4134 Thalia Station Cir · Virginia Beach, VA 23452

$189,500

2 bd · 1.0 ba · 816 sqft · Condo public records · 3 Days on market

Built 1987 $350/mo HOA · 20% 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 +8.8/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Adorable upstairs condo unit in gated community. New carpet, paint, remodeled bath, w/ vanity and toilet. Great room features vaulted ceiling, fireplace that opens to a covered deck with storage room. Updated kitchen with new GE stainless appliances with pass thru to great room. HVAC 2021, new hot water heater and window treatments. Central location just minutes from Town Center, interstate, shopping and dining. Condo is VA approved. This sale will be a 1031 exchange for Seller at no cost to Buyer.

Key facts

• Gated community
• Covered deck
• Vaulted ceiling

Tags

• UPSTAIRS CONDO UNIT
• GATED COMMUNITY
• REMODELED BATH
• VAULTED CEILING
• FIREPLACE
• COVERED DECK

Property features AI

Finance

• HOA & community: Condominium association (Thalia Station Condominium Association); Monthly condo fee: $350; Association management: Select Group; Community amenities: Clubhouse, gated community, grounds maintenance, pool, sewer, trash pickup, water

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; Contemporary style; Condo on level 2; One living level; 1 story; Slab foundation
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Corner unit; Wooded view

Interior

• Kitchen: Electric range; Dishwasher; Disposal; Refrigerator
• Bedrooms: Master bedroom; Additional bedroom; Bedroom and full bathroom on first floor
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump (heating and cooling)
• Interior features: Cathedral ceiling; Wood-burning fireplace; Skylights; Window treatments; Balcony; Utility closet
• Laundry & utility: Washer; Dryer; Utility room; 220 V electric outlet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-155 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (6.8% below list).
• Recommended offer: $162k (14.5% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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: Thalia Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 593 students, 70% FRL); Princess Anne High (math 76% / reading 89%, grade A, #36 of 319 statewide, top 12%, 1,717 students, 33% FRL) — zoned schools average 51% FRL vs 28% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 232 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,112 (14.5% 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: 0.93% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.51%
• DSCR: 0.84
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.92% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.30×
• Total profit: $-36,931
• Equity at exit: $28,255

10-year hold

• IRR: -8.0%
• Equity multiple: 0.45×
• Total profit: $-29,330
• Equity at exit: $16,384

Cash invested: $53,060 (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 23452

• Rents YoY: 4.9%
• Active inventory: 232
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,766 high
• Mortgage (P&I): −$994
• Tax from tax record: −$127 /mo · $1,527/yr
• Insurance: −$79
• HOA: −$350
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $-155

Break-even live

Break-even rent $1,962

Max offer price $162,112

Occupancy floor —

Sensitivity live

Price	-10% $-48	-5% $-101	+0% $-155	+5% $-209	+10% $-262
Rent	-10% $-295	-5% $-225	+0% $-155	+5% $-85	+10% $-16
Rate	-1.0pp $-60	-0.5pp $-107	base $-155	+0.5pp $-204	+1.0pp $-254

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4251 Thalia Station Cir Virginia Beach, VA	2.0	2.0	957	$1,650	$1.72	24d	1	0.10mi
149 S Budding Ave Virginia Beach, VA	1.0–3.0	1.0–2.0	1100	$1,849	$1.68	2d	30	0.36mi
100 Runaway Bay Dr Virginia Beach, VA	1.0–2.0	1.0–2.0	807	$1,985	$2.46	2d	44	0.40mi
205 Silverbrook Ln Virginia Beach, VA	2.0	2.0	995	$1,750	$1.76	18d	1	0.42mi
205 Silverbrook Ln Unit 00 405204 Virginia Beach, VA	2.0	2.0	995	$1,800	$1.81	21d	1	0.47mi
4226 Beasley Ct Virginia Beach, VA	2.0	1.5	884	$1,595	$1.80	15d	1	0.56mi
4226 Beasley Ct Virginia Beach, VA	2.0	1.5	884	$1,595	$1.80	24d	1	0.56mi
176 S Kentucky Ave Virginia Beach, VA	2.0	1.0	874	$1,350	$1.54	5d	1	0.60mi
4556 Columbus St Virginia Beach, VA	2.0	1.0–2.0	763	$2,626	$3.44	4d	14	0.90mi
3600 Malibu Palms Dr Virginia Beach, VA	1.0–3.0	1.0–1.5	1025	$1,827	$1.78	3d	19	1.11mi
4133 Shoreline Cir Virginia Beach, VA	1.0–2.0	1.0–2.0	964	$2,000	$2.07	11d	1	1.31mi
3416 Alcott Rd Virginia Beach, VA	3.0	1.0	1043	$1,800	$1.73	24d	1	1.42mi
4781 Alicia Dr Virginia Beach, VA	1.0	1.0	838	$1,799	$2.15	24d	1	1.45mi
3955 Marina Lake Rd Virginia Beach, VA	1.0–2.0	1.0–2.0	870	$1,960	$2.25	11d	1	1.46mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $189,500 Active 3 DOM
2. 2026-06-18
   remarks 503-char remark
3. 2026-06-18
   listed $189,500 Active 1 DOM

ⓘ 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: $1,527 · $127/mo
• Projected year-2 tax: $1,554 · $129/mo
• Expected delta: +$27/yr (+$2/mo · 1.8%)

ⓘ 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) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,189
• − Mortgage interest: −$10,615
• − Property taxes: −$1,527
• − Insurance: −$948
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − HOA: −$4,200
• − Depreciation: −$5,513
• Taxable loss: −$5,004
• Est. tax savings @ 24.0%: +$1,201
• After-tax cash flow: $-660/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): 58,455
• Household income: $79,085
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2293.0

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 0.59)
• Race & ethnicity: White 60% Black 20% Two or more races 10% Hispanic / Latino 9% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% 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: ▼ -363.80%
• Current HPI: 328.5435
• Rent YoY: ▲ 4.92%
• 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 event — show timeline

• 2026-06-18 Listed $189,500 REINMLS

Property tax history

+4.4%/yr

Latest (2025): $1,527 · +12.3% YoY. Source: county tax records.