744 Rock Crest Ct #301 · Newport News, VA 23602

$185,000

2 bd · 2.0 ba · 1,033 sqft · Condo public records · 18 Days on market

Built 1989 $179/sqft · 10% below area Est $231k · 20% under $478/mo HOA · 28% of rent

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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 +15.0/15.0
• Cash flow +5.7/30.0
• Rent growth +5.0/5.0
• 1% rule +4.2/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to low maintenance living! This unit has the best views in the neighborhood. Panoramic views of the lake. Both bedrooms have full bathrooms. One car garage next to stairwell on the main level. Condo fees cover: WATER, SEWER, TRASH, access to 2 pools, playgrounds, tennis courts, pickle ball, Exercise Rm, Clubhouse & Golf . Close to military bases. All you need to do is move in!

Key facts

• Clubhouse
• Playgrounds
• Tennis courts

Tags

• PANORAMIC VIEWS
• ACCESS TO 2 POOLS
• PLAYGROUNDS
• TENNIS COURTS
• EXERCISE RM
• CLUBHOUSE

Property features AI

Finance

• HOA & community: Homeowners association: Cascades Condominium Association; HOA fees: $360 monthly; POA fees: $118 monthly; Community amenities: clubhouse, exercise room, playgrounds, pool, tennis courts, ground maintenance, trash pickup, water, sewer

Exterior

• Parking: Attached 1-car garage (assigned/reserved); Additional 1 assigned space
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached condo; Traditional style; 2 stories (2 living levels); Unit located on level 3
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation; Built as a condo (ownership type: condo)
• Exterior features: Deck; Porch; On waterfront (lake)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Garbage disposal; Refrigerator; Pantry; Breakfast area
• Bedrooms: Master bedroom on first floor; Two bedrooms with ensuite
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Electric fireplace; Ceiling fan; Cable hookup; Garage door opener; Pull-down attic stairs; Walk-in attic; Window treatments
• Laundry & utility: Washer; Dryer; Utility room; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-375 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (35.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (7.8% below list).
• Recommended offer: $119k (35.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kiln Creek Elementary (math 32% / reading 56%, grade F, #851 of 1,108 statewide, top 77%, 618 students, 93% FRL); Homer L. Hines Middle (math 28% / reading 47%, grade F, #315 of 342 statewide, top 93%, 877 students, 85% FRL); Menchville High (math 39% / reading 79%, grade C+, #256 of 319 statewide, top 81%, 1,788 students, 87% FRL) — zoned schools average 88% FRL vs 55% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+13.2%/yr); 185 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 522 units permitted in Newport News city in 2024 (458 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 $6k of value loss. Plan a longer hold.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,716 (35.8% 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. 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 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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 3.86%
• Cash-on-cash: -8.69%
• DSCR: 0.61
• GRM: 9.0

CMA / ARV

• ARV (median comp): $231,101
• List price: $185,000
• Delta: -19.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -23.8%
• Equity multiple: 0.14×
• Total profit: $-44,568
• Equity at exit: $27,584

10-year hold

• IRR: -6.4%
• Equity multiple: 0.47×
• Total profit: $-27,362
• Equity at exit: $15,995

Cash invested: $51,800 (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 23602

• Home prices YoY: -19.2%
• Rents YoY: 13.2%
• Active inventory: 185
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,705 high
• Mortgage (P&I): −$970
• Tax from tax record: −$197 /mo · $2,362/yr
• Insurance: −$77
• HOA: −$478
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $-375

Break-even live

Break-even rent $2,180

Max offer price $118,716

Occupancy floor —

Sensitivity live

Price	-10% $-270	-5% $-323	+0% $-375	+5% $-428	+10% $-480
Rent	-10% $-510	-5% $-443	+0% $-375	+5% $-308	+10% $-241
Rate	-1.0pp $-282	-0.5pp $-328	base $-375	+0.5pp $-423	+1.0pp $-472

