3510 E Richmond Rd Unit U14 · Richmond, VA 23223

$125,000

2 bd · 1.0 ba · 822 sqft · Condo public records · 102 Days on market

Built 1966 $152/sqft · 8% above area Est $115k · 8% over $122/mo HOA · 9% of rent

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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 +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +6.2/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• ARV discount +3.8/15.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Income-producing townhomes in Richmond’s established east-end corridor. Six 2-bedroom, 1-bath units available with strong rental history and five are currently tenant occupied, offering immediate and stable cash flow. Units 14, 12, 3 and 15 have been renovated with updated kitchens, LVP flooring, and modern finishes. Remaining units are well maintained and currently performing. Washer/dryer connections in each unit. Tenants pay utilities. Select units include Housing Choice Voucher tenants with consistent payment history. Opportunity to purchase individually or together. Well positioned near downtown Richmond, Church Hill, and major commuter routes with continued growth and rental demand. Invited to contact lender with any financing questions.

Key facts

• $122 HOA
• Built 1966
• Listed 102 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 (+6.4%/yr); 337 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 30% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $70k; list at $125k implies a 79% gain — meaningful room to come down on a strong offer.

Recommended offer $113,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 1.12% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 7.5

CMA / ARV

• ARV (median comp): $115,413
• List price: $125,000
• Delta: 8.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-2,278
• Equity at exit: $18,638

10-year hold

• IRR: 11.5%
• Equity multiple: 2.04×
• Total profit: $36,574
• Equity at exit: $10,808

Cash invested: $35,000 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,398 high
• Mortgage (P&I): −$656
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$52
• HOA: −$122
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $204

Break-even live

Break-even rent $1,139

Max offer price $125,000

Occupancy floor 80%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3516 E Richmond Rd Unit 10 Richmond, VA	2.0	1.0	760	$1,250	$1.64	43d	1	0.04mi
3508 E Richmond Rd Richmond, VA	2.0	1.0	801	$1,336	$1.67	4d	7	0.04mi
3528 E Richmond Rd Unit 21 Richmond, VA	2.0	1.0	780	$1,195	$1.53	11d	1	0.04mi
3528 E Richmond Rd Unit U5 Richmond, VA	2.0	1.0	692	$1,145	$1.65	23d	1	0.04mi
1400 Jennie Scher Rd Richmond, VA	2.0–3.0	1.0	900	$1,277	$1.42	43d	2	0.69mi
621 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,299	$1.86	4d	1	0.78mi
1603 N 29th St Richmond, VA	3.0	1.0	950	$1,600	$1.68	4d	1	0.79mi
613 N 32nd St Apt C Richmond, VA	2.0	1.0	600	$1,650	$2.75	4d	1	0.79mi
2906 Nine Mile Rd Richmond, VA	2.0	1.0	885	$1,845	$2.08	23d	1	0.80mi
600 N 32nd St Unit C Richmond, VA	2.0	1.0	700	$1,350	$1.93	43d	1	0.83mi
3503 E Marshall St Unit 2 Richmond, VA	2.0	1.0	1100	$1,400	$1.27	11d	1	0.85mi
1619 N 28th St Richmond, VA	1.0	1.0	600	$1,450	$2.42	43d	1	0.86mi
2300 Farrand St Henrico, VA	2.0	1.0	930	$1,600	$1.72	43d	1	0.90mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	4d	1	0.90mi
509 N 30th St Unit 2 Richmond, VA	2.0	1.0	750	$1,365	$1.82	21d	1	0.94mi
1708 Carlisle Ave Unit 6 Richmond, VA	2.0	1.0	900	$1,295	$1.44	23d	1	0.98mi
1708 Carlisle Ave Unit 1 Richmond, VA	2.0	1.0	850	$1,295	$1.52	43d	1	0.98mi
2514 Q St Richmond, VA	1.0	1.0	1000	$1,175	$1.18	43d	1	1.02mi
2411 Carlisle Ave Henrico, VA	3.0	1.0	930	$1,750	$1.88	2d	1	1.05mi
1822 Williamsburg Rd Unit 9 Richmond, VA	2.0	1.0	800	$995	$1.24	20d	1	1.09mi
1210 Carlisle Ave Richmond, VA	3.0	1.0	912	$1,695	$1.86	4d	1	1.10mi
2706 Selden St Richmond, VA	3.0	1.0	862	$1,895	$2.20	43d	1	1.12mi
1000 Carlisle Ave Richmond, VA	1.0	1.0	666	$1,550	$2.33	4d	3	1.14mi
2416 Jefferson Ave Unit 212 Long-Term Marketing Richmond, VA	1.0	1.0	727	$2,199	$3.02	43d	1	1.18mi
1021 Carlisle Ave Richmond, VA	1.0–2.0	1.0–2.0	789	$2,059	$2.61	21d	1	1.18mi
2852 Fairfield Ave Richmond, VA	2.0–3.0	1.0	870	$1,103	$1.27	4d	1	1.20mi
3005 E Franklin St Apt 106 Richmond, VA	2.0	2.0	900	$1,850	$2.06	11d	1	1.20mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	43d	1	1.20mi
3005 E Franklin St Apt 201 Richmond, VA	2.0	2.0	882	$1,850	$2.10	23d	1	1.20mi
2200 Carrington St Unit 301 Richmond, VA	2.0	2.0	890	$1,435	$1.61	16d	1	1.23mi
2200 Carrington St Unit 300 Richmond, VA	2.0	2.0	880	$1,435	$1.63	43d	1	1.23mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	43d	1	1.29mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	14d	1	1.29mi
1108 N 21st St Unit B Richmond, VA	2.0	2.0	1000	$1,799	$1.80	2d	1	1.31mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	1d	9	1.32mi
501 Orleans St Richmond, VA	1.0–2.0	1.0–2.0	882	$2,395	$2.71	44d	15	1.32mi
2515 E Grace St Unit C Richmond, VA	2.0	2.0	800	$2,100	$2.62	4d	1	1.33mi
927 N 20th St Unit D Richmond, VA	1.0	1.0	725	$1,050	$1.45	43d	1	1.36mi
1204 N 20th St Apt 1 Richmond, VA	1.0	1.0	800	$887	$1.11	23d	1	1.36mi
1204 N 20th St Apt 2 Richmond, VA	1.0	1.0	800	$887	$1.11	43d	1	1.36mi

