457 E Lake Cir · Chesapeake, VA 23322

$299,999

3 bd · 2.0 ba · 1,570 sqft · Condo public records · 1 Days on market

Built 1988 $295/mo HOA · 11% of rent

---

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 +10.0/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 457 E Lake Circle in the heart of Chesapeake’s highly sought-after Great Bridge area. This beautifully maintained condo offers the perfect blend of comfort, style, and location. Zoned for top-rated Great Bridge High, Middle, and Elementary Schools, this home is tucked inside a peaceful lakefront community with neighborhood pool access and scenic surroundings. Inside, you’ll find brand-new recessed lighting, updated bathrooms, and a refreshed kitchen designed for both everyday living and entertaining. Every detail reflects the pride of ownership, with the home being lovingly cared for and exceptionally maintained throughout. Enjoy relaxing lake views, a welcoming neigh

Key facts

• Lakefront community
• Lake views
• Updated bathrooms

Tags

• LAKEFRONT COMMUNITY
• NEIGHBORHOOD POOL ACCESS
• RECESSED LIGHTING
• UPDATED BATHROOMS
• REFRESHED KITCHEN
• LAKE VIEWS

Property features AI

Finance

• HOA & community: HOA (Cedar Lakes Condo Association) with community management; HOA fee approximately $295 monthly; Community amenities: clubhouse, pool, ground maintenance, trash pickup

Exterior

• Parking: One assigned/reserved space in lot
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; Transitional style; Two stories; Unit on two living levels; Second-floor unit (condo level 2)
• Construction: Vinyl and wood siding; Asphalt shingle roof; Slab foundation; Built as condo (ownership type: condo)
• Exterior features: Deck; Storage shed; Waterfront on a lake; Water view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range; Refrigerator; Breakfast area
• Bedrooms: Two bedrooms with ensuite
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air
• Interior features: Cathedral ceiling; Ceiling fan; Cable hookup; Fireplace (wood); Dual-entry bath (from bedroom and hall); Primary with double sink; Walk-in attic; Attic; Balcony; Foyer; Loft; Pantry; Utility closet; Spare room
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-182 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (13.6% below list).
• Recommended offer: $259k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Great Bridge Primary (701 students, 18% FRL); Great Bridge High (math 60% / reading 87%, grade B+, #124 of 319 statewide, top 40%, 1,624 students, 25% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 596 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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.
• Current owner paid $246k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,271 (13.6% 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.86% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.46% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.33×
• Total profit: $-56,178
• Equity at exit: $44,731

10-year hold

• IRR: -8.4%
• Equity multiple: 0.44×
• Total profit: $-46,926
• Equity at exit: $25,938

Cash invested: $84,000 (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 23322

• Rents YoY: 4.5%
• Active inventory: 596
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,593 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$237 /mo · $2,839/yr
• Insurance: −$125
• HOA: −$295
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-182

Break-even live

Break-even rent $2,823

Max offer price $267,922

Occupancy floor —

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
340 Briarfield Dr Chesapeake, VA	4.0	3.5	1924	$2,995	$1.56	23d	1	0.30mi
552 Mill Landing Rd Chesapeake, VA	3.0	3.0	1532	$2,000	$1.31	23d	1	0.34mi
632 Sedgefield Ct Chesapeake, VA	2.0	3.0	1361	$2,100	$1.54	17d	1	0.36mi
525 Dove Dr Chesapeake, VA	3.0	2.0	1819	$2,800	$1.54	21d	1	0.51mi
732 Norman Way Chesapeake, VA	4.0	2.5	2033	$2,950	$1.45	4d	1	0.79mi
430 Faire Chase Chesapeake, VA	2.0	2.0	1215	$1,850	$1.52	16d	1	0.81mi
430 Faire Chase Chesapeake, VA	2.0	2.0	1215	$1,850	$1.52	23d	1	0.81mi
201 Frank Dr Chesapeake, VA	3.0	2.0	1933	$3,250	$1.68	21d	1	1.00mi
316 San Roman Dr Chesapeake, VA	3.0	1.5	1304	$1,895	$1.45	23d	1	1.31mi

HOA detail condo

• Monthly dues: $295 · $3,540/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on marketlisting id $299,999 Active 1 DOM
2. 2026-06-18
   days on market $299,999 Active 24 DOM
3. 2026-06-17
   days on market $299,999 Active 23 DOM
4. 2026-06-16
   days on market $299,999 Active 22 DOM
5. 2026-06-15
   status $299,999 Active 21 DOM
6. 2026-06-13
   statusdays on market $299,999 Under Contract 21 DOM
7. 2026-06-09
   days on market $299,999 Active Under Contract 20 DOM
8. 2026-06-08
   days on market $299,999 Active Under Contract 19 DOM
9. 2026-06-07
   days on market $299,999 Active Under Contract 18 DOM
10. 2026-06-03
    days on market $299,999 Active Under Contract 14 DOM
11. 2026-06-02
    days on market $299,999 Active Under Contract 13 DOM
12. 2026-06-01
    days on market $299,999 Active Under Contract 12 DOM
13. 2026-05-31
    days on market $299,999 Active Under Contract 11 DOM
14. 2026-05-21
    listed $299,999 Active
15. 2026-05-19
    listed $299,999
16. 2022-05-10
    soldstatus $246,000
17. 2022-04-18
    status Under Contract
18. 2022-04-04
    historical Active Under Contract
19. 2022-03-31
    listed $235,000 Active
20. 2015-08-21
    soldstatus $157,000
21. 2001-10-01
    soldstatus $94,000

ⓘ 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: $2,839 · $237/mo
• Projected year-2 tax: $2,839 · $237/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 9/10 Extreme 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $31,113
• − Mortgage interest: −$16,805
• − Property taxes: −$2,839
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,489
• − Management: −$2,489
• − HOA: −$3,540
• − Depreciation: −$8,727
• Taxable loss: −$7,276
• Est. tax savings @ 24.0%: +$1,746
• After-tax cash flow: $-433/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 66,956
• Household income: $134,880
• Rent vs Own: 9.9% rent · 90.1% own
• Severe rent burden: 507.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 9% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 2% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -357.58%
• Current HPI: 312.495
• Rent YoY: ▲ 4.46%
• 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

+219.1% since first listed

8 events — show timeline

• 2026-05-21 Listed $299,999 REINMLS
• 2026-05-19 Listed $299,999 REINMLS
• 2022-05-10 Sold (Public Records) $246,000 Public Records
• 2022-04-18 Pending — REINMLS
• 2022-04-04 Contingent — REINMLS
• 2022-03-31 Listed $235,000 REINMLS
• 2015-08-21 Sold (Public Records) $157,000 Public Records
• 2001-10-01 Sold (Public Records) $94,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,839 · +13.9% YoY. Source: county tax records.