645 Glebe Landing Rd

Jamaica, VA 23079

$42,000B+

2 bd · 1.0 ba · 694 sqft · Built 1900 · Other · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $941/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $477/mo
• Annual: $5,724/yr
• Cap rate: 19.92%
• Cash-on-cash: 48.67%
• DSCR: 3.17
• 1% rule: 2.24%
• Cash to close: $11,760

Investor read

• This is a 2-bed/1.0-bath other listed at $42k.
• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($941 rent vs $42k).
• It's been on market 31 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $41k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($290 loan paydown + $1k appreciation (2.6% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Middlesex County Public School District (rural): math 45% / reading 59% proficiency, ranked #90 of 131 in VA (top 69%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Middlesex Elementary (math 40% / reading 53%, grade D-, #817 of 1,108 statewide, top 74%, 611 students, 97% FRL); St. Clare Walker Middle (math 33% / reading 57%, grade D, #274 of 342 statewide, top 81%, 287 students, 87% FRL); Middlesex High (math 92% / reading 82%, grade A, #16 of 319 statewide, top 5%, 346 students, 99% FRL) — zoned schools average 94% FRL vs 44% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 97 units permitted in Middlesex County in 2024 (0 in 5+ unit buildings).
• Middlesex County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 54% 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.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.