1012 Palmetto Ave NW Unit & 1014 · Roanoke, VA 24017

$225,000

None bd · None ba · — sqft · MultiFamily · 1 Days on market

Built 1953 Fair condition 10,454 sqft lot

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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).

• Cash flow +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +4.1/10.0
• 1% rule +4.0/10.0
• Rent growth +3.9/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Low-maintenance, ranch style duplex with great rental history. Current rent is $750/month for the larger unit and $400/month for the smaller unit. Tenants pay all utilities and are responsible for lawn care. Each unit has 1 bedroom and 1 bath. Both units are occupied with month-to-month leases. 48-hour notice required for all showings.

Key facts

• 0.24 acre lot
• Built 1953

Property features AI

Finance

• Other: Zoning: -5; Annual tax amount reported
• Financial info: Gross income $15,600; Gross scheduled income $15,600

Exterior

• Home design: Duplex (MultiFamily); Built in 1953
• Construction: Crawl space foundation
• Exterior features: 0.24-acre lot

Interior

• Bedrooms: Property is a duplex with two units
• Heating & cooling: Forced air gas heating; Has cooling
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $225k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $43 ($519/yr) — positive. Per door: $22/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (10.1% below list).
• Recommended offer: $202k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.2% in Roanoke — 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 (#163 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment D, crime F.
• Roanoke City Public School District (urban): math 40% / reading 58% proficiency, ranked #102 of 131 in VA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Westside Elementary (math 10% / reading 28%, grade F, #1,093 of 1,108 statewide, top 99%, 640 students, 98% FRL); William Fleming High (math 66% / reading 68%, grade B, #185 of 319 statewide, top 61%, 1,911 students, 96% FRL) — zoned schools average 97% FRL vs 67% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.7%/yr); 151 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 113 units permitted in Roanoke city in 2024 (0 in 5+ unit buildings).
• At $2,023/mo this rent would consume 51% of the median local household income ($47k/yr) (locally 913% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Roanoke County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,300 (10.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• GRM: 9.3

CMA / ARV

No comps found within radius.

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2105 Staunton Ave NW Unit & 2107	0.75mi	—/—	—	7mo	$180,000	—	47
2119 Staunton Ave NW	0.72mi	—/—	—	9mo	$156,800	—	46

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 · 5.71% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.56×
• Total profit: $-28,009
• Equity at exit: $33,548

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $3,858
• Equity at exit: $19,454

Cash invested: $63,000 (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 24017

• Home prices YoY: -28.3%
• Rents YoY: 5.7%
• Active inventory: 151
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $2,023 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $43

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 93%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,022
Total (2 units)			$2,023

