2709 Cedar Rd · Chesapeake, VA 23323

$367,000

3 bd · 2.0 ba · 1,458 sqft · SingleFamily public records · 52 Days on market

Built 1965 0.27 ac lot Est $360k · at est.

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Why this score? — see what drove the F 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 +8.2/30.0
• ARV discount +6.6/15.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Located in the highly sought after Deep Creek Grassfield area, this beautiful brick home offers the perfect combination of space, location, and potential. From the moment you walk in, you are greeted with stunning natural light pouring through oversized front windows, creating a warm and inviting feel throughout. This home gives you the space you have been looking for, inside and out. Step outside to a massive back deck overlooking a huge backyard, great for entertaining, relaxing, or letting kids and dogs run around. Whether you are looking for room to grow or a place to make your own, this home is a true blank canvas ready for your vision. Opportunities like this in Deep Creek Grassfield

Key facts

• Huge backyard
• Massive back deck
• 0.27 acre lot

Tags

• MASSIVE BACK DECK
• HUGE BACKYARD

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached ranch; Single-story; Crawl foundation
• Construction: Brick siding; Asphalt shingle roof
• Exterior features: Deck; Back yard fully fenced with privacy fencing; Barn; Porch; Workshop

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: First-floor master bedroom; Master bedroom with bath; Converted garage (additional sleeping/room space); Total rooms: 6 (includes office/study, porch, workshop, attic)
• Flooring: Ceramic flooring; Wood flooring
• Bathrooms: 2 full bathrooms; Full bathroom on first floor
• Heating & cooling: Geothermal heating; Central air conditioning
• Interior features: Ceiling fan; Jetted tub
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $367k.

Deal economics

• At list price, monthly cash flow is $-346 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (30.4% below list).
• Recommended offer: $255k (30.4% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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: Deep Creek Elementary (math 66% / reading 72%, grade A-, #351 of 1,108 statewide, top 32%, 763 students, 45% FRL); Grassfield High (math 77% / reading 92%, grade A, #23 of 319 statewide, top 8%, 2,314 students, 15% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 177 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($356k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $308k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $255,285 (30.4% 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. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.70% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.04%
• DSCR: 0.82
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $360,126
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2709 Cedar Rd	0.00mi	4/2.0 (+1)	1,458 (0%)	0mo	$360,000	$247	95
208 Terwillinger Rd	0.40mi	3/2.0	1,424 (-2%)	0mo	$405,000	$284	77
2761 Cedar Rd	0.16mi	3/2.0	1,590 (+9%)	3mo	$367,000	$231	75
2613 Cedar Rd	0.33mi	4/2.0 (+1)	1,395 (-4%)	11mo	$370,000	$265	63
324 Mobile Dr	0.23mi	3/2.0	1,675 (+15%)	2mo	$436,550	$261	62
315 Diamond Ave	0.60mi	4/3.0 (+1)	1,428 (-2%)	7mo	$352,000	$246	54
214 Douglas Ave	0.53mi	3/2.5	1,628 (+12%)	4mo	$363,000	$223	51
2465 Broadnax Cir	0.57mi	4/2.0 (+1)	1,376 (-6%)	10mo	$405,000	$294	51
2405 Broadnax Cir	0.55mi	4/2.0 (+1)	1,557 (+7%)	10mo	$390,000	$250	50
219 Gale Ave	0.62mi	3/2.0	1,330 (-9%)	10mo	$285,000	$214	48
2421 Locks Lndg	0.36mi	4/2.0 (+1)	1,661 (+14%)	9mo	$400,000	$241	47
185 George Washington Hwy S	0.58mi	4/1.0 (+1)	1,587 (+9%)	2mo	$281,000	$177	47

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 · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.29×
• Total profit: $-73,283
• Equity at exit: $54,721

10-year hold

• IRR: -7.7%
• Equity multiple: 0.45×
• Total profit: $-56,180
• Equity at exit: $31,731

Cash invested: $102,760 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 177
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,553 high
• Mortgage (P&I): −$1,925
• Tax from tax record: −$285 /mo · $3,423/yr
• Insurance: −$153
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $-346

Break-even live

Break-even rent $2,991

Max offer price $305,879

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: $91,750
• Closing costs: $11,010
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Diamond Ave Unit B Chesapeake, VA	2.0	1.0	900	$1,350	$1.50	24d	1	0.50mi
2400 Broadnax Cir Chesapeake, VA	4.0	2.0	1800	$2,575	$1.43	21d	1	0.55mi
2164 Shipyard Rd Chesapeake, VA	4.0	2.0	1459	$2,750	$1.88	7d	1	0.70mi
2270 Grace St Chesapeake, VA	3.0	2.0	1384	$2,400	$1.73	24d	1	0.72mi
3000 Conservancy Dr Chesapeake, VA	1.0–2.0	1.0–2.0	939	$2,335	$2.49	15d	6	1.01mi
3410 Filly Run Chesapeake, VA	4.0	2.0	1868	$2,600	$1.39	24d	1	1.14mi
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1830	$2,700	$1.48	15d	1	1.19mi
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1831	$2,700	$1.47	24d	1	1.19mi

Listing history 18 events

1. 2026-06-01
   statusdays on market $367,000 Under Contract 52 DOM
2. 2026-05-31
   days on market $367,000 Active Under Contract 51 DOM
3. 2026-05-14
   historical Active Under Contract
4. 2026-05-11
   status Active
5. 2026-04-26
   historical Active Under Contract
6. 2026-04-10
   listed $367,000 Active
7. 2023-02-13
   soldstatus $308,000
8. 2023-01-13
   status Under Contract
9. 2023-01-11
   historical Active Under Contract
10. 2023-01-06
    price $315,000
11. 2022-12-12
    listed $319,900 Active
12. 2021-01-11
    soldstatus $260,000
13. 2020-12-17
    status Under Contract
14. 2020-12-07
    price $260,000
15. 2020-12-07
    historical Active Under Contract
16. 2020-12-03
    listed $249,900 Active
17. 1991-03-05
    soldstatus $71,900
18. 1989-04-06
    soldstatus $60,000

ⓘ 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: $3,423 · $285/mo
• Projected year-2 tax: $3,423 · $285/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,634
• − Mortgage interest: −$20,558
• − Property taxes: −$3,423
• − Insurance: −$1,835
• − Repairs & maintenance: −$2,451
• − Management: −$2,451
• − Depreciation: −$10,676
• Taxable loss: −$10,759
• Est. tax savings @ 24.0%: +$2,582
• After-tax cash flow: $-1,570/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): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

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 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 1% Other Indo-European 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: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

+511.7% since first listed

16 events — show timeline

• 2026-05-14 Contingent — REINMLS
• 2026-05-11 Relisted — REINMLS
• 2026-04-26 Contingent — REINMLS
• 2026-04-10 Listed $367,000 REINMLS
• 2023-02-13 Sold (Public Records) $308,000 Public Records
• 2023-01-13 Pending — REINMLS
• 2023-01-11 Contingent — REINMLS
• 2023-01-06 Price Changed $315,000 REINMLS
• 2022-12-12 Listed $319,900 REINMLS
• 2021-01-11 Sold (Public Records) $260,000 Public Records
• 2020-12-17 Pending — REINMLS
• 2020-12-07 Price Changed $260,000 REINMLS
• 2020-12-07 Contingent — REINMLS
• 2020-12-03 Listed $249,900 REINMLS
• 1991-03-05 Sold (Public Records) $71,900 Public Records
• 1989-04-06 Sold (Public Records) $60,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $3,423 · +4.2% YoY. Source: county tax records.