3717 Freezeland Rd · Shenandoah Farms, VA 22642

$189,900

3 bd · 2.0 ba · 1,104 sqft · SingleFamily public records · 50 Days on market

Built 1978 1.60 ac lot $172/sqft · 43% below area Est $332k · 43% under ↓ 28% since listing

---

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 +26.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.8/10.0
• 1% rule +6.0/10.0
• Schools +4.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

Key facts

• 1.6 acre lot
• 2 parking spots
• Built 1978

Tags

• PEACEFUL WOODED SETTING
• TREES BACKING THE PROPERTY
• PRIMARY BEDROOM WITH EN-SUITE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 2.8% in Shenandoah Farms — 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 60/100 on livability (#440 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools F, amenities F, commute F.
• Warren County Public School District (town): math 49% / reading 64% proficiency, ranked #70 of 131 in VA (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 58 active listings in the ZIP; 170 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Warren County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1978 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.10% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.68%
• DSCR: 1.48
• GRM: 7.6

CMA / ARV

• ARV (median comp): $332,318
• List price: $189,900
• Delta: -42.86%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
157 Woodthrush Way	0.12mi	3/2.0	1,220 (+10%)	4mo	$392,900	$322	74
4081 Freezeland Rd	0.34mi	3/1.0	1,108 (+0%)	20mo	$320,000	$289	62
364 Tulip Poplar Dr	0.55mi	3/2.0	1,050 (-5%)	23mo	$309,900	$295	46
115 Lookout Point Way	0.68mi	3/2.0	1,052 (-5%)	17mo	$365,000	$347	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.1%
• Equity multiple: 3.51×
• Total profit: $133,523
• Equity at exit: $171,077

10-year hold

• IRR: 27.7%
• Equity multiple: 7.95×
• Total profit: $369,392
• Equity at exit: $368,934

Cash invested: $53,172 (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 22642

• Home prices YoY: 10.6%
• Active inventory: 58
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,090 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $473

Break-even live

Break-even rent $1,491

Max offer price $189,900

Occupancy floor 72%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   status $189,900 Pending 50 DOM
2. 2026-05-13
   price $189,900 1445-char remark

   Show marketing remark (1445 chars)

   Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

3. 2026-04-18
   price $199,900 1445-char remark

   Show marketing remark (1445 chars)

   Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

4. 2026-04-09
   status Active

   Show marketing remark (1445 chars)

   Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

5. 2026-04-09
   listed $214,900 Active 1445-char remark

   Show marketing remark (1445 chars)

   Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

6. 2026-04-09
   historical

   Show marketing remark (1445 chars)

   Tucked away in a peaceful wooded setting, this three-bedroom, two-bathroom home offers privacy and serene surroundings with trees backing the property. Spanning just over 1,100 square feet, this residence is ideal for buyers seeking an affordable investment with renovation potential. Whether you're looking to personalize your forever home or create a profitable rental property, this home delivers flexible opportunities at an attractive price point. The traditional layout includes a primary bedroom with its own en-suite bathroom, along with two additional bedrooms suited for a variety of uses—home office or guest space. Whether you aim to update the interior to your preferences or explore its value as a long-term rental, this property presents a promising canvas. It's a rare find for buyers looking for privacy, potential, and proximity to nature—all in one. Located just over half a mile from Wonderland Hiker Refuge. Property is marketed and sold as is, seller will make no repairs. Cash or rehab loans only. Buyer and buyer's agent to do their own due diligence with regards to the property and property condition. Seller has not performed any inspections, on the property and has no reports/surveys or any information with regards to the property, well and or septic. To help visualize this home’s floor plan and to highlight its potential, virtual furnishings may have been added to photos found in this listing.

7. 2026-03-24
   historical Active Under Contract
8. 2026-03-10
   price $214,900
9. 2026-02-10
   price $224,900
10. 2026-01-13
    price $239,900
11. 2025-12-11
    price $254,900
12. 2025-11-12
    listed $264,900 Active

ⓘ 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: $1,557 · $130/mo
• Expected delta: +$322/yr (+$27/mo · 26.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 5 d/yr ≥101°F today · 10 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $25,082
• − Mortgage interest: −$10,637
• − Property taxes: −$1,235
• − Insurance: −$950
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$5,524
• Taxable income: $2,723
• Est. tax owed @ 24.0%: −$654
• After-tax cash flow: $5,027/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: Warren County Public School District
• NCES district ID: 5103870
• Math proficiency: 49% ▼ -29.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $61,504
• Composite: 49.22/100
• National rank: #2039
• State rank: #70 of 131 in VA

Livability — Shenandoah Farms

• Score: 60/100
• State rank: #440
• US rank: #18845

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah Farms, VA
• Population (ZIP): 4,130

Population outlook (Warren County) Hauer SSP2

• Today (2025): 42,045 people
• By 2030: 43,257 · +2.9%
• By 2040: 45,088 · +7.2%
• By 2050: 45,567 · +8.4%
• By 2075: 46,081 · +9.6%
• By 2100: 42,093 · +0.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 7% Italian 6% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+37.6) · D 30.6% · R 68.3% · Other 1.1%
• 2008→2024 swing: -26.0pp toward R · 2008: -11.7pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+35.3 2016: R+37.1 2012: R+20.5 2008: R+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 41.77%
• Current HPI: 437.0062
• Rent YoY: —
• Metro: —
• 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

-28.3% since first listed

11 events — show timeline

• 2026-05-13 Price Changed $189,900 BRIGHT MLS
• 2026-04-18 Price Changed $199,900 BRIGHT MLS
• 2026-04-09 Relisted — BRIGHT MLS
• 2026-04-09 Listing Removed — BRIGHT MLS
• 2026-04-09 Listed $214,900 BRIGHT MLS
• 2026-03-24 Contingent — BRIGHT MLS
• 2026-03-10 Price Changed $214,900 BRIGHT MLS
• 2026-02-10 Price Changed $224,900 BRIGHT MLS
• 2026-01-13 Price Changed $239,900 BRIGHT MLS
• 2025-12-11 Price Changed $254,900 BRIGHT MLS
• 2025-11-12 Listed $264,900 BRIGHT MLS

Property tax history

+4.1%/yr

Latest (2025): $1,235 · +40.9% YoY. Source: county tax records.