3211 W Franklin St · Richmond, VA 23221

$795,000

9 bd · 3.0 ba · 4,308 sqft · MultiFamily public records · 11 Days on market

Built 1926 3,841 sqft lot $185/sqft · 17% below area Est $1033k · 23% 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 +17.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Outstanding three unit building with six storage garages in the museum district! Each unit is three bedroom, one bath.

Key facts

• 3,841 sq ft lot
• 4 garage spots
• Built 1926

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $795k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive. Per door: $183/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 $703k (11.6% below list).
• Recommended offer: $703k (11.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+4.8%/yr); 76 active listings in the ZIP; solid renter incomes; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $7,030/mo this rent would consume 85% of the median local household income ($100k/yr) (locally 711% 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 $5k of loan paydown is wiped out by about $24k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $124k; list at $795k implies a 541% 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $703,000 (11.6% 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. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.88% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.97%
• DSCR: 1.13
• GRM: 9.4

CMA / ARV

• ARV (median comp): $1,033,153
• List price: $795,000
• Delta: -23.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-81,225
• Equity at exit: $118,537

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $27,819
• Equity at exit: $68,737

Cash invested: $222,600 (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 23221

• Rents YoY: 4.8%
• Active inventory: 76
• Price-to-rent: 28.3×

Monthly cashflow live

• Estimated rent: $7,030 high
• Mortgage (P&I): −$4,169
• Tax from tax record: −$503 /mo · $6,036/yr
• Insurance: −$331
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,476
• Net cashflow: $550

Break-even live

Break-even rent $6,333

Max offer price $795,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,029
Total (3 units)			$7,030

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: $198,750
• Closing costs: $23,850
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-19
   listed $795,000 Active 118-char remark

   Show marketing remark (118 chars)

   Outstanding three unit building with six storage garages in the museum district! Each unit is three bedroom, one bath.

2. 2026-04-16
   historical $795,000 118-char remark

   Show marketing remark (118 chars)

   Outstanding three unit building with six storage garages in the museum district! Each unit is three bedroom, one bath.

3. 1995-10-31
   soldstatus $124,000
4. 1982-09-02
   soldstatus $100,000

ⓘ 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: $6,036 · $503/mo
• Projected year-2 tax: $6,519 · $543/mo
• Expected delta: +$483/yr (+$40/mo · 8.0%)

ⓘ 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 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,360
• − Mortgage interest: −$44,532
• − Property taxes: −$6,036
• − Insurance: −$3,975
• − Repairs & maintenance: −$6,749
• − Management: −$6,749
• − Depreciation: −$23,127
• Taxable loss: −$6,808
• Est. tax savings @ 24.0%: +$1,634
• After-tax cash flow: $8,239/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: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 14,402
• Household income: $99,816
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 711.0

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 White (83%)
• Race & ethnicity: White 83% Two or more races 6% Black 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 4% Italian 3% Lithuanian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 4%

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: ▼ -667.19%
• Current HPI: 414.236
• Rent YoY: ▲ 4.77%
• 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

+695.0% since first listed

4 events — show timeline

• 2026-05-19 Listed $795,000 CVRMLS
• 2026-04-16 Coming Soon $795,000 CVRMLS
• 1995-10-31 Sold (Public Records) $124,000 Public Records
• 1982-09-02 Sold (Public Records) $100,000 Public Records

Property tax history

+4.7%/yr

Latest (2022): $6,036 · +13.0% YoY. Source: county tax records.