold Ave NE	0.30mi	2/1.0 (-1)	828 (-11%)	9mo	$208,500	$252	56
920 Pocahontas Ave NE	0.55mi	2/1.0 (-1)	816 (-12%)	5mo	$210,000	$257	46

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: 21.1%
• Equity multiple: 1.86×
• Total profit: $19,269
• Equity at exit: $11,928

10-year hold

• IRR: 29.2%
• Equity multiple: 3.61×
• Total profit: $58,424
• Equity at exit: $6,917

Cash invested: $22,400 (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 24019

• Active inventory: 175
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,400 high
• Mortgage (P&I): −$420
• Tax from tax record: −$148 /mo · $1,773/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $505

Break-even live

Break-even rent $760

Max offer price $80,000

Occupancy floor 59%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1423 Varnell Ave NE Roanoke, VA	2.0	1.0	720	$1,650	$2.29	13d	1	0.26mi
916 Kyle Ave NE Roanoke, VA	2.0	1.0	642	$2,250	$3.50	13d	1	0.35mi
1824 Eastern Ave NE Roanoke, VA	2.0	1.0	863	$1,200	$1.39	43d	1	0.50mi
1708 Baldwin Ave NE Unit A Roanoke, VA	2.0	1.5	952	$1,550	$1.63	43d	1	0.64mi
2205 Larchwood St NE Roanoke, VA	4.0	2.0	675	$1,700	$2.52	43d	1	0.76mi
1712 Wayne St NE Roanoke, VA	2.0	1.0	826	$1,250	$1.51	21d	1	0.82mi
220 8th St Vinton, VA	2.0	1.0	850	$1,199	$1.41	13d	1	0.89mi
1905 Wise Ave SE Roanoke, VA	2.0	1.0	1044	$1,123	$1.08	13d	1	0.96mi
44 Forest Hill Ave NE Roanoke, VA	2.0	1.0	768	$1,150	$1.50	21d	1	1.07mi
2716 Edison St NE Unit & 2718 Roanoke, VA	2.0	1.5	864	$1,225	$1.42	43d	1	1.10mi
100 Highland Rd Vinton, VA	1.0–2.0	1.0–2.0	665	$1,195	$1.80	13d	1	1.13mi
1605 Church Ave SE Roanoke, VA	2.0	1.0	776	$1,200	$1.55	13d	1	1.14mi
339 Cedar Ave Vinton, VA	2.0	1.0	830	$1,200	$1.45	43d	1	1.20mi
3006 Hickory Woods Dr NE Roanoke, VA	1.0–3.0	1.0–2.0	922	$1,890	$2.05	13d	20	1.20mi
3111 Ellsworth St NE Roanoke, VA	1.0–2.0	1.0	662	$1,199	$1.81	13d	2	1.23mi
1515 Dunbar St NW Roanoke, VA	3.0	2.0	1058	$1,623	$1.53	13d	1	1.25mi
3228 Oliver Rd NE Roanoke, VA	3.0	1.0	1017	$1,150	$1.13	21d	1	1.32mi
2802 Vinyard Ave NE Unit 2 Roanoke, VA	2.0	1.0	950	$1,295	$1.36	13d	1	1.33mi
2812 Vinyard Ave NE Unit 2 Roanoke, VA	2.0	1.0	950	$1,295	$1.36	21d	1	1.34mi
2916 Courtland Rd NW Roanoke, VA	2.0	1.0	722	$1,123	$1.56	21d	1	1.40mi
3343 Glade Creek Blvd NE Roanoke, VA	1.0–3.0	1.0–2.0	1131	$2,230	$1.97	13d	28	1.44mi
709 Drew Ave NE Apt 2 Roanoke, VA	2.0	1.0	825	$1,050	$1.27	43d	1	1.45mi
1016 15th St SE #2 Roanoke, VA	3.0	1.5	1084	$995	$0.92	13d	1	1.45mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	820	$1,160	$1.41	43d	1	1.46mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	902	$1,125	$1.25	13d	1	1.46mi

Listing history 11 events

1. 2026-04-28
   price $80,000 980-char remark

   Show marketing remark (980 chars)

   Welcome to 1608 Eastgate Ave NE in Roanoke, Virginia! Investor opportunity with strong upside—this 2 bedroom, 1 bathroom home offers 927 sqft of value-add potential, ideal for a flip, rental, or BRRRR strategy. Sitting on a spacious 9,945 sqft lot—larger than typical for the area—this property provides multiple exit strategies, including potential subdivision (buyer to verify with the city regarding alley access/closure). The lot also includes a detached garage/shed, adding extra utility and flexibility. Key exterior components are already in good shape, including a 5-year-old roof and solid vinyl siding. The property will require HVAC, electrical updates, new windows, rear foundation repair, and a full cosmetic renovation—making it a true value-add project for experienced investors or builders. Property will be delivered vacant at closing. Builders, flippers, and buy-and-hold investors—this is the kind of deal you’re looking for.

