Is 2471 Captains Corridor in Captains Cove, VA a good investment?

CashFlowRE grades it D+ with a 4.7% cap rate and $-328/mo modeled cash flow at a $248,800 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 2471 Captains Corridor?

The modeled cap rate is 4.7% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,954/month, from CashFlowRE's rent model.

D+ Composite 45.76

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 +13.9/15.0
Cash flow +7.3/30.0
Appreciation +5.6/10.0
Schools +4.9/10.0
Condition / age +4.0/5.0
Livability +3.2/5.0
1% rule +2.9/10.0
Rent growth +2.5/5.0
DSCR +1.5/10.0

$248,800

2471 Captains Corridor · Captains Cove, VA 23356

2 bd · 2.0 ba · 1,288 sqft · SingleFamily · 138 Days on market

Built 2015 Good condition $193/sqft · 14% below area Est $290k · 14% under $152/mo HOA · 8% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Nice two bedroom, two bathroom. Screen porch. In good condition for a foreclosure, Priced below assessment value. Includes access to 3 pools, golf course, boat ramp, and more. All offers/bids thru www. homes4purchase.com and will be subject to Seller Approval. USDA Property. The seller will convey the title by minimum of Quit Claim Deed. All closing costs, are the sole responsibility of the buyer. It is the buyer's responsibility to independently verify all property information. Property is listed As-Is. No contingencies, warranties, or representations are made regarding the condition. No repairs or concessions will be provided. No utilities will be activated at any time. Buyers must sign a Hold Harmless Agreement prior to entering the property. Priced to sell.

Key facts

Fresh paint
New carpet
Front porch

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath single-family listed at $249k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $-328 ($-4k/yr) — negative.
To cash-flow at today's rent, offer at most $201k (19.1% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (21.5% below list).
Recommended offer: $195k (21.5% below list) — sets the bar for 1% rule.
Cap rate 4.7% vs local median 3.3% in Captains Cove — 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 63/100 on livability (#371 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-.
Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
Zoned schools: Kegotank Elementary (math 26% / reading 51%, grade F, #924 of 1,108 statewide, top 84%, 479 students, 104% FRL); Arcadia Middle (math 35% / reading 54%, grade D, #278 of 342 statewide, top 82%, 482 students, 102% FRL); Arcadia High (math 57% / reading 72%, grade B-, #213 of 319 statewide, top 69%, 713 students, 117% FRL) — zoned schools average 108% FRL vs 63% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
Market conditions: 416 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 109d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).

Forward outlook

In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 138 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
3 sale attempts; this cycle's ask has dropped $21k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Current owner paid $167k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,358 (21.5% below list)

Questions for the listing agent

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?
It's been on market 138 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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?
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.
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.
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: 0.79% ✗
Cap rate: 4.71%
Cash-on-cash: -5.65%
DSCR: 0.75
GRM: 10.6

CMA / ARV

ARV (median comp): $290,077
List price: $248,800
Delta: -14.23%
Verdict: UNDERPRICED
Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37406 Davey Jones Blvd	0.49mi	3/2.0 (+1)	1,303 (+1%)	0mo	$264,500	$203	70
2309 Bounty Ct	0.37mi	3/2.0 (+1)	1,256 (-2%)	13mo	$265,000	$211	63
37287 Longboat Ct	0.33mi	3/2.0 (+1)	1,196 (-7%)	8mo	$1,450	$1	60
2488 Jolly Rodger Dr	0.61mi	3/2.0 (+1)	1,296 (+1%)	8mo	$245,000	$189	59
37046 Forecastle Ct	0.55mi	3/2.0 (+1)	1,319 (+2%)	11mo	$268,000	$203	56
3349 Navigator Dr	0.37mi	3/2.0 (+1)	1,470 (+14%)	3mo	$248,000	$169	52
3429 Captains Corridor	0.74mi	3/2.0 (+1)	1,269 (-2%)	9mo	$235,000	$185	51
37157 Reef Ct	0.34mi	3/2.0 (+1)	1,436 (+12%)	11mo	$355,000	$247	51
3126 Captains Corridor	0.41mi	3/2.0 (+1)	1,160 (-10%)	11mo	$235,000	$203	50
3233 Amidship Dr	0.68mi	3/2.0 (+1)	1,214 (-6%)	11mo	$240,000	$198	44
3601 Navigator Dr	0.64mi	3/1.5 (+1)	1,170 (-9%)	10mo	$230,000	$197	40
3452 Captains Corridor	0.69mi	3/2.5 (+1)	1,428 (+11%)	5mo	$295,000	$207	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

