1607 Old Iron Rd · Hopewell, VA 23860

$180,000

4 bd · 2.0 ba · 1,536 sqft · SingleFamily public records · 26 Days on market

Built 1981 8,049 sqft lot Est $304k · 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).

• Cash flow +22.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.7/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 bedroom 2 full bath house makes a great first home or rental property to add to your portfolio. Tenants have moved out and Seller has put in new carpets upstairs in the bedrooms and a brand new roof. Spacious kitchen with a dining area that leads to the back deck overlooking a good sized yard. Just needs a fresh coat of paint to make it your own. Owner is selling this property and all appliances are included and in as is condition. Not a flip property at all, just needs the next owner to add some finishing touches. A lot of house for the money!

Key facts

• Nice size backyard
• 8,049 sq ft lot
• Built 1981

Tags

• FIRST FLOOR PRIMARY BEDROOM
• SPACIOUS EAT IN KITCHEN
• FIRST FLOOR LAUNDRY ROOM
• NICE SIZE BACKYARD

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story residence; Resale property; Zoned R2
• Construction: Wood frame construction with drywall and wood siding; Shingle roof
• Exterior features: Deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove
• Bedrooms: One full bathroom located on the second level
• Flooring: Laminate; Partially carpeted; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Crawl space basement; Laminate, partial carpet, and vinyl flooring
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.2% in Hopewell — 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 70/100 on livability (#224 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D+, amenities F, commute F.
• Hopewell City Public School District (suburban): math 23% / reading 49% proficiency, ranked #129 of 131 in VA (top 98%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Harry E. James Elementary (math 22% / reading 43%, grade F, #988 of 1,108 statewide, top 89%, 481 students, 98% FRL); Carter G. Woodson Middle (math 22% / reading 51%, grade F, #320 of 342 statewide, top 95%, 826 students, 102% FRL); Hopewell High (math 37% / reading 72%, grade C-, #281 of 319 statewide, top 90%, 1,136 students, 102% FRL) — zoned schools average 100% FRL vs 68% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.9%/yr); 234 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 42 units permitted in Hopewell city in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hopewell County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 49% 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 $177,300 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.45%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $304,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 Old Iron Rd	0.23mi	4/2.0	1,406 (-8%)	3mo	$280,000	$199	73
3633 Gilbert St	0.16mi	3/2.5 (-1)	1,627 (+6%)	7mo	$299,950	$184	70
1419 Old Iron Rd	0.16mi	3/2.5 (-1)	1,627 (+6%)	7mo	$299,950	$184	70
5206 Berkshire Dr	0.57mi	3/2.0 (-1)	1,484 (-3%)	2mo	$337,000	$227	61
1311 Dinwiddie Ave	0.33mi	3/2.0 (-1)	1,400 (-9%)	10mo	$285,000	$204	56
5107 Cheshire Dr	0.45mi	4/2.0	1,344 (-12%)	3mo	$268,000	$199	56
3310 Hampton Ave	0.49mi	4/2.0	1,349 (-12%)	7mo	$259,000	$192	51
4009 Robert E Lee Dr	0.65mi	4/2.0	1,650 (+7%)	9mo	$260,000	$158	50
3206 Granby St	0.73mi	3/2.0 (-1)	1,456 (-5%)	8mo	$288,000	$198	45
3525 Woodlawn St	0.57mi	4/3.0	1,747 (+14%)	4mo	$312,000	$179	44
3917 London Rd	0.67mi	3/1.5 (-1)	1,414 (-8%)	11mo	$218,000	$154	39
525 Briarwood Cir	0.66mi	3/1.5 (-1)	1,352 (-12%)	13mo	$269,900	$200	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $847
• Equity at exit: $26,839

10-year hold

• IRR: 14.5%
• Equity multiple: 2.44×
• Total profit: $72,336
• Equity at exit: $15,563

Cash invested: $50,400 (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 23860

