2471 Captains Corridor · Captains Cove, VA 23356

$248,800

2 bd · 2.0 ba · 1,288 sqft · SingleFamily · 91 Days on market

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

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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 +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

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

Tags

• NEW CARPET
• FRESH PAINT
• NEW APPLIANCES
• GRANITE COUNTERTOPS
• CERAMIC TILE FLOORING
• 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 3.2% 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: 364 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 63d 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 91 days — a 9% lower offer ($226k) 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

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 91 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 0.79% ✗
• Cap rate: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• GRM: 10.6

CMA / ARV

• ARV (median comp): $289,832
• List price: $248,800
• Delta: -14.16%
• 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
2309 Bounty Ct	0.37mi	3/2.0 (+1)	1,256 (-2%)	12mo	$265,000	$211	64
37287 Longboat Ct	0.33mi	3/2.0 (+1)	1,196 (-7%)	7mo	$1,450	$1	62
2488 Jolly Rodger Dr	0.61mi	3/2.0 (+1)	1,296 (+1%)	6mo	$245,000	$189	60
37046 Forecastle Ct	0.55mi	3/2.0 (+1)	1,319 (+2%)	10mo	$268,000	$203	57
3349 Navigator Dr	0.37mi	3/2.0 (+1)	1,470 (+14%)	1mo	$248,000	$169	53
3429 Captains Corridor	0.74mi	3/2.0 (+1)	1,269 (-2%)	7mo	$235,000	$185	52
37157 Reef Ct	0.34mi	3/2.0 (+1)	1,436 (+12%)	10mo	$355,000	$247	52
3126 Captains Corridor	0.41mi	3/2.0 (+1)	1,160 (-10%)	9mo	$235,000	$203	52
3233 Amidship Dr	0.68mi	3/2.0 (+1)	1,214 (-6%)	10mo	$240,000	$198	46
2175 Brigantine Dr	0.46mi	3/1.0 (+1)	1,178 (-8%)	12mo	$338,730	$288	45
3601 Navigator Dr	0.64mi	3/1.5 (+1)	1,170 (-9%)	8mo	$230,000	$197	41
3452 Captains Corridor	0.69mi	3/2.5 (+1)	1,428 (+11%)	4mo	$295,000	$207	40

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: 56 active · 9 under contract
• Months of supply: 48.0 mo (2%/mo absorbed)
• Median asking: $299,450 ($228/sqft)
• Median days on market: 66 d
• This list price: 11% of active listings are priced below it
• ARV vs active asking: -1.2% 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: 364
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,954 medium
• Mortgage (P&I): −$1,305
• Tax est. 1.5%: −$311 /mo · $3,732/yr
• Insurance: −$104
• HOA: −$152
• 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: —

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	62d	1	0.49mi
38040 Davey Jones Blvd Greenbackville, VA	3.0	2.0	1300	$2,200	$1.69	62d	1	0.54mi
38019 Fathom Rd Greenbackville, VA	3.0	2.5	1440	$2,000	$1.39	70d	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

1. 2026-08-08
   days on market $248,800 Active 91 DOM
2. 2026-08-07
   days on market $248,800 Active 90 DOM
3. 2026-08-06
   days on market $248,800 Active 89 DOM
4. 2026-08-05
   days on market $248,800 Active 88 DOM
5. 2026-08-04
   days on market $248,800 Active 87 DOM
6. 2026-08-03
   days on market $248,800 Active 86 DOM
7. 2026-07-31
   days on market $248,800 Active 83 DOM
8. 2026-07-30
   days on market $248,800 Active 82 DOM
9. 2026-07-29
   days on market $248,800 Active 81 DOM
10. 2026-07-27
    days on market $248,800 Active 79 DOM
11. 2026-07-26
    days on market $248,800 Active 78 DOM
12. 2026-07-24
    days on market $248,800 Active 76 DOM
13. 2026-07-23
    days on market $248,800 Active 75 DOM
14. 2026-07-22
    days on market $248,800 Active 74 DOM
15. 2026-07-21
    days on market $248,800 Active 73 DOM
16. 2026-07-20
    days on market $248,800 Active 72 DOM
17. 2026-07-18
    days on market $248,800 Active 70 DOM
18. 2026-07-17
    days on market $248,800 Active 69 DOM
19. 2026-07-16
    days on market $248,800 Active 68 DOM
20. 2026-07-14
    days on market $248,800 Active 66 DOM
21. 2026-07-13
    days on market $248,800 Active 65 DOM
22. 2026-07-12
    days on market $248,800 Active 64 DOM
23. 2026-07-11
    days on market $248,800 Active 63 DOM
24. 2026-07-10
    days on market $248,800 Active 62 DOM
25. 2026-07-09
    days on market $248,800 Active 61 DOM
26. 2026-07-07
    pricedays on market $248,800 Active 59 DOM
27. 2026-07-06
    days on market $269,900 Active 58 DOM
28. 2026-07-05
    days on market $269,900 Active 57 DOM
29. 2026-07-05
    days on market $269,900 Active 56 DOM
30. 2026-07-03
    days on market $269,900 Active 55 DOM
31. 2026-07-02
    days on market $269,900 Active 54 DOM
32. 2026-07-01
    days on market $269,900 Active 53 DOM
33. 2026-06-30
    days on market $269,900 Active 52 DOM
34. 2026-06-29
    days on market $269,900 Active 51 DOM
35. 2026-06-28
    days on market $269,900 Active 50 DOM
36. 2026-06-27
    days on market $269,900 Active 49 DOM
37. 2026-06-26
    days on market $269,900 Active 48 DOM
38. 2026-06-23
    days on market $269,900 Active 45 DOM
39. 2026-06-22
    days on market $269,900 Active 44 DOM
40. 2026-06-21
    days on market $269,900 Active 43 DOM
41. 2026-06-21
    days on market $269,900 Active 42 DOM
42. 2026-06-18
    days on market $269,900 Active 40 DOM
43. 2026-06-17
    days on market $269,900 Active 39 DOM
44. 2026-06-16
    days on market $269,900 Active 38 DOM
45. 2026-06-15
    days on market $269,900 Active 37 DOM
46. 2026-06-15
    days on market $269,900 Active 36 DOM
47. 2026-06-13
    days on market $269,900 Active 35 DOM
48. 2026-06-12
    days on market $269,900 Active 34 DOM
49. 2026-06-09
    days on market $269,900 Active 31 DOM
50. 2026-06-08
    days on market $269,900 Active 30 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

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
• 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

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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%

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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%

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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

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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

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

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