2606 Cedar St · Richmond, VA 23223

$239,999

3 bd · 1.0 ba · 1,522 sqft · SingleFamily public records · 90 Days on market

Built 1895 975 sqft lot $158/sqft · 46% below area Est $443k · 46% under ↓ 4% since listing

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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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• 1% rule +3.7/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming two-story home located in Richmond’s East End, just minutes from Church Hill and downtown. This property offers a great opportunity for a buyer to add their personal touch and build equity. The home features a traditional layout with spacious living areas, abundant natural light, and generously sized bedrooms. The kitchen offers ample cabinet space, and the home provides solid functionality throughout. Situated on a corner lot with outdoor space and off-street parking potential. Updates needed, this home is ideal for a primary residence or investment property. Conveniently located near major highways, local amenities, and downtown Richmond. Sold as-is.

Key facts

• Outdoor space
• Local amenities
• Off-street parking

Tags

• CORNER LOT
• OUTDOOR SPACE
• OFF-STREET PARKING
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $96 ($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 $209k (12.9% below list).
• Recommended offer: $209k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 337 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 45% of the median local income ($56k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,925 (12.9% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — 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 D 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: 0.87% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.6

CMA / ARV

• ARV (median comp): $443,088
• List price: $239,999
• Delta: -45.83%
• 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
2012 Venable St	0.43mi	3/2.5	1,472 (-3%)	0mo	$410,000	$279	68
615 N 37th St	0.67mi	3/1.0	1,518 (-0%)	1mo	$375,000	$247	68
3316 Q St	0.50mi	3/2.5	1,564 (+3%)	0mo	$365,000	$233	66
510 N 28th St	0.21mi	3/2.5	1,320 (-13%)	0mo	$435,000	$330	62
1110 N 23rd St	0.35mi	3/2.5	1,670 (+10%)	0mo	$382,500	$229	61
615 N 38th St	0.74mi	3/1.0	1,484 (-2%)	1mo	$365,000	$246	61
1313 N 31st St	0.50mi	3/2.5	1,624 (+7%)	0mo	$390,000	$240	59
220 N 20th St Unit U4	0.59mi	3/2.5	1,464 (-4%)	1mo	$400,000	$273	59
517 N 33rd St	0.46mi	3/2.5	1,658 (+9%)	1mo	$680,000	$410	57
1319 N 28th St	0.41mi	3/2.5	1,682 (+10%)	1mo	$420,000	$250	57
708 N 21st St	0.39mi	2/2.5 (-1)	1,400 (-8%)	1mo	$392,000	$280	56
509 Mosby St	0.43mi	3/1.5	1,744 (+15%)	1mo	$360,000	$206	53

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.62×
• Total profit: $-25,467
• Equity at exit: $35,785

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $17,874
• Equity at exit: $20,751

Cash invested: $67,200 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,089 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$196 /mo · $2,352/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $96

