1230 N 37 · Richmond, VA 23223

$150,000

3 bd · 1.0 ba · 915 sqft · SingleFamily public records · 22 Days on market

Built 1926 3,920 sqft lot Est $255k · 41% under

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Why this score? — see what drove the B- 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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.7/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful starter home in Church Hill! This beauty offers spacious eat-in kitchen with tons of cabinetry, an adjacent office-study room and three large bedrooms with 2 baths. Property is sold "AS-IS"

Key facts

• 3,920 sq ft lot
• Built 1926
• Listed 22 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 35% 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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $8k; list at $150k implies a 1900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $255,285
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1419 Oakwood Ave	0.15mi	3/1.0	912 (-0%)	10mo	$299,950	$329	84
810 N 37th St	0.23mi	3/1.0	912 (-0%)	13mo	$300,000	$329	78
1306 N 35th St	0.13mi	3/1.0	986 (+8%)	6mo	$265,000	$269	76
1231 N 36th St	0.03mi	3/2.0	864 (-6%)	11mo	$270,000	$313	76
1206 N 38th St	0.09mi	2/1.0 (-1)	864 (-6%)	14mo	$245,000	$284	70
806 N 38th St	0.23mi	3/2.0	940 (+3%)	13mo	$307,000	$327	70
1309 N 38th St	0.11mi	2/2.0 (-1)	852 (-7%)	10mo	$160,000	$188	67
1314 N 38th St	0.10mi	2/1.5 (-1)	1,026 (+12%)	10mo	$170,000	$166	60
1510 N 35th St	0.17mi	3/2.0	1,020 (+12%)	16mo	$285,000	$279	55
1201 N 29th St	0.58mi	2/1.0 (-1)	957 (+5%)	11mo	$175,000	$183	51
3112 P St	0.44mi	3/1.0	1,050 (+15%)	19mo	$155,000	$148	39
2211 Accomac St	0.65mi	2/1.0 (-1)	830 (-9%)	13mo	$197,000	$237	38

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: -0.5%
• Equity multiple: 0.98×
• Total profit: $-835
• Equity at exit: $22,365

10-year hold

• IRR: 12.3%
• Equity multiple: 2.12×
• Total profit: $47,056
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,606 high
• Mortgage (P&I): −$787
• Tax from tax record: −$140 /mo · $1,680/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $280

Break-even live

Break-even rent $1,252

Max offer price $150,000

Occupancy floor 78%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3528 E Richmond Rd Unit U5 Richmond, VA	2.0	1.0	692	$1,145	$1.65	23d	1	0.23mi
3528 E Richmond Rd Unit 21 Richmond, VA	2.0	1.0	780	$1,195	$1.53	11d	1	0.23mi
3508 E Richmond Rd Richmond, VA	2.0	1.0	801	$1,336	$1.67	4d	7	0.24mi
3516 E Richmond Rd Unit 10 Richmond, VA	2.0	1.0	760	$1,250	$1.64	43d	1	0.28mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	4d	1	0.50mi
613 N 32nd St Apt C Richmond, VA	2.0	1.0	600	$1,650	$2.75	4d	1	0.52mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	43d	1	0.56mi
3503 E Marshall St Unit 2 Richmond, VA	2.0	1.0	1100	$1,400	$1.27	11d	1	0.61mi
1400 Jennie Scher Rd Richmond, VA	2.0–3.0	1.0	900	$1,475	$1.64	43d	2	0.65mi
1603 N 29th St Richmond, VA	3.0	1.0	950	$1,600	$1.68	4d	1	0.66mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	21d	1	0.67mi
2906 Nine Mile Rd Richmond, VA	2.0	1.0	885	$1,845	$2.08	23d	1	0.69mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	4d	1	0.82mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	43d	1	0.95mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	23d	1	0.95mi
3005 E Franklin St Apt 106 Richmond, VA	2.0	2.0	900	$1,850	$2.06	11d	1	0.95mi
2200 Carrington St Unit 301 Richmond, VA	2.0	2.0	890	$1,435	$1.61	16d	1	0.99mi
2200 Carrington St Unit 300 Richmond, VA	2.0	2.0	880	$1,435	$1.63	43d	1	0.99mi
1708 Carlisle Ave Unit 6 Richmond, VA	2.0	1.0	900	$1,295	$1.44	23d	1	1.02mi
1708 Carlisle Ave Unit 1 Richmond, VA	2.0	1.0	850	$1,295	$1.52	43d	1	1.02mi
1210 Carlisle Ave Richmond, VA	3.0	1.0	912	$1,695	$1.86	4d	1	1.04mi
2515 E Grace St Unit C Richmond, VA	2.0	2.0	800	$2,100	$2.62	4d	1	1.06mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	43d	1	1.07mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	14d	1	1.07mi
2300 Farrand St Henrico, VA	2.0	1.0	930	$1,600	$1.72	43d	1	1.08mi
1108 N 21st St Unit B Richmond, VA	2.0	2.0	1000	$1,799	$1.80	2d	1	1.08mi
2706 Selden St Richmond, VA	3.0	1.0	862	$1,895	$2.20	43d	1	1.08mi
1021 Carlisle Ave Richmond, VA	1.0–2.0	1.0–2.0	789	$2,059	$2.61	21d	1	1.09mi
2801 E Main St Richmond, VA	1.0–2.0	1.0–2.0	797	$2,312	$2.90	1d	16	1.11mi
2418 E Franklin St Unit U104 Richmond, VA	2.0	2.0	774	$1,662	$2.15	4d	1	1.13mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	1d	9	1.16mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	44d	15	1.16mi
2525 E Main St Richmond, VA	2.0	1.0–2.0	736	$1,895	$2.57	1d	10	1.16mi
1822 Williamsburg Rd Unit 9 Richmond, VA	2.0	1.0	800	$995	$1.24	20d	1	1.18mi
2852 Fairfield Ave Richmond, VA	2.0–3.0	1.0	870	$1,350	$1.55	4d	1	1.22mi
2411 Carlisle Ave Henrico, VA	3.0	1.0	930	$1,750	$1.88	2d	1	1.23mi
2021 Fairfield Ave Richmond, VA	2.0	1.0	785	$1,195	$1.52	14d	1	1.24mi
2 S 25th St Richmond, VA	1.0–3.0	1.0–2.0	1050	$2,360	$2.25	2d	69	1.24mi
2213 E Franklin St Richmond, VA	1.0–2.0	1.0–2.0	862	$2,049	$2.38	4d	6	1.27mi
2001 E Broad St Richmond, VA	1.0–2.0	1.0–2.0	835	$1,790	$2.14	1d	4	1.27mi

Listing history 3 events

1. 2023-09-25
   status Pending
2. 2023-09-03
   listed $150,000 Active
3. 1958-04-22
   soldstatus $7,500

ⓘ 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: $1,680 · $140/mo
• Projected year-2 tax: $1,680 · $140/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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 14 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: $19,277
• − Mortgage interest: −$8,402
• − Property taxes: −$1,680
• − Insurance: −$750
• − Repairs & maintenance: −$1,542
• − Management: −$1,542
• − Depreciation: −$4,364
• Taxable income: $996
• Est. tax owed @ 24.0%: −$239
• After-tax cash flow: $3,120/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

+1900.0% since first listed

3 events — show timeline

• 2023-09-25 Pending — CVRMLS
• 2023-09-03 Listed $150,000 CVRMLS
• 1958-04-22 Sold (Public Records) $7,500 Public Records

Property tax history

+11.0%/yr

Latest (2022): $1,680 · +68.7% YoY. Source: county tax records.