10 N Lombardy St · Richmond, VA 23220

$400,000

4 bd · 2.0 ba · 1,706 sqft · MultiFamily public records · 10 Days on market

Built 1900 1,350 sqft lot $234/sqft · 20% below area Est $682k · 41% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• DSCR +4.5/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• 1% rule +3.7/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Location! Location! Location! and flanked by lovely single family homes, this duplex needs a full renovation and could be converted to a single family home. Bring your contractor and creativity! Property is being sold "as is".

Key facts

• Single family home
• Full renovation
• 1,350 sq ft lot

Tags

• FULL RENOVATION
• SINGLE FAMILY HOME

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Two-story building; Brick construction; Zoned R-6
• Construction: Brick construction
• Exterior features: Fenced backyard

Interior

• Kitchen: Electric stove in each unit; Natural gas available
• Bedrooms: Two 1-bedroom units
• Bathrooms: Two full bathrooms (one in each unit)
• Interior features: Crawl space basement
• Laundry & utility: Individual window units (each unit has its own windows)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (13.2% below list).
• Recommended offer: $347k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Market conditions: Rents rising fast (+6.5%/yr); 175 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $3,470/mo this rent would consume 68% of the median local household income ($61k/yr) (locally 2962% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $76k; list at $400k implies a 430% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $347,000 (13.2% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
5. 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.
6. 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.
7. 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: 0.87% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.6

CMA / ARV

• ARV (median comp): $682,394
• List price: $400,000
• Delta: -41.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.54% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.60×
• Total profit: $-44,917
• Equity at exit: $59,641

10-year hold

• IRR: 2.9%
• Equity multiple: 1.24×
• Total profit: $26,436
• Equity at exit: $34,585

Cash invested: $112,000 (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 23220

• Rents YoY: 6.5%
• Active inventory: 175
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $3,470 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$365 /mo · $4,380/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$729
• Net cashflow: $112

Break-even live

Break-even rent $3,328

Max offer price $400,000

Occupancy floor 92%

Sensitivity live

Price	-10% $338	-5% $225	+0% $112	+5% $-1	+10% $-114
Rent	-10% $-162	-5% $-25	+0% $112	+5% $249	+10% $386
Rate	-1.0pp $313	-0.5pp $214	base $112	+0.5pp $8	+1.0pp $-97

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,470
Total (2 units)			$3,470

