321 Caren Dr · Virginia Beach, VA 23452

$300,000

3 bd · 2.0 ba · 1,529 sqft · SingleFamily public records · 5 Days on market

Built 1959 9,239 sqft lot Est $373k · 20% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +10.8/30.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• DSCR +3.1/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fixer-upper opportunity in the established Birchwood Gardens neighborhood! This 3BR/2BA ranch offers 1,529 sqft of single-level living, built in 1959 on a solid lot in a well-located Virginia Beach pocket with strong recent comps. Bring your vision and make it your own. Sold strictly as-is.

Key facts

• 9,239 sq ft lot
• Garage
• Built 1959

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Garage (approximately 368 sq. ft.)
• Utilities: City/County water; City/County sewer
• Home design: Detached ranch-style home; Single-story
• Construction: Asphalt shingle roof
• Exterior features: Approximately 0.2121 acre lot

Interior

• Bedrooms: First-floor bedroom with full bathroom
• Bathrooms: Two full bathrooms
• Heating & cooling: Heating: Other; Cooling: Other; Water heater: Other
• Interior features: One-level living (ranch layout); Bedroom and full bathroom on the first floor; Six total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (23.7% below list).
• Recommended offer: $229k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Thalia Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 593 students, 70% FRL); Princess Anne High (math 76% / reading 89%, grade A, #36 of 319 statewide, top 12%, 1,717 students, 33% FRL) — zoned schools average 51% FRL vs 28% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 226 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 35% of the median local income ($79k/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 $9k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $110k; list at $300k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $228,915 (23.7% 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 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. 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: 0.76% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.95%
• DSCR: 0.91
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $373,076
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Caren Dr	0.00mi	3/2.0	1,529 (0%)	0mo	$308,600	$202	100
3616 Kim Ter	0.50mi	4/1.5 (+1)	1,557 (+2%)	2mo	$270,000	$173	65
505 Edinburgh Pl	0.36mi	3/2.5	1,700 (+11%)	2mo	$415,000	$244	61
3709 Broadmoor Ct	0.19mi	2/2.0 (-1)	1,745 (+14%)	2mo	$375,000	$215	61
532 Harton Cir	0.59mi	3/2.0	1,408 (-8%)	2mo	$395,000	$281	58
437 Malibu Dr	0.63mi	3/2.0	1,644 (+8%)	1mo	$419,900	$255	57
424 Casselberry Ln	0.27mi	4/2.0 (+1)	1,750 (+14%)	2mo	$479,900	$274	57
3760 Harton Rd	0.64mi	3/2.0	1,408 (-8%)	2mo	$130,000	$92	55
532 Hornell Ln	0.68mi	3/2.0	1,662 (+9%)	2mo	$420,000	$253	52
3908 Brentwood Cres	0.62mi	3/2.0	1,716 (+12%)	3mo	$395,000	$230	48
100 Brentwood Ct	0.70mi	4/2.5 (+1)	1,656 (+8%)	1mo	$450,000	$272	46
409 Big Pine Dr	0.74mi	3/1.0	1,380 (-10%)	1mo	$325,000	$236	45

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 · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.37×
• Total profit: $-52,865
• Equity at exit: $44,731

10-year hold

• IRR: -6.6%
• Equity multiple: 0.55×
• Total profit: $-38,201
• Equity at exit: $25,939

Cash invested: $84,000 (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 23452

• Rents YoY: 4.9%
• Active inventory: 226
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,289 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$247 /mo · $2,964/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $-137

