401 E 15th St · Richmond, VA 23224

$309,900

4 bd · 2.0 ba · 1,649 sqft · SingleFamily public records · 15 Days on market

Built 2010 4,626 sqft lot $188/sqft · 8% below area Est $336k · 8% under

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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 +11.0/15.0
• Cash flow +10.1/30.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful 2 level 4 bedroom 2 bath charming city living. Renter in place until end of June. .. Please give 24 hrs notice since there are tenants in place. .. This Stanford plan offers a spacious family room as you enter from the front porch. On the main level are two bedrooms w/ 1 full bath, kitchen w/ eat in, Washer & Dryer. . all appliances convey as-is (please have that in the offer) Upstairs carpet with 2 more bedrooms and a shared full bath.

Key facts

• New carpet
• Fresh interior paint
• Corner lot

Tags

• FRESH INTERIOR PAINT
• NEW CARPET
• CORNER LOT
• SINGLE CAR PAVED DRIVEWAY
• MINUTES TO DOWNTOWN RICHMOND

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story home; Approximate year built
• Construction: Frame construction with vinyl and wood siding; Composition/shingle roof
• Exterior features: Residential zoning (R-7)

Interior

• Bedrooms: Bedroom with full bath on second level; Bedroom with full bath on first level
• Bathrooms: 2 full bathrooms with tub and shower
• Heating & cooling: Central air conditioning with zoned control; Electric heating with zoned control
• Interior features: Crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $278k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (27.6% below list).
• Recommended offer: $224k (27.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 173 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,244/mo this rent would consume 53% of the median local household income ($50k/yr) (locally 3584% 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 $9k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,440 (27.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
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: 0.72% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 11.5

CMA / ARV

• ARV (median comp): $336,439
• List price: $309,900
• Delta: -7.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1804 Maury St	0.14mi	4/2.5	1,720 (+4%)	1mo	$300,000	$174	84
1806 Maury St	0.15mi	4/2.5	1,720 (+4%)	0mo	$300,000	$174	83
113 E 18th St	0.25mi	4/2.0	1,680 (+2%)	3mo	$210,000	$125	82
2118 Chicago Ave	0.41mi	3/2.5 (-1)	1,678 (+2%)	1mo	$305,000	$182	70
1800 Maury St	0.15mi	3/2.5 (-1)	1,487 (-10%)	1mo	$285,000	$192	68
210 E 18th St	0.18mi	3/2.5 (-1)	1,826 (+11%)	2mo	$348,500	$191	65
1813 Fairfax Ave	0.40mi	3/2.5 (-1)	1,522 (-8%)	1mo	$355,000	$233	60
2004 Ingram Ave	0.63mi	4/2.0	1,554 (-6%)	1mo	$280,100	$180	60
2019 Dinwiddie Ave	0.36mi	3/2.5 (-1)	1,490 (-10%)	1mo	$340,000	$228	59
2014 Edwards Ave	0.42mi	3/3.0 (-1)	1,789 (+8%)	3mo	$299,000	$167	55
1110 Perry St	0.56mi	3/2.0 (-1)	1,503 (-9%)	2mo	$360,000	$240	52
1835 Keswick Ave	0.75mi	3/2.0 (-1)	1,568 (-5%)	2mo	$185,000	$118	50

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 · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.33×
• Total profit: $-58,285
• Equity at exit: $46,207

10-year hold

• IRR: -8.9%
• Equity multiple: 0.41×
• Total profit: $-50,891
• Equity at exit: $26,794

Cash invested: $86,772 (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 23224

• Rents YoY: 4.5%
• Active inventory: 173
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,244 high
• Mortgage (P&I): −$1,625
• Tax from tax record: −$200 /mo · $2,400/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-181

