222 Bridgewater Dr · Newport News, VA 23603

$187,000

2 bd · 2.0 ba · 1,500 sqft · Condo public records · 14 Days on market

Built 1986 $125/sqft · 10% below area Est $208k · 10% under $299/mo HOA · 16% of rent

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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 +12.0/15.0
• Cash flow +10.6/30.0
• Appreciation +6.1/10.0
• 1% rule +4.9/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Back on the market through no fault of the seller! Freshly painted and ready for its next owner, this charming 2-bedroom, 2-bath condo in the Waters Ridge community offers approximately 1,500 sq. ft. of comfortable living space. The bright and spacious living area features cathedral ceilings, skylights, and a cozy wood-burning fireplace. The kitchen provides ample cabinet space and a functional layout, while the generously sized bedrooms offer comfort and convenience with access to two full baths. Relax outdoors on your private balcony. Amenities include a pool, clubhouse, playground, and well-maintained common areas. This home presents an opportunity for first-time buyers, downsizers, or i

Key facts

• Clubhouse
• Private balcony
• Community amenities

Tags

• PRIVATE BALCONY
• WOOD-BURNING FIREPLACE
• COMMUNITY AMENITIES
• POOL
• CLUBHOUSE
• PLAYGROUND

Property features AI

Finance

• HOA & community: Waters Ridge Condos association; Monthly HOA fee of $299; Association-managed (Advance Association Mgmt Group); Community amenities: boat slip, clubhouse, ground maintenance, playgrounds, pool, trash pickup

Exterior

• Parking: 2 assigned/reserved parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric service
• Home design: Attached townhouse condo; 2 stories (2 living levels); Condo unit on level 1; Crawlspace foundation
• Construction: Asphalt shingle roof
• Exterior features: Brick and vinyl siding; Balcony

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Disposal
• Bedrooms: Master bedroom on 2nd floor; At least one bedroom with ensuite; Additional bedroom on 1st floor
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air
• Interior features: Cathedral ceiling; Skylights; Fireplace (wood); Ceiling fan; Cable hookup; Walk-in closet
• Laundry & utility: Washer hookup; Dryer hookup; Utility room on 1st floor

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $187k.

Deal economics

• At list price, monthly cash flow is $-92 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (1.2% below list).
• Recommended offer: $171k (8.7% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.2% in Newport News — 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 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hilton Elementary (math 47% / reading 72%, grade B-, #536 of 1,108 statewide, top 51%, 382 students, 91% FRL); Woodside High (math 54% / reading 86%, grade B+, #151 of 319 statewide, top 49%, 1,807 students, 88% FRL) — zoned schools average 89% FRL vs 55% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 65% at this address vs 44% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Newport News City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 22 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.1% local appreciation)).
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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 $80k; list at $187k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,816 (8.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• GRM: 8.4

CMA / ARV

• ARV (median comp): $207,984
• List price: $187,000
• Delta: -10.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.16×
• Total profit: $8,474
• Equity at exit: $75,142

10-year hold

• IRR: 6.8%
• Equity multiple: 1.94×
• Total profit: $49,464
• Equity at exit: $109,280

Cash invested: $52,360 (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 23603

• Home prices YoY: 0.8%
• Active inventory: 22
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,847 high
• Mortgage (P&I): −$981
• Tax from tax record: −$193 /mo · $2,315/yr
• Insurance: −$78
• HOA: −$299
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-92

Break-even live

Break-even rent $1,963

Max offer price $170,816

Occupancy floor 100%

Sensitivity live

Price	-10% $14	-5% $-39	+0% $-92	+5% $-145	+10% $-197
Rent	-10% $-237	-5% $-165	+0% $-92	+5% $-19	+10% $54
Rate	-1.0pp $3	-0.5pp $-44	base $-92	+0.5pp $-140	+1.0pp $-189

