1145 Carriage Cir Apt 104 · Bristol, VA 24201

$101,500

2 bd · 1.5 ba · 968 sqft · Condo public records · 63 Days on market

Built 1979 $105/sqft · 43% below area Est $178k · 43% under $225/mo HOA · 19% of rent

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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 +17.5/30.0
• ARV discount +15.0/15.0
• 1% rule +6.4/10.0
• DSCR +5.5/10.0
• Schools +5.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * OPEN HOUSE Sunday 4/26/2026 from 2:00 - 4:00 PM * * * * Charming Ground-Level Condo - Prime Location! This condo was totally updated in 2002. Kitchen offers new Appliances, new countertops, new sink, new faucet. Bathrooms offer new shower insert, new lighting, new flooring, new fixtures. This beautifully upgraded 2-bedroom, 1.5-bath ground-level condo offers convenient and comfortable living with easy access! Ideally located near I-81 off Exit 5, and just minutes from the casino and the Pinnacle development, this home combines accessibility with convenience. Perfect for both owner-occupants and savvy investors, similar updated units in this community are currently renting for approximately $1,100/month. HOA fees cover water, sewer, trash, lawn care and snow removal and provide access to desirable amenities including a community pool and tennis courts. Don't miss this opportunity for affordable living or a smart investment in a growing area! IT IS THE SOLE RESPONSIBILITY OF BUYER AND BUYER AGENT TO VERIFY ALL INFORMATION CONTAINED HEREIN

Key facts

• New lighting
• New faucet
• New shower insert

Tags

• NEW APPLIANCES
• NEW COUNTERTOPS
• NEW SINK
• NEW FAUCET
• NEW SHOWER INSERT
• NEW LIGHTING

🏷️ Possibly a rental listed for sale. The $101,500 price doesn't fit this home's estimated sale value (~$178,481) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $102k.

Deal economics

• At list price, monthly cash flow is $78 ($933/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• Recommended offer: $95k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 4.9% in Bristol — 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 74/100 on livability (#140 in VA, #4,544 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment F.
• Bristol City Public School District (urban): math 57% / reading 70% proficiency, ranked #53 of 131 in VA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 156 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 15 units permitted in Bristol city in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $702 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Bristol County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $72k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $95,410 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.14% ✓
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 7.3

CMA / ARV

• ARV (median comp): $178,481
• List price: $101,500
• Delta: -43.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.0%
• Equity multiple: 0.60×
• Total profit: $-11,393
• Equity at exit: $15,134

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-3,132
• Equity at exit: $8,776

Cash invested: $28,420 (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 24201

• Active inventory: 156
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,159 medium
• Mortgage (P&I): −$532
• Tax from tax record: −$38 /mo · $459/yr
• Insurance: −$42
• HOA: −$225
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $78

Break-even live

Break-even rent $1,061

Max offer price $101,500

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: $25,375
• Closing costs: $3,045
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1225 Carriage Cir #203 Bristol, VA	2.0	2.0	968	$1,150	$1.19	13d	1	0.05mi
1733 Dunlap St Bristol, VA	3.0	1.0	900	$1,250	$1.39	13d	1	1.00mi
135 Kingsolver St Bristol, VA	2.0	1.0	1000	$1,400	$1.40	21d	1	1.00mi
361 Heathland Dr Unit 365 Bristol, VA	1.0	1.0	550	$750	$1.36	43d	1	1.02mi

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Likely covers: watersewertrashlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-19
   days on market $101,500 Active 63 DOM
2. 2026-06-18
   days on market $101,500 Active 62 DOM
3. 2026-06-17
   days on market $101,500 Active 61 DOM
4. 2026-06-16
   days on market $101,500 Active 60 DOM
5. 2026-06-15
   days on market $101,500 Active 59 DOM
6. 2026-06-14
   days on market $101,500 Active 57 DOM
7. 2026-06-13
   days on market $101,500 Active 56 DOM
8. 2026-06-10
   days on market $101,500 Active 54 DOM
9. 2026-06-09
   days on market $101,500 Active 53 DOM
10. 2026-06-08
    days on market $101,500 Active 52 DOM
11. 2026-06-07
    days on market $101,500 Active 51 DOM
12. 2026-06-03
    days on market $101,500 Active 47 DOM
13. 2026-06-02
    days on market $101,500 Active 46 DOM
14. 2026-06-01
    days on market $101,500 Active 45 DOM
15. 2026-05-31
    days on market $101,500 Active 44 DOM
16. 2026-05-30
    days on market $101,500 Active 43 DOM
17. 2026-04-17
    listed $101,500 Active 1070-char remark

