1622 Wayne St NE · Roanoke, VA 24012

$148,500

3 bd · 1.0 ba · 1,084 sqft · SingleFamily public records · 370 Days on market

Built 1947 7,405 sqft lot $137/sqft · 44% above area Est $186k · 20% under

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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 +16.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• Rent growth +5.0/5.0
• 1% rule +4.5/10.0
• Schools +4.1/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Monthly rent: 835.00, lease end date: 09-01-2026

Key facts

• 7,405 sq ft lot
• Built 1947
• Listed 370 days

🏷️ Possibly a rental listed for sale. The $148,500 price doesn't fit this home's estimated sale value (~$185,979) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $97 ($1k/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 $142k (4.6% below list).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 4.2% in Roanoke — 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 73/100 on livability (#163 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment D, crime F.
• Roanoke City Public School District (urban): math 40% / reading 58% proficiency, ranked #102 of 131 in VA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+10.5%/yr); 194 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 113 units permitted in Roanoke city in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Roanoke County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 370 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,680 (12.0% below list)

Questions for the listing agent

1. It's been on market 370 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 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. 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?
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: 0.95% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $185,979
• List price: $148,500
• Delta: -20.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2020 Colgate St NE	0.29mi	3/2.0	1,232 (+14%)	1mo	$250,000	$203	59
1006 Pocahontas Ave NE	0.55mi	3/1.5	1,120 (+3%)	10mo	$238,000	$213	58
920 Mohawk Ave NE	0.45mi	3/2.0	964 (-11%)	1mo	$225,000	$233	56
144 Courtney Ave NE	0.61mi	2/1.0 (-1)	1,125 (+4%)	6mo	$162,000	$144	55
115 Liberty Rd NE	0.61mi	3/2.0	1,153 (+6%)	5mo	$185,000	$160	53
2340 Ridgefield St NE	0.68mi	2/1.0 (-1)	1,070 (-1%)	14mo	$209,200	$196	49
706 Queen Ave NW	0.65mi	2/1.0 (-1)	1,067 (-2%)	16mo	$163,000	$153	49
2107 Hollins Rd NE	0.48mi	3/1.0	1,242 (+15%)	9mo	$170,000	$137	46
2219 Ridgefield St NE	0.59mi	3/1.0	1,134 (+5%)	23mo	$130,000	$115	46
915 Indiana Ave NE	0.44mi	2/1.0 (-1)	971 (-10%)	15mo	$165,000	$170	44
1021 11th St NE	0.66mi	3/1.0	1,156 (+7%)	18mo	$135,000	$117	43
2724 Courtland Rd NW	0.65mi	3/2.0	1,232 (+14%)	16mo	$230,000	$187	30

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.75×
• Total profit: $-10,360
• Equity at exit: $22,142

10-year hold

• IRR: 8.5%
• Equity multiple: 1.80×
• Total profit: $33,115
• Equity at exit: $12,840

Cash invested: $41,580 (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 24012

• Rents YoY: 10.5%
• Active inventory: 194
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,417 high
• Mortgage (P&I): −$779
• Tax from tax record: −$181 /mo · $2,177/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $97

Break-even live

Break-even rent $1,294

Max offer price $148,500

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: $37,125
• Closing costs: $4,455
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1712 Wayne St NE Roanoke, VA	2.0	1.0	826	$1,250	$1.51	20d	1	0.08mi
2109 Colgate St NE Roanoke, VA	3.0	1.0	1240	$1,700	$1.37	13d	1	0.39mi
1515 Dunbar St NW Roanoke, VA	3.0	2.0	1058	$1,623	$1.53	13d	1	0.43mi
44 Forest Hill Ave NE Roanoke, VA	2.0	1.0	768	$1,150	$1.50	20d	1	0.46mi
2716 Edison St NE Unit & 2718 Roanoke, VA	2.0	1.5	864	$1,225	$1.42	43d	1	0.73mi
2916 Courtland Rd NW Roanoke, VA	2.0	1.0	722	$1,123	$1.56	20d	1	0.75mi
1423 Varnell Ave NE Roanoke, VA	2.0	1.0	720	$1,650	$2.29	13d	1	0.78mi
401 Rutherford Ave NW Roanoke, VA	3.0	1.0	1064	$1,450	$1.36	43d	1	0.91mi
216 Patton Ave NW Unit 2 Roanoke, VA	2.0	1.0	1240	$1,025	$0.83	20d	1	0.94mi
333 Harrison Ave NW Roanoke, VA	3.0	2.0	1186	$1,123	$0.95	20d	1	0.95mi
717 Orange Ave NW Roanoke, VA	2.0	1.0	738	$900	$1.22	43d	1	1.01mi
3111 Ellsworth St NE Roanoke, VA	1.0–2.0	1.0	662	$1,199	$1.81	13d	2	1.06mi
1605 Church Ave SE Roanoke, VA	2.0	1.0	776	$1,200	$1.55	13d	1	1.07mi
1905 Wise Ave SE Roanoke, VA	2.0	1.0	1044	$1,123	$1.08	13d	1	1.08mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	902	$1,125	$1.25	13d	1	1.11mi
106 Lee Ave NE Apt 10 Roanoke, VA	2.0	1.5	820	$1,160	$1.41	43d	1	1.11mi
1708 Baldwin Ave NE Unit A Roanoke, VA	2.0	1.5	952	$1,550	$1.63	43d	1	1.15mi
1824 Eastern Ave NE Roanoke, VA	2.0	1.0	863	$1,200	$1.39	43d	1	1.18mi
3228 Oliver Rd NE Roanoke, VA	3.0	1.0	1017	$1,150	$1.13	20d	1	1.21mi
1115 Grayson Ave NW Roanoke, VA	4.0	2.0	1094	$2,300	$2.10	43d	1	1.23mi
3323 Collingwood St NE Roanoke, VA	3.0	2.0	1200	$2,150	$1.79	43d	1	1.27mi
1117 Rugby Blvd NW Unit B Roanoke, VA	2.0	1.0	1048	$778	$0.74	20d	1	1.28mi
813 Gilmer Ave NW Roanoke, VA	2.0	1.0	1050	$1,322	$1.26	20d	1	1.29mi
922 12th St SE Unit A Roanoke, VA	2.0	1.0	800	$899	$1.12	43d	1	1.30mi
1015 12th St SE Roanoke, VA	3.0	1.0	1072	$923	$0.86	43d	1	1.36mi
220 8th St Vinton, VA	2.0	1.0	850	$1,199	$1.41	13d	1	1.37mi
1007 Gilmer Ave NW Roanoke, VA	2.0	2.0	1187	$1,175	$0.99	20d	1	1.40mi
1016 15th St SE #2 Roanoke, VA	3.0	1.5	1084	$995	$0.92	13d	1	1.41mi
1116 Fairfax Ave NW Roanoke, VA	2.0	1.0	800	$1,400	$1.75	20d	1	1.45mi

