1307 Enon Ave

Enon, VA 23836

$289,999D

3 bd · 1.5 ba · 1,052 sqft · Built 1971 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,313/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$268
• HOA: −$0
• Vac / Maint / Mgmt: −$486
• Net cashflow: $39/mo
• Annual: $467/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.57%
• DSCR: 1.03
• 1% rule: 0.80%
• Cash to close: $81,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $290k.
• At list price, monthly cash flow is $39 ($467/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 $231k (20.2% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $231k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#293 in VA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: amenities F, commute F.
• Chesterfield County Public School District (suburban): math 52% / reading 64% proficiency, ranked #57 of 131 in VA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Enon Elementary (math 53% / reading 67%, grade B-, #533 of 1,108 statewide, top 48%, 781 students, 81% FRL); Elizabeth Davis Middle (math 41% / reading 44%, grade D-, #291 of 342 statewide, top 86%, 1,337 students, 44% FRL); Thomas Dale High (math 41% / reading 82%, grade B-, #240 of 319 statewide, top 75%, 2,556 students, 41% FRL) — zoned schools average 55% FRL vs 26% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,307 units permitted in Chesterfield County in 2024 (462 in 5+ unit buildings).
• Chesterfield County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 23y 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 $108k; list at $290k implies a 170% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 42% 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.
• Cap rate 6.5% vs local median 3.4% in Enon — 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.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.