1050 Spruce Ave · Norton, VA 24273

$130,000

3 bd · 2.0 ba · 1,656 sqft · SingleFamily public records · 306 Days on market

Built 1952 8,712 sqft lot $79/sqft · 14% below area Est $151k · 14% under

---

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 +19.5/30.0
• ARV discount +13.8/15.0
• Schools +6.3/10.0
• DSCR +6.2/10.0
• Appreciation +5.1/10.0
• 1% rule +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in the heart of downtown Norton, this 3-bedroom, 2-bathroom home offers space, character, and unbeatable convenience. With 1,656 square feet of living space, this well-maintained home is just a short walk to local schools, parks, and downtown shops and restaurants. Inside, you'll find a traditional layout with a large living room, an eat-in kitchen, and a cozy den perfect for a home office or second living area- now featuring brand new French doors for added charm and privacy. The primary bedroom includes a private bathroom, while the two additional bedrooms are generously sized. The home is move-in ready and offers a great opportunity to add your own personal touch over time. All information pulled from public records. Buyers and buyers agents to verify all information in this listing. Subject to E and O.

Key facts

• Short walk to parks
• Large living room
• Eat-in kitchen

Tags

• SHORT WALK TO LOCAL SCHOOLS
• SHORT WALK TO PARKS
• SHORT WALK TO DOWNTOWN SHOPS
• SHORT WALK TO RESTAURANTS
• LARGE LIVING ROOM
• EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $81 ($971/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (7.3% below list).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% in Norton — 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 (#139 in VA, #4,441 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A; Watch: commute D, crime F, amenities F.
• Norton City Public School District (town): math 68% / reading 85% proficiency, ranked #12 of 131 in VA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP.

Forward outlook

• In year one you build about $1k of equity ($899 loan paydown + $184 appreciation (0.1% local appreciation)).
• Norton County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 306 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $130k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 306 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

• ARV (median comp): $151,129
• List price: $130,000
• Delta: -13.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
700 A The Terrace St	0.38mi	3/2.5	1,632 (-1%)	1mo	$200,000	$123	77
1056 Ridge East Ave	0.10mi	3/2.5	1,728 (+4%)	12mo	$120,000	$69	76
720 Ridge Ave	0.39mi	3/2.0	1,629 (-2%)	5mo	$221,900	$136	74
700 The Terrace St Unit D	0.38mi	3/3.0	1,632 (-1%)	11mo	$226,900	$139	67
223 Craig St	0.51mi	2/1.5 (-1)	1,620 (-2%)	2mo	$74,500	$46	64
420 Poplar St	0.56mi	3/2.0	1,735 (+5%)	4mo	$160,000	$92	63
1255 Virginia Ave	0.32mi	4/2.0 (+1)	1,625 (-2%)	22mo	$100,000	$62	59
1317 Chapman St	0.73mi	4/2.0 (+1)	1,770 (+7%)	6mo	$120,000	$68	45
126 5th St	0.65mi	3/1.0	1,434 (-13%)	17mo	$52,000	$36	29
420 Oak Ave	0.70mi	4/2.5 (+1)	1,896 (+14%)	12mo	$230,000	$121	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.06×
• Total profit: $2,222
• Equity at exit: $38,673

10-year hold

• IRR: 6.6%
• Equity multiple: 1.73×
• Total profit: $26,620
• Equity at exit: $47,231

Cash invested: $36,400 (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 24273

• Home prices YoY: 0.1%
• Active inventory: 40
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,206 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $81

Break-even live

Break-even rent $1,103

Max offer price $130,000

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $130,000 Active 306 DOM
2. 2026-06-17
   days on market $130,000 Active 305 DOM
3. 2026-06-16
   days on market $130,000 Active 304 DOM
4. 2026-06-15
   days on market $130,000 Active 303 DOM
5. 2026-06-15
   days on market $130,000 Active 302 DOM
6. 2026-06-13
   days on market $130,000 Active 301 DOM
7. 2026-06-12
   days on market $130,000 Active 300 DOM
8. 2026-06-09
   days on market $130,000 Active 297 DOM
9. 2026-06-08
   days on market $130,000 Active 296 DOM
10. 2026-06-08
    days on market $130,000 Active 295 DOM
11. 2026-06-05
    days on market $130,000 Active 293 DOM
12. 2026-06-03
    days on market $130,000 Active 291 DOM
13. 2026-06-02
    days on market $130,000 Active 290 DOM
14. 2026-06-02
    status $130,000 Active 289 DOM
15. 2026-06-01
    days on market $130,000 Active Under Contract 289 DOM
16. 2026-05-31
    days on market $130,000 Active Under Contract 288 DOM
17. 2026-05-07
    status Active 825-char remark

    Show marketing remark (825 chars)

    Located in the heart of downtown Norton, this 3-bedroom, 2-bathroom home offers space, character, and unbeatable convenience. With 1,656 square feet of living space, this well-maintained home is just a short walk to local schools, parks, and downtown shops and restaurants. Inside, you'll find a traditional layout with a large living room, an eat-in kitchen, and a cozy den perfect for a home office or second living area- now featuring brand new French doors for added charm and privacy. The primary bedroom includes a private bathroom, while the two additional bedrooms are generously sized. The home is move-in ready and offers a great opportunity to add your own personal touch over time. All information pulled from public records. Buyers and buyers agents to verify all information in this listing. Subject to E and O.

