3331 S Constitution

Buckingham Courthouse, VA 23936

$320,000D+

3 bd · 2.0 ba · 1,956 sqft · Built 1974 · SingleFamily · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,027/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-324/mo
• Annual: $-3,889/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• 1% rule: 0.63%
• Cash to close: $89,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $320k.
• At list price, monthly cash flow is $-324 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (36.7% below list).
• It's been on market 152 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (36.7% below list) — sets the bar for 1% rule.
• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#363 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Buckingham County Public School District (rural): math 36% / reading 49% proficiency, ranked #117 of 131 in VA (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 63 active listings in the ZIP; 96 units permitted in Buckingham County in 2024 (0 in 5+ unit buildings).
• Buckingham County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.