203 Lee St · Front Royal, VA 22630

$264,000

2 bd · 1.0 ba · 1,456 sqft · SingleFamily public records · 15 Days on market

Built 1950 4,704 sqft lot Est $341k · 23% under ↓ 5% since listing

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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 +12.5/30.0
• Schools +4.9/10.0
• Rent growth +4.6/5.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

Key facts

• 4,704 sq ft lot
• Built 1950
• Listed 14 days

Property features AI

Finance

• Other: Pets allowed with no pet restrictions

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric power
• Home design: Detached property; Estimated year of major remodel 2024
• Construction: Stucco exterior; Stone foundation; Metal roof; Fee simple ownership
• Exterior features: Not in a federal flood zone; Above-grade and below-grade structures noted; Annual ground rent payment

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One bedroom on the main level; Two bedrooms on the upper level
• Flooring: Hardwood floors; Luxury vinyl tile
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Electric heating; Ceiling fans; Ductless / mini-split cooling; Electric hot water
• Interior features: Good condition; Estimated living area; No basement
• Laundry & utility: Main floor laundry; Electric dryer; Washer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $-36 ($-436/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (26.9% below list).
• Recommended offer: $193k (26.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.6% in Front Royal — 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 73/100 on livability (#162 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: commute F, employment D-.
• Warren County Public School District (town): math 49% / reading 64% proficiency, ranked #70 of 131 in VA (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.3%/yr); 280 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 170 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Warren County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $56k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,897 (26.9% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.73% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $340,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Church St	0.18mi	2/2.0	1,632 (+12%)	7mo	$245,000	$150	62
308 W Main St	0.32mi	3/1.5 (+1)	1,344 (-8%)	4mo	$315,000	$234	62
334 Brown Ave	0.43mi	3/2.0 (+1)	1,428 (-2%)	9mo	$370,000	$259	61
19 W Jackson St	0.10mi	3/1.5 (+1)	1,618 (+11%)	12mo	$325,000	$201	60
306 Brown Ave	0.31mi	3/2.0 (+1)	1,531 (+5%)	12mo	$399,900	$261	58
518 Warren Ave	0.70mi	3/2.0 (+1)	1,434 (-2%)	2mo	$335,000	$234	54
107 Scott St	0.45mi	3/2.5 (+1)	1,400 (-4%)	9mo	$389,900	$279	54
325 Ritenour St	0.44mi	3/1.0 (+1)	1,286 (-12%)	1mo	$299,900	$233	54
118 Mclendon Dr	0.54mi	3/1.5 (+1)	1,604 (+10%)	0mo	$350,000	$218	51
213 W 1st St	0.41mi	3/2.5 (+1)	1,650 (+13%)	1mo	$413,000	$250	47
214 Washington Ave	0.69mi	3/2.0 (+1)	1,530 (+5%)	10mo	$311,000	$203	42
414 Virginia Ave	0.60mi	3/2.0 (+1)	1,300 (-11%)	4mo	$337,500	$260	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.53×
• Total profit: $-35,032
• Equity at exit: $39,363

10-year hold

• IRR: 2.0%
• Equity multiple: 1.17×
• Total profit: $12,372
• Equity at exit: $22,826

Cash invested: $73,920 (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 22630

• Home prices YoY: -27.1%
• Rents YoY: 8.3%
• Active inventory: 280
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,929 high
• Mortgage (P&I): −$1,384
• Tax from tax record: −$66 /mo · $789/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $-36

Break-even live

Break-even rent $1,975

Max offer price $257,583

Occupancy floor 97%

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Cloud St Unit UPPER Front Royal, VA	2.0	1.0	884	$1,200	$1.36	20d	1	0.25mi
221 Fletcher St #2 Front Royal, VA	3.0	1.0	980	$1,440	$1.47	5d	1	0.39mi
310 Frazer Pl Front Royal, VA	2.0	2.0	1104	$2,000	$1.81	43d	1	0.41mi
291 Acton St Front Royal, VA	3.0	2.5	1560	$2,500	$1.60	1d	1	0.41mi
436 Acton St Front Royal, VA	3.0	1.0	1198	$1,850	$1.54	16d	1	0.42mi
350 W 11th St Front Royal, VA	3.0	2.5	1560	$2,600	$1.67	43d	1	1.14mi
352 W 11th St Front Royal, VA	2.0	2.5	1560	$2,600	$1.67	43d	1	1.14mi
1127 N Royal Ave Unit B Front Royal, VA	2.0	2.0	900	$1,500	$1.67	24d	1	1.17mi
1127 N Royal Ave Unit B Front Royal, VA	2.0	2.0	900	$1,500	$1.67	11d	1	1.17mi

