2497 Slate Creek Rd · Grundy, VA 24614

$199,900

3 bd · 2.0 ba · 1,496 sqft · Manufactured public records · 158 Days on market

Built 2000 0.50 ac lot ↓ 13% since listing

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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 +7.6/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Appreciation +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• 1% rule +1.1/10.0

Listing remarks MLS

This exceptional property is located just steps from the Appalachian School of Law and within minutes of local shopping, dining, and everyday conveniences. The duplex offers two spacious units, each featuring 2 bedrooms and 1 bathroom, along with a garage underneath providing secure parking or additional storage. This property is well-suited for investors seeking strong rental potential, while also offering an excellent option for a multi-generational family needing two separate living spaces under one roof. With close proximity to downtown Grundy and easy access to local amenities, this duplex presents a unique opportunity in one of Grundy's most convenient locations. The property will be surveyed prior to closing to separate it from the doublewide. The exact acreage is unknown.

Key facts

• 0.5 acre lot
• Garage
• Built 2000

Tags

• EASY ACCESS TO LOCAL AMENITIES
• TWO SEPARATE LIVING SPACES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (20.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (38.8% below list).
• Recommended offer: $122k (38.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#309 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: amenities F, commute F, health & safety F.
• Buchanan County Public School District (rural): math 52% / reading 65% proficiency, ranked #76 of 131 in VA (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 27 active listings in the ZIP; 12 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Buchanan County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $29k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $122,308 (38.8% 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 158 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
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 B-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. 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?
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: 0.61% ✗
• Cap rate: 4.88%
• Cash-on-cash: -5.06%
• DSCR: 0.77
• GRM: 13.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -25.0%
• Equity multiple: 0.15×
• Total profit: $-47,511
• Equity at exit: $29,806

10-year hold

• IRR: -21.1%
• Equity multiple: -0.09×
• Total profit: $-61,094
• Equity at exit: $17,284

Cash invested: $55,972 (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 24614

• Home prices YoY: -3.0%
• Active inventory: 27
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $1,223 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$71 /mo · $847/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-236

Break-even live

Break-even rent $1,522

Max offer price $158,220

Occupancy floor —

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $199,900 Active 158 DOM
2. 2026-06-17
   days on market $199,900 Active 157 DOM
3. 2026-06-16
   days on market $199,900 Active 156 DOM
4. 2026-06-15
   days on market $199,900 Active 155 DOM
5. 2026-06-15
   days on market $199,900 Active 154 DOM
6. 2026-06-13
   days on market $199,900 Active 153 DOM
7. 2026-06-12
   days on market $199,900 Active 152 DOM
8. 2026-06-09
   days on market $199,900 Active 149 DOM
9. 2026-06-08
   days on market $199,900 Active 148 DOM
10. 2026-06-08
    days on market $199,900 Active 147 DOM
11. 2026-06-07
    days on market $199,900 Active 146 DOM
12. 2026-06-03
    days on market $199,900 Active 143 DOM
13. 2026-06-02
    days on market $199,900 Active 142 DOM
14. 2026-06-01
    days on market $199,900 Active 141 DOM
15. 2026-05-31
    days on market $199,900 Active 140 DOM
16. 2026-02-27
    price $199,900 790-char remark

    Show marketing remark (757 chars)

    Spacious doublewide conveniently located in Grundy near the law school, offering excellent value and easy access to everything the area has to offer. This home provides generous living space at a very reasonable price, making it ideal for a family residence or an investment property. Enjoy close proximity to downtown Grundy, Spearhead Trails, and the many amenities available at Poplar Gap. Whether you're looking for a primary home or a rental opportunity, this property checks all the boxes for location and affordability. The property will be surveyed prior to closing, and the tax map will be separated from the duplex located to the rear. The exact acreage is unknown. Don't miss this opportunity to own a well-located property with strong potential.

17. 2026-02-27
    price $199,900 757-char remark

    Show marketing remark (757 chars)

    Spacious doublewide conveniently located in Grundy near the law school, offering excellent value and easy access to everything the area has to offer. This home provides generous living space at a very reasonable price, making it ideal for a family residence or an investment property. Enjoy close proximity to downtown Grundy, Spearhead Trails, and the many amenities available at Poplar Gap. Whether you're looking for a primary home or a rental opportunity, this property checks all the boxes for location and affordability. The property will be surveyed prior to closing, and the tax map will be separated from the duplex located to the rear. The exact acreage is unknown. Don't miss this opportunity to own a well-located property with strong potential.

18. 2026-01-12
    listed $229,000 Active 790-char remark

    Show marketing remark (757 chars)

    Spacious doublewide conveniently located in Grundy near the law school, offering excellent value and easy access to everything the area has to offer. This home provides generous living space at a very reasonable price, making it ideal for a family residence or an investment property. Enjoy close proximity to downtown Grundy, Spearhead Trails, and the many amenities available at Poplar Gap. Whether you're looking for a primary home or a rental opportunity, this property checks all the boxes for location and affordability. The property will be surveyed prior to closing, and the tax map will be separated from the duplex located to the rear. The exact acreage is unknown. Don't miss this opportunity to own a well-located property with strong potential.

19. 2026-01-12
    listed $229,000 Active 757-char remark

    Show marketing remark (757 chars)

    Spacious doublewide conveniently located in Grundy near the law school, offering excellent value and easy access to everything the area has to offer. This home provides generous living space at a very reasonable price, making it ideal for a family residence or an investment property. Enjoy close proximity to downtown Grundy, Spearhead Trails, and the many amenities available at Poplar Gap. Whether you're looking for a primary home or a rental opportunity, this property checks all the boxes for location and affordability. The property will be surveyed prior to closing, and the tax map will be separated from the duplex located to the rear. The exact acreage is unknown. Don't miss this opportunity to own a well-located property with strong potential.

ⓘ 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: $847 · $71/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$792/yr (+$66/mo · 93.5%)

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

Taxation est. · year 1

• Rental income: $14,677
• − Mortgage interest: −$11,198
• − Property taxes: −$847
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − Depreciation: −$5,815
• Taxable loss: −$6,531
• Est. tax savings @ 24.0%: +$1,567
• After-tax cash flow: $-1,264/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: Buchanan County Public School District
• NCES district ID: 5100510
• Math proficiency: 52% ▼ -27.00%
• Reading proficiency: 65% ▼ -7.00%
• Median HH income: $29,669
• Composite: 47.84/100
• National rank: #2221
• State rank: #76 of 131 in VA

Livability — Grundy

• Score: 67/100
• State rank: #309
• US rank: #11111

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,992

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,160 people
• By 2030: 18,734 · -7.1%
• By 2040: 16,071 · -20.3%
• By 2050: 13,815 · -31.5%
• By 2075: 10,376 · -48.5%
• By 2100: 8,432 · -58.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Black 1%
• Common ancestry: Italian 1%
• Foreign-born: 1%
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Buchanan

• 2024 margin: Solid R (+70.6) · D 14.5% · R 85.1%
• 2008→2024 swing: -65.1pp toward R · 2008: -5.5pp · 2024: -70.6pp
• All cycles: 2024: R+70.6 2020: R+67.6 2016: R+60.4 2012: R+34.7 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -3.05%
• Current HPI: 97.3351
• 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

-12.7% since first listed

4 events — show timeline

• 2026-02-27 Price Changed $199,900 SWVAR
• 2026-02-27 Price Changed $199,900 SWVAR
• 2026-01-12 Listed $229,000 SWVAR
• 2026-01-12 Listed $229,000 SWVAR

Property tax history

+9.2%/yr

Latest (2017): $847 · +0.0% YoY. Source: county tax records.