1615 W Grace St · Richmond, VA 23220

$899,000

5 bd · 3.5 ba · 3,687 sqft · MultiFamily public records · 45 Days on market

Built 1904 2,940 sqft lot Est $833k · 8% over

---

Why this score? — see what drove the F 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 +6.7/30.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• ARV discount +3.9/15.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• 1% rule +0.9/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

GREAT income producing triplex in the heart of the Historic Fan District! This beautiful rowhouse is conveniently located near VCU, Kroger’s, Whole Foods, Scott’s Addition and so much more the city has to offer. The building features two 2-bedroom units, a 1-bedroom unit and a common laundry room with a coin operated washer and dryer. All units have their own kitchen & bathroom(s). Around back is a private deck and two off-road parking spaces. All three renovated apartments are currently leased through 7/31/2023. Would also be an easy conversion to a single family home.

Key facts

• Private deck
• Modern upgrades
• Historic character

Tags

• HISTORIC CHARACTER
• MODERN UPGRADES
• FENCED BACKYARD
• PRIVATE DECK
• OFF-STREET PARKING
• RECENTLY INSTALLED TPO ROOF

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 1×1bd/1.5ba units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative. Per door: $-483/mo.
• To cash-flow at today's rent, offer at most $643k (28.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $531k (41.0% below list).
• Recommended offer: $531k (41.0% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.3% 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); 170 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $5,307/mo this rent would consume 104% 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 $6k of loan paydown is wiped out by about $27k 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 45 days — a 3% lower offer ($872k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y 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 $590k; list at $899k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — 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 $530,700 (41.0% 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 45 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.59% ✗
• Cap rate: 4.36%
• Cash-on-cash: -6.91%
• DSCR: 0.69
• GRM: 14.1

CMA / ARV

• ARV (on-the-fly): $833,262
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1615 W Grace St	0.00mi	5/3.5	3,687 (0%)	0mo	$835,000	$226	100
1527 Grove Ave	0.30mi	5/3.0	3,500 (-5%)	2mo	$915,000	$261	73
1716 Hanover Ave	0.22mi	6/2.0 (+1)	3,432 (-7%)	1mo	$511,500	$149	67
311 N Shields Ave	0.46mi	4/5.0 (-1)	3,426 (-7%)	2mo	$707,500	$207	54
1815 Grove Ave	0.36mi	5/2.0	3,156 (-14%)	1mo	$885,000	$280	53
309 N Shields Ave	0.46mi	4/4.0 (-1)	3,170 (-14%)	2mo	$677,500	$214	46

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 · 6.54% rent growth · sell at horizon

5-year hold

• IRR: -24.9%
• Equity multiple: 0.13×
• Total profit: $-218,694
• Equity at exit: $134,044

10-year hold

• IRR: -13.6%
• Equity multiple: 0.11×
• Total profit: $-224,017
• Equity at exit: $77,729

Cash invested: $251,720 (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: 170
• Price-to-rent: 40.6×

Monthly cashflow live

• Estimated rent: $5,307 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$553 /mo · $6,636/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,114
• Net cashflow: $-1,450

Break-even live

Break-even rent $7,142

Max offer price $642,938

Occupancy floor —

Sensitivity live

Price	-10% $-941	-5% $-1,195	+0% $-1,450	+5% $-1,704	+10% $-1,958
Rent	-10% $-1,869	-5% $-1,659	+0% $-1,450	+5% $-1,240	+10% $-1,030
Rate	-1.0pp $-997	-0.5pp $-1,221	base $-1,450	+0.5pp $-1,682	+1.0pp $-1,919

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,688
1× unit	1	1.5	$1,618
Total (3 units)			$5,307

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2034 W Grace St Unit B Richmond, VA	4.0	2.0	2500	$3,200	$1.28	44d	1	0.37mi
2034 W Grace St Unit A Richmond, VA	4.0	2.0	2450	$2,950	$1.20	44d	1	0.37mi
2053 W Moore St Richmond, VA	5.0	5.5	2640	$4,200	$1.59	44d	1	0.52mi
1616 Kemper St Richmond, VA	5.0	3.5	3176	$3,400	$1.07	44d	1	0.80mi

