116 Spoon Bill Ct

Virginia Beach, VA 27950

$35,000A-

2 bd · 1.0 ba · 780 sqft · Built — · Other · Under Contract · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $673/mo
• Annual: $8,079/yr
• Cap rate: 29.38%
• Cash-on-cash: 82.44%
• DSCR: 4.67
• 1% rule: 3.31%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.0-bath other listed at $35k. Condition is rated good.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($242 loan paydown + $2k appreciation (5.9% local appreciation)).
• 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).
• 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.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.