    Show marketing remark (1070 chars)

    * * * OPEN HOUSE Sunday 4/26/2026 from 2:00 - 4:00 PM * * * * Charming Ground-Level Condo - Prime Location! This condo was totally updated in 2002. Kitchen offers new Appliances, new countertops, new sink, new faucet. Bathrooms offer new shower insert, new lighting, new flooring, new fixtures. This beautifully upgraded 2-bedroom, 1.5-bath ground-level condo offers convenient and comfortable living with easy access! Ideally located near I-81 off Exit 5, and just minutes from the casino and the Pinnacle development, this home combines accessibility with convenience. Perfect for both owner-occupants and savvy investors, similar updated units in this community are currently renting for approximately $1,100/month. HOA fees cover water, sewer, trash, lawn care and snow removal and provide access to desirable amenities including a community pool and tennis courts. Don't miss this opportunity for affordable living or a smart investment in a growing area! IT IS THE SOLE RESPONSIBILITY OF BUYER AND BUYER AGENT TO VERIFY ALL INFORMATION CONTAINED HEREIN

18. 2025-06-16
    price $104,900
19. 2025-04-16
    price $109,900
20. 2023-05-30
    soldstatus $71,500
21. 2023-05-26
    soldstatus $71,500 Closed
22. 2023-04-18
    historical Active Under Contract
23. 2023-04-11
    listed $68,000 Active
24. 2018-04-09
    soldstatus $33,125
25. 2018-04-09
    soldstatus $33,125
26. 2016-11-01
    listed $36,500
27. 2003-12-18
    soldstatus $34,000

ⓘ 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: $459 · $38/mo
• Projected year-2 tax: $832 · $69/mo
• Expected delta: +$374/yr (+$31/mo · 81.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,907
• − Mortgage interest: −$5,686
• − Property taxes: −$459
• − Insurance: −$508
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − HOA: −$2,700
• − Depreciation: −$2,953
• Taxable loss: −$622
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $1,083/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: Bristol City Public School District
• NCES district ID: 5100450
• Math proficiency: 57% ▼ -24.00%
• Reading proficiency: 70% ▼ -6.00%
• Median HH income: $33,978
• Composite: 52.4/100
• National rank: #1579
• State rank: #53 of 131 in VA

Livability — Bristol

• Score: 74/100
• State rank: #140
• US rank: #4544

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bristol, VA
• City population: 16,039
• Population (ZIP): 16,039

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 16,113 people
• By 2030: 15,510 · -3.7%
• By 2040: 14,121 · -12.4%
• By 2050: 12,847 · -20.3%
• By 2075: 9,870 · -38.7%
• By 2100: 7,883 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 4% Serbian 1% Iranian 0%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Bristol

• 2024 margin: Solid R (+39.7) · D 29.8% · R 69.5%
• 2008→2024 swing: -13.6pp toward R · 2008: -26.0pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+38.9 2016: R+43.8 2012: R+31.1 2008: R+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.40%
• Current HPI: 196.2099
• 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

+198.5% since first listed

11 events — show timeline

• 2026-04-17 Listed $101,500 TVRMLS
• 2025-06-16 Price Changed $104,900 TVRMLS
• 2025-04-16 Price Changed $109,900 TVRMLS
• 2023-05-30 Sold (Public Records) $71,500 Public Records
• 2023-05-26 Sold (MLS) $71,500 TVRMLS
• 2023-04-18 Contingent — TVRMLS
• 2023-04-11 Listed $68,000 TVRMLS
• 2018-04-09 Sold (Public Records) $33,125 Public Records
• 2018-04-09 Sold (MLS) $33,125 TVRMLS
• 2016-11-01 Listed $36,500 TVRMLS
• 2003-12-18 Sold (Public Records) $34,000 Public Records