IRR: -3.7%
Equity multiple: 0.81×
Total profit: $-13,248
Equity at exit: $87,991

10-year hold

IRR: 1.4%
Equity multiple: 1.18×
Total profit: $12,350
Equity at exit: $119,332

Cash invested: $69,664 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 63 active · 15 under contract
Months of supply: 47.2 mo (2%/mo absorbed)
Median asking: $299,900 ($228/sqft)
Median days on market: 62 d
This list price: 16% of active listings are priced below it
ARV vs active asking: -1.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 23356

Home prices YoY: 0.7%
Active inventory: 416
Price-to-rent: 10.6×

Monthly cashflow live

Estimated rent: $1,954 medium interval (Pro) →
Mortgage (P&I): −$1,305
Tax est. 1.5%: −$311 /mo · $3,732/yr
Insurance: −$104
HOA: −$152
Lot rent: −$0
Vacancy / Maint / Mgmt: −$410
Net cashflow: $-328

Break-even live

Break-even rent $2,369

Max offer price $201,327

Occupancy floor —

Sensitivity live

Price	-10% $-156	-5% $-242	+0% $-328	+5% $-414	+10% $-500
Rent	-10% $-482	-5% $-405	+0% $-328	+5% $-251	+10% $-174
Rate	-1.0pp $-203	-0.5pp $-265	base $-328	+0.5pp $-393	+1.0pp $-458

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: $62,200
Closing costs: $7,464
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3928 Captains Corridor Greenbackville, VA	3.0	2.0	1312	$1,700	$1.30	109d	1	0.49mi
38040 Davey Jones Blvd Greenbackville, VA	3.0	2.0	1300	$2,200	$1.69	109d	1	0.54mi
38019 Fathom Rd Greenbackville, VA	3.0	2.5	1440	$2,000	$1.39	117d	1	0.69mi

Property features AI

Finance

Other: Located in the Captains Cove subdivision
HOA & community: Monthly association fee of $152.83

Exterior

Parking: No garage
Utilities: Public waterPublic sewer
Home design: Single-family residenceOne level
Construction: Vinyl siding
Exterior features: Deck

Interior

Kitchen: Range, Microwave, Dishwasher, Refrigerator
Flooring: Tile
Bathrooms: 2 full bathrooms
Heating & cooling: Heat pump heatingCentral air conditioning
Interior features: Range, Microwave, Dishwasher, RefrigeratorTile flooringNo fireplace