Listing history 16 events

1. 2026-04-27
   status Pending
2. 2026-03-12
   listed $899,000 Active
3. 2023-01-06
   soldstatus $590,000 Closed 596-char remark

   Show marketing remark (596 chars)

   GREAT income producing triplex in the heart of the Historic Fan District! This beautiful rowhouse is conveniently located near VCU, Kroger’s, Whole Foods, Scott’s Addition and so much more the city has to offer. The building features two 2-bedroom units, a 1-bedroom unit and a common laundry room with a coin operated washer and dryer. All units have their own kitchen & bathroom(s). Around back is a private deck and two off-road parking spaces. All three renovated apartments are currently leased through 7/31/2023. Would also be an easy conversion to a single family home.

4. 2022-12-16
   historical
5. 2022-12-08
   status Pending 596-char remark

   Show marketing remark (596 chars)

   GREAT income producing triplex in the heart of the Historic Fan District! This beautiful rowhouse is conveniently located near VCU, Kroger’s, Whole Foods, Scott’s Addition and so much more the city has to offer. The building features two 2-bedroom units, a 1-bedroom unit and a common laundry room with a coin operated washer and dryer. All units have their own kitchen & bathroom(s). Around back is a private deck and two off-road parking spaces. All three renovated apartments are currently leased through 7/31/2023. Would also be an easy conversion to a single family home.

6. 2022-11-30
   listed $600,000 Active 596-char remark

   Show marketing remark (596 chars)

   GREAT income producing triplex in the heart of the Historic Fan District! This beautiful rowhouse is conveniently located near VCU, Kroger’s, Whole Foods, Scott’s Addition and so much more the city has to offer. The building features two 2-bedroom units, a 1-bedroom unit and a common laundry room with a coin operated washer and dryer. All units have their own kitchen & bathroom(s). Around back is a private deck and two off-road parking spaces. All three renovated apartments are currently leased through 7/31/2023. Would also be an easy conversion to a single family home.

7. 2009-09-22
   historical
8. 2006-08-01
   historical
9. 2006-05-10
   listed $449,000
10. 2006-05-10
    listed $449,000
11. 2003-04-28
    soldstatus $610,000
12. 2003-04-25
    soldstatus $305,000
13. 2003-02-18
    listed $315,000
14. 2003-02-18
    listed $315,000
15. 2001-09-14
    soldstatus $805,000
16. 1987-06-24
    soldstatus $380,000

ⓘ 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: $6,636 · $553/mo
• Projected year-2 tax: $7,372 · $614/mo
• Expected delta: +$736/yr (+$61/mo · 11.1%)

ⓘ 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,684
• − Mortgage interest: −$50,358
• − Property taxes: −$6,636
• − Insurance: −$4,495
• − Repairs & maintenance: −$5,095
• − Management: −$5,095
• − Depreciation: −$26,153
• Taxable loss: −$34,147
• Est. tax savings @ 24.0%: +$8,195
• After-tax cash flow: $-9,199/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

+136.6% since first listed

16 events — show timeline

• 2026-04-27 Pending — CVRMLS
• 2026-03-12 Listed $899,000 CVRMLS
• 2023-01-06 Sold (MLS) $590,000 CVRMLS
• 2022-12-16 Rental Removed — RENT.
• 2022-12-08 Pending — CVRMLS
• 2022-11-30 Listed $600,000 CVRMLS
• 2009-09-22 Listing Removed — CVRMLS
• 2006-08-01 Listing Removed — CVRMLS
• 2006-05-10 Listed $449,000 CVRMLS
• 2006-05-10 Listed $449,000 CVRMLS
• 2003-04-28 Sold (Public Records) $610,000 Public Records
• 2003-04-25 Sold (MLS) $305,000 CVRMLS
• 2003-02-18 Listed $315,000 CVRMLS
• 2003-02-18 Listed $315,000 CVRMLS
• 2001-09-14 Sold (Public Records) $805,000 Public Records
• 1987-06-24 Sold (Public Records) $380,000 Public Records

Property tax history

+6.8%/yr

Latest (2022): $6,636 · +11.0% YoY. Source: county tax records.