Break-even live

Break-even rent $2,462

Max offer price $275,828

Occupancy floor —

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
278 Thalia Trace Dr Virginia Beach, VA	3.0	1.5	1178	$1,900	$1.61	17d	1	0.44mi
3600 Malibu Palms Dr Virginia Beach, VA	1.0–3.0	1.0–1.5	1025	$2,103	$2.05	2d	19	0.45mi
224 Thalia Trace Dr Virginia Beach, VA	3.0	1.5	1248	$1,800	$1.44	2d	1	0.50mi
3910 Inverness Rd Virginia Beach, VA	3.0	1.5	1200	$2,250	$1.88	15d	1	0.51mi
3825 Annie Ln Virginia Beach, VA	3.0	1.5	1460	$2,100	$1.44	12d	1	0.52mi
3963 Wyckoff Dr Virginia Beach, VA	3.0	2.5	1536	$2,395	$1.56	24d	1	0.53mi
3828 Brentwood Cres Virginia Beach, VA	4.0	2.5	1900	$2,450	$1.29	11d	1	0.56mi
3996 Roebling Ln Virginia Beach, VA	3.0	2.5	1560	$2,050	$1.31	24d	1	0.67mi
149 S Budding Ave Virginia Beach, VA	1.0–3.0	1.0–2.0	1100	$2,169	$1.97	2d	30	0.87mi
220 S Rosemont Rd Virginia Beach, VA	4.0	2.0	1350	$2,650	$1.96	24d	1	0.88mi
3537 Sea Gull Rd Virginia Beach, VA	3.0	2.0	1566	$3,350	$2.14	21d	1	0.91mi
129 S Plaza Trl Virginia Beach, VA	3.0	1.0	1456	$2,000	$1.37	24d	1	0.92mi
212 Paladin Dr Virginia Beach, VA	3.0	2.0	1456	$2,800	$1.92	24d	1	0.93mi
104 S Palm Ave Virginia Beach, VA	3.0	2.5	1700	$2,900	$1.71	24d	1	0.95mi
613 Reef Ln Virginia Beach, VA	4.0	2.5	2176	$2,695	$1.24	4d	1	0.95mi
613 Reef Ln Virginia Beach, VA	4.0	2.5	2200	$2,695	$1.23	8d	1	0.95mi
3632 Silina Dr Virginia Beach, VA	4.0	2.5	1666	$2,495	$1.50	8d	1	1.07mi
517 Norman Ln Virginia Beach, VA	4.0	2.5	1942	$2,800	$1.44	11d	1	1.12mi
3321 Rainier Ct Virginia Beach, VA	2.0	2.5	1100	$1,600	$1.45	21d	1	1.23mi
3444 Terrazzo Trl Virginia Beach, VA	3.0	2.0	1217	$1,650	$1.36	4d	1	1.27mi
111 Castilian Dr Virginia Beach, VA	2.0	2.5	1254	$1,900	$1.52	12d	1	1.31mi
111 Castilian Dr Virginia Beach, VA	2.0	2.5	1254	$1,900	$1.52	8d	1	1.31mi
713 Little Neck Rd Virginia Beach, VA	3.0	2.5	1500	$2,250	$1.50	11d	1	1.35mi

Listing history 5 events

1. 2026-06-02
   status $300,000 Under Contract 5 DOM
2. 2026-06-01
   days on market $300,000 Active 5 DOM
3. 2026-05-31
   days on market $300,000 Active 4 DOM
4. 2026-05-28
   listed $300,000 Active
5. 2000-09-01
   soldstatus $109,900

ⓘ 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: $2,964 · $247/mo
• Projected year-2 tax: $2,964 · $247/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 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,470
• − Mortgage interest: −$16,805
• − Property taxes: −$2,964
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,198
• − Management: −$2,198
• − Depreciation: −$8,727
• Taxable loss: −$6,922
• Est. tax savings @ 24.0%: +$1,661
• After-tax cash flow: $19/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 58,455
• Household income: $79,085
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2293.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 20% Two or more races 10% Hispanic / Latino 9% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -363.80%
• Current HPI: 328.5435
• Rent YoY: ▲ 4.92%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+173.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $300,000 REINMLS
• 2000-09-01 Sold (Public Records) $109,900 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,964 · +6.4% YoY. Source: county tax records.