204 Reids Place Dr · Suffolk, VA 23434

$264,990

3 bd · 2.0 ba · 1,280 sqft · Condo · 24 Days on market

Built 2026 $150/mo HOA · 7% 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 +9.1/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Finally, a new townhome community in Suffolk near shopping, dining and military bases! Stop throwing money away on rent and experience 3 bedrooms, 2+ baths, an open floor plan and no yard work! Gather friends and family in the great room before enjoying a delicious meal cooked in your gourmet kitchen with a large island overlooking your dining room. Head upstairs to experience the luxury of your own space and relax in your generous owner's suite with a tray ceiling.

Key facts

• Open floor plan
• Tray ceiling
• Gourmet kitchen

Tags

• OPEN FLOOR PLAN
• GOURMET KITCHEN
• LARGE ISLAND
• GREAT ROOM
• OWNER'S SUITE
• TRAY CEILING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (15.0% below list).
• Recommended offer: $225k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.5% in Suffolk — 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 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mack Benn Jr. Elementary (math 27% / reading 50%, grade F, #924 of 1,108 statewide, top 84%, 684 students, 66% FRL); Lakeland High (math 33% / reading 77%, grade C, #279 of 319 statewide, top 88%, 1,083 students, 64% FRL) — zoned schools average 64% FRL vs 39% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.8%/yr); 536 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($80k/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.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Recommended offer $225,260 (15.0% 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: 0.85% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.85
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.34×
• Total profit: $-49,043
• Equity at exit: $39,511

10-year hold

• IRR: -5.5%
• Equity multiple: 0.60×
• Total profit: $-29,943
• Equity at exit: $22,911

Cash invested: $74,197 (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 23434

• Rents YoY: 5.8%
• Active inventory: 536
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,253 high
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$150
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-202

Break-even live

Break-even rent $2,508

Max offer price $235,799

Occupancy floor —

Sensitivity live

Price	-10% $-19	-5% $-110	+0% $-202	+5% $-293	+10% $-385
Rent	-10% $-380	-5% $-291	+0% $-202	+5% $-113	+10% $-24
Rate	-1.0pp $-68	-0.5pp $-134	base $-202	+0.5pp $-270	+1.0pp $-340

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: $66,248
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 Reid's Place Dr Suffolk, VA	3.0	2.5	1280	$2,200	$1.72	5d	1	0.02mi
206 Reid's Place Dr Unit 206 Suffolk, VA	3.0	2.5	1280	$2,300	$1.80	17d	1	0.02mi
803 Haskins Dr Suffolk, VA	3.0	2.0	1653	$2,400	$1.45	24d	1	0.17mi
827 Haskins Dr Suffolk, VA	3.0	3.0	1794	$2,600	$1.45	44d	1	0.27mi
113 Crocker St Suffolk, VA	4.0	2.5	1708	$2,695	$1.58	17d	1	0.40mi
1144 Portsmouth Blvd Suffolk, VA	2.0–3.0	2.0	1039	$1,822	$1.75	2d	88	0.62mi
1410 Blythewood Ln Suffolk, VA	4.0	1.5	1056	$1,800	$1.70	44d	1	0.72mi
115 C St Suffolk, VA	3.0	2.5	1576	$1,995	$1.27	13d	1	1.04mi
223 N 7th St Suffolk, VA	3.0	2.5	1495	$2,300	$1.54	44d	1	1.09mi
307 N 4th St Suffolk, VA	4.0	2.0	1600	$1,800	$1.12	8d	1	1.17mi
315 Highland Ave Suffolk, VA	3.0	2.0	1580	$2,050	$1.30	24d	1	1.27mi
124 Halifax St Suffolk, VA	4.0	2.0	1728	$2,100	$1.22	44d	1	1.48mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-01-30
   status Under Contract
2. 2026-01-19
   price $264,990
3. 2026-01-06
   listed $259,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,031
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,162
• − Management: −$2,162
• − HOA: −$1,800
• − Depreciation: −$7,709
• Taxable loss: −$6,946
• Est. tax savings @ 24.0%: +$1,667
• After-tax cash flow: $-754/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 54,387
• Household income: $79,877
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1934.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 49% White 41% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 1% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.80%
• Current HPI: 158.5866
• Rent YoY: ▲ 5.84%
• 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

+1.9% since first listed

3 events — show timeline

• 2026-01-30 Pending — REINMLS
• 2026-01-19 Price Changed $264,990 REINMLS
• 2026-01-06 Listed $259,990 REINMLS