* Azalea Ln · Wattsville, VA 23415

$145,000

3 bd · None ba · 1,950 sqft · SingleFamily · 132 Days on market

Built 2008 Fair condition 1.76 ac lot $74/sqft · 60% below area ↓ 11% since listing

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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 +14.2/30.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• 1% rule +3.9/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

1.757 Acre lot in very nice subdivision close to Chincoteague Island. Chincoteague school district allowed with this location. Commercial Grade Garage/Studio built (unfinished) on site. Approved for 3BR septic and well drilled. Cleared parcel behind garage is where home should be built.

Key facts

• Cleared parcel
• Well drilled
• Approved for septic

Tags

• ACRE LOT
• CHINCOTEAGUE SCHOOL DISTRICT
• COMMERCIAL GRADE GARAGE
• APPROVED FOR SEPTIC
• WELL DRILLED
• CLEARED PARCEL

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath single-family listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $23 ($273/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 $130k (10.5% below list).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 54/100 on livability (#520 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing D+, schools F, amenities F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 46 active listings in the ZIP; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (4.3% local appreciation)).
• Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.89% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $366,302
• List price: $145,000
• Delta: -60.42%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

4.27% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.71×
• Total profit: $28,881
• Equity at exit: $75,778

10-year hold

• IRR: 13.0%
• Equity multiple: 3.20×
• Total profit: $89,214
• Equity at exit: $125,780

Cash invested: $40,600 (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 23415

• Home prices YoY: 4.4%
• Active inventory: 46
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,297 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $23

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 93%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $145,000 Active 132 DOM
2. 2026-06-17
   days on market $145,000 Active 131 DOM
3. 2026-06-16
   days on market $145,000 Active 130 DOM
4. 2026-06-15
   days on market $145,000 Active 129 DOM
5. 2026-06-15
   days on market $145,000 Active 128 DOM
6. 2026-06-13
   days on market $145,000 Active 127 DOM
7. 2026-06-12
   days on market $145,000 Active 126 DOM
8. 2026-06-09
   days on market $145,000 Active 123 DOM
9. 2026-06-08
   days on market $145,000 Active 122 DOM
10. 2026-06-08
    days on market $145,000 Active 121 DOM
11. 2026-06-07
    days on market $145,000 Active 120 DOM
12. 2026-06-04
    price $145,000 Active 117 DOM
13. 2026-06-03
    days on market $159,000 Active 117 DOM
14. 2026-06-02
    days on market $159,000 Active 116 DOM
15. 2026-06-01
    days on market $159,000 Active 115 DOM
16. 2026-05-31
    days on market $159,000 Active 114 DOM
17. 2026-04-03
    price $159,000 287-char remark

    Show marketing remark (287 chars)

    1.757 Acre lot in very nice subdivision close to Chincoteague Island. Chincoteague school district allowed with this location. Commercial Grade Garage/Studio built (unfinished) on site. Approved for 3BR septic and well drilled. Cleared parcel behind garage is where home should be built.

18. 2026-02-06
    listed $179,000 Active 287-char remark

    Show marketing remark (287 chars)

    1.757 Acre lot in very nice subdivision close to Chincoteague Island. Chincoteague school district allowed with this location. Commercial Grade Garage/Studio built (unfinished) on site. Approved for 3BR septic and well drilled. Cleared parcel behind garage is where home should be built.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,567
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$4,218
• Taxable loss: −$2,164
• Est. tax savings @ 24.0%: +$519
• After-tax cash flow: $793/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations, focusing on exterior siding and unfinished interior space, to improve its resale and rental value.

Repairs flagged

• Major Exterior siding — Severe peeling and wear
• Major Concrete floor — Exposed and unfinished

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Rental Seal concrete floor — Improves usability of unfinished room

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe peeling and wear	Major	$15,000–50,000
Concrete floor · Exposed and unfinished	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Rental Seal concrete floor — Improves usability of unfinished room ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Accomack County Public School District
• NCES district ID: 5100060
• Math proficiency: 44% ▼ -36.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $40,348
• Composite: 43.05/100
• National rank: #3096
• State rank: #99 of 131 in VA

Livability — Wattsville

• Score: 54/100
• State rank: #520
• US rank: #23790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wattsville, VA
• Population (ZIP): 2,140

Population outlook (Accomack County) Hauer SSP2

• Today (2025): 32,072 people
• By 2030: 31,425 · -2.0%
• By 2040: 29,685 · -7.4%
• By 2050: 27,748 · -13.5%
• By 2075: 23,396 · -27.1%
• By 2100: 18,774 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 48% White 43% Asian 7%
• Common ancestry: Portuguese 1%
• Foreign-born: 7% · China, Canada, Vietnam
• Languages at home: 91% English-only · Chinese 7% Spanish 1%

Political lean MEDSL · Accomack

• 2024 margin: R (+13.3) · D 43.0% · R 56.3%
• 2008→2024 swing: -11.9pp toward R · 2008: -1.4pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+9.4 2016: R+11.7 2012: R+3.5 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.27%
• Current HPI: 100.8606
• 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

-11.2% since first listed

2 events — show timeline

• 2026-04-03 Price Changed $159,000 ESAR
• 2026-02-06 Listed $179,000 ESAR