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 N Lombardy St Unit 2 Richmond, VA	3.0	2.0	1460	$2,490	$1.71	24d	1	0.06mi
1627 W Main St Apt 1 Richmond, VA	3.0	2.0	1500	$2,400	$1.60	45d	1	0.07mi
1601 W Cary St Unit 1 Richmond, VA	3.0	1.0	1477	$1,800	$1.22	45d	1	0.13mi
1 N Harvie St Unit B Richmond, VA	3.0	2.0	1662	$3,500	$2.11	5d	1	0.18mi
1103 W Franklin St Unit A Richmond, VA	3.0	1.5	1250	$1,695	$1.36	24d	1	0.37mi
1713 Jacquelin St Richmond, VA	3.0	2.5	1768	$2,512	$1.42	24d	1	0.40mi
1513 Jacquelin St Richmond, VA	3.0	1.5	1112	$2,400	$2.16	45d	1	0.40mi
500 Bethany Dr Richmond, VA	3.0	2.0	1471	$2,300	$1.56	5d	1	0.42mi
1506 Kemper St Richmond, VA	3.0	2.0	1206	$1,995	$1.65	5d	1	0.42mi
1506 Kemper St Richmond, VA	3.0	2.0	1206	$1,995	$1.65	15d	1	0.42mi
508 Bethany Dr Richmond, VA	3.0	1.5	1456	$2,349	$1.61	45d	1	0.44mi
1226 Wallace St Richmond, VA	3.0	3.0	1192	$2,300	$1.93	5d	1	0.44mi
1317 Dance St Richmond, VA	5.0	3.0	1444	$3,800	$2.63	4d	1	0.48mi
1359 W Broad St Unit 306 Richmond, VA	3.0	3.0	1084	$2,869	$2.65	24d	1	0.48mi
1359 W Broad St Unit 322 Richmond, VA	3.0	3.0	1079	$2,199	$2.04	17d	1	0.48mi
1359 W Broad St Unit 346 Richmond, VA	3.0	3.0	1084	$1,999	$1.84	15d	1	0.48mi
1359 W Broad St Unit 308 Richmond, VA	3.0	3.0	1084	$2,499	$2.31	17d	1	0.48mi
1359 W Broad St Unit 340 Richmond, VA	3.0	3.0	1079	$1,899	$1.76	4d	1	0.48mi
3 Strawberry St Richmond, VA	3.0	1.5	1920	$2,500	$1.30	18d	1	0.49mi
1400 W Marshall St Richmond, VA	3.0	1.0–3.0	836	$1,875	$2.24	5d	36	0.59mi
1128 W Marshall St Richmond, VA	4.0	3.0	1658	$3,000	$1.81	24d	1	0.63mi
1128 W Marshall St Unit Na Richmond, VA	4.0	3.0	1658	$3,000	$1.81	45d	1	0.63mi
2312 Rosewood Ave Unit 1545975P Richmond, VA	3.0	2.0	1786	$3,949	$2.21	15d	1	0.63mi
103 S Davis Ave Richmond, VA	1.0–3.0	1.0–2.0	1020	$2,899	$2.84	2d	28	0.64mi
1417 W Leigh St Richmond, VA	4.0	3.0	1512	$2,600	$1.72	45d	1	0.73mi
900 N Allen Ave Richmond, VA	1.0–3.0	1.0–3.0	1286	$3,800	$2.95	2d	30	0.76mi
804 W Clay St Unit 2 Richmond, VA	3.0	1.0	1200	$2,250	$1.88	18d	1	0.80mi
2 N Mulberry St Unit 2A N Mulberry Richmond, VA	3.0	1.0	1229	$2,150	$1.75	5d	1	0.80mi
513 S Laurel St Richmond, VA	4.0	2.5	1650	$3,000	$1.82	4d	1	0.84mi
800 Catherine St Richmond, VA	4.0	2.5	1251	$2,062	$1.65	45d	1	0.85mi
412 W Marshall St Richmond, VA	3.0	2.0	1650	$2,375	$1.44	15d	1	0.88mi
615 S Laurel St Richmond, VA	4.0	3.0	2110	$3,500	$1.66	24d	1	0.91mi
4 W Cary St Richmond, VA	3.0	3.0	1618	$2,775	$1.72	5d	1	0.94mi
119 S 1st St Richmond, VA	1.0–3.0	1.0–3.0	839	$2,519	$3.00	15d	7	1.02mi
2402 Ownby Ln Richmond, VA	3.0	2.5	2253	$3,488	$1.55	2d	4	1.16mi
1601 Overbrook Rd Richmond, VA	1.0–3.0	1.0–2.0	922	$3,172	$3.44	2d	25	1.17mi
113 E Leigh St Richmond, VA	3.0	2.0	1206	$2,099	$1.74	45d	1	1.27mi
326 E Broad St Richmond, VA	1.0–3.0	1.0–2.0	925	$2,199	$2.38	4d	4	1.28mi
1601 Roane St Richmond, VA	1.0–3.0	1.0–2.5	914	$2,100	$2.30	2d	28	1.29mi
724 N 1st St Richmond, VA	3.0	2.5	1704	$3,000	$1.76	45d	1	1.32mi

Listing history 6 events

1. 2026-05-05
   status Pending 236-char remark
2. 2026-04-25
   listed $400,000 Active 236-char remark
3. 2025-11-19
   historical
4. 2025-10-24
   listed $570,000 Active
5. 1986-07-21
   soldstatus $75,500
6. 1983-04-15
   soldstatus $50,500

ⓘ 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: $4,380 · $365/mo
• Projected year-2 tax: $4,380 · $365/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 8/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,640
• − Mortgage interest: −$22,406
• − Property taxes: −$4,380
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,331
• − Management: −$3,331
• − Depreciation: −$11,636
• Taxable loss: −$5,445
• Est. tax savings @ 24.0%: +$1,307
• After-tax cash flow: $2,651/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: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 34,671
• Household income: $61,381
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 2962.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 54% Black 31% Two or more races 7% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% Chinese 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: ▼ -772.63%
• Current HPI: 348.5085
• Rent YoY: ▲ 6.54%
• 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

+692.1% since first listed

6 events — show timeline

• 2026-05-05 Pending — CVRMLS
• 2026-04-25 Listed $400,000 CVRMLS
• 2025-11-19 Listing Removed — CVRMLS
• 2025-10-24 Listed $570,000 CVRMLS
• 1986-07-21 Sold (Public Records) $75,500 Public Records
• 1983-04-15 Sold (Public Records) $50,500 Public Records

Property tax history

+6.2%/yr

Latest (2022): $4,380 · +19.3% YoY. Source: county tax records.