4535 Greyedge Dr · Virginia Beach, VA 23462

$205,000

3 bd · 2.5 ba · 1,440 sqft · Townhouse public records

Built 1984 Est $295k · 31% under $30/mo HOA · 1% of rent

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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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• Schools +6.4/10.0
• 1% rule +6.1/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

For Sale by Owner

Key facts

• $30 HOA
• 2 parking spots
• Built 1984

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $205k.

Deal economics

• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Cap rate 8.7% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Point O' View Elementary (math 44% / reading 58%, grade C-, #733 of 1,108 statewide, top 66%, 725 students, 75% FRL); Kempsville High (math 73% / reading 78%, grade A-, #105 of 319 statewide, top 33%, 2,006 students, 42% FRL) — zoned schools average 59% FRL vs 28% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 220 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 39% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $57k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 94% 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 $205,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.11% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $295,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4535 Greyedge Dr	0.00mi	3/2.5	1,440 (0%)	0mo	$205,000	$142	100
4501 Greyedge Dr	0.03mi	3/2.5	1,460 (+1%)	1mo	$330,000	$226	95
4606 Stonebridge Ln	0.21mi	3/2.5	1,386 (-4%)	2mo	$320,000	$231	83
4805 Haymarket Dr	0.50mi	3/2.5	1,416 (-2%)	0mo	$327,000	$231	74
307 Gambrill Ct	0.23mi	3/2.0	1,239 (-14%)	1mo	$290,000	$234	63
307 Paxford Dr	0.37mi	3/2.5	1,614 (+12%)	0mo	$289,900	$180	62
261 Weller Blvd	0.35mi	3/2.5	1,614 (+12%)	2mo	$310,000	$192	62
4798 Open Greens Dr	0.22mi	2/2.0 (-1)	1,607 (+12%)	2mo	$393,000	$245	62
4843 Woods Edge Rd	0.40mi	3/2.5	1,600 (+11%)	2mo	$265,000	$166	61
237 Breccia Ln	0.34mi	3/2.5	1,650 (+15%)	2mo	$338,000	$205	58
5003 Dunderdale Ct	0.66mi	3/2.5	1,572 (+9%)	2mo	$315,000	$200	53
5002 Glen Canyon Dr	0.52mi	2/2.5 (-1)	1,628 (+13%)	2mo	$293,000	$180	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 · 5.61% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,238
• Equity at exit: $30,566

10-year hold

• IRR: 11.6%
• Equity multiple: 2.02×
• Total profit: $58,729
• Equity at exit: $17,725

Cash invested: $57,400 (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 23462

• Rents YoY: 5.6%
• Active inventory: 220
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$195 /mo · $2,341/yr
• Insurance: −$85
• HOA: −$30
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $406

