122 Goodman St · Charlottesville, VA 22902

$460,000

4 bd · 3.0 ba · 1,792 sqft · MultiFamily public records · 10 Days on market

Built 1989 6,098 sqft lot

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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 +13.7/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +3.6/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Live in One, Rent the Other! Side-by-side duplex opportunity in a prime walkable Belmont location. Enjoy the flexibility of owner-occupancy while generating rental income from the second unit. Perfect for investors or buyers looking to offset their mortgage. Steps from shops, restaurants, and neighborhood favorites in one of the city’s most desirable areas. Don’t miss this versatile income-producing property!

Key facts

• Side-by-side duplex
• 6,098 sq ft lot
• Built 1989

Tags

• SIDE-BY-SIDE DUPLEX
• PRIME WALKABLE LOCATION
• GENERATE RENTAL INCOME

Property features AI

Exterior

• Security: Surveillance system
• Utilities: Cable available; Public water; Public sewer
• Home design: Duplex, multi-family property; Slab foundation
• Exterior features: Public road frontage; Lot approximately 0.14 acres

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Electric baseboard heating; Wall cooling units
• Interior features: Surveillance system

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $30 ($359/yr) — positive. Per door: $15/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (14.1% below list).
• Recommended offer: $395k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.9% in Charlottesville — 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 (#27 in VA, #707 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime D-.
• Charlottesville Cty Public School District (urban): math 42% / reading 61% proficiency, ranked #97 of 131 in VA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clark Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 353 students, 73% FRL); Walker Upper Elementary (math 31% / reading 53%, grade D-, #295 of 342 statewide, top 87%, 616 students, 72% FRL); Charlottesville High (math 53% / reading 84%, grade B, #178 of 319 statewide, top 56%, 1,359 students, 72% FRL) — zoned schools average 72% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 278 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 34 units permitted in Charlottesville city in 2024 (18 in 5+ unit buildings).
• At $3,950/mo this rent would consume 51% of the median local household income ($93k/yr) (locally 894% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Charlottesville County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $395,000 (14.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.28%
• DSCR: 1.01
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.47% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-74,723
• Equity at exit: $68,587

10-year hold

• IRR: -9.1%
• Equity multiple: 0.45×
• Total profit: $-71,097
• Equity at exit: $39,772

Cash invested: $128,800 (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 22902

• Rents YoY: 2.5%
• Active inventory: 278
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,950 high
• Mortgage (P&I): −$2,412
• Tax from tax record: −$487 /mo · $5,839/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$830
• Net cashflow: $30

Break-even live

Break-even rent $3,912

Max offer price $460,000

Occupancy floor 94%

Sensitivity live

Price	-10% $290	-5% $160	+0% $30	+5% $-100	+10% $-230
Rent	-10% $-282	-5% $-126	+0% $30	+5% $186	+10% $342
Rate	-1.0pp $262	-0.5pp $147	base $30	+0.5pp $-89	+1.0pp $-211

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,950
Total (2 units)			$3,950

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Ridge St Unit A Charlottesville, VA	3.0	1.0	1574	$2,100	$1.33	23d	1	0.64mi
210 5th St SW Charlottesville, VA	3.0	1.0	1482	$2,500	$1.69	23d	1	0.74mi
503 Rockland Ave Charlottesville, VA	4.0	1.0	1784	$2,000	$1.12	15d	1	0.78mi
103 Linden St Charlottesville, VA	4.0	2.5	2616	$2,895	$1.11	23d	1	0.94mi
426 Riverside Ave Charlottesville, VA	3.0	2.5	1700	$2,600	$1.53	23d	1	1.03mi
301 10 1/2 St NW Charlottesville, VA	3.0	1.5	1632	$2,300	$1.41	23d	1	1.22mi
161 Brookwood Dr Charlottesville, VA	3.0	2.5	1550	$2,495	$1.61	23d	1	1.27mi
504 12th St NW Charlottesville, VA	3.0	2.0	1274	$2,850	$2.24	15d	1	1.34mi
100 Dalton Ln Charlottesville, VA	1.0–3.0	1.0–3.5	1154	$2,803	$2.43	15d	13	1.40mi
825 Beverley Dr Charlottesville, VA	1.0–3.0	1.0–2.0	1290	$2,850	$2.21	15d	11	1.45mi
901 Royer Dr Charlottesville, VA	4.0	2.5	2262	$2,850	$1.26	45d	1	1.47mi

Listing history 6 events

1. 2026-06-07
   statusdays on market $460,000 Pending 10 DOM
2. 2026-06-02
   days on market $460,000 Active 7 DOM
3. 2026-06-01
   days on market $460,000 Active 6 DOM
4. 2026-05-31
   days on market $460,000 Active 5 DOM
5. 2026-05-30
   days on market $460,000 Active 4 DOM
6. 2026-05-26
   listed $460,000 Active

ⓘ 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: $5,839 · $487/mo
• Projected year-2 tax: $5,839 · $487/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $47,400
• − Mortgage interest: −$25,767
• − Property taxes: −$5,839
• − Insurance: −$2,300
• − Repairs & maintenance: −$3,792
• − Management: −$3,792
• − Depreciation: −$13,382
• Taxable loss: −$7,472
• Est. tax savings @ 24.0%: +$1,793
• After-tax cash flow: $2,153/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: Charlottesville Cty Public School District
• NCES district ID: 5100780
• Math proficiency: 42% ▼ -30.00%
• Reading proficiency: 61% ▼ -10.00%
• Median HH income: $47,211
• Composite: 43.68/100
• National rank: #2957
• State rank: #97 of 131 in VA

Livability — Charlottesville

• Score: 84/100
• State rank: #27
• US rank: #707

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlottesville, VA
• County: Albemarle County · 129,350 people
• City population: 120,202
• Metro: Charlottesville, VA
• Population (ZIP): 23,486
• Household income: $93,463
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 894.0

Population outlook (Charlottesville County) Hauer SSP2

• Today (2025): 53,816 people
• By 2030: 57,857 · +7.5%
• By 2040: 63,933 · +18.8%
• By 2050: 69,676 · +29.5%
• By 2075: 77,018 · +43.1%
• By 2100: 82,078 · +52.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 11% Hispanic / Latino 11% Two or more races 6% Asian 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Charlottesville

• 2024 margin: Solid D (+68.7) · D 83.4% · R 14.7% · Other 1.9%
• 2008→2024 swing: +10.7pp toward D · 2008: 58.0pp · 2024: 68.7pp
• All cycles: 2024: D+68.7 2020: D+72.7 2016: D+67.1 2012: D+53.4 2008: D+58.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -372.57%
• Current HPI: 295.9918
• Rent YoY: ▲ 2.47%
• Metro: Charlottesville, 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

1 event — show timeline

• 2026-05-26 Listed $460,000 CAAR

Property tax history

+5.8%/yr

Latest (2026): $5,839 · +112.8% YoY. Source: county tax records.