Listing history 32 events

1. 2026-06-18
   days on market $264,000 Active 15 DOM
2. 2026-06-17
   days on market $264,000 Active 14 DOM
3. 2026-06-16
   pricedays on market $264,000 Active 13 DOM
4. 2026-06-15
   days on market $274,999 Active 12 DOM
5. 2026-06-13
   days on market $274,999 Active 10 DOM
6. 2026-06-09
   days on market $274,999 Active 6 DOM
7. 2026-06-08
   days on market $274,999 Active 5 DOM
8. 2026-06-07
   days on market $274,999 Active 4 DOM
9. 2026-06-04
   statusdays on market $274,999 Active 1 DOM
10. 2026-06-03
    days on market $274,999 Coming Soon 12 DOM
11. 2026-06-02
    days on market $274,999 Coming Soon 11 DOM
12. 2026-06-01
    days on market $274,999 Coming Soon 10 DOM
13. 2026-05-31
    days on market $274,999 Coming Soon 9 DOM
14. 2026-05-23
    historical $274,999
15. 2024-11-15
    soldstatus $235,000 Closed 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

16. 2024-11-15
    soldstatus $235,000

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

17. 2024-10-18
    historical Active Under Contract 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

18. 2024-10-01
    price $249,900 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

19. 2024-09-24
    price $269,900 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

20. 2024-09-17
    price $279,900 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

21. 2024-09-06
    price $285,000 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

22. 2024-08-22
    price $299,900 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

23. 2024-08-01
    listed $319,999 Active 838-char remark

    Show marketing remark (838 chars)

    Charming 3-Bedroom in the heart of downtown Front Royal Step into this classic, character-filled 3-bedroom, 1-bath home, perfectly situated in one of the most desirable parts of downtown Front Royal. Just a short walk from local shops, restaurants, and all the amenities the town has to offer, this home combines the charm of a bygone era with modern conveniences. The kitchen is updated with stainless steel appliances. The main floor features a mix of luxury vinyl plank (LVP) and tile flooring, adding both durability and style. Upstairs, you'll find original hardwood floors that bring warmth and authenticity to the space. It's an ideal opportunity for someone looking to invest in a property with plenty of charm and endless possibilities. Don't miss out on this chance to own a piece of Front Royal history in a fantastic location!

24. 2024-07-31
    historical
25. 2024-07-26
    price $319,999
26. 2024-07-25
    status Active
27. 2024-06-25
    historical
28. 2024-06-06
    historical
29. 2023-05-11
    listed $289,900
30. 2023-05-11
    historical
31. 2023-03-01
    historical
32. 2023-02-09
    historical

ⓘ 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: $789 · $66/mo
• Projected year-2 tax: $2,165 · $180/mo
• Expected delta: +$1,376/yr (+$115/mo · 174.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $23,148
• − Mortgage interest: −$14,788
• − Property taxes: −$789
• − Insurance: −$1,320
• − Repairs & maintenance: −$1,852
• − Management: −$1,852
• − Depreciation: −$7,680
• Taxable loss: −$5,133
• Est. tax savings @ 24.0%: +$1,232
• After-tax cash flow: $796/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: Warren County Public School District
• NCES district ID: 5103870
• Math proficiency: 49% ▼ -29.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $61,504
• Composite: 49.22/100
• National rank: #2039
• State rank: #70 of 131 in VA

Livability — Front Royal

• Score: 73/100
• State rank: #162
• US rank: #5050

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Front Royal, VA
• County: Warren County · 35,615 people
• City population: 35,615
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• Population (ZIP): 35,615
• Household income: $84,631
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 460.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 42,045 people
• By 2030: 43,257 · +2.9%
• By 2040: 45,088 · +7.2%
• By 2050: 45,567 · +8.4%
• By 2075: 46,081 · +9.6%
• By 2100: 42,093 · +0.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Black 6% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+37.6) · D 30.6% · R 68.3% · Other 1.1%
• 2008→2024 swing: -26.0pp toward R · 2008: -11.7pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+35.3 2016: R+37.1 2012: R+20.5 2008: R+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.82%
• Current HPI: 319.8136
• Rent YoY: ▲ 8.30%
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• 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

-5.1% since first listed

19 events — show timeline

• 2026-05-23 Coming Soon $274,999 BRIGHT MLS
• 2024-11-15 Sold (Public Records) $235,000 Public Records
• 2024-11-15 Sold (MLS) $235,000 BRIGHT MLS
• 2024-10-18 Contingent — BRIGHT MLS
• 2024-10-01 Price Changed $249,900 BRIGHT MLS
• 2024-09-24 Price Changed $269,900 BRIGHT MLS
• 2024-09-17 Price Changed $279,900 BRIGHT MLS
• 2024-09-06 Price Changed $285,000 BRIGHT MLS
• 2024-08-22 Price Changed $299,900 BRIGHT MLS
• 2024-08-01 Listed $319,999 BRIGHT MLS
• 2024-07-31 Listing Removed — BRIGHT MLS
• 2024-07-26 Price Changed $319,999 BRIGHT MLS
• 2024-07-25 Relisted — BRIGHT MLS
• 2024-06-25 Listing Removed — BRIGHT MLS
• 2024-06-06 Coming Soon — BRIGHT MLS
• 2023-05-11 Listing Removed — BRIGHT MLS
• 2023-05-11 Listed $289,900 BRIGHT MLS
• 2023-03-01 Listing Removed — BRIGHT MLS
• 2023-02-09 Coming Soon — BRIGHT MLS

Property tax history

+3.9%/yr

Latest (2026): $789 · -33.9% YoY. Source: county tax records.