Break-even live

Break-even rent $2,474

Max offer price $277,891

Occupancy floor —

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1709 Everett St Richmond, VA	4.0	1.5	1460	$1,995	$1.37	43d	1	0.13mi
116 E 15th St Richmond, VA	4.0	2.0	1452	$2,250	$1.55	23d	1	0.14mi
1719 Everett St Richmond, VA	3.0	2.5	1748	$2,255	$1.29	43d	1	0.15mi
107 E 16th St Richmond, VA	4.0	2.5	1608	$2,350	$1.46	10d	1	0.17mi
1529 Porter St Unit A Richmond, VA	3.0	2.5	1711	$2,400	$1.40	23d	1	0.43mi
1411 Porter St Unit B Richmond, VA	3.0	3.0	1500	$2,145	$1.43	4d	1	0.44mi
1212 Porter St Unit B Richmond, VA	3.0	2.5	1837	$2,300	$1.25	43d	1	0.44mi
1912 Porter St Richmond, VA	3.0	1.5	1415	$1,950	$1.38	23d	1	0.46mi
1211 Porter St Richmond, VA	3.0	3.0	1571	$2,495	$1.59	19d	1	0.47mi
1112 E 16th St Richmond, VA	4.0	1.0	1206	$1,595	$1.32	43d	1	0.52mi
1429 McDonough St Richmond, VA	1.0–3.0	1.0–2.0	826	$2,469	$2.99	2d	15	0.59mi
15 W 7th St Richmond, VA	1.0–3.0	1.0–2.5	881	$3,031	$3.44	2d	6	0.60mi
2117 Old Manchester St Richmond, VA	3.0	4.0	1960	$2,695	$1.38	10d	1	0.63mi
84 W 6th St Richmond, VA	3.0	2.0	1493	$2,715	$1.82	3d	1	0.64mi
403 Stockton St Richmond, VA	1.0–3.0	1.0–2.0	882	$2,140	$2.42	3d	22	0.65mi
815 Perry St Richmond, VA	1.0–3.0	1.0–2.0	1004	$1,800	$1.79	1d	10	0.66mi
2104 Boro Ridge St Richmond, VA	3.0	2.5	1916	$2,775	$1.45	43d	1	0.67mi
2522 Porter St Richmond, VA	3.0	2.5	1390	$1,800	$1.29	43d	1	0.75mi
1100 Richmond Hwy Richmond, VA	1.0–3.0	1.0–2.0	1062	$2,345	$2.21	1d	16	0.79mi
3 E Blake Ln Richmond, VA	3.0	1.5	2065	$2,000	$0.97	3d	1	1.24mi
3154 Stockton St Richmond, VA	3.0	1.0	1169	$1,600	$1.37	43d	1	1.26mi
2 S 25th St Richmond, VA	1.0–3.0	1.0–2.0	1050	$2,360	$2.25	2d	69	1.48mi

Listing history 23 events

1. 2026-06-18
   days on market $309,900 Active 15 DOM
2. 2026-06-17
   days on market $309,900 Active 14 DOM
3. 2026-06-16
   status $309,900 Active 13 DOM
4. 2026-05-07
   status Pending 686-char remark
5. 2026-04-24
   listed $309,900 Active 686-char remark
6. 2025-08-09
   historical $2,209
7. 2025-06-02
   listed $2,209
8. 2024-06-08
   historical $2,195
9. 2024-05-24
   listed $2,195
10. 2024-04-10
    historical $2,395
11. 2024-04-04
    listed $2,395
12. 2024-03-24
    historical $700
13. 2024-03-14
    listed $700
14. 2022-03-09
    soldstatus $295,000 Closed 456-char remark

    Show marketing remark (456 chars)

    Wonderful 2 level 4 bedroom 2 bath charming city living. Renter in place until end of June. .. Please give 24 hrs notice since there are tenants in place. .. This Stanford plan offers a spacious family room as you enter from the front porch. On the main level are two bedrooms w/ 1 full bath, kitchen w/ eat in, Washer & Dryer. . all appliances convey as-is (please have that in the offer) Upstairs carpet with 2 more bedrooms and a shared full bath.

15. 2022-02-21
    status Pending 456-char remark

    Show marketing remark (456 chars)

    Wonderful 2 level 4 bedroom 2 bath charming city living. Renter in place until end of June. .. Please give 24 hrs notice since there are tenants in place. .. This Stanford plan offers a spacious family room as you enter from the front porch. On the main level are two bedrooms w/ 1 full bath, kitchen w/ eat in, Washer & Dryer. . all appliances convey as-is (please have that in the offer) Upstairs carpet with 2 more bedrooms and a shared full bath.