HOA detail condo

• Monthly dues: $122 · $1,464/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $125,000 Active 102 DOM
2. 2026-06-17
   days on market $125,000 Active 101 DOM
3. 2026-06-16
   days on market $125,000 Active 100 DOM
4. 2026-06-15
   days on market $125,000 Active 99 DOM
5. 2026-06-13
   days on market $125,000 Active 97 DOM
6. 2026-06-10
   days on market $125,000 Active 94 DOM
7. 2026-06-09
   days on market $125,000 Active 93 DOM
8. 2026-06-08
   days on market $125,000 Active 92 DOM
9. 2026-06-07
   days on market $125,000 Active 91 DOM
10. 2026-06-03
    days on market $125,000 Active 87 DOM
11. 2026-06-02
    days on market $125,000 Active 86 DOM
12. 2026-06-01
    days on market $125,000 Active 85 DOM
13. 2026-05-31
    days on market $125,000 Active 84 DOM
14. 2026-04-17
    status Active 759-char remark

    Show marketing remark (759 chars)

    Income-producing townhomes in Richmond’s established east-end corridor. Six 2-bedroom, 1-bath units available with strong rental history and five are currently tenant occupied, offering immediate and stable cash flow. Units 14, 12, 3 and 15 have been renovated with updated kitchens, LVP flooring, and modern finishes. Remaining units are well maintained and currently performing. Washer/dryer connections in each unit. Tenants pay utilities. Select units include Housing Choice Voucher tenants with consistent payment history. Opportunity to purchase individually or together. Well positioned near downtown Richmond, Church Hill, and major commuter routes with continued growth and rental demand. Invited to contact lender with any financing questions.

