424 Magazine St · Pulaski, VA 24301

$144,850

3 bd · 2.0 ba · 2,268 sqft · SingleFamily · 156 Days on market

Built 1930 6,969 sqft lot $64/sqft · 22% below area Est $186k · 22% under

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Why this score? — see what drove the C+ 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• Schools +4.6/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 2-bath home on a quiet street with views of the town. The upper level offers ample room for flexible living space, whether you need additional bedrooms, a home office, or a cozy family lounge. The basement provides plenty of storage and presents promising potential for finishing to add extra living area. A large backyard with alley access opens up outdoor entertaining, gardening, and extra parking. Rounding out the value is a durable metal roof that offers long-lasting protection with low maintenance.

Key facts

• Alley access
• Durable metal roof
• Plenty of storage

Tags

• PLENTY OF STORAGE
• LARGE BACKYARD
• ALLEY ACCESS
• OUTDOOR ENTERTAINING
• DURABLE METAL ROOF
• LOW MAINTENANCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/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 $134k (7.1% below list).
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 5.5% in Pulaski — 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 67/100 on livability (#297 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Pulaski County Public School District (rural): math 48% / reading 61% proficiency, ranked #86 of 131 in VA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 114 active listings in the ZIP; 39 units permitted in Pulaski County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Pulaski County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $145k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,468 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. 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. 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: 0.93% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 9.0

CMA / ARV

• ARV (median comp): $186,039
• List price: $144,850
• Delta: -22.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 Randolph Ave	0.27mi	4/3.0 (+1)	2,456 (+8%)	6mo	$239,900	$98	60
750 Prospect Ave	0.61mi	3/2.0	2,368 (+4%)	9mo	$230,000	$97	57
20 7th St NW	0.51mi	3/3.0	2,053 (-10%)	4mo	$289,000	$141	53
312 Longview Ct	0.35mi	3/1.0	2,138 (-6%)	21mo	$200,000	$94	53
102 12th St NW	0.69mi	4/2.0 (+1)	2,131 (-6%)	0mo	$285,000	$134	52
324 Longview Ct	0.31mi	4/2.0 (+1)	2,000 (-12%)	13mo	$170,000	$85	50
129 Cliff St	0.47mi	3/2.0	1,928 (-15%)	6mo	$200,000	$104	49
1407 Randolph Ave	0.75mi	3/2.0	2,064 (-9%)	3mo	$380,000	$184	48
38 6th St	0.61mi	4/2.0 (+1)	2,502 (+10%)	2mo	$309,000	$124	48
1219 Prospect Ave	0.72mi	4/2.0 (+1)	1,997 (-12%)	2mo	$239,900	$120	40
336 2nd St SW	0.53mi	4/1.5 (+1)	2,082 (-8%)	19mo	$228,000	$110	39
120 Oakland Dr	0.67mi	3/2.0	1,964 (-13%)	9mo	$225,000	$115	39

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: -6.8%
• Equity multiple: 0.75×
• Total profit: $-10,188
• Equity at exit: $21,598

10-year hold

• IRR: 2.8%
• Equity multiple: 1.20×
• Total profit: $8,038
• Equity at exit: $12,524

Cash invested: $40,558 (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 24301

• Active inventory: 114
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,345 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$33 /mo · $394/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $210

Break-even live

Break-even rent $1,080

Max offer price $144,850

Occupancy floor 79%

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: $36,212
• Closing costs: $4,346
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $144,850 Active 156 DOM
2. 2026-06-18
   days on market $144,850 Active 155 DOM
3. 2026-06-17
   days on market $144,850 Active 154 DOM
4. 2026-06-16
   days on market $144,850 Active 153 DOM
5. 2026-06-15
   price $144,850 Active 152 DOM
6. 2026-06-15
   days on market $144,900 Active 152 DOM
7. 2026-06-14
   days on market $144,900 Active 150 DOM
8. 2026-06-13
   days on market $144,900 Active 149 DOM
9. 2026-06-10
   days on market $144,900 Active 147 DOM
10. 2026-06-09
    days on market $144,900 Active 146 DOM
11. 2026-06-08
    days on market $144,900 Active 145 DOM
12. 2026-06-07
    days on market $144,900 Active 144 DOM
13. 2026-06-05
    days on market $144,900 Active 141 DOM
14. 2026-06-02
    days on market $144,900 Active 139 DOM
15. 2026-06-01
    days on market $144,900 Active 138 DOM
16. 2026-05-31
    days on market $144,900 Active 137 DOM
17. 2026-05-30
    days on market $144,900 Active 136 DOM
18. 2026-03-10
    price $144,900 526-char remark

    Show marketing remark (526 chars)

    Charming 3-bedroom, 2-bath home on a quiet street with views of the town. The upper level offers ample room for flexible living space, whether you need additional bedrooms, a home office, or a cozy family lounge. The basement provides plenty of storage and presents promising potential for finishing to add extra living area. A large backyard with alley access opens up outdoor entertaining, gardening, and extra parking. Rounding out the value is a durable metal roof that offers long-lasting protection with low maintenance.

