512 Barrett St · Richlands, VA 24641

$109,900

3 bd · 2.0 ba · 1,372 sqft · SingleFamily public records · 85 Days on market

Built 1945 0.96 ac lot $80/sqft · 7% above area Est $169k · 35% under

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Why this score? — see what drove the B- 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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• Schools +6.0/10.0
• 1% rule +5.0/10.0
• Appreciation +4.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Don't miss this unique opportunity to own a charming farmhouse-style home situated on 0.96 acres, all within town limits! Offering the perfect blend of space, flexibility, and convenience, this property provides room to spread out while still being close to everything you need. The main level features 4 bedrooms and 1 full bath, along with a comfortable living room, a functional kitchen, and a convenient laundry/mudroom—perfect for everyday living. Upstairs, the finished attic offers additional versatile space that can be used as a 5th bedroom, home office, or crafting room, giving you flexibility to fit your lifestyle. The finished basement expands the home's possibilities with its own kitchen, living room, bedroom, bathroom, and utility room—ideal for extended family, guests, or potential in-law suite use. Step outside and enjoy the rare find of nearly an acre of land within town limits, offering space for outdoor living, gardening, or simply relaxing in your own backyard while still enjoying the convenience of nearby amenities. ? Highlights: 4 bedrooms on main level Finished attic (flex space) Fully equipped finished basement 0.96-acre lot within town limits Plenty of space with convenient location This home offers endless potential with room to grow, all in a location that's hard to beat! The property also includes a dedicated mobile home space, providing excellent potential for additional income, extended family living or future expansion.

Key facts

• 0.96 acre lot
• Built 1945
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 4.4% in Richlands — 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 66/100 on livability (#314 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, schools B+; Watch: crime C-, amenities F, commute F.
• Tazewell County Public School District (town): math 67% / reading 78% proficiency, ranked #21 of 131 in VA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 44 active listings in the ZIP; 4 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $760 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Tazewell County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $110k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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 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: 1.00% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 8.3

CMA / ARV

• ARV (median comp): $168,778
• List price: $109,900
• Delta: -34.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
427 Kents Ridge Rd	0.31mi	3/1.0	1,292 (-6%)	3mo	$135,000	$104	70
118 2nd Ave	0.63mi	3/2.0	1,404 (+2%)	4mo	$125,000	$89	64
423 Kents Ridge Rd	0.31mi	3/1.0	1,280 (-7%)	10mo	$135,000	$105	62
2635 Brown St	0.26mi	3/1.0	1,296 (-6%)	21mo	$84,000	$65	58
130 Veterans Dr	0.44mi	3/2.0	1,231 (-10%)	8mo	$121,704	$99	55
306 Rockbridge Ave	0.53mi	3/1.0	1,488 (+8%)	10mo	$78,000	$52	48
307 Tazewell Ave	0.66mi	3/1.5	1,460 (+6%)	12mo	$172,500	$118	46
424 Kents Ridge Rd	0.33mi	4/2.0 (+1)	1,502 (+10%)	22mo	$20,000	$13	46
115 1st Ave	0.55mi	3/1.0	1,544 (+12%)	14mo	$100,000	$65	38

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

Projected returns pro-forma

-1.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $740
• Equity at exit: $22,003

10-year hold

• IRR: 8.3%
• Equity multiple: 1.73×
• Total profit: $22,351
• Equity at exit: $19,435

Cash invested: $30,772 (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 24641

• Home prices YoY: -1.3%
• Active inventory: 44
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,104 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$41 /mo · $488/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $209