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
256 Misty Point Ln Newport News, VA	3.0	3.0	1570	$1,895	$1.21	2d	1	0.17mi
626 Chelsea Pl Newport News, VA	2.0–3.0	1.0–2.5	1190	$1,430	$1.20	2d	6	0.72mi
181 Lees Mill Dr Newport News, VA	3.0	2.0	1428	$2,499	$1.75	44d	1	1.27mi
203 Quarter Trl Unit F Newport News, VA	2.0	1.5	1167	$1,375	$1.18	44d	1	1.32mi
100 Banbury Ct Unit 00 201302 Newport News, VA	3.0	2.0	1222	$1,799	$1.47	44d	1	1.38mi
100 Banbury Ct Unit 00 202207 Newport News, VA	3.0	2.0	1222	$1,909	$1.56	8d	1	1.38mi
100 Banbury Ct Unit 00 103308 Newport News, VA	3.0	2.0	1222	$1,799	$1.47	5d	1	1.38mi

HOA detail condo

• Monthly dues: $299 · $3,588/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $187,000 Active 14 DOM
2. 2026-06-18
   status $187,000 Active 11 DOM
3. 2026-05-11
   listed $187,000 Active 779-char remark
4. 2026-04-18
   historical
5. 2026-04-03
   status Active
6. 2026-03-22
   historical Active Under Contract
7. 2026-03-06
   status Under Contract
8. 2026-02-18
   status Active
9. 2026-02-17
   historical Active Under Contract
10. 2026-02-10
    status Under Contract
11. 2026-01-22
    price $174,500
12. 2025-11-19
    listed $180,000 Active
13. 2019-05-11
    status Under Contract
14. 2019-05-11
    price $89,813
15. 2019-05-11
    price $89,573
16. 2019-05-11
    price $88,398
17. 2019-03-25
    price $83,600
18. 2019-03-15
    status Active
19. 2019-03-13
    status Under Contract
20. 2019-03-06
    price $93,600
21. 2019-02-14
    price $98,600
22. 2018-11-28
    listed $98,000 Active
23. 2001-10-01
    soldstatus $80,000
24. 1993-03-11
    soldstatus $49,893
25. 1991-08-01
    soldstatus $49,500
26. 1986-07-10
    soldstatus $82,500

ⓘ 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: $2,315 · $193/mo
• Projected year-2 tax: $2,315 · $193/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,160
• − Mortgage interest: −$10,475
• − Property taxes: −$2,315
• − Insurance: −$935
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − HOA: −$3,588
• − Depreciation: −$5,440
• Taxable loss: −$4,139
• Est. tax savings @ 24.0%: +$993
• After-tax cash flow: $-106/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: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• City population: 178,950
• Population (ZIP): 3,428

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Black 28% Hispanic / Latino 23% Two or more races 12%
• Hispanic origin (detail): Mexican 11% Puerto Rican 7%
• Common ancestry: Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, Guatemala
• Languages at home: 83% English-only · Spanish 14% German/W. Germanic 2% Tagalog/Filipino 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.14%
• Current HPI: 259.0921
• 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

+126.7% since first listed

25 events — show timeline

• 2026-05-22 Pending — REINMLS
• 2026-05-11 Listed $187,000 REINMLS
• 2026-04-18 Listing Removed — REINMLS
• 2026-04-03 Relisted — REINMLS
• 2026-03-22 Contingent — REINMLS
• 2026-03-06 Pending — REINMLS
• 2026-02-18 Relisted — REINMLS
• 2026-02-17 Contingent — REINMLS
• 2026-02-10 Pending — REINMLS
• 2026-01-22 Price Changed $174,500 REINMLS
• 2025-11-19 Listed $180,000 REINMLS
• 2019-05-11 Pending — REINMLS
• 2019-05-11 Price Changed $89,573 REINMLS
• 2019-05-11 Price Changed $89,813 REINMLS
• 2019-05-11 Price Changed $88,398 REINMLS
• 2019-03-25 Price Changed $83,600 REINMLS
• 2019-03-15 Relisted — REINMLS
• 2019-03-13 Pending — REINMLS
• 2019-03-06 Price Changed $93,600 REINMLS
• 2019-02-14 Price Changed $98,600 REINMLS
• 2018-11-28 Listed $98,000 REINMLS
• 2001-10-01 Sold (Public Records) $80,000 Public Records
• 1993-03-11 Sold (Public Records) $49,893 Public Records
• 1991-08-01 Sold (Public Records) $49,500 Public Records
• 1986-07-10 Sold (Public Records) $82,500 Public Records

Property tax history

+4.1%/yr

Latest (2026): $2,315 · +13.3% YoY. Source: county tax records.