505 Eighth St · Shenandoah, VA 22849

$155,000

2 bd · 1.0 ba · 793 sqft · SingleFamily public records · 73 Days on market

Built 1943 0.37 ac lot $195/sqft · 24% below area Est $203k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced Below tax Assessment! Great opportunity for a handy individual to create some equity with a little TLC. This 1943 Built home offers tremendous potential on . 37 acres spread of multiple parcels and even has the potential for another house to be built with Town approval. Home features 2024 updated electric Wiring, 200 amp panel box, plumbing, and Mini Split HVAC. The Mini Split was recently hit by lightning and is not working. A owned propane tank is present and previously fueled wall heaters. Property Sold AS IS

Key facts

• 200 amp panel box
• Multiple parcels
• Owned propane tank

Tags

• 2024 UPDATED ELECTRIC WIRING
• 200 AMP PANEL BOX
• OWNED PROPANE TANK
• MULTIPLE PARCELS
• POTENTIAL FOR ANOTHER HOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-59 ($-708/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (29.4% below list).
• Recommended offer: $110k (29.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.7% in Shenandoah — 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 67/100 on livability (#304 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Page County Public School District (rural): math 42% / reading 62% proficiency, ranked #96 of 131 in VA (top 73%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shenandoah Elementary (math 42% / reading 62%, grade C-, #696 of 1,108 statewide, top 66%, 315 students, 81% FRL); Page County Middle (math 36% / reading 60%, grade C-, #247 of 342 statewide, top 74%, 352 students, 70% FRL); Page County High (math 67% / reading 67%, grade B, #185 of 319 statewide, top 61%, 495 students, 70% FRL) — zoned schools average 73% FRL vs 45% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 164 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Page County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $155k implies a 244% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• 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 $109,500 (29.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.71% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• GRM: 11.8

CMA / ARV

• ARV (median comp): $203,022
• List price: $155,000
• Delta: -23.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
585 Massanutten Ave	0.66mi	3/2.0 (+1)	884 (+12%)	19mo	$154,000	$174	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.1%
• Equity multiple: 0.33×
• Total profit: $-28,946
• Equity at exit: $23,111

10-year hold

• IRR: -11.8%
• Equity multiple: 0.30×
• Total profit: $-30,342
• Equity at exit: $13,402

Cash invested: $43,400 (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 22849

• Home prices YoY: -21.0%
• Active inventory: 44
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$47 /mo · $559/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-59

Break-even live

Break-even rent $1,170

Max offer price $144,583

Occupancy floor —

Sensitivity live

Price	-10% $29	-5% $-15	+0% $-59	+5% $-103	+10% $-147
Rent	-10% $-145	-5% $-102	+0% $-59	+5% $-16	+10% $28
Rate	-1.0pp $19	-0.5pp $-20	base $-59	+0.5pp $-99	+1.0pp $-140

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 Maryland Ave Unit 11 Shenandoah, VA	2.0	1.0	550	$1,095	$1.99	45d	1	0.14mi

Listing history 19 events

1. 2026-06-22
   days on market $155,000 Active 73 DOM
2. 2026-06-19
   days on market $155,000 Active 71 DOM
3. 2026-06-18
   days on market $155,000 Active 70 DOM
4. 2026-06-17
   days on market $155,000 Active 69 DOM
5. 2026-06-16
   days on market $155,000 Active 68 DOM
6. 2026-06-15
   days on market $155,000 Active 67 DOM
7. 2026-06-14
   days on market $155,000 Active 65 DOM
8. 2026-06-13
   days on market $155,000 Active 64 DOM
9. 2026-06-10
   days on market $155,000 Active 62 DOM
10. 2026-06-09
    days on market $155,000 Active 61 DOM
11. 2026-06-08
    days on market $155,000 Active 60 DOM
12. 2026-06-07
    days on market $155,000 Active 59 DOM
13. 2026-06-02
    days on market $155,000 Active 54 DOM
14. 2026-06-01
    days on market $155,000 Active 53 DOM
15. 2026-05-31
    days on market $155,000 Active 52 DOM
16. 2026-05-30
    days on market $155,000 Active 51 DOM
17. 2026-05-06
    price $155,000 524-char remark

    Show marketing remark (524 chars)

    Priced Below tax Assessment! Great opportunity for a handy individual to create some equity with a little TLC. This 1943 Built home offers tremendous potential on . 37 acres spread of multiple parcels and even has the potential for another house to be built with Town approval. Home features 2024 updated electric Wiring, 200 amp panel box, plumbing, and Mini Split HVAC. The Mini Split was recently hit by lightning and is not working. A owned propane tank is present and previously fueled wall heaters. Property Sold AS IS

18. 2026-04-09
    listed $160,000 Active 524-char remark

    Show marketing remark (524 chars)

    Priced Below tax Assessment! Great opportunity for a handy individual to create some equity with a little TLC. This 1943 Built home offers tremendous potential on . 37 acres spread of multiple parcels and even has the potential for another house to be built with Town approval. Home features 2024 updated electric Wiring, 200 amp panel box, plumbing, and Mini Split HVAC. The Mini Split was recently hit by lightning and is not working. A owned propane tank is present and previously fueled wall heaters. Property Sold AS IS

19. 2001-07-27
    soldstatus $45,000

ⓘ 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: $559 · $47/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$712/yr (+$59/mo · 127.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $13,140
• − Mortgage interest: −$8,682
• − Property taxes: −$559
• − Insurance: −$775
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$4,509
• Taxable loss: −$3,488
• Est. tax savings @ 24.0%: +$837
• After-tax cash flow: $130/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: Page County Public School District
• NCES district ID: 5102850
• Math proficiency: 42% ▼ -35.00%
• Reading proficiency: 62% ▼ -10.00%
• Median HH income: $43,808
• Composite: 43.77/100
• National rank: #2943
• State rank: #96 of 131 in VA

Livability — Shenandoah

• Score: 67/100
• State rank: #304
• US rank: #10921

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, VA
• Population (ZIP): 5,291

Population outlook (Page County) Hauer SSP2

• Today (2025): 22,843 people
• By 2030: 22,147 · -3.0%
• By 2040: 20,427 · -10.6%
• By 2050: 18,461 · -19.2%
• By 2075: 14,363 · -37.1%
• By 2100: 10,678 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 9% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Page

• 2024 margin: Solid R (+54.1) · D 22.5% · R 76.6%
• 2008→2024 swing: -36.7pp toward R · 2008: -17.4pp · 2024: -54.1pp
• All cycles: 2024: R+54.1 2020: R+50.6 2016: R+49.8 2012: R+25.7 2008: R+17.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.38%
• Current HPI: 216.3367
• Rent YoY: —
• Metro: —
• 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

+244.4% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $155,000 HRAR
• 2026-04-09 Listed $160,000 HRAR
• 2001-07-27 Sold (Public Records) $45,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $559 · +0.0% YoY. Source: county tax records.