15. 2026-04-13
    status Pending 759-char remark

    Show marketing remark (759 chars)

    Income-producing townhomes in Richmond’s established east-end corridor. Six 2-bedroom, 1-bath units available with strong rental history and five are currently tenant occupied, offering immediate and stable cash flow. Units 14, 12, 3 and 15 have been renovated with updated kitchens, LVP flooring, and modern finishes. Remaining units are well maintained and currently performing. Washer/dryer connections in each unit. Tenants pay utilities. Select units include Housing Choice Voucher tenants with consistent payment history. Opportunity to purchase individually or together. Well positioned near downtown Richmond, Church Hill, and major commuter routes with continued growth and rental demand. Invited to contact lender with any financing questions.

16. 2026-03-05
    listed $125,000 Active 759-char remark

    Show marketing remark (759 chars)

    Income-producing townhomes in Richmond’s established east-end corridor. Six 2-bedroom, 1-bath units available with strong rental history and five are currently tenant occupied, offering immediate and stable cash flow. Units 14, 12, 3 and 15 have been renovated with updated kitchens, LVP flooring, and modern finishes. Remaining units are well maintained and currently performing. Washer/dryer connections in each unit. Tenants pay utilities. Select units include Housing Choice Voucher tenants with consistent payment history. Opportunity to purchase individually or together. Well positioned near downtown Richmond, Church Hill, and major commuter routes with continued growth and rental demand. Invited to contact lender with any financing questions.

17. 2026-03-03
    historical $125,000 759-char remark

    Show marketing remark (759 chars)

    Income-producing townhomes in Richmond’s established east-end corridor. Six 2-bedroom, 1-bath units available with strong rental history and five are currently tenant occupied, offering immediate and stable cash flow. Units 14, 12, 3 and 15 have been renovated with updated kitchens, LVP flooring, and modern finishes. Remaining units are well maintained and currently performing. Washer/dryer connections in each unit. Tenants pay utilities. Select units include Housing Choice Voucher tenants with consistent payment history. Opportunity to purchase individually or together. Well positioned near downtown Richmond, Church Hill, and major commuter routes with continued growth and rental demand. Invited to contact lender with any financing questions.

18. 2021-06-28
    soldstatus $70,000 Closed 214-char remark

    Show marketing remark (214 chars)

    Welcome to carefree living at the Villas of Oakwood South! This unit offers 2 Bedrooms, 1.5 Bathrooms, and a Spacious Kitchen. Convenient to shops, restaurants, I-64, I-95, and Rt 60! This property is a Short Sale.

19. 2020-11-25
    status Pending 214-char remark

    Show marketing remark (214 chars)

    Welcome to carefree living at the Villas of Oakwood South! This unit offers 2 Bedrooms, 1.5 Bathrooms, and a Spacious Kitchen. Convenient to shops, restaurants, I-64, I-95, and Rt 60! This property is a Short Sale.

20. 2020-11-20
    listed $65,000 Active 214-char remark

    Show marketing remark (214 chars)

    Welcome to carefree living at the Villas of Oakwood South! This unit offers 2 Bedrooms, 1.5 Bathrooms, and a Spacious Kitchen. Convenient to shops, restaurants, I-64, I-95, and Rt 60! This property is a Short Sale.

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$185/yr (+$15/mo · 22.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,770
• − Mortgage interest: −$7,002
• − Property taxes: −$840
• − Insurance: −$625
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − HOA: −$1,464
• − Depreciation: −$3,636
• Taxable income: $520
• Est. tax owed @ 24.0%: −$125
• After-tax cash flow: $2,329/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: Henrico County · 334,490 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

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: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• 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

+92.3% since first listed

7 events — show timeline

• 2026-04-17 Relisted — CVRMLS
• 2026-04-13 Pending — CVRMLS
• 2026-03-05 Listed $125,000 CVRMLS
• 2026-03-03 Coming Soon $125,000 CVRMLS
• 2021-06-28 Sold (MLS) $70,000 CVRMLS
• 2020-11-25 Pending — CVRMLS
• 2020-11-20 Listed $65,000 CVRMLS

Property tax history

+5.8%/yr

Latest (2022): $840 · +12.9% YoY. Source: county tax records.