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 Bellows Way Unit 00 735201 Newport News, VA	2.0	2.0	1040	$1,629	$1.57	22d	1	0.16mi
702 Bellows Way Unit 00 730202 Newport News, VA	2.0	2.0	1040	$1,579	$1.52	5d	1	0.16mi
100 Continental Pkwy Newport News, VA	2.0	1.0–2.0	808	$2,401	$2.97	4d	22	0.45mi
561 Kristy Ct Newport News, VA	2.0	2.5	1310	$1,900	$1.45	45d	1	0.86mi
610 Guy Ln Newport News, VA	2.0	2.5	1470	$2,095	$1.43	9d	1	0.88mi
100 Radcliff Ln Newport News, VA	1.0–3.0	1.0–1.5	1000	$1,380	$1.38	4d	15	0.93mi
13302 Garden State Dr Newport News, VA	1.0–3.0	1.0–2.0	915	$1,475	$1.61	4d	19	1.04mi
900 Radius Way Newport News, VA	1.0–2.0	1.0–2.0	841	$2,143	$2.55	3d	22	1.06mi
3 Nichols Pl Newport News, VA	3.0	2.0	924	$1,699	$1.84	45d	1	1.08mi
408 Savage Dr Unit A Newport News, VA	3.0	2.5	1380	$1,895	$1.37	45d	1	1.16mi
222 Hogan Dr Newport News, VA	3.0	2.0	924	$1,699	$1.84	45d	1	1.17mi
168-A Heritage Way Newport News, VA	1.0–3.0	1.0–2.0	909	$1,424	$1.57	3d	12	1.17mi
500 Collinwood Pl Newport News, VA	2.0	1.5	865	$1,195	$1.38	18d	1	1.21mi
339 Windy Ridge Ln Newport News, VA	3.0	2.5	1200	$2,300	$1.92	5d	1	1.30mi
522 Knolls Dr Newport News, VA	2.0	2.0	1387	$1,925	$1.39	25d	2	1.31mi
522 Knolls Dr #308 Newport News, VA	2.0	2.0	1387	$1,950	$1.41	23d	1	1.31mi
501 Coral Key Pl Newport News, VA	1.0–3.0	1.0–2.0	1070	$1,701	$1.59	3d	18	1.38mi
13441 Warwick Blvd Newport News, VA	2.0	1.5	1000	$1,250	$1.25	25d	1	1.41mi

HOA detail condo

• Monthly dues: $478 · $5,736/yr
• Likely covers: watersewertrashlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-05-11
   listed $195,000 Active 346-char remark
2. 2026-05-11
   historical
3. 2026-05-01
   price $197,500
4. 2026-04-26
   status Active
5. 2026-04-11
   historical Active Under Contract
6. 2026-04-03
   price $199,000
7. 2026-03-11
   listed $200,000 Active
8. 2021-07-15
   status Under Contract
9. 2021-07-12
   soldstatus $166,000
10. 2021-07-09
    soldstatus $166,000
11. 2021-06-17
    historical Active Under Contract
12. 2021-06-09
    price $162,000
13. 2021-06-09
    status Active
14. 2021-06-03
    historical Active Under Contract
15. 2021-05-28
    price $165,000
16. 2021-05-28
    status Active
17. 2021-05-11
    historical Active Under Contract
18. 2021-04-20
    listed $169,000 Active
19. 2021-04-20
    listed $162,000
20. 2008-07-31
    soldstatus $168,000
21. 2006-07-31
    soldstatus $156,000
22. 2005-04-27
    soldstatus $137,500
23. 2002-12-12
    soldstatus $84,500
24. 1991-04-08
    soldstatus $70,050

ⓘ 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: $2,362 · $197/mo
• Projected year-2 tax: $2,362 · $197/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,458
• − Mortgage interest: −$10,363
• − Property taxes: −$2,362
• − Insurance: −$925
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − HOA: −$5,736
• − Depreciation: −$5,382
• Taxable loss: −$7,582
• Est. tax savings @ 24.0%: +$1,820
• After-tax cash flow: $-2,683/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: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 42,265
• Household income: $79,475
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1696.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 42% Black 34% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 6% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.28%
• Current HPI: 283.0889
• Rent YoY: ▲ 13.22%
• 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

+164.1% since first listed

27 events — show timeline

• 2026-05-29 Pending — REINMLS
• 2026-05-24 Price Changed $185,000 REINMLS
• 2026-05-19 Price Changed $190,000 REINMLS
• 2026-05-11 Listing Removed — REINMLS
• 2026-05-11 Listed $195,000 REINMLS
• 2026-05-01 Price Changed $197,500 REINMLS
• 2026-04-26 Relisted — REINMLS
• 2026-04-11 Contingent — REINMLS
• 2026-04-03 Price Changed $199,000 REINMLS
• 2026-03-11 Listed $200,000 REINMLS
• 2021-07-15 Pending — REINMLS
• 2021-07-12 Sold (Public Records) $166,000 Public Records
• 2021-07-09 Sold (MLS) $166,000 WMLS
• 2021-06-17 Contingent — REINMLS
• 2021-06-09 Price Changed $162,000 REINMLS
• 2021-06-09 Relisted — REINMLS
• 2021-06-03 Contingent — REINMLS
• 2021-05-28 Price Changed $165,000 REINMLS
• 2021-05-28 Relisted — REINMLS
• 2021-05-11 Contingent — REINMLS
• 2021-04-20 Listed $162,000 WMLS
• 2021-04-20 Listed $169,000 REINMLS
• 2008-07-31 Sold (Public Records) $168,000 Public Records
• 2006-07-31 Sold (Public Records) $156,000 Public Records
• 2005-04-27 Sold (Public Records) $137,500 Public Records
• 2002-12-12 Sold (Public Records) $84,500 Public Records
• 1991-04-08 Sold (Public Records) $70,050 Public Records

Property tax history

+2.8%/yr

Latest (2026): $2,362 · +8.3% YoY. Source: county tax records.