828 Gas Light Ln · Virginia Beach, VA 23462

$275,000

3 bd · 2.5 ba · 1,690 sqft · Condo public records · 25 Days on market

Built 1990 $223/mo HOA · 10% 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 +9.5/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +3.2/10.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

End-unit townhome featuring 3 bedrooms and 2.5 baths with a spacious, functional layout. Upper level includes new luxury vinyl plank flooring. Enjoy a cozy living room with fireplace and a primary suite with private bath and ample closet space. Fully fenced backyard with deck and patio—great for relaxing or entertaining. Located in the heart of Virginia Beach in sought-after Lake Cypress, near bases, beaches, shopping, and dining. Come see it today!

Key facts

• Deck and patio
• $223 HOA
• Parking

Tags

• FULLY FENCED BACKYARD
• DECK AND PATIO
• SOUGHT-AFTER LAKE CYPRESS

Property features AI

Finance

• HOA & community: Lake Cypress Condo Association; Managed by Associa Community Group; Monthly condo fee: $223

Exterior

• Parking: One assigned/reserved parking space
• Utilities: City/County water; City/County sewer; Gas water heater; Natural gas service
• Home design: Attached townhouse, transitional style; Two stories (2 living levels); Condo ownership; Condo level: 1; Slab foundation
• Construction: Brick and vinyl exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Brick and vinyl siding; Back yard with wood fence; Asphalt shingle roof

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: One bedroom with ensuite
• Flooring: Carpet; Ceramic; Vinyl
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Walk-in closet; Window treatments; One fireplace; Assigned storage; Attic; Breakfast area; Utility room
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (18.2% below list).
• Recommended offer: $225k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: Trantwood Elementary (math 67% / reading 77%, grade A-, #273 of 1,108 statewide, top 27%, 499 students, 24% FRL); Bayside High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 1,983 students, 65% FRL) — zoned schools average 44% FRL vs 28% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 227 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 39% of the median local income ($69k/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 $8k 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

• It's been on market 25 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $114k; list at $275k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 94% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,019 (18.2% 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: 0.82% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.01%
• DSCR: 0.87
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.61% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.34×
• Total profit: $-50,713
• Equity at exit: $41,003

10-year hold

• IRR: -6.0%
• Equity multiple: 0.57×
• Total profit: $-33,426
• Equity at exit: $23,777

Cash invested: $77,000 (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 23462

• Rents YoY: 5.6%
• Active inventory: 227
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,250 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$191 /mo · $2,291/yr
• Insurance: −$115
• HOA: −$223
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-193

Break-even live

Break-even rent $2,494

Max offer price $240,907

Occupancy floor —

Sensitivity live

Price	-10% $-37	-5% $-115	+0% $-193	+5% $-271	+10% $-349
Rent	-10% $-371	-5% $-282	+0% $-193	+5% $-104	+10% $-15
Rate	-1.0pp $-55	-0.5pp $-123	base $-193	+0.5pp $-264	+1.0pp $-337

