116 Spoon Bill Ct · Virginia Beach, VA 27950

$35,000

2 bd · 1.0 ba · 780 sqft · Other · 1 Days on market

Good condition

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0

Listing remarks

This beautifully updated 780 sq. ft. home offers affordable living. Located in a quiet community with a low lot rent of only $400 per month, this 2-bedroom, 1-bath residence is completely move-in ready. The interior has been fully revitalized with brand-new flooring, fresh paint, and updated doors throughout. Outside, you & acirc; & euro; & trade; ll find a rare and desirable partially private, fenced-in yard, providing a perfect sanctuary for pets, gardening, or outdoor relaxation. A sturdy wooden deck leads to the front entry, offering a lovely space for morning coffee. This is a fantastic opportunity to own a renovated, low-maintenance home. Buyer must be approved by park man

Key facts

• Sturdy wooden deck

Tags

• STURDY WOODEN DECK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $35k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $673 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Cap rate 29.4% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, employment A+; Watch: cost of living C-, commute F.
• Currituck County Schools (rural): math 45% / reading 51% proficiency, ranked #67 of 178 in NC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 429 units permitted in Currituck County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($242 loan paydown + $2k appreciation (5.9% local appreciation)).
• Currituck County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.9% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $35,000

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. 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.
4. 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.
5. 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: 3.31% ✓
• Cap rate: 29.38%
• Cash-on-cash: 82.44%
• DSCR: 4.67
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.86% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 89.0%
• Equity multiple: 6.38×
• Total profit: $52,705
• Equity at exit: $21,686

10-year hold

• IRR: 86.6%
• Equity multiple: 13.41×
• Total profit: $121,569
• Equity at exit: $39,056

Cash invested: $9,800 (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 27950

• Home prices YoY: 1.8%
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $673

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 37%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $35,000 Active

ⓘ 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: $13,901
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$1,018
• Taxable income: $7,998
• Est. tax owed @ 24.0%: −$1,919
• After-tax cash flow: $6,160/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This 780 sq. ft. home is move-in ready with a good condition score and minimal repairs needed. It offers a quiet community setting with a low maintenance yard and a partially private fenced-in area.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Currituck County Schools
• NCES district ID: 3701080
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 51% ▲ 5.00%
• Median HH income: $58,898
• Composite: 41.96/100
• National rank: #3348
• State rank: #67 of 178 in NC

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 448,227
• Population (ZIP): 1,786

Population outlook (Currituck County) Hauer SSP2

• Today (2025): 28,690 people
• By 2030: 30,311 · +5.7%
• By 2040: 33,220 · +15.8%
• By 2050: 35,405 · +23.4%
• By 2075: 40,998 · +42.9%
• By 2100: 44,117 · +53.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Asian 2%
• Common ancestry: Italian 2% Slovak 1% Serbian 1%
• Foreign-born: 3% · South Korea
• Languages at home: 99% English-only · German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Currituck

• 2024 margin: Solid R (+47.9) · D 25.6% · R 73.5%
• 2008→2024 swing: -16.4pp toward R · 2008: -31.5pp · 2024: -47.9pp
• All cycles: 2024: R+47.9 2020: R+46.2 2016: R+49.8 2012: R+35.1 2008: R+31.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.86%
• Current HPI: 327.9432
• 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

2 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $35,000 FSBO.com