Break-even live

Break-even rent $1,754

Max offer price $205,000

Occupancy floor 77%

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
412 Kenley Rd Virginia Beach, VA	3.0	3.0	1424	$2,400	$1.69	12d	1	0.03mi
535 Mulligan Dr Virginia Beach, VA	2.0	2.5	1409	$2,195	$1.56	15d	1	0.27mi
4801 Afton Ct Virginia Beach, VA	3.0	2.0	1240	$2,000	$1.61	17d	1	0.29mi
4800 Deming Ct Virginia Beach, VA	3.0	2.0	1239	$2,200	$1.78	21d	1	0.30mi
4805 Carnelian Way Virginia Beach, VA	2.0	2.5	1749	$2,395	$1.37	24d	1	0.31mi
226 Larimar Ave Unit 47C Virginia Beach, VA	2.0	2.5	1480	$2,395	$1.62	8d	1	0.31mi
4968 Limestone Ave Unit 1 Virginia Beach, VA	4.0	3.5	1815	$3,000	$1.65	24d	1	0.31mi
4822 Oldwick Ct Virginia Beach, VA	4.0	2.5	1692	$2,295	$1.36	24d	1	0.33mi
4828 Oldwick Ct Virginia Beach, VA	3.0	2.5	1668	$2,425	$1.45	17d	1	0.34mi
4884 Travertine Ave Unit 00 216304M Virginia Beach, VA	3.0	2.0	1254	$2,250	$1.79	17d	1	0.37mi
4884 Travertine Ave Unit 00 208203O Virginia Beach, VA	3.0	2.0	1254	$2,100	$1.67	24d	1	0.37mi
4905 Windbrooke Ct Virginia Beach, VA	3.0	2.5	1600	$2,000	$1.25	15d	1	0.46mi
4863 Woods Edge Rd Virginia Beach, VA	3.0	2.0	1239	$2,100	$1.69	4d	1	0.46mi
202 Stonehall Ct Virginia Beach, VA	3.0	2.5	1614	$2,200	$1.36	4d	1	0.49mi
202 Stonehall Ct Virginia Beach, VA	3.0	2.5	1614	$2,200	$1.36	17d	1	0.49mi
317 Elderwood Ct Virginia Beach, VA	3.0	2.5	1668	$2,000	$1.20	24d	1	0.53mi
5031 Clairmont Ct Virginia Beach, VA	3.0	2.5	1572	$2,000	$1.27	24d	1	0.76mi
307 Ferdinand Cir Virginia Beach, VA	2.0	2.5	1254	$1,775	$1.42	24d	1	0.96mi
315 Ferdinand Cir Virginia Beach, VA	2.0	2.5	1254	$1,950	$1.56	24d	1	0.97mi
4556 Columbus St Virginia Beach, VA	2.0	1.0–2.0	763	$2,626	$3.44	3d	14	1.12mi
111 Castilian Dr Virginia Beach, VA	2.0	2.5	1254	$1,900	$1.52	12d	1	1.20mi
111 Castilian Dr Virginia Beach, VA	2.0	2.5	1254	$1,900	$1.52	8d	1	1.20mi
1409 Northface Ct Virginia Beach, VA	2.0	1.5	1178	$1,750	$1.49	8d	1	1.26mi
820 Timberlake Dr Virginia Beach, VA	3.0	2.0	1812	$2,495	$1.38	15d	1	1.28mi
337 Dorset Ave Virginia Beach, VA	3.0	1.0	1180	$1,700	$1.44	8d	1	1.31mi
4226 Beasley Ct Virginia Beach, VA	2.0	1.5	884	$1,595	$1.80	15d	1	1.32mi
4226 Beasley Ct Virginia Beach, VA	2.0	1.5	884	$1,595	$1.80	24d	1	1.32mi
5313 Sir Barton Dr Virginia Beach, VA	3.0	2.0	1556	$2,750	$1.77	24d	1	1.35mi
4133 Shoreline Cir Virginia Beach, VA	1.0–2.0	1.0–2.0	964	$2,000	$2.07	11d	1	1.35mi
611 Oleander Cir Virginia Beach, VA	2.0	2.0	1250	$1,900	$1.52	15d	1	1.35mi
1500 Chase Arbor Cmn Virginia Beach, VA	1.0–2.0	1.0–2.0	895	$2,178	$2.43	2d	24	1.37mi
113 S Parliament Dr Virginia Beach, VA	3.0	2.0	1770	$2,600	$1.47	24d	1	1.39mi
205 Silverbrook Ln Unit 00 405204 Virginia Beach, VA	2.0	2.0	995	$1,800	$1.81	20d	1	1.43mi
5363 Leicester Ct Unit 1 Virginia Beach, VA	3.0	1.5	1330	$2,000	$1.50	24d	1	1.43mi
658 Oleander Cir Virginia Beach, VA	2.0	2.5	1254	$2,050	$1.63	24d	1	1.47mi
5382 Leicester Ct Virginia Beach, VA	3.0	1.5	1320	$1,900	$1.44	24d	1	1.48mi
4657 Shallowford Cir Virginia Beach, VA	2.0	2.5	1240	$1,895	$1.53	21d	1	1.48mi
205 Silverbrook Ln Virginia Beach, VA	2.0	2.0	995	$1,750	$1.76	17d	1	1.48mi

HOA detail

• Monthly dues: $30 · $360/yr

Listing history 2 events

1. 2026-06-17
   remarks 17-char remark
2. 2026-06-17
   listed $205,000 Under Contract

ⓘ 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: $2,341 · $195/mo
• Projected year-2 tax: $2,341 · $195/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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,212
• − Mortgage interest: −$11,483
• − Property taxes: −$2,341
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − HOA: −$360
• − Depreciation: −$5,964
• Taxable income: $1,686
• Est. tax owed @ 24.0%: −$405
• After-tax cash flow: $4,467/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 66,151
• Household income: $69,040
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 3906.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Italian 1% Slovak 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -269.19%
• Current HPI: 333.1908
• Rent YoY: ▲ 5.61%
• 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

2 events — show timeline

• 2026-06-17 Listing Removed — REINMLS
• 2026-06-17 Listed $205,000 REINMLS

Property tax history

+3.6%/yr

Latest (2025): $2,341 · +5.8% YoY. Source: county tax records.