650 Alleghany Ave · Staunton, VA 24401

$440,000

4 bd · 5.0 ba · 2,232 sqft · MultiFamily public records · 11 Days on market

Built 1930 5,662 sqft lot $197/sqft · 49% above area Est $295k · 49% over

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Why this score? — see what drove the C 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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Older 4-plex apartment building in need of updating.

Key facts

• New water heater
• Separate meters
• 5,662 sq ft lot

Tags

• ENERGY EFFICIENT WINDOWS
• EXTERIOR PORCHES REBUILT
• NEW WATER HEATER
• SEPARATE METERS

Property features AI

Finance

• Financial info: Owner pays gas, insurance, sewer, taxes, and water; tenants pay electricity

Exterior

• Utilities: Public water; Public sewer; Natural gas available
• Home design: Detached multi-family property
• Construction: Block foundation; Wood siding; Metal roof
• Exterior features: Public road frontage

Interior

• Kitchen: Electric range, Microwave, Refrigerator
• Bedrooms: Four 1-bedroom units
• Bathrooms: One bathroom per unit
• Heating & cooling: Natural gas heating; Window AC units
• Interior features: Exterior-entry basement; Electric range, Microwave, Refrigerator
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $440k).
• Cap rate 9.2% vs local median 3.0% in Staunton — 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 81/100 on livability (#56 in VA, #1,524 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Staunton City Public School District (urban): math 48% / reading 67% proficiency, ranked #73 of 131 in VA (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shelburne Middle (math 43% / reading 66%, grade B-, #194 of 342 statewide, top 60%, 574 students, 99% FRL); Staunton High (math 48% / reading 77%, grade B-, #226 of 319 statewide, top 72%, 822 students, 99% FRL) — zoned schools average 99% FRL vs 47% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.8%/yr); 302 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 71 units permitted in Staunton city in 2024 (20 in 5+ unit buildings).
• At $4,820/mo this rent would consume 87% of the median local household income ($66k/yr) (locally 1306% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Staunton County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $123k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $440,000

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.52%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

• ARV (median comp): $294,914
• List price: $440,000
• Delta: 49.20%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
650 Alleghany Ave	0.00mi	4/4.0	2,232 (0%)	1mo	$415,000	$186	96
302 Institute St	0.28mi	4/2.0	2,208 (-1%)	8mo	$215,000	$97	66
1215 Walnut St	0.46mi	5/3.0 (+1)	2,302 (+3%)	7mo	$460,000	$200	55
111 Skyline Ave	0.71mi	5/3.0 (+1)	2,210 (-1%)	3mo	$295,000	$133	50
13 Montgomery Ave Unit 13 & 15	0.33mi	4/4.0	2,016 (-10%)	21mo	$410,000	$203	47
627 Frederick St W	0.34mi	4/2.0	2,070 (-7%)	23mo	$225,000	$109	40
1203 Walnut St	0.45mi	4/2.0	1,974 (-12%)	11mo	$275,000	$139	39
911 Stuart St	0.66mi	4/2.0	2,180 (-2%)	18mo	$120,000	$55	38

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 · 5.77% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $11,152
• Equity at exit: $65,605

10-year hold

• IRR: 14.2%
• Equity multiple: 2.28×
• Total profit: $157,737
• Equity at exit: $38,043

Cash invested: $123,200 (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 24401

• Rents YoY: 5.8%
• Active inventory: 302
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $4,820 medium
• Mortgage (P&I): −$2,307
• Tax from tax record: −$237 /mo · $2,849/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,012
• Net cashflow: $1,080

Break-even live

Break-even rent $3,453

Max offer price $440,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,329	-5% $1,204	+0% $1,080	+5% $955	+10% $831
Rent	-10% $699	-5% $889	+0% $1,080	+5% $1,270	+10% $1,460
Rate	-1.0pp $1,301	-0.5pp $1,192	base $1,080	+0.5pp $966	+1.0pp $850

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,820
Total (4 units)			$4,820

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: $110,000
• Closing costs: $13,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1013 Seth Dr Unit 701 Staunton, VA	3.0	2.0	1680	$1,900	$1.13	45d	1	0.86mi
1014 Middlebrook Ave Staunton, VA	4.0	3.5	2296	$2,500	$1.09	45d	1	1.23mi

Listing history 4 events

1. 2026-05-05
   status Pending 887-char remark
2. 2026-04-24
   listed $440,000 Active 887-char remark
3. 2013-05-17
   soldstatus $95,000 52-char remark

   Show marketing remark (52 chars)

   Older 4-plex apartment building in need of updating.

4. 2012-09-11
   listed $124,900 52-char remark

   Show marketing remark (52 chars)

   Older 4-plex apartment building in need of updating.

ⓘ 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: $2,849 · $237/mo
• Projected year-2 tax: $3,608 · $301/mo
• Expected delta: +$759/yr (+$63/mo · 26.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,840
• − Mortgage interest: −$24,647
• − Property taxes: −$2,849
• − Insurance: −$2,200
• − Repairs & maintenance: −$4,627
• − Management: −$4,627
• − Depreciation: −$12,800
• Taxable income: $6,090
• Est. tax owed @ 24.0%: −$1,462
• After-tax cash flow: $11,494/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: Staunton City Public School District
• NCES district ID: 5103690
• Math proficiency: 48% ▼ -33.00%
• Reading proficiency: 67% ▼ -6.00%
• Median HH income: $42,712
• Composite: 48.23/100
• National rank: #2163
• State rank: #73 of 131 in VA

Livability — Staunton

• Score: 81/100
• State rank: #56
• US rank: #1524

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Staunton, VA
• County: Staunton City · 38,756 people
• City population: 38,756
• Metro: Staunton, VA
• Population (ZIP): 38,756
• Household income: $66,300
• Rent vs Own: 34.7% rent · 65.3% own
• Severe rent burden: 1306.0

Population outlook (Staunton County) Hauer SSP2

• Today (2025): 25,515 people
• By 2030: 26,060 · +2.1%
• By 2040: 27,024 · +5.9%
• By 2050: 27,926 · +9.4%
• By 2075: 29,334 · +15.0%
• By 2100: 29,046 · +13.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 8% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 3% Serbian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 0%

Political lean MEDSL · Staunton

• 2024 margin: D (+13.4) · D 56.0% · R 42.6% · Other 1.4%
• 2008→2024 swing: +11.2pp toward D · 2008: 2.2pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+9.9 2016: D+1.8 2012: D+4.1 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.01%
• Current HPI: 210.049
• Rent YoY: ▲ 5.77%
• Metro: Staunton, 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

+232.3% since first listed

5 events — show timeline

• 2026-06-04 Sold (MLS) $415,000 GAAR
• 2026-05-05 Pending — GAAR
• 2026-04-24 Listed $440,000 GAAR
• 2013-05-17 Sold (MLS) $95,000 GAAR
• 2012-09-11 Listed $124,900 GAAR

Property tax history

+4.5%/yr

Latest (2025): $2,849 · +25.2% YoY. Source: county tax records.