HOA detail $152/mo · $1,824/yr

Likely covers: pool

Listing history 50 events

2026-09-24

days on market $248,800 Active 138 DOM
2026-09-23

days on market $248,800 Active 137 DOM
2026-09-20

days on market $248,800 Active 134 DOM
2026-09-19

days on market $248,800 Active 132 DOM
2026-09-17

days on market $248,800 Active 131 DOM
2026-09-17

days on market $248,800 Active 130 DOM
2026-09-16

days on market $248,800 Active 129 DOM
2026-09-14

days on market $248,800 Active 128 DOM
2026-09-13

days on market $248,800 Active 127 DOM
2026-09-12

days on market $248,800 Active 126 DOM
2026-09-11

days on market $248,800 Active 125 DOM
2026-09-05

days on market $248,800 Active 119 DOM
2026-09-04

days on market $248,800 Active 118 DOM
2026-09-03

days on market $248,800 Active 117 DOM
2026-09-02

days on market $248,800 Active 116 DOM
2026-08-29

days on market $248,800 Active 112 DOM
2026-08-28

days on market $248,800 Active 111 DOM
2026-08-27

days on market $248,800 Active 110 DOM
2026-08-26

days on market $248,800 Active 109 DOM
2026-08-25

days on market $248,800 Active 108 DOM
2026-08-24

days on market $248,800 Active 107 DOM
2026-08-23

days on market $248,800 Active 106 DOM
2026-08-22

days on market $248,800 Active 105 DOM
2026-08-21

days on market $248,800 Active 104 DOM
2026-08-20

days on market $248,800 Active 103 DOM
2026-08-19

days on market $248,800 Active 102 DOM
2026-08-18

days on market $248,800 Active 101 DOM
2026-08-17

days on market $248,800 Active 100 DOM
2026-08-16

days on market $248,800 Active 99 DOM
2026-08-15

days on market $248,800 Active 98 DOM
2026-08-13

days on market $248,800 Active 96 DOM
2026-08-12

days on market $248,800 Active 95 DOM
2026-08-11

days on market $248,800 Active 94 DOM
2026-08-10

days on market $248,800 Active 93 DOM
2026-08-09

days on market $248,800 Active 92 DOM
2026-08-08

days on market $248,800 Active 91 DOM
2026-08-07

days on market $248,800 Active 90 DOM
2026-08-06

days on market $248,800 Active 89 DOM
2026-08-05

days on market $248,800 Active 88 DOM
2026-08-04

days on market $248,800 Active 87 DOM
2026-08-03

days on market $248,800 Active 86 DOM
2026-07-31

days on market $248,800 Active 83 DOM
2026-07-30

days on market $248,800 Active 82 DOM
2026-07-29

days on market $248,800 Active 81 DOM
2026-07-27

days on market $248,800 Active 79 DOM
2026-07-26

days on market $248,800 Active 78 DOM
2026-07-24

days on market $248,800 Active 76 DOM
2026-07-23

days on market $248,800 Active 75 DOM
2026-07-22

days on market $248,800 Active 74 DOM
2026-07-21

days on market $248,800 Active 73 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
🔥 Wildfire 4/10 Moderate
🌡 Heat 9/10 Extreme 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $23,443
− Mortgage interest: −$13,937
− Property taxes: −$3,732
− Insurance: −$1,244
− Repairs & maintenance: −$1,875
− Management: −$1,875
− HOA: −$1,824
− Depreciation: −$7,238
Taxable loss: −$8,282

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$1,988
After-tax cash flow: $-1,949/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $6,440–$19,320 screening

This move-in ready, completely updated 2-bedroom, 2-bath home in Captain's Cove offers a turnkey opportunity with new appliances, cabinets, and flooring, and a well-maintained exterior and landscaping.

Value-add opportunities

Both Paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
Both Replace carpet with hardwood or tile — Improves durability and reduces maintenance ↑
Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 49/100

Zoned Schools

Elementary Kegotank Elementary F VA #924/1,108 Nat'l #20,973/41,679 Middle Arcadia Middle D VA #278/342 Nat'l #4,747/14,009 High Arcadia High B- VA #213/319 Nat'l #2,821/17,239

Schools (NCES district)

District: Accomack County Public School District
NCES district ID: 5100060
Math proficiency: 44% ▼ -36.00%
Reading proficiency: 59% ▼ -10.00%
Median HH income: $40,348
Composite: 43.05/100
National rank: #3096
State rank: #99 of 131 in VA

C Composite livability gradescore 63/100

Livability — Captains Cove

Score: 63/100
State rank: #371
US rank: #14910

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: Captains Cove, VA
County: Accomack · 32,072 people
Population (ZIP): 1,738
Household income: $98,934
Rent vs Own: 5.5% rent · 94.5% own

Population outlook (Accomack County) Hauer SSP2

Today (2025): 32,072 people
By 2030: 31,425 · -2.0%
By 2040: 29,685 · -7.4%
By 2050: 27,748 · -13.5%
By 2075: 23,396 · -27.1%
By 2100: 18,774 · -41.5%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Predominantly White (98%)
Race & ethnicity: White 98%
Common ancestry: Romanian 9% Slovak 6% Subsaharan African 2%
Languages at home: 97% English-only · Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Accomack

2024 margin: R (+13.3) · D 43.0% · R 56.3%
2008→2024 swing: -11.9pp toward R · 2008: -1.4pp · 2024: -13.3pp
All cycles: 2024: R+13.3 2020: R+9.4 2016: R+11.7 2012: R+3.5 2008: R+1.4

Not yet ingested

Civics: —

Market trends

HPI YoY: ▲ 1.24%
Current HPI: 191.9035
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
#54 RTX Corporation Arlington $80.7B #63 Boeing Arlington $66.5B #96 General Dynamics Reston $47.7B #105 Northrop Grumman Falls Church $40.8B
Technology / Defense	3	$32B
#191 Leidos Reston $16.7B #383 CACI International Reston $8.1B #441 Science Applications International Reston $7.4B
Financial Services	2	$176B
#38 Freddie Mac McLean $122.1B #82 Capital One Financial McLean $53.9B
Utilities	2	$27B
#198 Dominion Energy Richmond $15.0B #270 AES Corporation Arlington $12.1B
Insurance	2	$25B
#189 Markel Group Glen Allen $17.3B #495 Genworth Financial Richmond $8.1B
Technology	2	$15B
#307 DXC Technology Ashburn $13.3B #396 Verisign Reston $1.5B

Price history

+38.9% since first listed

9 events — show timeline

2026-05-10 Listed $269,900 ESAR
2026-05-09 Listed $269,900 ESAR
2025-11-14 Sold (MLS) $167,000 ESAR
2025-10-24 Pending — ESAR
2025-10-18 Contingent — ESAR
2025-10-08 Price Changed $166,620 ESAR
2025-09-06 Price Changed $175,390 ESAR
2025-08-12 Price Changed $184,623 ESAR
2025-07-16 Listed $194,340 ESAR

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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