18. 2026-01-14
    historical Active Under Contract 825-char remark

    Show marketing remark (825 chars)

    Located in the heart of downtown Norton, this 3-bedroom, 2-bathroom home offers space, character, and unbeatable convenience. With 1,656 square feet of living space, this well-maintained home is just a short walk to local schools, parks, and downtown shops and restaurants. Inside, you'll find a traditional layout with a large living room, an eat-in kitchen, and a cozy den perfect for a home office or second living area- now featuring brand new French doors for added charm and privacy. The primary bedroom includes a private bathroom, while the two additional bedrooms are generously sized. The home is move-in ready and offers a great opportunity to add your own personal touch over time. All information pulled from public records. Buyers and buyers agents to verify all information in this listing. Subject to E and O.

19. 2025-10-16
    price $130,000 825-char remark

    Show marketing remark (825 chars)

    Located in the heart of downtown Norton, this 3-bedroom, 2-bathroom home offers space, character, and unbeatable convenience. With 1,656 square feet of living space, this well-maintained home is just a short walk to local schools, parks, and downtown shops and restaurants. Inside, you'll find a traditional layout with a large living room, an eat-in kitchen, and a cozy den perfect for a home office or second living area- now featuring brand new French doors for added charm and privacy. The primary bedroom includes a private bathroom, while the two additional bedrooms are generously sized. The home is move-in ready and offers a great opportunity to add your own personal touch over time. All information pulled from public records. Buyers and buyers agents to verify all information in this listing. Subject to E and O.

20. 2025-08-16
    listed $139,900 Active 825-char remark

    Show marketing remark (825 chars)

    Located in the heart of downtown Norton, this 3-bedroom, 2-bathroom home offers space, character, and unbeatable convenience. With 1,656 square feet of living space, this well-maintained home is just a short walk to local schools, parks, and downtown shops and restaurants. Inside, you'll find a traditional layout with a large living room, an eat-in kitchen, and a cozy den perfect for a home office or second living area- now featuring brand new French doors for added charm and privacy. The primary bedroom includes a private bathroom, while the two additional bedrooms are generously sized. The home is move-in ready and offers a great opportunity to add your own personal touch over time. All information pulled from public records. Buyers and buyers agents to verify all information in this listing. Subject to E and O.

21. 2024-11-08
    price $139,000
22. 2024-08-02
    price $149,900
23. 1993-10-01
    soldstatus $59,500
24. 1993-10-01
    soldstatus $59,500

ⓘ 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: $829 · $69/mo
• Projected year-2 tax: $1,066 · $89/mo
• Expected delta: +$237/yr (+$20/mo · 28.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $14,466
• − Mortgage interest: −$7,282
• − Property taxes: −$829
• − Insurance: −$1,448
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$3,782
• Taxable loss: −$1,189
• Est. tax savings @ 24.0%: +$285
• After-tax cash flow: $1,256/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: Norton City Public School District
• NCES district ID: 5102760
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 85% ▲ 2.00%
• Median HH income: $34,636
• Composite: 63.22/100
• National rank: #636
• State rank: #12 of 131 in VA

Livability — Norton

• Score: 74/100
• State rank: #139
• US rank: #4441

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norton, VA
• Population (ZIP): 5,860

Population outlook (Norton County) Hauer SSP2

• Today (2025): 3,919 people
• By 2030: 3,899 · -0.5%
• By 2040: 3,838 · -2.1%
• By 2050: 3,778 · -3.6%
• By 2075: 3,584 · -8.5%
• By 2100: 3,154 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Norton

• 2024 margin: Solid R (+43.6) · D 27.9% · R 71.5%
• 2008→2024 swing: -43.5pp toward R · 2008: -0.1pp · 2024: -43.6pp
• All cycles: 2024: R+43.6 2020: R+40.3 2016: R+43.8 2012: R+22.1 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.14%
• Current HPI: 140.9507
• 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

+118.5% since first listed

8 events — show timeline

• 2026-05-07 Relisted — TVRMLS
• 2026-01-14 Contingent — TVRMLS
• 2025-10-16 Price Changed $130,000 TVRMLS
• 2025-08-16 Listed $139,900 TVRMLS
• 2024-11-08 Price Changed $139,000 TVRMLS
• 2024-08-02 Price Changed $149,900 TVRMLS
• 1993-10-01 Sold (Public Records) $59,500 Public Records
• 1993-10-01 Sold (Public Records) $59,500 Public Records

Property tax history

+3.6%/yr

Latest (2026): $829 · +0.0% YoY. Source: county tax records.