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2744 Melrose Ave NW Roanoke, VA	1.0–2.0	1.0–1.5	936	$1,045	$1.12	13d	7	0.20mi
1129 Forest Park Blvd NW Apt A Roanoke, VA	2.0	1.0	—	$1,125	—	21d	1	0.26mi
733 29th St NW Roanoke, VA	2.0–3.0	2.0	1022	$1,449	$1.42	13d	4	0.31mi
1114 Lafayette Blvd NW Unit 1 Roanoke, VA	2.0	1.0	—	$1,095	—	21d	1	0.43mi
1331 Dudley St NW Roanoke, VA	2.0	1.0	700	$1,500	$2.14	13d	1	0.46mi
2445 Maryland Ave NW #1 Roanoke, VA	3.0	1.0	—	$923	—	44d	1	0.48mi
2324 Staunton Ave NW Roanoke, VA	3.0	1.0	—	$1,395	—	44d	1	0.55mi
2324 Orange Ave NW Unit Up Roanoke, VA	2.0	1.0	—	$999	—	21d	1	0.56mi
2608 Florida Ave NW Roanoke, VA	3.0	1.0	1394	$1,600	$1.15	21d	1	0.65mi
2125 Orange Ave NW Apt B Roanoke, VA	3.0	1.0	—	$1,195	—	21d	1	0.71mi
2125 Orange Ave NW Roanoke, VA	3.0	1.0	—	$1,095	—	13d	1	0.71mi
2731 Cove Rd NW Roanoke, VA	3.0	2.5	1427	$1,523	$1.07	44d	1	0.85mi
3720 Panorama Ave NW Unit 34 Roanoke, VA	2.0	1.0	—	$878	—	21d	1	0.88mi
3720 Panorama Ave NW Unit 24 Roanoke, VA	2.0	1.0	—	$923	—	21d	1	0.88mi
3340 Hershberger Rd NW Roanoke, VA	2.0	1.0	924	$1,050	$1.14	44d	1	0.90mi
1920 Melrose Ave NW Roanoke, VA	2.0	1.0	768	$950	$1.24	44d	1	0.91mi
3902 Tennessee Ave NW Roanoke, VA	3.0	1.0	—	$1,495	—	13d	1	0.96mi
3802 Panorama Ave NW #6 Roanoke, VA	2.0	1.0	900	$1,050	$1.17	44d	1	1.00mi
3802 Panorama Ave NW #2 Roanoke, VA	2.0	1.0	900	$995	$1.11	44d	1	1.00mi
3802 Panorama Ave NW #12 Roanoke, VA	3.0	1.0	1100	$995	$0.90	44d	1	1.00mi
3715 Hershberger Rd NW Roanoke, VA	3.0	1.5	—	$1,595	—	13d	1	1.01mi
809 Westside Blvd NW Apt C Roanoke, VA	1.0	1.0	525	$696	$1.33	44d	1	1.10mi
813 Westside Blvd NW Apt A Roanoke, VA	1.0	1.0	525	$716	$1.36	44d	1	1.11mi
817 Westside Blvd NW Unit A Roanoke, VA	1.0	1.0	525	$716	$1.36	21d	1	1.11mi
829 Westside Blvd NW Apt 2 Roanoke, VA	1.0	1.0	700	$895	$1.28	44d	1	1.12mi
802 Westside Blvd NW Apt 9 Roanoke, VA	1.0	1.0	—	$746	—	21d	1	1.13mi
4112 Virginia Ave NW Roanoke, VA	1.0	1.0	750	$850	$1.13	44d	1	1.18mi
1901 Patterson Ave SW Apt A Roanoke, VA	3.0	1.0	—	$1,200	—	44d	1	1.23mi
1825 Patterson Ave SW Unit B Roanoke, VA	2.0	1.0	1000	$850	$0.85	44d	1	1.26mi
3533 Ferncliff Ave NW Roanoke, VA	1.0–3.0	1.0	980	$1,142	$1.16	13d	11	1.26mi
1533 Rugby Blvd NW Roanoke, VA	3.0	1.0	1500	$1,475	$0.98	44d	1	1.27mi
4206 Vermont Ave NW Roanoke, VA	1.0	1.0	—	$723	—	44d	1	1.29mi
1531 Syracuse Ave NW Roanoke, VA	3.0	1.0	1488	$1,675	$1.13	44d	1	1.30mi
1502 Gilmer Ave NW Apt B Roanoke, VA	2.0	1.0	—	$995	—	13d	1	1.31mi
2251 Mountain View Ter SW Roanoke, VA	2.0	1.0	830	$988	$1.19	44d	1	1.32mi
2353 Mountain View Ter SW Roanoke, VA	1.0	1.0	550	$875	$1.59	44d	1	1.35mi
4310 Tyree Rd NW Roanoke, VA	3.0	1.0	913	$1,650	$1.81	13d	1	1.35mi
1717 Chapman Ave SW Roanoke, VA	2.0	1.0	—	$1,195	—	13d	1	1.39mi
2801 Hershberger Rd NW Roanoke, VA	1.0–2.0	1.0–2.0	956	$1,965	$2.06	13d	14	1.39mi
1630 Patterson Ave SW Unit B Roanoke, VA	3.0	1.0	1200	$1,395	$1.16	44d	1	1.41mi

Listing history 2 events

1. 2026-06-13
   remarks 337-char remark
2. 2026-06-13
   listed $225,000 Pending 1 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 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: $24,276
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$6,545
• Taxable loss: −$3,257
• Est. tax savings @ 24.0%: +$782
• After-tax cash flow: $1,301/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

Fair 45/100 Moderate rehab

A moderate rehab project is needed to improve the home's curb appeal and interior aesthetics, which would significantly boost its resale and rental value.

Repairs flagged

• Minor exterior paint — Some discoloration visible
• Minor interior paint — Faded paint in some areas
• Minor kitchen cabinets — Dated cabinetry

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Paint interior — Fresh paint improves aesthetics and rental appeal
• Both Update kitchen cabinetry — Modernizes kitchen and enhances rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Some discoloration visible	Minor	$500–3,000
interior paint · Faded paint in some areas	Minor	$500–3,000
kitchen cabinets · Dated cabinetry	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Paint interior — Fresh paint improves aesthetics and rental appeal ↑
• Both Update kitchen cabinetry — Modernizes kitchen and enhances rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Roanoke City Public School District
• NCES district ID: 5103300
• Math proficiency: 40% ▼ -38.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $38,592
• Composite: 40.8/100
• National rank: #3639
• State rank: #102 of 131 in VA

Livability — Roanoke

• Score: 73/100
• State rank: #163
• US rank: #5055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roanoke, VA
• County: Roanoke City · 101,625 people
• City population: 168,930
• Metro: Roanoke, VA
• Population (ZIP): 23,678
• Household income: $47,360
• Rent vs Own: 45.0% rent · 55.0% own
• Severe rent burden: 913.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 106,094 people
• By 2030: 108,927 · +2.7%
• By 2040: 114,104 · +7.5%
• By 2050: 118,032 · +11.3%
• By 2075: 123,363 · +16.3%
• By 2100: 116,827 · +10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% White 25% Hispanic / Latino 9% Asian 4% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 8% Other Indo-European 3% German/W. Germanic 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong D (+23.6) · D 61.1% · R 37.5% · Other 1.4%
• 2008→2024 swing: +0.2pp no change · 2008: 23.4pp · 2024: 23.6pp
• All cycles: 2024: D+23.6 2020: D+25.8 2016: D+17.6 2012: D+21.5 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.29%
• Current HPI: 198.5991
• Rent YoY: ▲ 5.71%
• Metro: Roanoke, VA
• 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

2 events — show timeline

• 2026-06-12 Pending — MLSRV
• 2026-06-11 Listed $225,000 MLSRV