108 Furrs Mill Rd · East Lexington, VA 24450

$185,000

2 bd · 2.0 ba · 1,025 sqft · SingleFamily public records · 144 Days on market

Built 1966 0.36 ac lot Est $191k · at est.

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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 +17.2/30.0
• ARV discount +8.8/15.0
• DSCR +5.4/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rock Cliff Cottage! Exciting opportunity to own a home or investment within walking distance to downtown, the Maury River, and Chessie Nature Trail access. This cottage is currently used divided as a 2 bedroom apartment and a studio apartment with 2 kitchens and two baths but could easily be converted back to single family residence. The home additionally has space for more parking and two private outdoor decks . Don't miss this unique cottage!

Key facts

• 0.36 acre lot
• Built 1966
• Listed 144 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (15.1% below list).
• Recommended offer: $157k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.7% in East Lexington — 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 71/100 on livability (#218 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living A; Watch: housing C-, employment D, amenities F.
• Rockbridge County Public School District (town): math 43% / reading 67% proficiency, ranked #80 of 131 in VA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Central Elementary (math 37% / reading 62%, grade D, #742 of 1,108 statewide, top 70%, 452 students, 70% FRL); Maury River Middle (math 38% / reading 63%, grade C, #226 of 342 statewide, top 67%, 502 students, 70% FRL); Rockbridge County High (math 52% / reading 82%, grade B, #185 of 319 statewide, top 61%, 994 students, 66% FRL) — zoned schools average 69% FRL vs 37% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 146 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 85 units permitted in Rockbridge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Rockbridge County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $86k; list at $185k implies a 116% gain — meaningful room to come down on a strong offer.

Recommended offer $157,087 (15.1% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $190,650
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Mary Ln	0.61mi	2/1.0	1,054 (+3%)	10mo	$170,000	$161	55
408 Maury St	0.61mi	2/1.0	1,075 (+5%)	6mo	$216,000	$201	54
249 Campbell Ln	0.41mi	3/1.0 (+1)	995 (-3%)	20mo	$185,000	$186	50
708 Mccorkle Dr	0.43mi	2/1.0	891 (-13%)	12mo	$159,000	$178	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-21,541
• Equity at exit: $27,584

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-8,120
• Equity at exit: $15,995

Cash invested: $51,800 (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 24450

• Home prices YoY: -22.8%
• Active inventory: 146
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,571 high
• Mortgage (P&I): −$970
• Tax from tax record: −$60 /mo · $720/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $134

Break-even live

Break-even rent $1,402

Max offer price $185,000

Occupancy floor 86%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Holly Park Ln #222 Lexington, VA	2.0	2.0	1254	$1,450	$1.16	14d	1	0.09mi
3 Jean Francis DR Lexington, VA	3.0	2.0	1200	$2,200	$1.83	14d	1	1.02mi
204 S Jefferson St Lexington, VA	2.0	1.0	792	$1,400	$1.77	14d	1	1.15mi
203 Myers St Apt B Lexington, VA	2.0	1.0	1000	$1,400	$1.40	14d	1	1.21mi
23 Triple Crown Dr Unit 25 Lexington, VA	3.0	2.5	1300	$2,100	$1.62	14d	1	1.47mi

Listing history 10 events

1. 2026-04-26
   status Pending
2. 2025-12-08
   status Active
3. 2025-11-26
   status Pending
4. 2025-11-21
   listed $185,000 Active
5. 2023-11-24
   historical $625
6. 2023-11-10
   listed $625
7. 2022-08-12
   price $575
8. 2020-03-06
   soldstatus $85,500
9. 2020-02-28
   soldstatus $85,500 452-char remark

   Show marketing remark (452 chars)

   Rock Cliff Cottage! Exciting opportunity to own a home or investment within walking distance to downtown, the Maury River, and Chessie Nature Trail access. This cottage is currently used divided as a 2 bedroom apartment and a studio apartment with 2 kitchens and two baths but could easily be converted back to single family residence. The home additionally has space for more parking and two private outdoor decks . Don't miss this unique cottage!

10. 2019-10-23
    listed $88,000 452-char remark

    Show marketing remark (452 chars)

    Rock Cliff Cottage! Exciting opportunity to own a home or investment within walking distance to downtown, the Maury River, and Chessie Nature Trail access. This cottage is currently used divided as a 2 bedroom apartment and a studio apartment with 2 kitchens and two baths but could easily be converted back to single family residence. The home additionally has space for more parking and two private outdoor decks . Don't miss this unique cottage!

ⓘ 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: $720 · $60/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$797/yr (+$66/mo · 110.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,850
• − Mortgage interest: −$10,363
• − Property taxes: −$720
• − Insurance: −$925
• − Repairs & maintenance: −$1,508
• − Management: −$1,508
• − Depreciation: −$5,382
• Taxable loss: −$1,555
• Est. tax savings @ 24.0%: +$373
• After-tax cash flow: $1,978/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: Rockbridge County Public School District
• NCES district ID: 5103370
• Math proficiency: 43% ▼ -41.00%
• Reading proficiency: 67% ▼ -12.00%
• Median HH income: $48,021
• Composite: 46.65/100
• National rank: #2408
• State rank: #80 of 131 in VA

Livability — East Lexington

• Score: 71/100
• State rank: #218
• US rank: #7157

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Lexington, VA
• County: Rockbridge County · 17,714 people
• Metro: nan
• Population (ZIP): 17,714
• Household income: $76,587
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 429.0

Population outlook (Rockbridge County) Hauer SSP2

• Today (2025): 22,549 people
• By 2030: 22,381 · -0.7%
• By 2040: 21,488 · -4.7%
• By 2050: 20,054 · -11.1%
• By 2075: 16,228 · -28.0%
• By 2100: 11,598 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Serbian 4% Italian 2% Slovak 2%
• Foreign-born: 4% · China, Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Chinese 1% Korean 1%

Political lean MEDSL · Rockbridge

• 2024 margin: Solid R (+33.8) · D 32.6% · R 66.4%
• 2008→2024 swing: -20.2pp toward R · 2008: -13.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+32.4 2016: R+29.6 2012: R+17.8 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.84%
• Current HPI: 283.7394
• Rent YoY: —
• Metro: nan
• 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

+110.2% since first listed

10 events — show timeline

• 2026-04-26 Pending — RHR
• 2025-12-08 Relisted — RHR
• 2025-11-26 Pending — RHR
• 2025-11-21 Listed $185,000 RHR
• 2023-11-24 Rental Removed $625 APPFOLIO
• 2023-11-10 Listed for Rent $625 APPFOLIO
• 2022-08-12 Price Changed $575 APPFOLIO
• 2020-03-06 Sold (Public Records) $85,500 Public Records
• 2020-02-28 Sold (MLS) $85,500 RHR
• 2019-10-23 Listed $88,000 RHR

Property tax history

+1.8%/yr

Latest (2025): $720 · +4.9% YoY. Source: county tax records.