16. 2022-02-15
    listed $275,000 Active 456-char remark

    Show marketing remark (456 chars)

    Wonderful 2 level 4 bedroom 2 bath charming city living. Renter in place until end of June. .. Please give 24 hrs notice since there are tenants in place. .. This Stanford plan offers a spacious family room as you enter from the front porch. On the main level are two bedrooms w/ 1 full bath, kitchen w/ eat in, Washer & Dryer. . all appliances convey as-is (please have that in the offer) Upstairs carpet with 2 more bedrooms and a shared full bath.

17. 2015-07-31
    soldstatus $137,000 Closed

    Show marketing remark (300 chars)

    There is SPECIAL FINANCING available including GRANTS (see supplemental documents). This home is very attractive inside, with wood floors & crown molding in the family areas, and nickel hardware. It is on the buss line and across from school & pool. See supplements for Hope VI financing.

18. 2015-06-27
    status Pending

    Show marketing remark (300 chars)

    There is SPECIAL FINANCING available including GRANTS (see supplemental documents). This home is very attractive inside, with wood floors & crown molding in the family areas, and nickel hardware. It is on the buss line and across from school & pool. See supplements for Hope VI financing.

19. 2015-04-16
    listed $156,000 Active

    Show marketing remark (300 chars)

    There is SPECIAL FINANCING available including GRANTS (see supplemental documents). This home is very attractive inside, with wood floors & crown molding in the family areas, and nickel hardware. It is on the buss line and across from school & pool. See supplements for Hope VI financing.

20. 2015-01-07
    historical
21. 2014-07-07
    listed $156,000 Active
22. 2012-04-02
    historical
23. 2011-11-09
    listed $167,505

ⓘ 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: $2,400 · $200/mo
• Projected year-2 tax: $2,541 · $212/mo
• Expected delta: +$141/yr (+$12/mo · 5.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,933
• − Mortgage interest: −$17,359
• − Property taxes: −$2,400
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,155
• − Management: −$2,155
• − Depreciation: −$9,015
• Taxable loss: −$7,700
• Est. tax savings @ 24.0%: +$1,848
• After-tax cash flow: $-326/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 40,575
• Household income: $50,475
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3584.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 22% White 15% Two or more races 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 78% English-only · Spanish 19% French/Haitian/Cajun 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.99%
• Current HPI: 336.9345
• Rent YoY: ▲ 4.55%
• Metro: Richmond, 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

+85.0% since first listed

21 events — show timeline

• 2026-06-16 Relisted — CVRMLS
• 2026-05-07 Pending — CVRMLS
• 2026-04-24 Listed $309,900 CVRMLS
• 2025-08-09 Rental Removed $2,209 Hemlane
• 2025-06-02 Listed for Rent $2,209 Hemlane
• 2024-06-08 Rental Removed $2,195 CVRMLS
• 2024-05-24 Listed for Rent $2,195 CVRMLS
• 2024-04-10 Rental Removed $2,395 APPFOLIO
• 2024-04-04 Listed for Rent $2,395 APPFOLIO
• 2024-03-24 Rental Removed $700 APPFOLIO
• 2024-03-14 Listed for Rent $700 APPFOLIO
• 2022-03-09 Sold (MLS) $295,000 CVRMLS
• 2022-02-21 Pending — CVRMLS
• 2022-02-15 Listed $275,000 CVRMLS
• 2015-07-31 Sold (MLS) $137,000 CVRMLS
• 2015-06-27 Pending — CVRMLS
• 2015-04-16 Listed $156,000 CVRMLS
• 2015-01-07 Listing Removed — CVRMLS
• 2014-07-07 Listed $156,000 CVRMLS
• 2012-04-02 Listing Removed — CVRMLS
• 2011-11-09 Listed $167,505 CVRMLS

Property tax history

+8.3%/yr

Latest (2022): $2,400 · +90.5% YoY. Source: county tax records.