19. 2026-02-27
    price $149,000 526-char remark

    Show marketing remark (526 chars)

    Charming 3-bedroom, 2-bath home on a quiet street with views of the town. The upper level offers ample room for flexible living space, whether you need additional bedrooms, a home office, or a cozy family lounge. The basement provides plenty of storage and presents promising potential for finishing to add extra living area. A large backyard with alley access opens up outdoor entertaining, gardening, and extra parking. Rounding out the value is a durable metal roof that offers long-lasting protection with low maintenance.

20. 2026-01-14
    listed $155,000 Active 526-char remark

    Show marketing remark (526 chars)

    Charming 3-bedroom, 2-bath home on a quiet street with views of the town. The upper level offers ample room for flexible living space, whether you need additional bedrooms, a home office, or a cozy family lounge. The basement provides plenty of storage and presents promising potential for finishing to add extra living area. A large backyard with alley access opens up outdoor entertaining, gardening, and extra parking. Rounding out the value is a durable metal roof that offers long-lasting protection with low maintenance.

21. 2025-08-26
    status Pending
22. 2025-08-22
    listed $140,000 Active
23. 2022-11-28
    soldstatus $85,000
24. 2022-11-25
    soldstatus $85,000 Closed
25. 2022-10-05
    status Pending
26. 2022-09-18
    price $79,900
27. 2022-09-09
    price $82,900
28. 2022-08-27
    price $84,900
29. 2022-07-20
    price $89,000
30. 2022-07-15
    status Active
31. 2022-07-14
    status Pending
32. 2022-06-29
    listed $99,900 Active
33. 2021-12-07
    soldstatus $20,000
34. 2021-07-08
    soldstatus $14,000
35. 2013-05-20
    soldstatus $50,000
36. 2004-04-29
    soldstatus $27,000

ⓘ 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: $394 · $33/mo
• Projected year-2 tax: $1,188 · $99/mo
• Expected delta: +$793/yr (+$66/mo · 201.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 23 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: $16,140
• − Mortgage interest: −$8,114
• − Property taxes: −$394
• − Insurance: −$724
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$4,214
• Taxable income: $111
• Est. tax owed @ 24.0%: −$27
• After-tax cash flow: $2,490/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: Pulaski County Public School District
• NCES district ID: 5103150
• Math proficiency: 48% ▼ -31.00%
• Reading proficiency: 61% ▼ -13.00%
• Median HH income: $44,912
• Composite: 45.98/100
• National rank: #2537
• State rank: #86 of 131 in VA

Livability — Pulaski

• Score: 67/100
• State rank: #297
• US rank: #10639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pulaski, VA
• Population (ZIP): 13,370

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 32,949 people
• By 2030: 31,812 · -3.5%
• By 2040: 29,224 · -11.3%
• By 2050: 26,691 · -19.0%
• By 2075: 21,312 · -35.3%
• By 2100: 15,697 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Serbian 2% Italian 2% Iranian 1%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+44.7) · D 27.3% · R 72.0%
• 2008→2024 swing: -25.1pp toward R · 2008: -19.5pp · 2024: -44.7pp
• All cycles: 2024: R+44.7 2020: R+41.5 2016: R+40.7 2012: R+24.8 2008: R+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.98%
• Current HPI: 144.6556
• 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

+436.7% since first listed

19 events — show timeline

• 2026-03-10 Price Changed $144,900 MLSRV
• 2026-02-27 Price Changed $149,000 MLSRV
• 2026-01-14 Listed $155,000 MLSRV
• 2025-08-26 Pending — NRVMLS
• 2025-08-22 Listed $140,000 NRVMLS
• 2022-11-28 Sold (Public Records) $85,000 Public Records
• 2022-11-25 Sold (MLS) $85,000 NRVMLS
• 2022-10-05 Pending — NRVMLS
• 2022-09-18 Price Changed $79,900 NRVMLS
• 2022-09-09 Price Changed $82,900 NRVMLS
• 2022-08-27 Price Changed $84,900 NRVMLS
• 2022-07-20 Price Changed $89,000 NRVMLS
• 2022-07-15 Relisted — NRVMLS
• 2022-07-14 Pending — NRVMLS
• 2022-06-29 Listed $99,900 NRVMLS
• 2021-12-07 Sold (Public Records) $20,000 Public Records
• 2021-07-08 Sold (Public Records) $14,000 Public Records
• 2013-05-20 Sold (Public Records) $50,000 Public Records
• 2004-04-29 Sold (Public Records) $27,000 Public Records

Property tax history

+0.3%/yr

Latest (2026): $394 · +0.0% YoY. Source: county tax records.