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
849 Gas Light Ln Virginia Beach, VA	2.0	2.0	1250	$1,900	$1.52	18d	1	0.04mi
944 Gas Light Ln Unit 1 Virginia Beach, VA	3.0	2.5	1690	$2,300	$1.36	17d	1	0.11mi
944 Gas Light Ln Virginia Beach, VA	3.0	2.5	1690	$2,300	$1.36	18d	1	0.11mi
5517 Lynbrook Lndg Virginia Beach, VA	3.0	2.5	1360	$2,335	$1.72	25d	1	0.21mi
700 Wolftrap Ln Virginia Beach, VA	2.0	2.5	1360	$1,795	$1.32	17d	1	0.21mi
700 Wolftrap Ln Virginia Beach, VA	2.0	3.0	1360	$1,795	$1.32	13d	1	0.21mi
700 Wolftrap Ln Virginia Beach, VA	2.0	2.5	1360	$1,795	$1.32	25d	1	0.21mi
5414 Catina Arch Virginia Beach, VA	1.0–4.0	1.0–1.5	866	$1,997	$2.31	4d	10	0.26mi
5403 Scholarship Dr Virginia Beach, VA	3.0	2.5	1480	$2,100	$1.42	25d	1	0.33mi
724 Hezekiah Little Dr Virginia Beach, VA	3.0	2.5	1748	$2,900	$1.66	3d	1	0.40mi
813 S Grosvenor Ct Virginia Beach, VA	3.0	2.5	1476	$2,300	$1.56	5d	1	0.41mi
5500 Baccalaureate Dr Virginia Beach, VA	3.0	2.5	1400	$1,995	$1.43	16d	1	0.42mi
5500 Goose Pond Ln Virginia Beach, VA	2.0	2.0	1383	$2,450	$1.77	4d	1	0.44mi
913 Turtle Pond Ln Virginia Beach, VA	3.0	2.0	1976	$2,850	$1.44	22d	1	0.49mi
5317 Warminster Dr #303 Virginia Beach, VA	2.0	2.0	1350	$1,997	$1.48	22d	1	0.54mi
969 Turtle Pond Ln Virginia Beach, VA	2.0	2.5	1383	$2,150	$1.55	25d	1	0.55mi
912 Southmoor Dr #204 Virginia Beach, VA	2.0	2.0	1367	$1,810	$1.32	13d	1	0.56mi
5545 Old Guard Cres Virginia Beach, VA	3.0	2.5	1581	$2,350	$1.49	22d	1	0.57mi
1188 Grace Hill Dr Virginia Beach, VA	3.0	2.5	1805	$2,600	$1.44	5d	1	0.57mi
920 Southmoor Dr #305 Virginia Beach, VA	2.0	2.0	1367	$1,900	$1.39	18d	1	0.58mi
5416 Safe Harbour Way Virginia Beach, VA	3.0	2.5	1686	$2,500	$1.48	3d	1	0.58mi
924 Southmoor Dr #204 Virginia Beach, VA	2.0	2.0	1367	$1,950	$1.43	22d	1	0.59mi
5300 Warminster Dr #205 Virginia Beach, VA	2.0	2.0	1366	$1,795	$1.31	13d	1	0.60mi
5300 Warminster Dr #205 Virginia Beach, VA	2.0	2.0	1366	$1,750	$1.28	3d	1	0.60mi
5212 Nuthall Dr #103 Virginia Beach, VA	2.0	2.0	1367	$1,895	$1.39	16d	1	0.62mi
5416 Sweetwater Ct Virginia Beach, VA	4.0	2.5	1704	$2,495	$1.46	25d	1	0.64mi
5421 Sweetwater Ct Virginia Beach, VA	3.0	2.5	1704	$2,500	$1.47	3d	1	0.64mi
5493 Port Royal Dr Virginia Beach, VA	3.0	2.5	2020	$2,950	$1.46	25d	1	0.65mi
712 White Hall Ln Virginia Beach, VA	3.0	1.5	1400	$2,200	$1.57	25d	1	0.67mi
1001 Grace Hill Dr Virginia Beach, VA	3.0	2.5	1778	$2,350	$1.32	4d	1	0.70mi
1028 Grace Hill Dr Virginia Beach, VA	3.0	2.5	1809	$2,895	$1.60	25d	1	0.70mi
5632 Campus Dr Virginia Beach, VA	3.0	2.5	1581	$2,201	$1.39	5d	1	0.70mi
5328 Tamworth Pl Virginia Beach, VA	3.0	2.5	1857	$2,400	$1.29	25d	1	0.71mi
616 Aubrey Dr Virginia Beach, VA	3.0	1.5	1266	$1,995	$1.58	25d	1	0.72mi
5325 Brinsley Ln Virginia Beach, VA	3.0	2.5	1619	$2,500	$1.54	13d	1	0.73mi
5781 Lake Edward Dr Virginia Beach, VA	2.0	1.0–1.5	1075	$1,478	$1.37	3d	15	0.74mi
5684 Campus Dr Virginia Beach, VA	3.0	2.5	1356	$2,495	$1.84	5d	1	0.75mi
5831 E Hastings Arch Virginia Beach, VA	3.0	1.5	1200	$1,950	$1.62	25d	1	0.77mi
5509 Bulls Bay Dr Virginia Beach, VA	3.0	2.5	1694	$2,599	$1.53	13d	1	0.78mi
5509 Bulls Bay Dr Unit 1 Virginia Beach, VA	3.0	2.0	1694	$2,599	$1.53	5d	1	0.78mi

HOA detail condo

• Monthly dues: $223 · $2,676/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-08
   status Under Contract
2. 2026-04-24
   historical Active Under Contract
3. 2026-04-13
   listed $275,000 Active
4. 2015-07-14
   soldstatus $114,000
5. 2015-03-03
   price $114,000
6. 2015-02-06
   price $114,000
7. 2002-08-08
   soldstatus $100,100

ⓘ 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: $2,291 · $191/mo
• Projected year-2 tax: $2,291 · $191/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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,002
• − Mortgage interest: −$15,404
• − Property taxes: −$2,291
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − HOA: −$2,676
• − Depreciation: −$8,000
• Taxable loss: −$7,065
• Est. tax savings @ 24.0%: +$1,695
• After-tax cash flow: $-620/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): 66,151
• Household income: $69,040
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 3906.0

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 0.68)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% 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: ▼ -269.19%
• Current HPI: 333.1908
• Rent YoY: ▲ 5.61%
• 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

+174.7% since first listed

7 events — show timeline

• 2026-05-08 Pending — REINMLS
• 2026-04-24 Contingent — REINMLS
• 2026-04-13 Listed $275,000 REINMLS
• 2015-07-14 Sold (Public Records) $114,000 Public Records
• 2015-03-03 Price Changed $114,000 REINMLS
• 2015-02-06 Price Changed $114,000 REINMLS
• 2002-08-08 Sold (Public Records) $100,100 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,291 · +6.7% YoY. Source: county tax records.