521 Kentucky Ave · Norton, VA 24273

$25,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 141 Days on market

Built 1935 6,534 sqft lot $26/sqft · 68% below area ↓ 29% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Appreciation +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Picasso never used a painted canvas, nor did Bob Ross!!! Be your own Van Gogh with this blank slate in Norton VA. This structure is completely gutted and is looking for the right person with the right vision to bring this 920sqft home back to life. It would make an awesome rental, starter home, art studio, AirBnb, etc!! Call your agent and schedule your showing today!!! Buyers and buyers agent to verify all information in this listing. Subject to Errors and Omissions

Key facts

• 6,534 sq ft lot
• Built 1935
• Listed 140 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $719 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 40.8% vs local median 4.4% in Norton — 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 74/100 on livability (#139 in VA, #4,441 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A; Watch: commute D, crime F, amenities F.
• Norton City Public School District (town): math 68% / reading 85% proficiency, ranked #12 of 131 in VA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP.

Forward outlook

• In year one you build about $208 of equity ($173 loan paydown + $35 appreciation (0.1% local appreciation)).
• Norton County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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. 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.
8. 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.
9. 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: 4.42% ✓
• Cap rate: 40.79%
• Cash-on-cash: 123.22%
• DSCR: 6.48
• GRM: 1.9

CMA / ARV

• ARV (median comp): $74,748
• List price: $25,000
• Delta: -66.55%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 12th St St	0.69mi	3/2.0 (+1)	1,050 (+9%)	9mo	$8,000	$8	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.46×
• Total profit: $45,221
• Equity at exit: $7,437

10-year hold

• IRR: —
• Equity multiple: 15.55×
• Total profit: $101,816
• Equity at exit: $9,083

Cash invested: $7,000 (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 24273

• Home prices YoY: 0.1%
• Active inventory: 40
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,104 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$12 /mo · $142/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $719

Break-even live

Break-even rent $194

Max offer price $25,000

Occupancy floor 30%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $25,000 Active 141 DOM
2. 2026-06-17
   days on market $25,000 Active 140 DOM
3. 2026-06-16
   days on market $25,000 Active 139 DOM
4. 2026-06-15
   days on market $25,000 Active 138 DOM
5. 2026-06-15
   days on market $25,000 Active 137 DOM
6. 2026-06-13
   days on market $25,000 Active 136 DOM
7. 2026-06-12
   days on market $25,000 Active 135 DOM
8. 2026-06-09
   days on market $25,000 Active 132 DOM
9. 2026-06-08
   days on market $25,000 Active 131 DOM
10. 2026-06-08
    days on market $25,000 Active 130 DOM
11. 2026-06-05
    days on market $25,000 Active 128 DOM
12. 2026-06-03
    days on market $25,000 Active 126 DOM
13. 2026-06-02
    days on market $25,000 Active 125 DOM
14. 2026-06-01
    days on market $25,000 Active 124 DOM
15. 2026-05-31
    days on market $25,000 Active 123 DOM
16. 2026-01-28
    listed $25,000 Active 474-char remark

    Show marketing remark (474 chars)

    Picasso never used a painted canvas, nor did Bob Ross!!! Be your own Van Gogh with this blank slate in Norton VA. This structure is completely gutted and is looking for the right person with the right vision to bring this 920sqft home back to life. It would make an awesome rental, starter home, art studio, AirBnb, etc!! Call your agent and schedule your showing today!!! Buyers and buyers agent to verify all information in this listing. Subject to Errors and Omissions

17. 2011-07-11
    soldstatus $35,000

ⓘ 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: $142 · $12/mo
• Projected year-2 tax: $205 · $17/mo
• Expected delta: +$63/yr (+$5/mo · 44.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥87°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,248
• − Mortgage interest: −$1,400
• − Property taxes: −$142
• − Insurance: −$125
• − Repairs & maintenance: −$1,060
• − Management: −$1,060
• − Depreciation: −$727
• Taxable income: $8,733
• Est. tax owed @ 24.0%: −$2,096
• After-tax cash flow: $6,529/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: Norton City Public School District
• NCES district ID: 5102760
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 85% ▲ 2.00%
• Median HH income: $34,636
• Composite: 63.22/100
• National rank: #636
• State rank: #12 of 131 in VA

Livability — Norton

• Score: 74/100
• State rank: #139
• US rank: #4441

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norton, VA
• Population (ZIP): 5,860

Population outlook (Norton County) Hauer SSP2

• Today (2025): 3,919 people
• By 2030: 3,899 · -0.5%
• By 2040: 3,838 · -2.1%
• By 2050: 3,778 · -3.6%
• By 2075: 3,584 · -8.5%
• By 2100: 3,154 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Norton

• 2024 margin: Solid R (+43.6) · D 27.9% · R 71.5%
• 2008→2024 swing: -43.5pp toward R · 2008: -0.1pp · 2024: -43.6pp
• All cycles: 2024: R+43.6 2020: R+40.3 2016: R+43.8 2012: R+22.1 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.14%
• Current HPI: 140.9507
• 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

-28.6% since first listed

2 events — show timeline

• 2026-01-28 Listed $25,000 TVRMLS
• 2011-07-11 Sold (Public Records) $35,000 Public Records

Property tax history

-6.0%/yr

Latest (2026): $142 · +0.0% YoY. Source: county tax records.