503 Spring Ave · Wise, VA 24293

$125,000

3 bd · 1.5 ba · 1,800 sqft · SingleFamily public records · 20 Days on market

Est $216k · 42% 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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• Schools +6.3/10.0
• 1% rule +4.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.3/10.0

Listing remarks

The perfect investment property. This duplex is conveniently located to the town of Wise and UVA Wise and has 2 bedrooms and 1.5 bathrooms, 3 living rooms (which could be transformed into extra bed rooms) and back deck. The smaller side has 1 bedroom, 1 bathroom and a 1 car attached garage. This property would be great for college students or if you are looking for something for a family member to be close by . All buyers and buyers agents to verify information in this listing. Subject to errors and omissions.

Key facts

• Investment property
• Back deck
• Conveniently located

Tags

• INVESTMENT PROPERTY
• CONVENIENTLY LOCATED
• BACK DECK

Property features AI

Finance

• Other: Level topography; Lot dimensions approximately 109 x 125 x 98 x 102; Zoned residential; Not in a subdivision; Directions: From the town of Wise, turn onto Norton Rd, turn left onto Spring Avenue and follow to subject on left.
• HOA & community: Community spa / hot tub

Exterior

• Parking: Detached 2-car garage; Carport with 2 spaces; Asphalt parking
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer
• Home design: Duplex / multi-family structure; Single-story; Residential property in fixer condition; Property faces unspecified direction
• Construction: Aluminum siding; Vinyl siding; Shingle roof; Slab foundation; Built as a house/multi-family (year built not provided)
• Exterior features: Deck; Other outbuildings; Greenhouse; Detached garage(s)

Interior

• Kitchen: Dishwasher; Electric range; Gas range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump; Fireplace heating; Central cooling via heat pump
• Interior features: Eat-in kitchen; Laminate countertops; Pantry; Living room fireplace; Sliding doors
• Laundry & utility: Washer hookup; Dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/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 $120k (4.3% below list).
• Recommended offer: $120k (4.3% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 5.1% in Wise — 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 77/100 on livability (#99 in VA, #3,153 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A, crime A-; Watch: employment D+, amenities F, commute F.
• Wise County Public School District (town): math 74% / reading 79% proficiency, ranked #11 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: St. Paul Elementary (math 92% / reading 92%, grade A+, #9 of 1,108 statewide, top 1%, 469 students, 81% FRL); L.F. Addington Middle (math 80% / reading 83%, grade A+, #21 of 342 statewide, top 6%, 451 students, 101% FRL); Central High (math 87% / reading 87%, grade A, #16 of 319 statewide, top 5%, 674 students, 81% FRL) — zoned schools average 87% FRL vs 55% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 42 active listings in the ZIP; 17 units permitted in Wise County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Wise County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $125k implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $119,668 (4.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.96% ✗
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $216,000
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Dale St	0.52mi	3/2.0	1,765 (-2%)	2mo	$143,500	$81	69
612 Orchard Ln	0.28mi	3/2.0	1,946 (+8%)	18mo	$234,000	$120	56
208 Grandview Dr	0.50mi	3/2.0	1,589 (-12%)	6mo	$210,000	$132	50
512 Wheatley Ave	0.54mi	3/2.0	1,970 (+9%)	10mo	$265,000	$135	49
711 Main St	0.49mi	4/2.5 (+1)	1,998 (+11%)	7mo	$280,000	$140	44
301 Apple Dr	0.67mi	4/3.0 (+1)	1,976 (+10%)	7mo	$149,500	$76	36
406 Mason Ave	0.67mi	4/1.0 (+1)	1,540 (-14%)	8mo	$100,000	$65	31

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-9,342
• Equity at exit: $18,638

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $5,814
• Equity at exit: $10,808

Cash invested: $35,000 (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 24293

• Home prices YoY: -5.8%
• Active inventory: 42
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,197 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$66 /mo · $790/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $172

Break-even live

Break-even rent $979

Max offer price $125,000

Occupancy floor 81%

Sensitivity live

Price	-10% $243	-5% $207	+0% $172	+5% $137	+10% $101
Rent	-10% $77	-5% $125	+0% $172	+5% $219	+10% $266
Rate	-1.0pp $235	-0.5pp $204	base $172	+0.5pp $140	+1.0pp $107

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $125,000 Active 20 DOM
2. 2026-06-21
   days on market $125,000 Active 19 DOM
3. 2026-06-18
   days on market $125,000 Active 17 DOM
4. 2026-06-17
   days on market $125,000 Active 16 DOM
5. 2026-06-16
   days on market $125,000 Active 15 DOM
6. 2026-06-15
   days on market $125,000 Active 14 DOM
7. 2026-06-15
   days on market $125,000 Active 13 DOM
8. 2026-06-13
   days on market $125,000 Active 12 DOM
9. 2026-06-12
   days on market $125,000 Active 11 DOM
10. 2026-06-09
    days on market $125,000 Active 8 DOM
11. 2026-06-08
    days on market $125,000 Active 7 DOM
12. 2026-06-08
    days on market $125,000 Active 6 DOM
13. 2026-06-07
    days on market $125,000 Active 5 DOM
14. 2026-06-03
    days on market $125,000 Active 2 DOM
15. 2026-06-02
    remarks 518-char remark
16. 2026-06-02
    listed $125,000 Active 1 DOM

ⓘ 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: $790 · $66/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$235/yr (+$20/mo · 29.7%)

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $14,360
• − Mortgage interest: −$7,002
• − Property taxes: −$790
• − Insurance: −$625
• − Repairs & maintenance: −$1,149
• − Management: −$1,149
• − Depreciation: −$3,636
• Taxable income: $9
• Est. tax owed @ 24.0%: −$2
• After-tax cash flow: $2,061/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: Wise County Public School District
• NCES district ID: 5104080
• Math proficiency: 74% ▼ -20.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $35,624
• Composite: 63.37/100
• National rank: #625
• State rank: #11 of 131 in VA

Livability — Wise

• Score: 77/100
• State rank: #99
• US rank: #3153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wise, VA
• Population (ZIP): 9,622

Population outlook (Wise County) Hauer SSP2

• Today (2025): 35,714 people
• By 2030: 33,742 · -5.5%
• By 2040: 29,870 · -16.4%
• By 2050: 26,233 · -26.5%
• By 2075: 18,296 · -48.8%
• By 2100: 12,147 · -66.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Serbian 4% Slovak 4% Lithuanian 2%
• Foreign-born: 1% · Canada, South Korea

Political lean MEDSL · Wise

• 2024 margin: Solid R (+63.3) · D 18.1% · R 81.4%
• 2008→2024 swing: -35.6pp toward R · 2008: -27.7pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+61.7 2016: R+62.0 2012: R+48.8 2008: R+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.49%
• Current HPI: 153.7377
• 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

+56.2% since first listed

4 events — show timeline

• 2026-06-01 Listed $125,000 TVRMLS
• 2025-08-02 Price Changed $125,000 TVRMLS
• 2025-05-22 Price Changed $145,000 TVRMLS
• 2009-04-02 Sold (Public Records) $80,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $790 · +0.0% YoY. Source: county tax records.