• Home prices YoY: -22.0%
• Rents YoY: 8.9%
• Active inventory: 234
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,910 high
• Mortgage (P&I): −$944
• Tax from tax record: −$178 /mo · $2,131/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $313

Break-even live

Break-even rent $1,515

Max offer price $180,000

Occupancy floor 79%

Sensitivity live

Price	-10% $415	-5% $364	+0% $313	+5% $262	+10% $211
Rent	-10% $162	-5% $237	+0% $313	+5% $388	+10% $464
Rate	-1.0pp $403	-0.5pp $359	base $313	+0.5pp $266	+1.0pp $219

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3502 Oaklawn Blvd Hopewell, VA	3.0	1.0	1124	$1,850	$1.65	22d	1	0.53mi
3309 Carlisle Ave Hopewell, VA	3.0	1.0	1152	$1,395	$1.21	22d	1	0.54mi
3314 Granby St Hopewell, VA	3.0	1.0	1469	$1,600	$1.09	25d	1	0.59mi
4001 London Rd North Prince George, VA	3.0	1.5	1414	$2,300	$1.63	3d	1	0.64mi
4001 London Rd North Prince George, VA	3.0	1.5	1414	$2,300	$1.63	12d	1	0.64mi
5000 Owens Way Prince George, VA	1.0–4.0	1.0–4.0	1106	$2,850	$2.58	3d	25	0.93mi
4750 Baileys Ridge Dr Prince George, VA	2.0–3.0	2.0	1028	$1,490	$1.45	3d	4	0.96mi
2958 Winston Churchill Dr Hopewell, VA	3.0	2.0	1576	$1,795	$1.14	25d	1	0.98mi
3200 Saint Charles St Hopewell, VA	3.0	1.5	1272	$1,595	$1.25	45d	1	1.02mi
1900 Arlington Rd Hopewell, VA	3.0	2.0	1216	$1,695	$1.39	45d	1	1.19mi
3568 Perrins Hill Way Prince George, VA	3.0	2.5	1500	$2,200	$1.47	3d	1	1.38mi

Listing history 24 events

1. 2026-06-13
   statusdays on market $180,000 Pending 26 DOM
2. 2026-06-09
   days on market $180,000 Active 24 DOM
3. 2026-06-08
   days on market $180,000 Active 23 DOM
4. 2026-06-07
   days on market $180,000 Active 22 DOM
5. 2026-06-03
   days on market $180,000 Active 18 DOM
6. 2026-06-02
   days on market $180,000 Active 17 DOM
7. 2026-06-01
   days on market $180,000 Active 16 DOM
8. 2026-05-31
   days on market $180,000 Active 15 DOM
9. 2026-05-15
   listed $180,000 Active
10. 2025-11-24
    listed $229,950 Active
11. 2025-11-20
    historical
12. 2021-04-14
    soldstatus $170,000
13. 2021-04-13
    soldstatus $170,000 Closed 557-char remark

    Show marketing remark (557 chars)

    This 4 bedroom 2 full bath house makes a great first home or rental property to add to your portfolio. Tenants have moved out and Seller has put in new carpets upstairs in the bedrooms and a brand new roof. Spacious kitchen with a dining area that leads to the back deck overlooking a good sized yard. Just needs a fresh coat of paint to make it your own. Owner is selling this property and all appliances are included and in as is condition. Not a flip property at all, just needs the next owner to add some finishing touches. A lot of house for the money!

14. 2021-02-10
    status Pending 557-char remark

    Show marketing remark (557 chars)

    This 4 bedroom 2 full bath house makes a great first home or rental property to add to your portfolio. Tenants have moved out and Seller has put in new carpets upstairs in the bedrooms and a brand new roof. Spacious kitchen with a dining area that leads to the back deck overlooking a good sized yard. Just needs a fresh coat of paint to make it your own. Owner is selling this property and all appliances are included and in as is condition. Not a flip property at all, just needs the next owner to add some finishing touches. A lot of house for the money!

