1809 Sussex St · Richmond, VA 23223

$159,900

3 bd · 1.0 ba · 1,007 sqft · SingleFamily public records · 1 Days on market

Built 1954 6,446 sqft lot Est $227k · 29% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.8/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special! Opportunity awaits with this 3-bedroom, 1-bath brick ranch in Richmond's Eastview neighborhood. Situated on a level lot, this home offers approximately 1,007 square feet of living space and a solid brick exterior. The property is in need of renovation and is being sold strictly as-is, making it an ideal project for investors, flippers, or buyers looking to build sweat equity. Conveniently located near major highways, shopping, dining, and downtown Richmond. Bring your vision and transform this diamond in the rough into a profitable investment or charming home.

Key facts

• Level lot
• Solid brick exterior
• Conveniently located

Tags

• BRICK RANCH
• LEVEL LOT
• SOLID BRICK EXTERIOR
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Alley access; Driveway; Paved parking; On-street parking
• Utilities: Public water; Public sewer; Electric water heater; Natural gas for heating
• Home design: Single-story home; Entry level: 1; Resale property
• Construction: Brick, drywall, vinyl siding, and wood siding exterior; Composition roof; Built as existing structure
• Exterior features: Paved driveway; Patio; Alley access; Driveway access; Paved; On-street parking

Interior

• Kitchen: Eat-in kitchen; Laminate counters
• Bedrooms: Bedroom on main level
• Flooring: Concrete
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Bedroom on main level; Dining area; Eat-in kitchen; Laminate counters; Walk-in closet
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 8.9% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 337 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• This rent runs 37% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 15y 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 $40k; list at $160k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.08% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $226,575
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1905 Redwood Ave	0.09mi	3/1.0	1,007 (0%)	1mo	$180,500	$179	95
2500 Ford Ave	0.14mi	3/1.0	1,007 (0%)	1mo	$134,900	$134	93
2408 Ford Ave	0.11mi	3/1.0	1,007 (0%)	3mo	$165,000	$164	92
2002 Conrad St	0.13mi	3/2.0	1,007 (0%)	2mo	$260,000	$258	88
1711 Rogers St	0.32mi	2/1.0 (-1)	1,044 (+4%)	3mo	$235,000	$225	72
1906 Maddox St	0.27mi	2/1.0 (-1)	912 (-9%)	2mo	$198,500	$218	65
2108 Richmond St	0.28mi	3/2.0	1,080 (+7%)	7mo	$266,500	$247	65
2100 Wood St	0.15mi	3/1.0	862 (-14%)	6mo	$203,000	$235	64
1429 Rogers St	0.42mi	2/1.0 (-1)	893 (-11%)	3mo	$179,000	$200	54
2214 Beau Ln	0.73mi	3/2.0	1,066 (+6%)	2mo	$295,000	$277	51
1602 N 24th St	0.72mi	3/1.0	898 (-11%)	3mo	$157,000	$175	46
1801 N 19th St	0.40mi	2/1.5 (-1)	870 (-14%)	7mo	$224,500	$258	46

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,575
• Equity at exit: $23,842

10-year hold

• IRR: 14.0%
• Equity multiple: 2.29×
• Total profit: $57,631
• Equity at exit: $13,825

Cash invested: $44,772 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,719 high
• Mortgage (P&I): −$839
• Tax from tax record: −$100 /mo · $1,200/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $353

