3024 Rivermont Ave · Lynchburg, VA 24503

$749,900

8 bd · 8.5 ba · 7,238 sqft · MultiFamily public records · 42 Days on market

Built 1904 1.14 ac lot $104/sqft · 11% above area Est $811k · 8% under

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Why this score? — see what drove the B- 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 +28.2/30.0
• ARV discount +10.9/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• Livability +4.5/5.0
• Schools +4.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Incredible investment opportunity in the heart of Rivermont! This historic property has been thoughtfully converted into 8 apartments and also includes 726 Riverside Drive with an accessory dwelling unit, bringing the total to 9 income-producing units. The property features updated electrical systems, individual mini-split heating and air-conditioning units, and a strong rental history that makes this an attractive addition to any investment portfolio. A grand foyer entrance welcomes residents with timeless character and charm, while the circular drive and ample off-street parking provide convenience rarely found. Located in one of the area's most desirable neighborhoods, this unique multi-unit property offers the perfect blend of historic appeal and modern updates. Don't miss this exceptional opportunity to own a proven income-producing property with outstanding long-term potential.

Key facts

• Historic property
• Nine apartments
• 1.14 acre lot

Tags

• HISTORIC PROPERTY
• NINE APARTMENTS
• ACCESSORY DWELLING UNIT
• INCOME PRODUCING UNITS
• UPDATED ELECTRICAL SYSTEMS
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 8-bed/8.5-bath multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $750k).
• Recommended offer: $727k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.0% in Lynchburg — 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 91/100 on livability (#1 in VA, #58 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment D+.
• Lynchburg City Public School District (urban): math 36% / reading 61% proficiency, ranked #104 of 131 in VA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 174 active listings in the ZIP; solid renter incomes; 472 units permitted in Lynchburg city in 2024 (240 in 5+ unit buildings).
• At $9,023/mo this rent would consume 121% of the median local household income ($89k/yr) (locally 506% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Lynchburg County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $400k; list at $750k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $727,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.61%
• DSCR: 1.61
• GRM: 6.9

CMA / ARV

• ARV (median comp): $811,010
• List price: $749,900
• Delta: -7.54%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.7%
• Equity multiple: 1.14×
• Total profit: $30,016
• Equity at exit: $111,813

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $220,894
• Equity at exit: $64,838

Cash invested: $209,972 (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 24503

• Active inventory: 174
• Price-to-rent: 62.3×

Monthly cashflow live

• Estimated rent: $9,023 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$502 /mo · $6,023/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,895
• Net cashflow: $2,381

Break-even live

Break-even rent $6,009

Max offer price $749,900

Occupancy floor 69%

Sensitivity live

Price	-10% $2,806	-5% $2,594	+0% $2,381	+5% $2,169	+10% $1,957
Rent	-10% $1,668	-5% $2,025	+0% $2,381	+5% $2,738	+10% $3,094
Rate	-1.0pp $2,759	-0.5pp $2,572	base $2,381	+0.5pp $2,187	+1.0pp $1,989

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$9,027
Total (9 units)			$9,023

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: $187,475
• Closing costs: $22,497
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $749,900 Active 42 DOM
2. 2026-06-18
   days on market $749,900 Active 41 DOM
3. 2026-06-17
   days on market $749,900 Active 40 DOM
4. 2026-06-16
   days on market $749,900 Active 39 DOM
5. 2026-06-15
   days on market $749,900 Active 38 DOM
6. 2026-06-14
   days on market $749,900 Active 36 DOM
7. 2026-06-13
   days on market $749,900 Active 35 DOM
8. 2026-06-10
   days on market $749,900 Active 33 DOM
9. 2026-06-09
   days on market $749,900 Active 32 DOM
10. 2026-06-08
    days on market $749,900 Active 31 DOM
11. 2026-06-07
    days on market $749,900 Active 30 DOM
12. 2026-06-03
    days on market $749,900 Active 26 DOM
13. 2026-06-02
    days on market $749,900 Active 25 DOM
14. 2026-06-01
    days on market $749,900 Active 24 DOM
15. 2026-05-31
    days on market $749,900 Active 23 DOM
16. 2026-05-30
    days on market $749,900 Active 22 DOM
17. 2026-05-06
    listed $749,900 Active 896-char remark

