3529 Clover Meadows Dr · Chesapeake, VA 23321

$149,900

2 bd · 1.0 ba · 851 sqft · Condo public records · 51 Days on market

Built 1988 $210/mo HOA · 13% of rent

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Why this score? — see what drove the C- 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 +16.1/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• 1% rule +5.6/10.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This FIRST FLOOR condo offers 2 bedrooms and 1 full bath, great for those seeking convenient one-level living in a prime location. The functional layout provides comfortable living and dining spaces with great natural light, while the bedrooms offer flexibility for a guest room, or home office. Enjoy the benefit of low exterior maintenance, making this an ideal option for first-time buyers, down sizers, or investors. HVAC system approx 2.5 years old, hot water heater approx 2 years old. Includes electric range, dishwasher and refrigerator. Conveniently located near shopping, dining, and major routes, this home combines affordability, comfort, and ease of living in a desirable Chesapeake loc

Key facts

• Great natural light
• First floor condo
• Functional layout

Tags

• FIRST FLOOR CONDO
• ONE LEVEL LIVING
• FUNCTIONAL LAYOUT
• GREAT NATURAL LIGHT
• LOW EXTERIOR MAINTENANCE
• HVAC SYSTEM

Property features AI

Finance

• HOA & community: Condo association: Clover Meadows Condo Association (managed by Clover Meadows Association); HOA has monthly condo fee of $210; Ground maintenance included in association

Exterior

• Parking: One on-street parking space
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; Contemporary style; Single-story (1 living level); Unit located on level 1; Facing not specified
• Construction: Asphalt shingle roof; Slab foundation
• Exterior features: Vinyl siding; City view

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: First-floor master bedroom; Additional bedroom on first floor
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom on first floor
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan; Porch; Breakfast area; Utility room; Ground maintenance provided by condo association
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $77 ($923/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Western Branch Primary (813 students, 41% FRL); Western Branch High (math 71% / reading 84%, grade A-, #83 of 319 statewide, top 28%, 2,121 students, 37% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 231 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.
• Current owner paid $46k; list at $150k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.06% ✓
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.59% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.72×
• Total profit: $-11,611
• Equity at exit: $22,351

10-year hold

• IRR: 8.0%
• Equity multiple: 1.74×
• Total profit: $31,258
• Equity at exit: $12,961

Cash invested: $41,972 (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 23321

• Rents YoY: 7.6%
• Active inventory: 231
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,588 high
• Mortgage (P&I): −$786
• Tax from tax record: −$119 /mo · $1,424/yr
• Insurance: −$62
• HOA: −$210
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $77

Break-even live

Break-even rent $1,490

Max offer price $149,900

Occupancy floor 90%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3555 Clover Meadows Dr Chesapeake, VA	2.0	1.0	897	$1,500	$1.67	12d	1	0.04mi
3468 Clover Meadows Dr Chesapeake, VA	2.0	2.0	960	$1,400	$1.46	17d	1	0.05mi
3327 Clover Meadows Dr Chesapeake, VA	2.0	2.0	960	$1,550	$1.61	23d	1	0.11mi
3301 Clover Meadows Dr Chesapeake, VA	2.0	1.0	851	$1,500	$1.76	21d	1	0.14mi
3240 Clover Rd E Chesapeake, VA	2.0	1.5	1020	$1,600	$1.57	4d	1	0.22mi
4271 Taylor Rd Chesapeake, VA	2.0	1.0	794	$1,484	$1.87	23d	1	0.58mi
1001 Beringer Rd Suffolk, VA	1.0	1.0	765	$1,829	$2.39	23d	1	1.07mi
5048 Queen St Chesapeake, VA	3.0	2.0	1040	$2,195	$2.11	17d	1	1.13mi
901 Beringer Rd Suffolk, VA	1.0	1.0	840	$1,679	$2.00	23d	1	1.15mi
7190 Harbour Towne Pkwy Suffolk, VA	1.0–2.0	1.0–2.0	1054	$2,108	$2.00	1d	1	1.26mi
6024 Bradford Dr Suffolk, VA	3.0	2.0	1064	$1,500	$1.41	19d	1	1.26mi
4605 Hardy Ct Suffolk, VA	2.0	2.0	1087	$1,600	$1.47	43d	1	1.29mi
6080 Camellia Dr Unit A Suffolk, VA	2.0	1.5	1064	$1,450	$1.36	21d	1	1.42mi
6057 Camellia Dr Unit A Suffolk, VA	2.0	1.5	1064	$1,395	$1.31	43d	1	1.44mi
2019 Barclay Pl Suffolk, VA	1.0–2.0	1.0–2.0	893	$2,101	$2.35	1d	10	1.44mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Likely covers: waterelectricexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $149,900 Active 51 DOM
2. 2026-06-17
   days on market $149,900 Active 50 DOM
3. 2026-06-16
   days on market $149,900 Active 49 DOM
4. 2026-06-15
   days on market $149,900 Active 48 DOM
5. 2026-06-13
   days on market $149,900 Active 46 DOM
6. 2026-06-09
   statusdays on market $149,900 Active 42 DOM
7. 2026-06-08
   days on market $149,900 Active Under Contract 41 DOM
8. 2026-06-07
   days on market $149,900 Active Under Contract 40 DOM
9. 2026-06-03
   days on market $149,900 Active Under Contract 36 DOM
10. 2026-06-02
    statusdays on market $149,900 Active Under Contract 35 DOM
11. 2026-06-01
    days on market $149,900 Active 34 DOM
12. 2026-05-31
    days on market $149,900 Active 33 DOM
13. 2026-04-28
    listed $149,900 Active
14. 2026-04-28
    historical
15. 2026-02-25
    status Active
16. 2026-02-10
    historical Active Under Contract
17. 2026-01-06
    listed $149,900 Active
18. 2014-01-14
    soldstatus $46,500
19. 2014-01-10
    price $49,999 Sold
20. 1991-02-05
    soldstatus $51,600

ⓘ 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: $1,424 · $119/mo
• Projected year-2 tax: $1,424 · $119/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,050
• − Mortgage interest: −$8,397
• − Property taxes: −$1,424
• − Insurance: −$750
• − Repairs & maintenance: −$1,524
• − Management: −$1,524
• − HOA: −$2,520
• − Depreciation: −$4,361
• Taxable loss: −$1,449
• Est. tax savings @ 24.0%: +$348
• After-tax cash flow: $1,271/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 40,176
• Household income: $101,568
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 839.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 37% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 92% English-only · Spanish 4% Vietnamese 1% Korean 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -256.23%
• Current HPI: 295.6473
• Rent YoY: ▲ 7.59%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+190.5% since first listed

8 events — show timeline

• 2026-04-28 Listing Removed — REINMLS
• 2026-04-28 Listed $149,900 REINMLS
• 2026-02-25 Relisted — REINMLS
• 2026-02-10 Contingent — REINMLS
• 2026-01-06 Listed $149,900 REINMLS
• 2014-01-14 Sold (Public Records) $46,500 Public Records
• 2014-01-10 Price Changed $49,999 REINMLS
• 1991-02-05 Sold (Public Records) $51,600 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,424 · +10.9% YoY. Source: county tax records.