520 Cleveland Rd · Lebanon, VA 24266

$49,900

3 bd · 1.0 ba · 720 sqft · SingleFamily public records · 7 Days on market

Built 1950 6,098 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Schools +5.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Conveniently located in the Town of Lebanon, this charming 2-bedroom, 1-bath cottage offers easy access to schools, shopping, the town park, and local community events. Inside, you'll find approximately 648 square feet of living space featuring a comfortable living room, functional kitchen, and a laundry area with washer and dryer hookups. Whether you're searching for a cozy place to call home or an investment opportunity, this property offers the convenience of in-town living at an affordable price. All info in this listing is provided as a courtesy, is not guaranteed and is subject to errors and omissions. Buyer/buyer's agent to verify all info herein. Some info, including square footage

Key facts

• Functional kitchen
• In-town living
• 6,098 sq ft lot

Tags

• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO TOWN PARK
• COMFORTABLE LIVING ROOM
• FUNCTIONAL KITCHEN
• IN-TOWN LIVING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single family residence; One story
• Construction: Block and vinyl siding construction
• Exterior features: Shingle roof; Irregular lot; Zoned C1

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Flooring: Laminate; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Oil heating
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 19.9% vs local median 2.7% in Lebanon — 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 76/100 on livability (#115 in VA, #3,561 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Russell County Public School District (rural): math 58% / reading 73% proficiency, ranked #44 of 131 in VA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lebanon Primary (238 students, 94% FRL); Lebanon Middle (math 54% / reading 70%, grade B+, #143 of 342 statewide, top 43%, 291 students, 91% FRL); Lebanon High (math 59% / reading 77%, grade B, #180 of 319 statewide, top 57%, 606 students, 90% FRL) — zoned schools average 92% FRL vs 49% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 77 active listings in the ZIP; 35 units permitted in Russell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($345 loan paydown + $853 appreciation (1.7% local appreciation)).
• Russell County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1950 — 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 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?
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: 2.19% ✓
• Cap rate: 19.87%
• Cash-on-cash: 48.49%
• DSCR: 3.16
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.0%
• Equity multiple: 3.77×
• Total profit: $38,639
• Equity at exit: $18,904

10-year hold

• IRR: 52.9%
• Equity multiple: 7.55×
• Total profit: $91,501
• Equity at exit: $26,636

Cash invested: $13,972 (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 24266

• Home prices YoY: 0.9%
• Active inventory: 77
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,092 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$15 /mo · $185/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $565

Break-even live

Break-even rent $377

Max offer price $49,900

Occupancy floor 43%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $49,900 Active 7 DOM
2. 2026-06-18
   days on market $49,900 Active 6 DOM
3. 2026-06-17
   days on market $49,900 Active 5 DOM
4. 2026-06-16
   days on market $49,900 Active 4 DOM
5. 2026-06-15
   days on market $49,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $49,900 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: $185 · $15/mo
• Projected year-2 tax: $409 · $34/mo
• Expected delta: +$224/yr (+$19/mo · 120.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 20 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: $13,102
• − Mortgage interest: −$2,795
• − Property taxes: −$185
• − Insurance: −$250
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$1,452
• Taxable income: $6,324
• Est. tax owed @ 24.0%: −$1,518
• After-tax cash flow: $5,258/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: Russell County Public School District
• NCES district ID: 5103420
• Math proficiency: 58% ▼ -32.00%
• Reading proficiency: 73% ▼ -10.00%
• Median HH income: $34,970
• Composite: 54.14/100
• National rank: #1384
• State rank: #44 of 131 in VA

Livability — Lebanon

• Score: 76/100
• State rank: #115
• US rank: #3561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, VA
• Population (ZIP): 8,688

Population outlook (Russell County) Hauer SSP2

• Today (2025): 25,787 people
• By 2030: 24,485 · -5.0%
• By 2040: 21,750 · -15.7%
• By 2050: 19,214 · -25.5%
• By 2075: 14,500 · -43.8%
• By 2100: 10,629 · -58.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Black 2%
• Common ancestry: Serbian 2% Italian 1% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Russell

• 2024 margin: Solid R (+67.5) · D 16.1% · R 83.6%
• 2008→2024 swing: -54.8pp toward R · 2008: -12.7pp · 2024: -67.5pp
• All cycles: 2024: R+67.5 2020: R+63.5 2016: R+58.9 2012: R+37.0 2008: R+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.71%
• Current HPI: 184.8412
• 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

1 event — show timeline

• 2026-06-12 Listed $49,900 SWVAR

Property tax history

+0.5%/yr

Latest (2025): $185 · +16.7% YoY. Source: county tax records.