2818 Rose Garden Way · Virginia Beach, VA 23456

$329,900

3 bd · 2.0 ba · 1,554 sqft · Condo public records · 12 Days on market

Built 2004 $495/mo HOA · 17% 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 +8.7/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful second-floor, one-level condo with an oversized 2-car garage in the West Neck 55+ community. Open and large great room with dining area and kitchen with breakfast bar. Covered balcony off of the great room. Utility room with washer and dryer that convey. Large primary suite with walk-in closet and an ensuite bath with tiled shower and bench. Two guest bedrooms and additional area. Hall bath with tub and large vanity. Condo dues include water, sewer, trash, landscaping, exterior maintenance, and master insurance. Community amenities include fitness center, pool (costs additional), clubhouse, and social activities. Convenient to restaurants, beaches, shopping, and PA hospital. Call

Key facts

• $495 HOA
• 2 garage spots
• Built 2004

Property features AI

Finance

• Other: Neighborhood: Wordsworth Village
• HOA & community: Condo association: Wordsworth Village Condominium Association (managed by Associa Community Group); Condo fee approximately $425 monthly; POA fee approximately $70 monthly; Association fees billed monthly

Exterior

• Parking: Attached oversized 2-car garage (approx. 636 sq ft); Driveway parking available; Two designated parking spaces
• Utilities: City/County water; City/County sewer; Gas water heater; Electric service available
• Home design: Attached condo; Cluster/low-rise style; Two stories; Condo unit on level 2; One living level described for the unit
• Construction: Asphalt shingle roof; Slab foundation
• Exterior features: Brick and vinyl siding; Balcony; Pet restrictions; Grounds maintained by association; Community pool; Clubhouse; Exercise room; Trash pickup provided; Community water and sewer

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Master bedroom with bath; One bedroom with ensuite
• Flooring: Carpet; Ceramic; Wood
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning
• Interior features: Cable hookup; Ceiling fan(s); Garage door opener; Built-in bar; Gas fireplace; Primary bedroom with double sink; Scuttle access; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room; Main floor laundry; Utility/utility closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $330k.

Deal economics

• At list price, monthly cash flow is $-276 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (10.2% below list).
• Recommended offer: $281k (14.8% 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: North Landing Elementary (math 87% / reading 92%, grade A+, #19 of 1,108 statewide, top 2%, 455 students, 16% FRL); Landstown Middle (math 64% / reading 81%, grade A, #61 of 342 statewide, top 18%, 1,278 students, 41% FRL); Floyd Kellam High (math 83% / reading 93%, grade A, #13 of 319 statewide, top 4%, 1,882 students, 14% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 367 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $2k of loan paydown is wiped out by about $10k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $176k; list at $330k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,110 (14.8% 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: 0.90% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.59%
• DSCR: 0.84
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.26×
• Total profit: $-68,454
• Equity at exit: $49,189

10-year hold

• IRR: -12.6%
• Equity multiple: 0.23×
• Total profit: $-71,469
• Equity at exit: $28,524

Cash invested: $92,372 (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 23456

• Rents YoY: 3.8%
• Active inventory: 367
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,962 medium
• Mortgage (P&I): −$1,730
• Tax from tax record: −$254 /mo · $3,049/yr
• Insurance: −$137
• HOA: −$495
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $-276

Break-even live

Break-even rent $3,312

Max offer price $281,110

Occupancy floor —

Sensitivity live

Price	-10% $-89	-5% $-183	+0% $-276	+5% $-370	+10% $-463
Rent	-10% $-510	-5% $-393	+0% $-276	+5% $-159	+10% $-42
Rate	-1.0pp $-110	-0.5pp $-192	base $-276	+0.5pp $-362	+1.0pp $-449

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2925 Beaden Dr Virginia Beach, VA	4.0	2.5	2175	$3,400	$1.56	25d	1	0.57mi

HOA detail condo

• Monthly dues: $495 · $5,940/yr
• Likely covers: watersewertrashlandscapingexterior maint.insurancepoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-22
   status $329,900 Active 12 DOM
2. 2026-06-21
   days on market $329,900 Active Under Contract 12 DOM
3. 2026-06-18
   days on market $329,900 Active Under Contract 9 DOM
4. 2026-06-17
   statusdays on market $329,900 Active Under Contract 8 DOM
5. 2026-06-16
   days on market $329,900 Active 7 DOM
6. 2026-06-15
   days on market $329,900 Active 6 DOM
7. 2026-06-13
   statusdays on market $329,900 Active 4 DOM
8. 2026-06-09
   days on market $329,900 Coming Soon 3 DOM
9. 2026-06-08
   days on market $329,900 Coming Soon 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $329,900 Coming Soon 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: $3,049 · $254/mo
• Projected year-2 tax: $3,049 · $254/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 2/10 Low FEMA zone X (unshaded) · 3% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,550
• − Mortgage interest: −$18,480
• − Property taxes: −$3,049
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,844
• − Management: −$2,844
• − HOA: −$5,940
• − Depreciation: −$9,597
• Taxable loss: −$8,853
• Est. tax savings @ 24.0%: +$2,125
• After-tax cash flow: $-1,190/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): 61,911
• Household income: $130,533
• Rent vs Own: 11.2% rent · 88.8% own
• Severe rent burden: 390.0

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 0.60)
• Race & ethnicity: White 60% Black 13% Asian 12% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 85% English-only · Tagalog/Filipino 4% Spanish 4% Other Indo-European 2%

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: ▼ -328.17%
• Current HPI: 318.3094
• Rent YoY: ▲ 3.78%
• 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

+87.4% since first listed

2 events — show timeline

• 2026-06-06 Coming Soon $329,900 REINMLS
• 2004-05-07 Sold (Public Records) $176,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $3,049 · +3.6% YoY. Source: county tax records.