2228 Tulip St · Lynchburg, VA 24504

$174,900

4 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 72 Days on market

Built 1917 5,388 sqft lot $104/sqft · 6% above area Est $165k · 6% over

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +4.8/15.0
• Livability +4.5/5.0
• Schools +4.0/10.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fully occupied and cash-flowing from day one, this Lynchburg duplex generates a strong $1,700/month ($900 Unit A, $800 Unit B). Unit A is beautifully maintained, while Unit B, located on the second floor for added privacyhas been extensively updated with new kitchen countertops, cabinets, appliances, LVP flooring, fresh paint, a new toilet, and vanity. Separate electric meters for each unit support efficient management, with a single water meter. The property also features brand-new exterior paint, enhancing curb appeal. With stable in-place income and recent improvements, this is a low-maintenance, income-producing asset that's hard to pass up.

Key facts

• Extensively updated
• Fresh paint
• New flooring

Tags

• EXTENSIVELY UPDATED
• NEW KITCHEN COUNTERTOPS
• NEW CABINETS
• NEW APPLIANCES
• NEW FLOORING
• FRESH PAINT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $858 ($10k/yr) — positive. Per door: $429/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 4.0% in Lynchburg — 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 91/100 on livability (#1 in VA, #58 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment D+.
• Lynchburg City Public School District (urban): math 36% / reading 61% proficiency, ranked #104 of 131 in VA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.6%/yr); 110 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 472 units permitted in Lynchburg city in 2024 (240 in 5+ unit buildings).
• At $2,452/mo this rent would consume 56% of the median local household income ($53k/yr) (locally 552% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lynchburg County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.
• Current owner paid $128k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — 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 $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.40% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• GRM: 5.9

CMA / ARV

• ARV (median comp): $165,000
• List price: $174,900
• Delta: 6.00%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1107 Miller St	0.56mi	4/—	1,920 (+14%)	20mo	$140,000	$73	33

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 · 4.56% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.62×
• Total profit: $30,165
• Equity at exit: $26,078

10-year hold

• IRR: 24.8%
• Equity multiple: 3.31×
• Total profit: $113,008
• Equity at exit: $15,122

Cash invested: $48,972 (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 24504

• Home prices YoY: -12.7%
• Rents YoY: 4.6%
• Active inventory: 110
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,452 high
• Mortgage (P&I): −$917
• Tax from tax record: −$89 /mo · $1,069/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $858

Break-even live

Break-even rent $1,366

Max offer price $174,900

Occupancy floor 60%

Sensitivity live

Price	-10% $957	-5% $907	+0% $858	+5% $808	+10% $759
Rent	-10% $664	-5% $761	+0% $858	+5% $955	+10% $1,052
Rate	-1.0pp $946	-0.5pp $902	base $858	+0.5pp $813	+1.0pp $766

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,452
Total (2 units)			$2,452

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1701 Grace St Lynchburg, VA	4.0	2.0	2173	$1,495	$0.69	14d	1	0.62mi
1316 Harrison St Lynchburg, VA	3.0	1.5	1535	$1,500	$0.98	45d	1	0.73mi
1521 Taylor St Lynchburg, VA	3.0	1.0	1337	$1,195	$0.89	22d	1	0.77mi
1308 16th St Lynchburg, VA	3.0	2.0	1380	$1,800	$1.30	14d	1	0.80mi
1518 Fillmore St Lynchburg, VA	3.0	2.5	1560	$1,800	$1.15	14d	1	0.89mi
1514 Fillmore St Lynchburg, VA	3.0	2.5	1560	$1,800	$1.15	14d	1	0.89mi
1415 Floyd St Lynchburg, VA	3.0	2.0	1300	$1,800	$1.38	22d	1	0.92mi
1110 11th St Lynchburg, VA	3.0	1.5	2000	$1,450	$0.72	14d	1	1.00mi
900 Polk St Unit A Lynchburg, VA	3.0	1.0	1100	$895	$0.81	14d	1	1.08mi
1105 Fillmore St Unit B Lynchburg, VA	3.0	1.0	1300	$1,250	$0.96	45d	1	1.12mi
1008 8th St Lynchburg, VA	3.0	2.0	1316	$1,795	$1.36	22d	1	1.17mi
812 Taylor St Lynchburg, VA	3.0	2.0	1872	$1,950	$1.04	14d	1	1.17mi
1401 Kemper St Lynchburg, VA	2.0–3.0	2.0	1118	$1,167	$1.04	22d	6	1.17mi
601 Jackson St Lynchburg, VA	3.0	2.0	1138	$1,595	$1.40	45d	1	1.26mi
2518 Carter St Lynchburg, VA	3.0	2.0	1091	$1,500	$1.37	45d	1	1.29mi
800 Pierce St Lynchburg, VA	4.0	1.0	1714	$1,295	$0.76	45d	1	1.32mi
512 Polk St Lynchburg, VA	3.0	1.0	1340	$1,295	$0.97	22d	1	1.33mi
2269 Aragon St Lynchburg, VA	3.0	2.0	1200	$1,695	$1.41	45d	1	1.37mi
2205 Mayflower Dr Lynchburg, VA	3.0	1.0	1500	$1,450	$0.97	22d	1	1.48mi

