504 Steeles Fort Rd · Fairfield, VA 24472

$192,500

3 bd · 1.5 ba · 1,288 sqft · SingleFamily public records · 91 Days on market

Built 1965 1.24 ac lot Est $175k · 10% over ↓ 4% since listing

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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 +18.4/30.0
• Appreciation +7.4/10.0
• DSCR +5.8/10.0
• Schools +4.7/10.0
• 1% rule +3.9/10.0
• ARV discount +3.0/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

2 in 1 investor special! House and single-wide mobile home. This 3 bedroom 1.5 bathroom home is main level living just moments from i81, making an easy commute. Plenty of space to stretch the legs, as the property is well over an acre. Listing agent has been told the house and the mobile home each have their own septic system. Hardwood floors and a back deck with a breathtaking view. Master bedroom features an attached half-bathroom. The basement is unfinished, providing opportunity to maximize square footage by finishing off the unfinished space, add bedrooms, bathrooms, a game room, gym, studio, office, workshop - bring your creativity! House is in need of some repair. Not all financing o

Key facts

• Main level living
• Breathtaking view
• Back deck

Tags

• MAIN LEVEL LIVING
• WELL OVER AN ACRE
• OWN SEPTIC SYSTEM
• HARDWOOD FLOORS
• BACK DECK
• BREATHTAKING VIEW

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $192k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (11.4% below list).
• Recommended offer: $171k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 1.8% in Fairfield — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Rockbridge County Public School District (town): math 43% / reading 67% proficiency, ranked #80 of 131 in VA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairfield Elementary (math 47% / reading 52%, grade D, #742 of 1,108 statewide, top 70%, 235 students, 75% FRL); Maury River Middle (math 38% / reading 63%, grade C, #226 of 342 statewide, top 67%, 502 students, 70% FRL); Rockbridge County High (math 52% / reading 82%, grade B, #185 of 319 statewide, top 61%, 994 students, 66% FRL) — zoned schools average 71% FRL vs 37% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 85 units permitted in Rockbridge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (4.8% local appreciation)).
• Rockbridge County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $54k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,565 (11.4% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 7.41%
• Cash-on-cash: 3.98%
• DSCR: 1.18
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $175,168
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 Steeles Fort Rd	0.00mi	3/1.5	1,288 (0%)	0mo	$175,000	$136	100

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

Projected returns pro-forma

4.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.90×
• Total profit: $48,761
• Equity at exit: $106,171

10-year hold

• IRR: 15.2%
• Equity multiple: 3.64×
• Total profit: $142,517
• Equity at exit: $180,869

Cash invested: $53,900 (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 24472

• Home prices YoY: 2.6%
• Active inventory: 28
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,706 medium
• Mortgage (P&I): −$1,009
• Tax from tax record: −$79 /mo · $945/yr
• Insurance: −$80
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $113

Break-even live

Break-even rent $1,563

Max offer price $192,500

Occupancy floor 88%

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: $48,125
• Closing costs: $5,775
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-03-22
   status Pending
2. 2025-12-20
   listed $192,500 Active
3. 2025-10-30
   price $192,500
4. 2025-10-02
   historical
5. 2025-08-14
   price $194,000
6. 2025-08-14
   price $194,000
7. 2025-08-08
   price $199,000
8. 2025-08-08
   price $199,000
9. 2025-07-18
   price $199,500
10. 2025-07-18
    price $199,500
11. 2025-06-24
    listed $200,000 Active
12. 2025-06-19
    listed $200,000 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: $945 · $79/mo
• Projected year-2 tax: $1,579 · $132/mo
• Expected delta: +$633/yr (+$53/mo · 67.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $20,468
• − Mortgage interest: −$10,783
• − Property taxes: −$945
• − Insurance: −$1,760
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$5,600
• Taxable loss: −$1,895
• Est. tax savings @ 24.0%: +$455
• After-tax cash flow: $1,805/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: Rockbridge County Public School District
• NCES district ID: 5103370
• Math proficiency: 43% ▼ -41.00%
• Reading proficiency: 67% ▼ -12.00%
• Median HH income: $48,021
• Composite: 46.65/100
• National rank: #2408
• State rank: #80 of 131 in VA

Livability — Fairfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 2,204

Population outlook (Rockbridge County) Hauer SSP2

• Today (2025): 22,549 people
• By 2030: 22,381 · -0.7%
• By 2040: 21,488 · -4.7%
• By 2050: 20,054 · -11.1%
• By 2075: 16,228 · -28.0%
• By 2100: 11,598 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Native American 2% Two or more races 1%
• Common ancestry: Serbian 3% Slovak 2% Romanian 1%
• Foreign-born: 0%
• Languages at home: 100% English-only · German/W. Germanic 0%

Political lean MEDSL · Rockbridge

• 2024 margin: Solid R (+33.8) · D 32.6% · R 66.4%
• 2008→2024 swing: -20.2pp toward R · 2008: -13.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+32.4 2016: R+29.6 2012: R+17.8 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.75%
• Current HPI: 187.9458
• 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

-3.8% since first listed

12 events — show timeline

• 2026-03-22 Pending — HRAR
• 2025-12-20 Listed $192,500 HRAR
• 2025-10-30 Price Changed $192,500 HRAR
• 2025-10-02 Listing Removed — BRIGHT MLS
• 2025-08-14 Price Changed $194,000 BRIGHT MLS
• 2025-08-14 Price Changed $194,000 HRAR
• 2025-08-08 Price Changed $199,000 BRIGHT MLS
• 2025-08-08 Price Changed $199,000 HRAR
• 2025-07-18 Price Changed $199,500 BRIGHT MLS
• 2025-07-18 Price Changed $199,500 HRAR
• 2025-06-24 Listed $200,000 BRIGHT MLS
• 2025-06-19 Listed $200,000 HRAR

Property tax history

+0.8%/yr

Latest (2025): $945 · +4.9% YoY. Source: county tax records.