2. 2026-04-21
   listed $92,000 Active 980-char remark

   Show marketing remark (980 chars)

   Welcome to 1608 Eastgate Ave NE in Roanoke, Virginia! Investor opportunity with strong upside—this 2 bedroom, 1 bathroom home offers 927 sqft of value-add potential, ideal for a flip, rental, or BRRRR strategy. Sitting on a spacious 9,945 sqft lot—larger than typical for the area—this property provides multiple exit strategies, including potential subdivision (buyer to verify with the city regarding alley access/closure). The lot also includes a detached garage/shed, adding extra utility and flexibility. Key exterior components are already in good shape, including a 5-year-old roof and solid vinyl siding. The property will require HVAC, electrical updates, new windows, rear foundation repair, and a full cosmetic renovation—making it a true value-add project for experienced investors or builders. Property will be delivered vacant at closing. Builders, flippers, and buy-and-hold investors—this is the kind of deal you’re looking for.

3. 2026-04-02
   historical
4. 2026-03-05
   listed $150,000 Active
5. 2007-10-31
   soldstatus $65,000
6. 2007-05-29
   listed $72,950
7. 2007-05-28
   historical
8. 2007-02-28
   listed $78,900
9. 2001-07-19
   soldstatus $69,000
10. 1996-12-17
    soldstatus $35,300
11. 1981-10-22
    soldstatus $8,000

ⓘ 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: $1,773 · $148/mo
• Projected year-2 tax: $1,773 · $148/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,799
• − Mortgage interest: −$4,481
• − Property taxes: −$1,773
• − Insurance: −$400
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$2,327
• Taxable income: $5,129
• Est. tax owed @ 24.0%: −$1,231
• After-tax cash flow: $4,832/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 City Public School District
• NCES district ID: 5103300
• Math proficiency: 40% ▼ -38.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $38,592
• Composite: 40.8/100
• National rank: #3639
• State rank: #102 of 131 in VA

Livability — Roanoke

• Score: 73/100
• State rank: #163
• US rank: #5055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roanoke, VA
• County: Roanoke County · 67,305 people
• City population: 168,930
• Metro: Roanoke, VA
• Population (ZIP): 28,585
• Household income: $77,870
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 512.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 106,094 people
• By 2030: 108,927 · +2.7%
• By 2040: 114,104 · +7.5%
• By 2050: 118,032 · +11.3%
• By 2075: 123,363 · +16.3%
• By 2100: 116,827 · +10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 13% Two or more races 4% Hispanic / Latino 4% Asian 3%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong D (+23.6) · D 61.1% · R 37.5% · Other 1.4%
• 2008→2024 swing: +0.2pp no change · 2008: 23.4pp · 2024: 23.6pp
• All cycles: 2024: D+23.6 2020: D+25.8 2016: D+17.6 2012: D+21.5 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -236.33%
• Current HPI: 179.1326
• Rent YoY: —
• 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

+900.0% since first listed

11 events — show timeline

• 2026-04-28 Price Changed $80,000 BRIGHT MLS
• 2026-04-21 Listed $92,000 BRIGHT MLS
• 2026-04-02 Listing Removed — MLSRV
• 2026-03-05 Listed $150,000 MLSRV
• 2007-10-31 Sold (MLS) $65,000 MLSRV
• 2007-05-29 Listed $72,950 MLSRV
• 2007-05-28 Listing Removed — MLSRV
• 2007-02-28 Listed $78,900 MLSRV
• 2001-07-19 Sold (Public Records) $69,000 Public Records
• 1996-12-17 Sold (Public Records) $35,300 Public Records
• 1981-10-22 Sold (Public Records) $8,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $1,773 · +18.1% YoY. Source: county tax records.