Listing history 31 events

1. 2026-06-21
   days on market $174,900 Active 72 DOM
2. 2026-06-19
   days on market $174,900 Active 70 DOM
3. 2026-06-18
   days on market $174,900 Active 69 DOM
4. 2026-06-17
   days on market $174,900 Active 68 DOM
5. 2026-06-16
   days on market $174,900 Active 67 DOM
6. 2026-06-15
   days on market $174,900 Active 66 DOM
7. 2026-06-14
   days on market $174,900 Active 64 DOM
8. 2026-06-13
   days on market $174,900 Active 63 DOM
9. 2026-06-10
   days on market $174,900 Active 61 DOM
10. 2026-06-09
    days on market $174,900 Active 60 DOM
11. 2026-06-08
    days on market $174,900 Active 59 DOM
12. 2026-06-07
    days on market $174,900 Active 58 DOM
13. 2026-06-03
    days on market $174,900 Active 54 DOM
14. 2026-06-02
    days on market $174,900 Active 53 DOM
15. 2026-06-01
    days on market $174,900 Active 52 DOM
16. 2026-05-31
    days on market $174,900 Active 51 DOM
17. 2026-05-30
    days on market $174,900 Active 50 DOM
18. 2026-04-11
    listed $174,900 Active 653-char remark

    Show marketing remark (653 chars)

    Fully occupied and cash-flowing from day one, this Lynchburg duplex generates a strong $1,700/month ($900 Unit A, $800 Unit B). Unit A is beautifully maintained, while Unit B, located on the second floor for added privacyhas been extensively updated with new kitchen countertops, cabinets, appliances, LVP flooring, fresh paint, a new toilet, and vanity. Separate electric meters for each unit support efficient management, with a single water meter. The property also features brand-new exterior paint, enhancing curb appeal. With stable in-place income and recent improvements, this is a low-maintenance, income-producing asset that's hard to pass up.

19. 2026-01-18
    price $179,900
20. 2025-11-14
    listed $189,900 Active
21. 2025-10-19
    price $199,000
22. 2025-09-11
    price $212,000
23. 2025-08-19
    listed $219,500 Active
24. 2025-05-09
    historical $1,000
25. 2025-05-01
    listed $1,000
26. 2025-02-14
    soldstatus $128,000 Closed
27. 2024-12-21
    status Pending
28. 2024-12-17
    listed $129,900 Active
29. 2022-07-19
    price $750
30. 2003-06-03
    soldstatus $34,800
31. 1998-11-30
    soldstatus $34,400

ⓘ 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: $1,069 · $89/mo
• Projected year-2 tax: $1,434 · $120/mo
• Expected delta: +$365/yr (+$30/mo · 34.1%)

ⓘ 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 5/10 Major 7 d/yr ≥102°F today · 18 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: $29,424
• − Mortgage interest: −$9,797
• − Property taxes: −$1,069
• − Insurance: −$874
• − Repairs & maintenance: −$2,354
• − Management: −$2,354
• − Depreciation: −$5,088
• Taxable income: $7,887
• Est. tax owed @ 24.0%: −$1,893
• After-tax cash flow: $8,402/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: Lynchburg City Public School District
• NCES district ID: 5102340
• Math proficiency: 36% ▼ -38.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $39,097
• Composite: 40.4/100
• National rank: #3730
• State rank: #104 of 131 in VA

Livability — Lynchburg

• Score: 91/100
• State rank: #1
• US rank: #58

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynchburg, VA
• County: Lynchburg City · 97,036 people
• City population: 97,036
• Metro: Lynchburg, VA
• Population (ZIP): 9,632
• Household income: $52,571
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 552.0

Population outlook (Lynchburg County) Hauer SSP2

• Today (2025): 87,977 people
• By 2030: 93,626 · +6.4%
• By 2040: 106,145 · +20.7%
• By 2050: 120,783 · +37.3%
• By 2075: 162,249 · +84.4%
• By 2100: 191,358 · +117.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 51% Black 40% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Italian 3% Lithuanian 1% Serbian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Chinese 1%

Political lean MEDSL · Lynchburg

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.3% · Other 1.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -4.0pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: D+2.6 2016: R+9.0 2012: R+10.6 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.39%
• Current HPI: 229.4423
• Rent YoY: ▲ 4.56%
• Metro: Lynchburg, 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

+408.4% since first listed

14 events — show timeline

• 2026-04-11 Listed $174,900 LMLS
• 2026-01-18 Price Changed $179,900 LMLS
• 2025-11-14 Listed $189,900 LMLS
• 2025-10-19 Price Changed $199,000 LMLS
• 2025-09-11 Price Changed $212,000 LMLS
• 2025-08-19 Listed $219,500 LMLS
• 2025-05-09 Rental Removed $1,000 Avail
• 2025-05-01 Listed for Rent $1,000 Avail
• 2025-02-14 Sold (MLS) $128,000 LMLS
• 2024-12-21 Pending — LMLS
• 2024-12-17 Listed $129,900 LMLS
• 2022-07-19 Price Changed $750 RENT.
• 2003-06-03 Sold (Public Records) $34,800 Public Records
• 1998-11-30 Sold (Public Records) $34,400 Public Records

Property tax history

+11.2%/yr

Latest (2025): $1,069 · +112.7% YoY. Source: county tax records.