28226 Hillman Hwy · Meadowview, VA 24361

$239,900

12 bd · 3.0 ba · 3,944 sqft · SingleFamily · 348 Days on market

Built 1988 3.49 ac lot ↓ 4% since listing

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Why this score? — see what drove the D 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 +9.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.5/10.0
• Schools +6.2/10.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This unique property was formerly an Adult Home and is now ready for a new chapter. Offering ample square footage and a generous lot, this property is full of potential for the visionary buyer. Whether you're looking to restore it as a care facility, reimagine it as a spacious single-family home, or explore other possibilities, the structure provides a solid canvas to work with. Please note: the property does need extensive repairs and updates. It is being sold as-is, and priced accordingly for its condition. Bring your tools, your ideas, and your contractor! Conveniently located with easy access to Abingdon and surrounding areas, this is a rare chance to invest in a property with space, history, and tons of possibilities.

Key facts

• 3.49 acre lot
• Built 1988
• Listed 348 days

What this means for you Summary

Snapshot

• This is a 12-bed/3.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (21.1% below list).
• Recommended offer: $189k (21.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Meadowview Elementary (math 63% / reading 74%, grade B+, #357 of 1,108 statewide, top 33%, 551 students, 89% FRL); Glade Spring Middle (math 70% / reading 74%, grade A, #65 of 342 statewide, top 21%, 254 students, 80% FRL); Patrick Henry High (math 62% / reading 82%, grade B+, #134 of 319 statewide, top 45%, 366 students, 66% FRL) — zoned schools average 78% FRL vs 42% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.1% local appreciation)).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 348 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $189,195 (21.1% 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 348 days. Have you received any prior offers? Is the seller open to a 21% 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. 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?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.29×
• Total profit: $19,282
• Equity at exit: $108,670

10-year hold

• IRR: 8.0%
• Equity multiple: 2.23×
• Total profit: $82,361
• Equity at exit: $168,098

Cash invested: $67,172 (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 24361

• Home prices YoY: 1.6%
• Active inventory: 35
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-163

Break-even live

Break-even rent $2,099

Max offer price $216,277

Occupancy floor —

Sensitivity live

Price	-10% $3	-5% $-80	+0% $-163	+5% $-246	+10% $-329
Rent	-10% $-313	-5% $-238	+0% $-163	+5% $-89	+10% $-14
Rate	-1.0pp $-42	-0.5pp $-102	base $-163	+0.5pp $-225	+1.0pp $-289

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $239,900 Active 348 DOM
2. 2026-06-19
   days on market $239,900 Active 346 DOM
3. 2026-06-18
   days on market $239,900 Active 345 DOM
4. 2026-06-17
   days on market $239,900 Active 344 DOM
5. 2026-06-16
   days on market $239,900 Active 343 DOM
6. 2026-06-15
   days on market $239,900 Active 342 DOM
7. 2026-06-14
   days on market $239,900 Active 340 DOM
8. 2026-06-13
   days on market $239,900 Active 339 DOM
9. 2026-06-10
   days on market $239,900 Active 337 DOM
10. 2026-06-09
    days on market $239,900 Active 336 DOM
11. 2026-06-08
    days on market $239,900 Active 335 DOM
12. 2026-06-07
    days on market $239,900 Active 334 DOM
13. 2026-06-02
    days on market $239,900 Active 329 DOM
14. 2026-06-01
    days on market $239,900 Active 328 DOM
15. 2026-05-31
    days on market $239,900 Active 327 DOM
16. 2026-05-30
    days on market $239,900 Active 326 DOM
17. 2026-01-01
    status Active 732-char remark

    Show marketing remark (732 chars)

    This unique property was formerly an Adult Home and is now ready for a new chapter. Offering ample square footage and a generous lot, this property is full of potential for the visionary buyer. Whether you're looking to restore it as a care facility, reimagine it as a spacious single-family home, or explore other possibilities, the structure provides a solid canvas to work with. Please note: the property does need extensive repairs and updates. It is being sold as-is, and priced accordingly for its condition. Bring your tools, your ideas, and your contractor! Conveniently located with easy access to Abingdon and surrounding areas, this is a rare chance to invest in a property with space, history, and tons of possibilities.

18. 2026-01-01
    historical 732-char remark

    Show marketing remark (732 chars)

    This unique property was formerly an Adult Home and is now ready for a new chapter. Offering ample square footage and a generous lot, this property is full of potential for the visionary buyer. Whether you're looking to restore it as a care facility, reimagine it as a spacious single-family home, or explore other possibilities, the structure provides a solid canvas to work with. Please note: the property does need extensive repairs and updates. It is being sold as-is, and priced accordingly for its condition. Bring your tools, your ideas, and your contractor! Conveniently located with easy access to Abingdon and surrounding areas, this is a rare chance to invest in a property with space, history, and tons of possibilities.

19. 2025-10-15
    price $239,900 732-char remark

    Show marketing remark (732 chars)

    This unique property was formerly an Adult Home and is now ready for a new chapter. Offering ample square footage and a generous lot, this property is full of potential for the visionary buyer. Whether you're looking to restore it as a care facility, reimagine it as a spacious single-family home, or explore other possibilities, the structure provides a solid canvas to work with. Please note: the property does need extensive repairs and updates. It is being sold as-is, and priced accordingly for its condition. Bring your tools, your ideas, and your contractor! Conveniently located with easy access to Abingdon and surrounding areas, this is a rare chance to invest in a property with space, history, and tons of possibilities.

20. 2025-06-13
    listed $250,000 Active 732-char remark

    Show marketing remark (732 chars)

    This unique property was formerly an Adult Home and is now ready for a new chapter. Offering ample square footage and a generous lot, this property is full of potential for the visionary buyer. Whether you're looking to restore it as a care facility, reimagine it as a spacious single-family home, or explore other possibilities, the structure provides a solid canvas to work with. Please note: the property does need extensive repairs and updates. It is being sold as-is, and priced accordingly for its condition. Bring your tools, your ideas, and your contractor! Conveniently located with easy access to Abingdon and surrounding areas, this is a rare chance to invest in a property with space, history, and tons of possibilities.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,703
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$6,979
• Taxable loss: −$6,144
• Est. tax savings @ 24.0%: +$1,475
• After-tax cash flow: $-484/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: Washington County Public School District
• NCES district ID: 5103900
• Math proficiency: 68% ▼ -23.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $42,412
• Composite: 61.5/100
• National rank: #754
• State rank: #15 of 131 in VA

Livability — Meadowview

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Meadowview, VA
• Population (ZIP): 4,644

Population outlook (Washington County) Hauer SSP2

• Today (2025): 53,266 people
• By 2030: 52,284 · -1.8%
• By 2040: 49,415 · -7.2%
• By 2050: 45,683 · -14.2%
• By 2075: 37,258 · -30.1%
• By 2100: 27,983 · -47.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+53.3) · D 23.0% · R 76.3%
• 2008→2024 swing: -20.6pp toward R · 2008: -32.7pp · 2024: -53.3pp
• All cycles: 2024: R+53.3 2020: R+52.5 2016: R+53.5 2012: R+43.2 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.06%
• Current HPI: 190.3097
• 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

-4.0% since first listed

4 events — show timeline

• 2026-01-01 Relisted — SWVAR
• 2026-01-01 Delisted — SWVAR
• 2025-10-15 Price Changed $239,900 SWVAR
• 2025-06-13 Listed $250,000 SWVAR