1926 E Main St Unit & 1928 · Salem, VA 24153

$288,000

None bd · None ba · — sqft · MultiFamily · 604 Days on market

Built 1909 Poor condition 0.95 ac lot ↓ 23% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

1926 has 5 units all 1 bd & 1 bath : #1 Vacant, #2 rented $560 M-T-M, #3 Vacant, #4 Vacant, #5 rented $640 lease ends 1/14/25,1928 E. Main has 1 rented $ 670, lease ends 4/11/25 1 bd, 1 bath. property will be shown by appointment on Wednesday, September 25th. Text LA to schedule.

Key facts

• 0.95 acre lot
• Built 1909
• Listed 604 days

Property features AI

Finance

• Other: Annual tax amount listed
• Financial info: Six total units
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Owner pays water, sewer, and lawn care
• Home design: Multi-family apartment building; Built in 1909
• Construction:
• Exterior features: Nearly 1-acre lot (approximately 0.95 acres)

Interior

• Kitchen:
• Bedrooms:
• Flooring:
• Bathrooms:
• Heating & cooling: Heat pump electric for heating and cooling
• Interior features: Crawl space basement
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a multifamily listed at $288k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $288k).
• Recommended offer: $253k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 2.9% in Salem — 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 77/100 on livability (#104 in VA, #3,257 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Salem City Public School District (suburban): math 61% / reading 74% proficiency, ranked #35 of 131 in VA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: East Salem Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 409 students, 73% FRL); Andrew Lewis Middle (math 57% / reading 72%, grade A-, #123 of 342 statewide, top 37%, 895 students, 44% FRL); Salem High (math 64% / reading 91%, grade A-, #83 of 319 statewide, top 28%, 1,227 students, 39% FRL) — zoned schools average 52% FRL vs 27% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 271 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 268 units permitted in Salem city in 2024 (248 in 5+ unit buildings).
• At $4,818/mo this rent would consume 78% of the median local household income ($74k/yr) (locally 1115% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Salem County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $81k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 604 days — a 12% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $87k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $253,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 604 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.67% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.02%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

• ARV (median comp): $922,021
• List price: $288,000
• Delta: -68.76%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Dalewood Ave Unit & 117	0.25mi	—/—	—	17mo	$275,000	—	62

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.04×
• Total profit: $83,938
• Equity at exit: $42,942

10-year hold

• IRR: 34.0%
• Equity multiple: 4.56×
• Total profit: $287,213
• Equity at exit: $24,901

Cash invested: $80,640 (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 24153

• Rents YoY: 6.0%
• Active inventory: 271
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $4,818 high
• Mortgage (P&I): −$1,510
• Tax est. 1.5%: −$360 /mo · $4,320/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,012
• Net cashflow: $1,816

Break-even live

Break-even rent $2,519

Max offer price $288,000

Occupancy floor 57%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$4,820
Total (5 units)			$4,818

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: $72,000
• Closing costs: $8,640
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 Bellevue Ave Salem, VA	3.0	1.0	—	$1,595	—	44d	1	0.15mi
1741 Pexton Ave Salem, VA	3.0	1.0	792	$1,452	$1.83	13d	1	0.47mi
4310 Tyree Rd NW Roanoke, VA	3.0	1.0	913	$1,650	$1.81	13d	1	0.91mi
4206 Vermont Ave NW Roanoke, VA	1.0	1.0	—	$723	—	44d	1	0.94mi
4112 Virginia Ave NW Roanoke, VA	1.0	1.0	750	$850	$1.13	44d	1	1.02mi
4626 Autumn Ln NW Roanoke, VA	3.0	2.5	1408	$1,999	$1.42	13d	1	1.06mi
328 Woodside Dr Salem, VA	3.0	2.5	1408	$1,999	$1.42	21d	1	1.10mi
829 Westside Blvd NW Apt 2 Roanoke, VA	1.0	1.0	700	$895	$1.28	44d	1	1.14mi
802 Westside Blvd NW Apt 9 Roanoke, VA	1.0	1.0	—	$746	—	21d	1	1.16mi
817 Westside Blvd NW Unit A Roanoke, VA	1.0	1.0	525	$716	$1.36	21d	1	1.17mi
813 Westside Blvd NW Apt A Roanoke, VA	1.0	1.0	525	$716	$1.36	44d	1	1.17mi
809 Westside Blvd NW Apt C Roanoke, VA	1.0	1.0	525	$696	$1.33	44d	1	1.19mi
3802 Panorama Ave NW #12 Roanoke, VA	3.0	1.0	1100	$995	$0.90	44d	1	1.31mi
3802 Panorama Ave NW #2 Roanoke, VA	2.0	1.0	900	$995	$1.11	44d	1	1.31mi
3802 Panorama Ave NW #6 Roanoke, VA	2.0	1.0	900	$1,050	$1.17	44d	1	1.31mi
3902 Tennessee Ave NW Roanoke, VA	3.0	1.0	—	$1,495	—	13d	1	1.31mi
900 Camelot Dr Salem, VA	1.0–3.0	1.0–1.5	905	$1,532	$1.69	13d	10	1.39mi
128 Rutledge Dr Salem, VA	1.0–3.0	1.0–2.0	822	$1,365	$1.66	13d	13	1.40mi
3720 Panorama Ave NW Unit 24 Roanoke, VA	2.0	1.0	—	$923	—	21d	1	1.43mi
3720 Panorama Ave NW Unit 34 Roanoke, VA	2.0	1.0	—	$878	—	21d	1	1.43mi
500 Poage Ln Salem, VA	1.0	1.0	460	$915	$1.99	13d	2	1.49mi
500 Poage Ln Unit 28 Salem, VA	1.0	1.0	456	$935	$2.05	21d	1	1.49mi
500 Poage Ln Apt 13 Salem, VA	1.0	1.0	465	$895	$1.92	21d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $288,000 Active 604 DOM
2. 2026-06-17
   days on market $288,000 Active 603 DOM
3. 2026-06-16
   days on market $288,000 Active 602 DOM
4. 2026-06-15
   days on market $288,000 Active 601 DOM
5. 2026-06-14
   days on market $288,000 Active 599 DOM
6. 2026-06-13
   days on market $288,000 Active 598 DOM
7. 2026-06-10
   days on market $288,000 Active 596 DOM
8. 2026-06-09
   days on market $288,000 Active 595 DOM
9. 2026-06-08
   days on market $288,000 Active 594 DOM
10. 2026-06-03
    days on market $288,000 Active 589 DOM
11. 2026-06-02
    days on market $288,000 Active 588 DOM
12. 2026-06-01
    days on market $288,000 Active 587 DOM
13. 2026-05-31
    days on market $288,000 Active 586 DOM
14. 2026-05-30
    days on market $288,000 Active 585 DOM
15. 2026-05-18
    price $288,000
16. 2026-02-06
    price $297,767
17. 2026-01-05
    price $303,844
18. 2025-12-01
    status Active
19. 2025-11-02
    status Pending
20. 2025-10-08
    price $310,045
21. 2025-09-03
    price $316,372
22. 2025-08-08
    price $322,829
23. 2025-06-20
    price $329,417
24. 2025-05-16
    price $336,140
25. 2025-04-11
    price $343,000
26. 2025-03-07
    price $350,000
27. 2024-12-20
    price $360,000
28. 2024-09-23
    listed $375,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 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: $57,816
• − Mortgage interest: −$16,132
• − Property taxes: −$4,320
• − Insurance: −$1,440
• − Repairs & maintenance: −$4,625
• − Management: −$4,625
• − Depreciation: −$8,378
• Taxable income: $18,295
• Est. tax owed @ 24.0%: −$4,391
• After-tax cash flow: $17,400/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.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to its kitchen, bathrooms, exterior, and landscaping. Immediate attention to these areas will significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen appliances — Outdated and in need of replacement
• Major Bathroom fixtures — Outdated and in need of replacement
• Major Exterior siding and paint — Weathered and peeling, needs repainting and possibly replacement
• Major Landscaping — Overgrown and in need of trimming and maintenance

