9 Echo Ave · Montrose, VA 23223

$200,000

3 bd · 1.5 ba · 1,848 sqft · SingleFamily public records · 9 Days on market

Built 1903 0.48 ac lot Est $362k · 45% 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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.2/10.0
• Schools +4.9/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Strong investment opportunity on a spacious . 48-acre lot in a rapidly developing area of Richmond. This 3-bedroom, 1.5-bath home offers approximately 1,848 sq ft with a solid layout and excellent potential for renovation or value-add improvements. Property features a metal roof, off-street parking, and a large yard, providing a great footprint for redesign or repositioning. Surrounded by renovated homes with significantly higher resale values, this is an ideal project for investors looking to capture strong upside. Sold strictly as-is. High-potential property with size, land, and location working in its favor—opportunities like this don’t last long. Showings are available. Sche

Key facts

• Metal roof
• Renovated homes
• Large yard

Tags

• SPACIOUS LOT
• METAL ROOF
• OFF-STREET PARKING
• LARGE YARD
• RENOVATED HOMES

Property features AI

Exterior

• Utilities: Public water; Sewer not available
• Home design: 2-story property; Actual year built (details available)
• Construction: Asbestos and frame construction; Metal roof
• Exterior features: Zoned R4

Interior

• Bathrooms: 1 full bathroom with tub (second level); 1 full bathroom with tub and shower (basement); 2 half bathrooms (one on first level, one in basement)
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Total of 6 rooms; Resale condition

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 9.3% vs local median 4.3% in Montrose — 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 (#129 in VA, #4,169 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: employment D+, schools D-, amenities F.
• Henrico County Public School District (suburban): math 49% / reading 64% proficiency, ranked #68 of 131 in VA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.4%/yr); 337 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,826 units permitted in Henrico County in 2024 (785 in 5+ unit buildings).
• At $2,230/mo this rent would consume 48% of the median local household income ($56k/yr) (locally 3530% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Henrico County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $200,000

Questions for the listing agent

1. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.12% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $362,208
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Echo Ave	0.13mi	3/2.5	1,942 (+5%)	2mo	$380,000	$196	80
2109 Glenwood Range Dr	0.59mi	3/2.5	1,823 (-1%)	4mo	$423,885	$233	62
3900 Elmswell Dr	0.46mi	4/2.5 (+1)	1,865 (+1%)	10mo	$330,000	$177	59
20 Echo Ave	0.04mi	4/2.5 (+1)	2,016 (+9%)	23mo	$355,000	$176	55
500 Battersea Ln	0.59mi	4/2.5 (+1)	1,838 (-0%)	15mo	$370,000	$201	50
501 Stone Dale Dr	0.64mi	3/2.5	1,960 (+6%)	8mo	$369,895	$189	49
517 Bressingham Dr	0.57mi	4/2.5 (+1)	2,015 (+9%)	0mo	$395,000	$196	49
625 Robcurn Dr	0.68mi	3/1.5	1,964 (+6%)	12mo	$346,900	$177	48
4306 2nd St	0.64mi	3/2.5	1,668 (-10%)	14mo	$345,000	$207	38
416 Kings Reach Rd	0.44mi	4/3.0 (+1)	2,116 (+14%)	17mo	$360,000	$170	30

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.13×
• Total profit: $7,089
• Equity at exit: $29,821

10-year hold

• IRR: 15.6%
• Equity multiple: 2.45×
• Total profit: $81,326
• Equity at exit: $17,292

Cash invested: $56,000 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,230 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$132 /mo · $1,587/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $498

