2135 Retreat Ct · Virginia Beach, VA 23454

$222,000

2 bd · 2.0 ba · 1,117 sqft · Condo public records · 9 Days on market

Built 1986 $571/mo HOA · 24% of rent

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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).

• Cash flow +9.4/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +5.6/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful third floor walk up condo in Great Neck Landing. Conveniently located in the Great Neck area - close to shopping, restaurants, the beach, military bases and the interstate. Open floor plan with a great room and dining area that features vaulted ceilings and a skylight. The great room has a wood burning fireplace and leads out to a private balcony. Two primary suites with full baths. Make this adorable condo your next home or next investment! Tenant in place until August 31, 2026 - rental amount $1750. Please call agent for CBS code.

Key facts

• Private balcony
• Vaulted ceilings
• Skylight

Tags

• PRIVATE BALCONY
• WOOD BURNING FIREPLACE
• VAULTED CEILINGS
• SKYLIGHT

Property features AI

Finance

• HOA & community: HOA present (Great Neck Landing); HOA amenities include ground maintenance, pool, and trash pickup; Managed by The Select Group; Condo fee approximately $571 per month

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric service
• Home design: Attached condo, contemporary style; Single-story unit — 1 living level; Located on condo level 3
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Wooded view

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Disposal
• Bedrooms: First-floor master bedroom; Master bedroom with bath; Total rooms: 5 (includes bedrooms and living areas)
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling); Central air; Electric heating backup; Electric water heater
• Interior features: Cathedral ceiling; Skylights; Fireplace (wood) with one fireplace total; Ceiling fan; Cable hookup; Scuttle (attic) access
• Laundry & utility: Washer and dryer; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $222k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (12.6% below list).
• Meets the 1% rule at list price ($2k rent vs $222k).
• Recommended offer: $194k (12.6% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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: Alanton Elementary (math 75% / reading 79%, grade A, #171 of 1,108 statewide, top 17%, 629 students, 46% FRL); Great Neck Middle (math 83% / reading 85%, grade A+, #16 of 342 statewide, top 4%, 1,055 students, 29% FRL); Frank W. Cox High (math 81% / reading 88%, grade A, #23 of 319 statewide, top 8%, 1,681 students, 27% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 209 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 5y 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: HOA is 24% of rent.
• Climate carrying-cost: severe wind risk, 99% 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 $194,068 (12.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 5.44%
• Cash-on-cash: -3.05%
• DSCR: 0.86
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.41×
• Total profit: $-36,873
• Equity at exit: $33,101

10-year hold

• IRR: -0.9%
• Equity multiple: 0.93×
• Total profit: $-4,644
• Equity at exit: $19,195

Cash invested: $62,160 (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 23454

• Rents YoY: 6.6%
• Active inventory: 209
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,343 medium
• Mortgage (P&I): −$1,164
• Tax from tax record: −$181 /mo · $2,178/yr
• Insurance: −$92
• HOA: −$571
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $-158

Break-even live

Break-even rent $2,543

Max offer price $194,068

Occupancy floor —

Sensitivity live

Price	-10% $-32	-5% $-95	+0% $-158	+5% $-221	+10% $-284
Rent	-10% $-343	-5% $-251	+0% $-158	+5% $-66	+10% $27
Rate	-1.0pp $-46	-0.5pp $-102	base $-158	+0.5pp $-216	+1.0pp $-274

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: $55,500
• Closing costs: $6,660
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 Victorian Cres Virginia Beach, VA	3.0	2.5	1490	$2,150	$1.44	25d	1	0.33mi
2220 N Lakeside Dr Virginia Beach, VA	3.0	1.0	1126	$3,300	$2.93	25d	1	0.39mi
1009 Autumn Woods Ln #109 Virginia Beach, VA	1.0	1.0	800	$1,650	$2.06	25d	1	0.87mi
1020 Thousand Oaks Dr Virginia Beach, VA	1.0	1.0	800	$1,530	$1.91	25d	1	1.08mi

HOA detail condo

• Monthly dues: $571 · $6,852/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $222,000 Active 9 DOM
2. 2026-06-18
   days on market $222,000 Active 6 DOM
3. 2026-06-17
   days on market $222,000 Active 5 DOM
4. 2026-06-16
   days on market $222,000 Active 4 DOM
5. 2026-06-15
   days on market $222,000 Active 3 DOM
6. 2026-06-13
   remarks 548-char remark
7. 2026-06-13
   listed $222,000 Active 1 DOM

ⓘ 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: $2,178 · $181/mo
• Projected year-2 tax: $2,178 · $181/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 9/10 Extreme 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% 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: $28,117
• − Mortgage interest: −$12,435
• − Property taxes: −$2,178
• − Insurance: −$1,110
• − Repairs & maintenance: −$2,249
• − Management: −$2,249
• − HOA: −$6,852
• − Depreciation: −$6,458
• Taxable loss: −$5,415
• Est. tax savings @ 24.0%: +$1,300
• After-tax cash flow: $-598/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): 58,178
• Household income: $102,796
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1696.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Tagalog/Filipino 1% Chinese 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: ▼ -385.89%
• Current HPI: 328.85
• Rent YoY: ▲ 6.62%
• 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

+54.2% since first listed

17 events — show timeline

• 2026-06-12 Listed $222,000 REINMLS
• 2025-07-18 Rental Removed $1,750 REINMLS
• 2025-07-01 Listed for Rent $1,750 REINMLS
• 2025-07-01 Rental Removed $1,750 APPFOLIO
• 2025-06-29 Listed for Rent $1,750 APPFOLIO
• 2024-04-23 Rental Removed $1,725 REINMLS
• 2024-04-09 Listed for Rent $1,725 REINMLS
• 2022-12-01 Sold (Public Records) $215,000 Public Records
• 2022-11-07 Pending — REINMLS
• 2022-10-30 Contingent — REINMLS
• 2022-10-27 Listed $215,000 REINMLS
• 2021-04-06 Sold (Public Records) $147,000 Public Records
• 2021-03-17 Pending — REINMLS
• 2021-02-24 Contingent — REINMLS
• 2021-02-22 Listed $145,000 REINMLS
• 2007-01-31 Sold (Public Records) $175,000 Public Records
• 2005-04-18 Sold (Public Records) $144,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $2,178 · +4.2% YoY. Source: county tax records.