Break-even live

Break-even rent $1,968

Max offer price $239,999

Occupancy floor 90%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 N 26th St Unit A Richmond, VA	2.0	2.0	1188	$1,849	$1.56	44d	1	0.04mi
901 N 27th St Apt 1 Richmond, VA	4.0	1.0	1240	$2,000	$1.61	17d	1	0.09mi
1107 N 27th St Richmond, VA	3.0	3.5	1792	$2,600	$1.45	4d	1	0.24mi
2820 Q St Richmond, VA	3.0	2.0	1523	$2,195	$1.44	4d	1	0.25mi
3102 P St Unit B Richmond, VA	2.0	2.5	1313	$1,995	$1.52	4d	1	0.32mi
1221 N 26th St Richmond, VA	3.0	2.5	1900	$2,700	$1.42	23d	1	0.33mi
2914 R St Richmond, VA	2.0	1.0	1250	$1,500	$1.20	23d	1	0.35mi
517 N 21st St Unit 517B Richmond, VA	2.0	1.0	1447	$1,884	$1.30	17d	1	0.38mi
307 N 29th St Richmond, VA	3.0	3.0	1992	$2,900	$1.46	4d	1	0.38mi
507 N 32nd St Unit A Richmond, VA	2.0	1.0	1200	$1,995	$1.66	23d	1	0.40mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	4d	1	0.40mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	17d	1	0.40mi
1004 1/2 N 21st St Unit A Richmond, VA	3.0	2.0	1248	$2,195	$1.76	17d	1	0.42mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	44d	1	0.44mi
2209 Fairmount Ave Richmond, VA	3.0	2.0	1652	$2,500	$1.51	44d	1	0.45mi
3018 S St Richmond, VA	3.0	2.5	1786	$2,645	$1.48	44d	1	0.46mi
1308 N 23rd St Richmond, VA	3.0	2.5	2052	$2,900	$1.41	17d	1	0.48mi
1920 Princess Anne Ave Richmond, VA	3.0	2.0	2000	$2,595	$1.30	4d	1	0.49mi
1404 N 30th St Richmond, VA	3.0	2.5	1700	$2,195	$1.29	4d	1	0.49mi
1408 N 29th St Richmond, VA	2.0	1.0	1528	$1,150	$0.75	20d	1	0.50mi
1903 E Marshall St Richmond, VA	3.0	1.0–2.0	723	$1,799	$2.49	1d	57	0.56mi
3508 E Clay St Unit A Richmond, VA	2.0	2.0	1188	$1,899	$1.60	14d	1	0.58mi
1427 N 22nd St Richmond, VA	3.0	2.5	1764	$2,700	$1.53	44d	1	0.59mi
1313 N 20th St Richmond, VA	3.0	2.0	2000	$2,045	$1.02	12d	1	0.59mi
3503 E Marshall St Unit 2 Richmond, VA	2.0	1.0	1100	$1,400	$1.27	12d	1	0.61mi
2525 E Main St Richmond, VA	2.0	1.0–2.0	736	$1,895	$2.57	1d	10	0.61mi
2201 E Franklin St Richmond, VA	1.0–3.0	1.0–3.0	905	$2,349	$2.59	3d	7	0.61mi
2213 E Franklin St Richmond, VA	1.0–2.0	1.0–2.0	862	$2,049	$2.38	4d	6	0.62mi
16 N 22nd St Richmond, VA	1.0–2.0	1.0–2.0	844	$1,675	$1.98	3d	7	0.64mi
2 S 25th St Richmond, VA	1.0–3.0	1.0–2.0	1050	$2,360	$2.25	2d	69	0.67mi
1901 E Franklin St Apt 5 Richmond, VA	3.0	3.0	1530	$1,850	$1.21	23d	1	0.72mi
11 S 21st St Unit 106 Richmond, VA	2.0	2.0	1709	$2,148	$1.26	44d	1	0.72mi
1617 N 21st St Richmond, VA	3.0	1.0	1157	$1,825	$1.58	4d	1	0.74mi
6 N 18th St Apt 301 Richmond, VA	2.0	2.0	1300	$1,695	$1.30	20d	1	0.80mi
10 Walnut Aly Unit A3 Richmond, VA	2.0	2.0	1217	$1,575	$1.29	16d	1	0.80mi
1817 E Main St Richmond, VA	2.0	1.0–2.0	846	$1,955	$2.31	2d	40	0.83mi
1614 N 19th St Richmond, VA	4.0	2.0	1584	$2,395	$1.51	4d	1	1.01mi
100 S 15th St Richmond, VA	1.0–2.0	1.0–2.0	825	$1,749	$2.12	4d	4	1.03mi
2106 Newbourne St Richmond, VA	3.0	2.0	1172	$1,875	$1.60	44d	1	1.03mi
117 S 14th St Richmond, VA	2.0	1.0–2.0	944	$2,333	$2.47	2d	19	1.06mi

Listing history 15 events

1. 2026-06-18
   days on market $239,999 Active 90 DOM
2. 2026-06-17
   days on market $239,999 Active 89 DOM
3. 2026-06-16
   days on market $239,999 Active 88 DOM
4. 2026-06-15
   days on market $239,999 Active 87 DOM
5. 2026-06-13
   days on market $239,999 Active 85 DOM
6. 2026-06-10
   days on market $239,999 Active 82 DOM
7. 2026-06-09
   days on market $239,999 Active 81 DOM
8. 2026-06-08
   days on market $239,999 Active 80 DOM
9. 2026-06-07
   days on market $239,999 Active 79 DOM
10. 2026-06-03
    days on market $239,999 Active 75 DOM
11. 2026-06-02
    days on market $239,999 Active 74 DOM
12. 2026-06-01
    days on market $239,999 Active 73 DOM
13. 2026-05-31
    days on market $239,999 Active 72 DOM
14. 2026-04-28
    price $239,999 675-char remark

    Show marketing remark (675 chars)

    Charming two-story home located in Richmond’s East End, just minutes from Church Hill and downtown. This property offers a great opportunity for a buyer to add their personal touch and build equity. The home features a traditional layout with spacious living areas, abundant natural light, and generously sized bedrooms. The kitchen offers ample cabinet space, and the home provides solid functionality throughout. Situated on a corner lot with outdoor space and off-street parking potential. Updates needed, this home is ideal for a primary residence or investment property. Conveniently located near major highways, local amenities, and downtown Richmond. Sold as-is.

15. 2026-03-18
    listed $249,999 Active 675-char remark

    Show marketing remark (675 chars)

    Charming two-story home located in Richmond’s East End, just minutes from Church Hill and downtown. This property offers a great opportunity for a buyer to add their personal touch and build equity. The home features a traditional layout with spacious living areas, abundant natural light, and generously sized bedrooms. The kitchen offers ample cabinet space, and the home provides solid functionality throughout. Situated on a corner lot with outdoor space and off-street parking potential. Updates needed, this home is ideal for a primary residence or investment property. Conveniently located near major highways, local amenities, and downtown Richmond. Sold as-is.

ⓘ 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: $2,352 · $196/mo
• Projected year-2 tax: $2,352 · $196/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 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,071
• − Mortgage interest: −$13,444
• − Property taxes: −$2,352
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − Depreciation: −$6,982
• Taxable loss: −$2,918
• Est. tax savings @ 24.0%: +$700
• After-tax cash flow: $1,851/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Henrico County · 334,490 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• Metro: Richmond, 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

-4.0% since first listed

2 events — show timeline

• 2026-04-28 Price Changed $239,999 CVRMLS
• 2026-03-18 Listed $249,999 CVRMLS

Property tax history

+1.7%/yr

Latest (2022): $2,352 · +38331.4% YoY. Source: county tax records.