15. 2021-02-05
    listed $165,000 Active 557-char remark

    Show marketing remark (557 chars)

    This 4 bedroom 2 full bath house makes a great first home or rental property to add to your portfolio. Tenants have moved out and Seller has put in new carpets upstairs in the bedrooms and a brand new roof. Spacious kitchen with a dining area that leads to the back deck overlooking a good sized yard. Just needs a fresh coat of paint to make it your own. Owner is selling this property and all appliances are included and in as is condition. Not a flip property at all, just needs the next owner to add some finishing touches. A lot of house for the money!

16. 2019-10-07
    soldstatus $77,000 Closed
17. 2019-09-20
    status Pending
18. 2019-09-20
    listed $89,900 Active
19. 2019-09-14
    historical
20. 2019-08-25
    price $89,900
21. 2019-07-18
    price $99,900
22. 2019-06-18
    listed $108,900 Active
23. 1983-09-30
    soldstatus $50,000
24. 1981-06-02
    soldstatus $40,500

ⓘ 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: $2,131 · $178/mo
• Projected year-2 tax: $2,131 · $178/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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 49% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,925
• − Mortgage interest: −$10,083
• − Property taxes: −$2,131
• − Insurance: −$900
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$5,236
• Taxable income: $907
• Est. tax owed @ 24.0%: −$218
• After-tax cash flow: $3,535/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: Hopewell City Public School District
• NCES district ID: 5101980
• Math proficiency: 23% ▼ -54.00%
• Reading proficiency: 49% ▼ -18.00%
• Median HH income: $38,234
• Composite: 29.95/100
• National rank: #6377
• State rank: #129 of 131 in VA

Livability — Hopewell

• Score: 70/100
• State rank: #224
• US rank: #7437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hopewell, VA
• County: Hopewell City · 31,404 people
• City population: 31,404
• Metro: Richmond, VA
• Population (ZIP): 31,404
• Household income: $62,141
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1055.0

Population outlook (Hopewell County) Hauer SSP2

• Today (2025): 21,776 people
• By 2030: 21,457 · -1.5%
• By 2040: 20,882 · -4.1%
• By 2050: 20,239 · -7.1%
• By 2075: 18,905 · -13.2%
• By 2100: 16,949 · -22.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 43% Black 42% Two or more races 9% Hispanic / Latino 8% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Hopewell

• 2024 margin: D (+13.8) · D 56.4% · R 42.6% · Other 1.0%
• 2008→2024 swing: +1.8pp toward D · 2008: 11.9pp · 2024: 13.8pp
• All cycles: 2024: D+13.8 2020: D+14.7 2016: D+9.3 2012: D+16.0 2008: D+11.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.28%
• Current HPI: 302.6343
• Rent YoY: ▲ 8.86%
• 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

+344.4% since first listed

16 events — show timeline

• 2026-05-15 Listed $180,000 CVRMLS
• 2025-11-24 Listed $229,950 CVRMLS
• 2025-11-20 Coming Soon — CVRMLS
• 2021-04-14 Sold (Public Records) $170,000 Public Records
• 2021-04-13 Sold (MLS) $170,000 CVRMLS
• 2021-02-10 Pending — CVRMLS
• 2021-02-05 Listed $165,000 CVRMLS
• 2019-10-07 Sold (MLS) $77,000 CVRMLS
• 2019-09-20 Pending — CVRMLS
• 2019-09-20 Listed $89,900 CVRMLS
• 2019-09-14 Listing Removed — CVRMLS
• 2019-08-25 Price Changed $89,900 CVRMLS
• 2019-07-18 Price Changed $99,900 CVRMLS
• 2019-06-18 Listed $108,900 CVRMLS
• 1983-09-30 Sold (Public Records) $50,000 Public Records
• 1981-06-02 Sold (Public Records) $40,500 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,131 · +14.4% YoY. Source: county tax records.