3 Grundland Dr · Hampton, VA 23664

$340,000

3 bd · 2.0 ba · 1,488 sqft · SingleFamily public records · 18 Days on market

Built 1991 0.28 ac lot Est $284k · 20% over

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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 +13.6/30.0
• Schools +5.5/10.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

OPEN HOUSE 05/22 - Country living while still enjoying the convenience of city living in Hampton! Beautifully updated RANCHER tucked away on a private wooded lot just over a quarter acre and conveniently located near Grandview Nature Preserve. This 3-bedroom, 2 full bath home offers comfortable single-level living with major updates already completed, including new roof, HVAC, water heater & windows all updated in 2023. The updated kitchen features newer cabinetry, butcher block countertops, stainless steel appliances, and spacious breakfast nook overlooking the backyard. Fresh paint and new carpet throughout the home. Both bathrooms have been recently renovated. The oversized primary

Key facts

• 0.28 acre lot
• Built 1991
• Listed 18 days

Property features AI

Finance

• HOA & community: No HOA fees indicated

Exterior

• Parking: Off-street parking; Driveway spaces; Street parking available
• Utilities: City/County water; City/County sewer; Electric power
• Home design: Detached single-family home; Ranch style; One living level; Single-story; Crawl space foundation
• Construction: Wood siding; Asphalt shingle roof
• Exterior features: Deck; Wooded view/setting; Full rail fence; Storage shed; Porch; Assigned storage; Attic access

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Pantry; Breakfast area
• Bedrooms: Master bedroom on the first floor; One bedroom with ensuite; Additional bedrooms on main level
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; Full bathroom on the main level
• Heating & cooling: Electric heating; Central air conditioning; Electric water heater
• Interior features: Ceiling fan; Double primary sink; Scuttle access; Walk-in closet; Window treatments
• Laundry & utility: Main floor laundry; Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $19 ($228/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $283k (16.8% below list).
• Recommended offer: $283k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.5% in Hampton — 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 75/100 on livability (#133 in VA, #4,302 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Hampton City Public School District (urban): math 60% / reading 70% proficiency, ranked #40 of 131 in VA (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Francis Asbury Elementary (math 67% / reading 72%, grade A-, #313 of 1,108 statewide, top 32%, 450 students, 84% FRL); Benjamin Syms Middle (math 62% / reading 64%, grade B+, #134 of 342 statewide, top 40%, 897 students, 69% FRL); Kecoughtan High (math 68% / reading 87%, grade A-, #83 of 319 statewide, top 28%, 1,564 students, 86% FRL) — zoned schools average 79% FRL vs 49% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 68 units permitted in Hampton city in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Hampton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.
• Current owner paid $292k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $282,916 (16.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.24%
• DSCR: 1.01
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $284,208
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Lighthouse Dr	0.70mi	3/2.0	1,500 (+1%)	3mo	$344,900	$230	63
7 Algernourne St	0.59mi	3/2.0	1,575 (+6%)	5mo	$295,000	$187	59
907 Beach Rd	0.09mi	4/2.5 (+1)	1,704 (+14%)	21mo	$325,000	$191	47
405 Beach Rd	0.74mi	3/1.0	1,305 (-12%)	7mo	$126,000	$97	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.43×
• Total profit: $-53,923
• Equity at exit: $50,695

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-45,557
• Equity at exit: $29,397

Cash invested: $95,200 (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 23664

• Home prices YoY: -23.6%
• Active inventory: 97
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,829 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$291 /mo · $3,496/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$594
• Net cashflow: $19

Break-even live

Break-even rent $2,805

Max offer price $340,000

Occupancy floor 94%

Sensitivity live

Price	-10% $211	-5% $115	+0% $19	+5% $-77	+10% $-173
Rent	-10% $-204	-5% $-93	+0% $19	+5% $131	+10% $243
Rate	-1.0pp $190	-0.5pp $105	base $19	+0.5pp $-69	+1.0pp $-159

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Beach Rd Hampton, VA	4.0	3.0	1740	$3,200	$1.84	5d	1	0.57mi
44 Glenhaven Dr Hampton, VA	3.0	2.0	1410	$2,500	$1.77	16d	1	1.47mi

Listing history 14 events

1. 2026-06-08
   statusdays on market $340,000 Under Contract 18 DOM
2. 2026-06-07
   days on market $340,000 Active Under Contract 17 DOM
3. 2026-06-03
   days on market $340,000 Active Under Contract 13 DOM
4. 2026-06-02
   days on market $340,000 Active Under Contract 12 DOM
5. 2026-06-01
   days on market $340,000 Active Under Contract 11 DOM
6. 2026-05-31
   days on market $340,000 Active Under Contract 10 DOM
7. 2026-05-22
   listed $340,000 Active
8. 2026-05-15
   listed $340,000
9. 2023-07-24
   soldstatus $291,500
10. 2023-07-05
    status Under Contract
11. 2023-06-30
    historical Active Under Contract
12. 2023-06-28
    status Active
13. 2023-06-13
    historical Active Under Contract
14. 2023-06-09
    listed $289,500 Active

ⓘ 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: $3,496 · $291/mo
• Projected year-2 tax: $3,496 · $291/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $33,950
• − Mortgage interest: −$19,045
• − Property taxes: −$3,496
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,716
• − Management: −$2,716
• − Depreciation: −$9,891
• Taxable loss: −$5,615
• Est. tax savings @ 24.0%: +$1,348
• After-tax cash flow: $1,576/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: Hampton City Public School District
• NCES district ID: 5101800
• Math proficiency: 60% ▼ -21.00%
• Reading proficiency: 70% ▼ -4.00%
• Median HH income: $50,089
• Composite: 55.19/100
• National rank: #1272
• State rank: #40 of 131 in VA

Livability — Hampton

• Score: 75/100
• State rank: #133
• US rank: #4302

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hampton, VA
• County: Hampton City · 132,421 people
• City population: 132,421
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 9,643
• Household income: $87,412
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 394.0

Population outlook (Hampton County) Hauer SSP2

• Today (2025): 134,055 people
• By 2030: 131,753 · -1.7%
• By 2040: 125,017 · -6.7%
• By 2050: 116,825 · -12.9%
• By 2075: 97,033 · -27.6%
• By 2100: 76,188 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 24% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 2%
• Foreign-born: 3% · Canada, Guatemala
• Languages at home: 97% English-only · Arabic 1% Spanish 1%

Political lean MEDSL · Hampton

• 2024 margin: Solid D (+39.9) · D 69.2% · R 29.4% · Other 1.4%
• 2008→2024 swing: +1.0pp no change · 2008: 38.9pp · 2024: 39.9pp
• All cycles: 2024: D+39.9 2020: D+42.2 2016: D+37.8 2012: D+45.4 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.71%
• Current HPI: 238.491
• Rent YoY: —
• 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

+17.4% since first listed

8 events — show timeline

• 2026-05-22 Listed $340,000 REINMLS
• 2026-05-15 Listed $340,000 REINMLS
• 2023-07-24 Sold (Public Records) $291,500 Public Records
• 2023-07-05 Pending — REINMLS
• 2023-06-30 Contingent — REINMLS
• 2023-06-28 Relisted — REINMLS
• 2023-06-13 Contingent — REINMLS
• 2023-06-09 Listed $289,500 REINMLS

Property tax history

+11.6%/yr

Latest (2025): $3,496 · +4.1% YoY. Source: county tax records.