Break-even live

Break-even rent $1,601

Max offer price $200,000

Occupancy floor 73%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1404 N 30th St Richmond, VA	3.0	2.5	1700	$2,195	$1.29	4d	1	1.10mi
1408 N 29th St Richmond, VA	2.0	1.0	1528	$1,150	$0.75	20d	1	1.12mi
3018 S St Richmond, VA	3.0	2.5	1786	$2,645	$1.48	43d	1	1.12mi
2914 R St Richmond, VA	2.0	1.0	1250	$1,500	$1.20	23d	1	1.23mi
2213 Capp Rd Richmond, VA	3.0	2.0	1572	$2,200	$1.40	16d	1	1.24mi
3102 P St Unit B Richmond, VA	2.0	2.5	1313	$1,995	$1.52	4d	1	1.31mi
2820 Q St Richmond, VA	3.0	2.0	1523	$2,195	$1.44	4d	1	1.33mi
1221 N 26th St Richmond, VA	3.0	2.5	1900	$2,700	$1.42	23d	1	1.34mi
1107 N 27th St Richmond, VA	3.0	3.5	1792	$2,600	$1.45	4d	1	1.37mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	4d	1	1.38mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	16d	1	1.38mi
1427 N 22nd St Richmond, VA	3.0	2.5	1764	$2,700	$1.53	43d	1	1.40mi
3903 Dominion Townes Cir Unit 1 Richmond, VA	3.0	2.5	1936	$3,100	$1.60	1d	1	1.43mi
1308 N 23rd St Richmond, VA	3.0	2.5	2052	$2,900	$1.41	16d	1	1.44mi
2209 Fairmount Ave Richmond, VA	3.0	2.0	1652	$2,500	$1.51	43d	1	1.48mi
1614 N 19th St Richmond, VA	4.0	2.0	1584	$2,395	$1.51	4d	1	1.49mi
901 N 27th St Apt 1 Richmond, VA	4.0	1.0	1240	$2,000	$1.61	16d	1	1.50mi

Listing history 8 events

1. 2026-06-17
   status $200,000 Pending 9 DOM
2. 2026-06-17
   days on market $200,000 Active 9 DOM
3. 2026-06-16
   days on market $200,000 Active 8 DOM
4. 2026-06-15
   days on market $200,000 Active 7 DOM
5. 2026-06-13
   remarks 687-char remark
6. 2026-06-13
   days on market $200,000 Active 5 DOM
7. 2026-06-09
   remarks 658-char remark
8. 2026-06-09
   listed $200,000 Active 1 DOM

ⓘ 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: $1,587 · $132/mo
• Projected year-2 tax: $1,640 · $137/mo
• Expected delta: +$53/yr (+$4/mo · 3.3%)

ⓘ 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 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,765
• − Mortgage interest: −$11,203
• − Property taxes: −$1,587
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,141
• − Management: −$2,141
• − Depreciation: −$5,818
• Taxable income: $2,874
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $5,282/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: Henrico County Public School District
• NCES district ID: 5101890
• Math proficiency: 49% ▼ -32.00%
• Reading proficiency: 64% ▼ -12.00%
• Median HH income: $61,854
• Composite: 49.25/100
• National rank: #2031
• State rank: #68 of 131 in VA

Livability — Montrose

• Score: 75/100
• State rank: #129
• US rank: #4169

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Henrico County · 334,490 people
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

Population outlook (Henrico County) Hauer SSP2

• Today (2025): 365,885 people
• By 2030: 384,255 · +5.0%
• By 2040: 416,688 · +13.9%
• By 2050: 442,376 · +20.9%
• By 2075: 488,037 · +33.4%
• By 2100: 487,430 · +33.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Henrico

• 2024 margin: Strong D (+28.9) · D 63.7% · R 34.8% · Other 1.5%
• 2008→2024 swing: +16.6pp toward D · 2008: 12.2pp · 2024: 28.9pp
• All cycles: 2024: D+28.9 2020: D+29.0 2016: D+21.0 2012: D+11.7 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• Metro: Richmond, VA
• 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

+479.7% since first listed

12 events — show timeline

• 2026-06-08 Listed $200,000 CVRMLS
• 2023-09-11 Sold (Public Records) $175,500 Public Records
• 2023-09-11 Sold (MLS) $175,500 CVRMLS
• 2023-09-11 Sold (MLS) $175,500 CVRMLS
• 2023-06-12 Listing Removed — CVRMLS
• 2023-05-31 Listed $180,000 CVRMLS
• 2005-06-30 Sold (Public Records) $131,000 Public Records
• 2005-06-30 Sold (MLS) $131,000 CVRMLS
• 2005-06-30 Sold (MLS) $131,000 CVRMLS
• 2005-06-06 Listed $129,950 CVRMLS
• 2005-06-06 Listed $129,950 CVRMLS
• 1995-10-01 Sold (Public Records) $34,500 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,587 · +3.8% YoY. Source: county tax records.