Break-even live

Break-even rent $839

Max offer price $109,900

Occupancy floor 76%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $109,900 Active 85 DOM
2. 2026-06-18
   days on market $109,900 Active 84 DOM
3. 2026-06-17
   days on market $109,900 Active 83 DOM
4. 2026-06-16
   days on market $109,900 Active 82 DOM
5. 2026-06-15
   days on market $109,900 Active 81 DOM
6. 2026-06-14
   days on market $109,900 Active 79 DOM
7. 2026-06-12
   pricedays on market $109,900 Active 78 DOM
8. 2026-06-09
   days on market $125,000 Active 75 DOM
9. 2026-06-08
   days on market $125,000 Active 74 DOM
10. 2026-06-07
    days on market $125,000 Active 73 DOM
11. 2026-06-03
    days on market $125,000 Active 69 DOM
12. 2026-06-02
    days on market $125,000 Active 68 DOM
13. 2026-06-01
    days on market $125,000 Active 67 DOM
14. 2026-05-31
    days on market $125,000 Active 66 DOM
15. 2026-05-30
    days on market $125,000 Active 65 DOM
16. 2026-03-26
    listed $125,000 Active 1485-char remark

    Show marketing remark (1485 chars)

    Don't miss this unique opportunity to own a charming farmhouse-style home situated on 0.96 acres, all within town limits! Offering the perfect blend of space, flexibility, and convenience, this property provides room to spread out while still being close to everything you need. The main level features 4 bedrooms and 1 full bath, along with a comfortable living room, a functional kitchen, and a convenient laundry/mudroom—perfect for everyday living. Upstairs, the finished attic offers additional versatile space that can be used as a 5th bedroom, home office, or crafting room, giving you flexibility to fit your lifestyle. The finished basement expands the home's possibilities with its own kitchen, living room, bedroom, bathroom, and utility room—ideal for extended family, guests, or potential in-law suite use. Step outside and enjoy the rare find of nearly an acre of land within town limits, offering space for outdoor living, gardening, or simply relaxing in your own backyard while still enjoying the convenience of nearby amenities. ? Highlights: 4 bedrooms on main level Finished attic (flex space) Fully equipped finished basement 0.96-acre lot within town limits Plenty of space with convenient location This home offers endless potential with room to grow, all in a location that's hard to beat! The property also includes a dedicated mobile home space, providing excellent potential for additional income, extended family living or future expansion.

17. 2019-06-25
    soldstatus $55,000

ⓘ 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: $488 · $41/mo
• Projected year-2 tax: $901 · $75/mo
• Expected delta: +$413/yr (+$34/mo · 84.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,243
• − Mortgage interest: −$6,156
• − Property taxes: −$488
• − Insurance: −$550
• − Repairs & maintenance: −$1,059
• − Management: −$1,059
• − Depreciation: −$3,197
• Taxable income: $733
• Est. tax owed @ 24.0%: −$176
• After-tax cash flow: $2,332/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: Tazewell County Public School District
• NCES district ID: 5103810
• Math proficiency: 67% ▼ -23.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $37,003
• Composite: 60.16/100
• National rank: #865
• State rank: #21 of 131 in VA

Livability — Richlands

• Score: 66/100
• State rank: #314
• US rank: #11229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richlands, VA
• Population (ZIP): 5,417

Population outlook (Tazewell County) Hauer SSP2

• Today (2025): 38,275 people
• By 2030: 35,719 · -6.7%
• By 2040: 30,875 · -19.3%
• By 2050: 26,798 · -30.0%
• By 2075: 19,286 · -49.6%
• By 2100: 13,631 · -64.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Asian 2%
• Common ancestry: Serbian 1% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Tazewell

• 2024 margin: Solid R (+68.9) · D 15.3% · R 84.2%
• 2008→2024 swing: -36.0pp toward R · 2008: -32.9pp · 2024: -68.9pp
• All cycles: 2024: R+68.9 2020: R+67.2 2016: R+66.3 2012: R+57.5 2008: R+32.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.87%
• Current HPI: 141.9823
• 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
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+127.3% since first listed

2 events — show timeline

• 2026-03-26 Listed $125,000 SWVAR
• 2019-06-25 Sold (Public Records) $55,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $488 · +0.0% YoY. Source: county tax records.