3404 S St · Richmond, VA 23223

$220,000

2 bd · 1.0 ba · 1,096 sqft · SingleFamily public records · 51 Days on market

Built 1910 1,873 sqft lot $201/sqft · 22% below area Est $283k · 22% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.0/30.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-Story home in the Church Hill area near new construction and renovated properties. Ready to move-in condition for home owner or rental property. Interior features living room, dining room, kitchen with appliances 2-bedroom, 1 bath, wood floors and heat pump. Exterior has full front porch, siding and fenced rear yard with storage shed. Located near bus line and only minutes away from downtown Richmond, Schools, Stores, Places of worship, Parks, Businesses, Colleges and Universities.

Key facts

• Full front porch
• Heat pump
• Storage shed

Tags

• FULL FRONT PORCH
• FENCED REAR YARD
• STORAGE SHED
• NEW APPLIANCES
• HEAT PUMP
• MINUTES AWAY FROM DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (28.2% below list).
• Recommended offer: $158k (28.2% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.2% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Chimborazo Elementary (math 50% / reading 44%, grade D-, #794 of 1,108 statewide, top 74%, 385 students, 98% FRL); Martin Luther King Jr. Middle (math 4% / reading 7%, grade F, #342 of 342 statewide, top 100%, 501 students, 96% FRL); Armstrong High (math 12% / reading 54%, grade F, #316 of 319 statewide, top 99%, 747 students, 90% FRL) — zoned schools average 95% FRL vs 74% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.4%/yr); 343 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 34% of the median local income ($56k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $12k; list at $220k implies a 1733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $157,952 (28.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.62%
• DSCR: 0.88
• GRM: 11.6

CMA / ARV

• ARV (median comp): $283,232
• List price: $220,000
• Delta: -22.33%
• 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
3404 S St	0.00mi	2/1.0	1,096 (0%)	0mo	$215,000	$196	100
1513 N 30th St	0.32mi	3/1.0 (+1)	1,080 (-2%)	7mo	$275,000	$255	72
1314 N 34th St	0.04mi	3/2.0 (+1)	1,183 (+8%)	6mo	$307,000	$260	71
814 N 38th St	0.38mi	3/2.0 (+1)	1,064 (-3%)	2mo	$308,000	$289	67
1015 N 26th St	0.55mi	2/2.5	1,080 (-2%)	3mo	$325,000	$301	64
1306 N 35th St	0.22mi	3/1.0 (+1)	986 (-10%)	6mo	$265,000	$269	64
1829 N 29th St	0.55mi	2/1.0	1,167 (+6%)	0mo	$126,000	$108	63
805 N 37th St	0.40mi	3/1.0 (+1)	1,164 (+6%)	3mo	$320,000	$275	63
3212 Q St	0.19mi	3/1.5 (+1)	1,248 (+14%)	1mo	$355,000	$284	60
2716 E Clay	0.72mi	3/2.0 (+1)	1,129 (+3%)	6mo	$380,000	$337	48
1905 N 28th St	0.65mi	3/2.0 (+1)	1,008 (-8%)	0mo	$260,000	$258	47
1804 N 25th St	0.72mi	3/2.0 (+1)	988 (-10%)	2mo	$298,000	$302	40

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: -17.3%
• Equity multiple: 0.37×
• Total profit: $-38,726
• Equity at exit: $32,803

10-year hold

• IRR: -4.5%
• Equity multiple: 0.67×
• Total profit: $-20,574
• Equity at exit: $19,022

Cash invested: $61,600 (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: 343
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,580 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$137 /mo · $1,644/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-135

Break-even live

Break-even rent $1,750

Max offer price $196,231

Occupancy floor —

Sensitivity live

Price	-10% $-10	-5% $-72	+0% $-135	+5% $-197	+10% $-259
Rent	-10% $-259	-5% $-197	+0% $-135	+5% $-72	+10% $-10
Rate	-1.0pp $-24	-0.5pp $-79	base $-135	+0.5pp $-192	+1.0pp $-250