Value-add opportunities

• Resale New kitchen appliances — Modern appliances will attract more buyers and increase the home's appeal
• Resale New bathroom fixtures — Up-to-date fixtures will improve the home's appeal and functionality
• Both Painting and repainting of exterior and interior — Fresh paint will improve the home's curb appeal and interior condition, attracting more buyers and renters
• Both Landscaping and trimming — A well-maintained yard will enhance the home's curb appeal and attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Outdated and in need of replacement	Major	$15,000–50,000
Bathroom fixtures · Outdated and in need of replacement	Major	$15,000–50,000
Exterior siding and paint · Weathered and peeling, needs repainting and possibly replacement	Major	$15,000–50,000
Landscaping · Overgrown and in need of trimming and maintenance	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale New kitchen appliances — Modern appliances will attract more buyers and increase the home's appeal ↑
• Resale New bathroom fixtures — Up-to-date fixtures will improve the home's appeal and functionality ↑
• Both Painting and repainting of exterior and interior — Fresh paint will improve the home's curb appeal and interior condition, attracting more buyers and renters ↑
• Both Landscaping and trimming — A well-maintained yard will enhance the home's curb appeal and attract more buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Salem City Public School District
• NCES district ID: 5103460
• Math proficiency: 61% ▼ -21.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $49,976
• Composite: 57.25/100
• National rank: #1092
• State rank: #35 of 131 in VA

Livability — Salem

• Score: 77/100
• State rank: #104
• US rank: #3257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, VA
• County: Salem City · 38,914 people
• City population: 38,914
• Metro: Roanoke, VA
• Population (ZIP): 38,914
• Household income: $74,260
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1115.0

Population outlook (Salem County) Hauer SSP2

• Today (2025): 26,761 people
• By 2030: 27,543 · +2.9%
• By 2040: 29,174 · +9.0%
• By 2050: 30,902 · +15.5%
• By 2075: 35,530 · +32.8%
• By 2100: 39,381 · +47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 2% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Salem

• 2024 margin: R (+19.3) · D 39.8% · R 59.1% · Other 1.1%
• 2008→2024 swing: -3.8pp toward R · 2008: -15.5pp · 2024: -19.3pp
• All cycles: 2024: R+19.3 2020: R+19.4 2016: R+24.8 2012: R+20.6 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -259.46%
• Current HPI: 170.8986
• Rent YoY: ▲ 5.98%
• Metro: Roanoke, 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

-23.2% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $288,000 MLSRV
• 2026-02-06 Price Changed $297,767 MLSRV
• 2026-01-05 Price Changed $303,844 MLSRV
• 2025-12-01 Relisted — MLSRV
• 2025-11-02 Pending — MLSRV
• 2025-10-08 Price Changed $310,045 MLSRV
• 2025-09-03 Price Changed $316,372 MLSRV
• 2025-08-08 Price Changed $322,829 MLSRV
• 2025-06-20 Price Changed $329,417 MLSRV
• 2025-05-16 Price Changed $336,140 MLSRV
• 2025-04-11 Price Changed $343,000 MLSRV
• 2025-03-07 Price Changed $350,000 MLSRV
• 2024-12-20 Price Changed $360,000 MLSRV
• 2024-09-23 Listed $375,000 MLSRV