Listing history 26 events

1. 2026-06-18
   days on market $148,500 Active 370 DOM
2. 2026-06-17
   days on market $148,500 Active 369 DOM
3. 2026-06-16
   days on market $148,500 Active 368 DOM
4. 2026-06-15
   days on market $148,500 Active 367 DOM
5. 2026-06-14
   days on market $148,500 Active 365 DOM
6. 2026-06-13
   days on market $148,500 Active 364 DOM
7. 2026-06-10
   days on market $148,500 Active 362 DOM
8. 2026-06-09
   days on market $148,500 Active 361 DOM
9. 2026-06-08
   days on market $148,500 Active 360 DOM
10. 2026-06-05
    days on market $148,500 Active 356 DOM
11. 2026-06-03
    days on market $148,500 Active 355 DOM
12. 2026-06-02
    days on market $148,500 Active 354 DOM
13. 2026-06-01
    days on market $148,500 Active 353 DOM
14. 2026-05-31
    days on market $148,500 Active 352 DOM
15. 2026-05-30
    days on market $148,500 Active 351 DOM
16. 2026-05-18
    price $148,500 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

17. 2026-02-06
    price $152,365 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

18. 2026-01-05
    price $155,474 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

19. 2025-11-13
    price $158,647 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

20. 2025-10-08
    price $161,885 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

21. 2025-09-03
    price $165,189 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

22. 2025-08-08
    price $168,560 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

23. 2025-06-13
    listed $172,000 Active 48-char remark

    Show marketing remark (48 chars)

    Monthly rent: 835.00, lease end date: 09-01-2026

24. 2023-02-28
    soldstatus $1,297,000
25. 1996-08-01
    soldstatus $225,000
26. 1987-05-14
    soldstatus $32,000

ⓘ 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: $2,177 · $181/mo
• Projected year-2 tax: $2,177 · $181/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,002
• − Mortgage interest: −$8,318
• − Property taxes: −$2,177
• − Insurance: −$742
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$4,320
• Taxable loss: −$1,276
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $1,474/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: Roanoke City Public School District
• NCES district ID: 5103300
• Math proficiency: 40% ▼ -38.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $38,592
• Composite: 40.8/100
• National rank: #3639
• State rank: #102 of 131 in VA

Livability — Roanoke

• Score: 73/100
• State rank: #163
• US rank: #5055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roanoke, VA
• County: Roanoke City · 101,625 people
• City population: 168,930
• Metro: Roanoke, VA
• Population (ZIP): 28,235
• Household income: $52,973
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 1360.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 106,094 people
• By 2030: 108,927 · +2.7%
• By 2040: 114,104 · +7.5%
• By 2050: 118,032 · +11.3%
• By 2075: 123,363 · +16.3%
• By 2100: 116,827 · +10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 16% Hispanic / Latino 14% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Romanian 2% Slovak 2% Serbian 1%
• Foreign-born: 11% · Canada, Vietnam, Jamaica
• Languages at home: 84% English-only · Spanish 11% Other Asian/Pacific 2% Vietnamese 2%

Political lean MEDSL · Roanoke

• 2024 margin: Strong D (+23.6) · D 61.1% · R 37.5% · Other 1.4%
• 2008→2024 swing: +0.2pp no change · 2008: 23.4pp · 2024: 23.6pp
• All cycles: 2024: D+23.6 2020: D+25.8 2016: D+17.6 2012: D+21.5 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.94%
• Current HPI: 186.9007
• Rent YoY: ▲ 10.46%
• Metro: Roanoke, VA
• 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

+364.1% since first listed

11 events — show timeline

• 2026-05-18 Price Changed $148,500 MLSRV
• 2026-02-06 Price Changed $152,365 MLSRV
• 2026-01-05 Price Changed $155,474 MLSRV
• 2025-11-13 Price Changed $158,647 MLSRV
• 2025-10-08 Price Changed $161,885 MLSRV
• 2025-09-03 Price Changed $165,189 MLSRV
• 2025-08-08 Price Changed $168,560 MLSRV
• 2025-06-13 Listed $172,000 MLSRV
• 2023-02-28 Sold (Public Records) $1,297,000 Public Records
• 1996-08-01 Sold (Public Records) $225,000 Public Records
• 1987-05-14 Sold (Public Records) $32,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,177 · +8.6% YoY. Source: county tax records.