    Show marketing remark (896 chars)

    Incredible investment opportunity in the heart of Rivermont! This historic property has been thoughtfully converted into 8 apartments and also includes 726 Riverside Drive with an accessory dwelling unit, bringing the total to 9 income-producing units. The property features updated electrical systems, individual mini-split heating and air-conditioning units, and a strong rental history that makes this an attractive addition to any investment portfolio. A grand foyer entrance welcomes residents with timeless character and charm, while the circular drive and ample off-street parking provide convenience rarely found. Located in one of the area's most desirable neighborhoods, this unique multi-unit property offers the perfect blend of historic appeal and modern updates. Don't miss this exceptional opportunity to own a proven income-producing property with outstanding long-term potential.

18. 2024-11-04
    historical $1,295
19. 2024-09-05
    listed $1,295
20. 2023-06-13
    historical
21. 2018-11-12
    listed $489,900
22. 2018-03-15
    listed $529,900
23. 2017-03-07
    listed $529,900
24. 2012-08-17
    soldstatus $400,000
25. 2006-12-01
    soldstatus $370,999
26. 1995-11-02
    soldstatus $190,000

ⓘ 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: $6,023 · $502/mo
• Projected year-2 tax: $6,149 · $512/mo
• Expected delta: +$126/yr (+$11/mo · 2.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $108,276
• − Mortgage interest: −$42,006
• − Property taxes: −$6,023
• − Insurance: −$3,750
• − Repairs & maintenance: −$8,662
• − Management: −$8,662
• − Depreciation: −$21,815
• Taxable income: $17,358
• Est. tax owed @ 24.0%: −$4,166
• After-tax cash flow: $24,409/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: Lynchburg City Public School District
• NCES district ID: 5102340
• Math proficiency: 36% ▼ -38.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $39,097
• Composite: 40.4/100
• National rank: #3730
• State rank: #104 of 131 in VA

Livability — Lynchburg

• Score: 91/100
• State rank: #1
• US rank: #58

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynchburg, VA
• County: Lynchburg City · 97,036 people
• City population: 97,036
• Metro: Lynchburg, VA
• Population (ZIP): 20,419
• Household income: $89,137
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 506.0

Population outlook (Lynchburg County) Hauer SSP2

• Today (2025): 87,977 people
• By 2030: 93,626 · +6.4%
• By 2040: 106,145 · +20.7%
• By 2050: 120,783 · +37.3%
• By 2075: 162,249 · +84.4%
• By 2100: 191,358 · +117.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 12% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Italian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Lynchburg

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.3% · Other 1.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -4.0pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: D+2.6 2016: R+9.0 2012: R+10.6 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -220.75%
• Current HPI: 227.1443
• Rent YoY: —
• Metro: Lynchburg, 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

+294.7% since first listed

10 events — show timeline

• 2026-05-06 Listed $749,900 LMLS
• 2024-11-04 Rental Removed $1,295 RENTALBEAST
• 2024-09-05 Listed for Rent $1,295 RENTALBEAST
• 2023-06-13 Rental Removed — RENT.
• 2018-11-12 Listed $489,900 LMLS
• 2018-03-15 Listed $529,900 LMLS
• 2017-03-07 Listed $529,900 LMLS
• 2012-08-17 Sold (Public Records) $400,000 Public Records
• 2006-12-01 Sold (Public Records) $370,999 Public Records
• 1995-11-02 Sold (Public Records) $190,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $6,023 · +2.6% YoY. Source: county tax records.