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3102 P St Unit B Richmond, VA	2.0	2.5	1313	$1,995	$1.52	6d	1	0.29mi
2914 R St Richmond, VA	2.0	1.0	1250	$1,500	$1.20	25d	1	0.31mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	19d	1	0.34mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	6d	1	0.34mi
3508 E Richmond Rd Richmond, VA	2.0	1.0	801	$1,336	$1.67	6d	7	0.40mi
3528 E Richmond Rd Unit 21 Richmond, VA	2.0	1.0	780	$1,195	$1.53	13d	1	0.41mi
1603 N 29th St Richmond, VA	3.0	1.0	950	$1,600	$1.68	6d	1	0.43mi
3516 E Richmond Rd Unit 10 Richmond, VA	2.0	1.0	760	$1,250	$1.64	45d	1	0.46mi
2906 Nine Mile Rd Richmond, VA	2.0	1.0	885	$1,845	$2.08	25d	1	0.46mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	6d	1	0.48mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	45d	1	0.54mi
2514 Q St Richmond, VA	1.0	1.0	1000	$1,175	$1.18	45d	1	0.58mi
3508 E Clay St Unit A Richmond, VA	2.0	2.0	1188	$1,899	$1.60	16d	1	0.58mi
507 N 32nd St Unit A Richmond, VA	2.0	1.0	1200	$1,995	$1.66	25d	1	0.59mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	6d	1	0.61mi
803 N 26th St Unit A Richmond, VA	2.0	2.0	1188	$1,849	$1.56	45d	1	0.63mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	23d	1	0.63mi
3503 E Marshall St Unit 2 Richmond, VA	2.0	1.0	1100	$1,400	$1.27	13d	1	0.69mi
2416 Jefferson Ave Unit 212 Long-Term Marketing Richmond, VA	1.0	1.0	727	$2,199	$3.02	45d	1	0.77mi
2200 Carrington St Unit 300 Richmond, VA	2.0	2.0	880	$1,435	$1.63	45d	1	0.80mi
2200 Carrington St Unit 301 Richmond, VA	2.0	2.0	890	$1,435	$1.61	18d	1	0.80mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	45d	1	0.85mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	16d	1	0.85mi
1400 Jennie Scher Rd Richmond, VA	2.0–3.0	1.0	900	$1,277	$1.42	45d	2	0.86mi
1108 N 21st St Unit B Richmond, VA	2.0	2.0	1000	$1,799	$1.80	4d	1	0.87mi
1004 1/2 N 21st St Unit A Richmond, VA	3.0	2.0	1248	$2,195	$1.76	19d	1	0.88mi
1617 N 21st St Richmond, VA	3.0	1.0	1157	$1,825	$1.58	6d	1	0.88mi
2706 Selden St Richmond, VA	3.0	1.0	862	$1,895	$2.20	45d	1	0.88mi
927 N 20th St Unit D Richmond, VA	1.0	1.0	725	$1,050	$1.45	45d	1	0.92mi
1204 N 20th St Apt 2 Richmond, VA	1.0	1.0	800	$887	$1.11	45d	1	0.92mi
1204 N 20th St Apt 1 Richmond, VA	1.0	1.0	800	$887	$1.11	25d	1	0.92mi
923 N 20th St Unit D Richmond, VA	1.0	1.0	850	$950	$1.12	6d	1	0.93mi
3005 E Franklin St Apt 106 Richmond, VA	2.0	2.0	900	$1,850	$2.06	13d	1	0.95mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	45d	1	0.95mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	25d	1	0.95mi
517 N 21st St Unit 517B Richmond, VA	2.0	1.0	1447	$1,884	$1.30	19d	1	0.98mi
2515 E Grace St Unit C Richmond, VA	2.0	2.0	800	$2,100	$2.62	6d	1	1.00mi
2021 Fairfield Ave Richmond, VA	2.0	1.0	785	$1,195	$1.52	16d	1	1.00mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	45d	1	1.03mi
2106 Newbourne St Richmond, VA	3.0	2.0	1172	$1,875	$1.60	45d	1	1.04mi

Listing history 4 events

1. 2026-05-14
   status Pending 488-char remark

   Show marketing remark (488 chars)

   2-Story home in the Church Hill area near new construction and renovated properties. Ready to move-in condition for home owner or rental property. Interior features living room, dining room, kitchen with appliances 2-bedroom, 1 bath, wood floors and heat pump. Exterior has full front porch, siding and fenced rear yard with storage shed. Located near bus line and only minutes away from downtown Richmond, Schools, Stores, Places of worship, Parks, Businesses, Colleges and Universities.

2. 2026-05-02
   price $220,000 488-char remark

   Show marketing remark (488 chars)

   2-Story home in the Church Hill area near new construction and renovated properties. Ready to move-in condition for home owner or rental property. Interior features living room, dining room, kitchen with appliances 2-bedroom, 1 bath, wood floors and heat pump. Exterior has full front porch, siding and fenced rear yard with storage shed. Located near bus line and only minutes away from downtown Richmond, Schools, Stores, Places of worship, Parks, Businesses, Colleges and Universities.

3. 2026-03-24
   listed $230,000 Active 488-char remark

   Show marketing remark (488 chars)

   2-Story home in the Church Hill area near new construction and renovated properties. Ready to move-in condition for home owner or rental property. Interior features living room, dining room, kitchen with appliances 2-bedroom, 1 bath, wood floors and heat pump. Exterior has full front porch, siding and fenced rear yard with storage shed. Located near bus line and only minutes away from downtown Richmond, Schools, Stores, Places of worship, Parks, Businesses, Colleges and Universities.

4. 1997-05-05
   soldstatus $12,000

ⓘ 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: $1,644 · $137/mo
• Projected year-2 tax: $1,804 · $150/mo
• Expected delta: +$160/yr (+$13/mo · 9.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°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: $18,954
• − Mortgage interest: −$12,323
• − Property taxes: −$1,644
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − Depreciation: −$6,400
• Taxable loss: −$5,546
• Est. tax savings @ 24.0%: +$1,331
• After-tax cash flow: $-284/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Henrico County · 334,490 people
• City population: 287,109
• 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 (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

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 · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

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

+1733.3% since first listed

4 events — show timeline

• 2026-05-14 Pending — CVRMLS
• 2026-05-02 Price Changed $220,000 CVRMLS
• 2026-03-24 Listed $230,000 CVRMLS
• 1997-05-05 Sold (Public Records) $12,000 Public Records

Property tax history

-2.5%/yr

Latest (2022): $1,644 · +51.4% YoY. Source: county tax records.