Break-even live

Break-even rent $1,272

Max offer price $159,900

Occupancy floor 74%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1806 Sussex St Richmond, VA	4.0	2.0	1197	$2,500	$2.09	44d	1	0.04mi
2106 Wood St Richmond, VA	3.0	1.0	862	$1,814	$2.10	20d	1	0.10mi
1901 Whitcomb St Richmond, VA	2.0	1.0	750	$1,200	$1.60	24d	1	0.23mi
2423 Whitcomb St Richmond, VA	3.0	1.0	1000	$1,100	$1.10	24d	1	0.24mi
2021 Fairfield Ave Richmond, VA	2.0	1.0	785	$1,195	$1.52	14d	1	0.51mi
2106 Newbourne St Richmond, VA	3.0	2.0	1172	$1,875	$1.60	44d	1	0.58mi
1617 N 21st St Richmond, VA	3.0	1.0	1157	$1,825	$1.58	4d	1	0.59mi
2100 Phaup St Richmond, VA	2.0	1.0	800	$995	$1.24	24d	1	0.60mi
2108 Phaup St Unit D Richmond, VA	2.0	1.0	700	$995	$1.42	24d	1	0.62mi
2153 Cool Ln Richmond, VA	2.0	1.0	1148	$1,080	$0.94	44d	1	0.66mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	44d	1	0.67mi
2016 Fairmount Ave Apt 2 Richmond, VA	2.0	1.0	1000	$1,007	$1.01	14d	1	0.67mi
1108 N 21st St Unit B Richmond, VA	2.0	2.0	1000	$1,799	$1.80	3d	1	0.75mi
1801 Monteiro Ave Unit 1 Richmond, VA	2.0	2.0	1500	$1,550	$1.03	4d	1	0.80mi
1004 1/2 N 21st St Unit A Richmond, VA	3.0	2.0	1248	$2,195	$1.76	17d	1	0.80mi
207 Welford St Richmond, VA	3.0	1.5	1348	$1,850	$1.37	24d	1	0.84mi
2200 Carrington St Unit 301 Richmond, VA	2.0	2.0	890	$1,435	$1.61	16d	1	0.87mi
2200 Carrington St Unit 300 Richmond, VA	2.0	2.0	880	$1,435	$1.63	44d	1	0.87mi
200 Minor St Unit A Richmond, VA	3.0	1.0	1100	$1,295	$1.18	24d	1	0.89mi
2000 Lamb Ave Apt C Richmond, VA	2.0	1.0	750	$1,295	$1.73	44d	1	0.94mi
500 N 18th St Richmond, VA	1.0–2.0	1.0–2.0	737	$1,837	$2.49	2d	11	1.02mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	44d	1	1.03mi
2706 Selden St Richmond, VA	3.0	1.0	862	$1,895	$2.20	44d	1	1.03mi
1910 North Ave Richmond, VA	3.0	1.0	1010	$1,595	$1.58	10d	1	1.03mi
1906 N 29th St Richmond, VA	2.0	1.0	704	$1,000	$1.42	4d	1	1.06mi
1603 N 29th St Richmond, VA	3.0	1.0	950	$1,600	$1.68	4d	1	1.09mi
2906 Nine Mile Rd Richmond, VA	2.0	1.0	885	$1,845	$2.08	24d	1	1.09mi
517 N 21st St Unit 517B Richmond, VA	2.0	1.0	1447	$1,884	$1.30	17d	1	1.11mi
2810 2nd Ave Richmond, VA	2.0	1.0	1120	$1,950	$1.74	44d	1	1.11mi
2919 4th Ave #2 Richmond, VA	2.0	2.0	950	$1,287	$1.35	44d	1	1.13mi
306 St Claire Ln Richmond, VA	3.0	1.0	1017	$1,595	$1.57	3d	1	1.14mi
113 E Leigh St Richmond, VA	3.0	2.0	1206	$2,099	$1.74	44d	1	1.14mi
403 Fritz St Richmond, VA	2.0	1.0	1000	$1,595	$1.59	44d	1	1.16mi
2400 Barton Ave Richmond, VA	2.0	1.0	813	$1,245	$1.53	4d	2	1.16mi
803 N 26th St Unit A Richmond, VA	2.0	2.0	1188	$1,849	$1.56	44d	1	1.17mi
901 N 27th St Apt 1 Richmond, VA	4.0	1.0	1240	$2,000	$1.61	17d	1	1.17mi
1606 Fendall Ave Richmond, VA	2.0	1.0	825	$1,349	$1.64	44d	1	1.17mi
1820 E Broad St Richmond, VA	1.0–2.0	1.0–2.0	665	$2,476	$3.72	21d	15	1.17mi
417 Fritz St Richmond, VA	2.0	1.0	725	$1,295	$1.79	44d	1	1.18mi
1610 Fendall Ave Richmond, VA	2.0	1.0	825	$1,249	$1.51	44d	1	1.18mi

Listing history 2 events

1. 2026-06-17
   remarks 584-char remark
2. 2026-06-17
   listed $159,900 Active 1 DOM

ⓘ 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: $1,200 · $100/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$111/yr (+$9/mo · 9.3%)

ⓘ 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 8/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,629
• − Mortgage interest: −$8,957
• − Property taxes: −$1,200
• − Insurance: −$800
• − Repairs & maintenance: −$1,650
• − Management: −$1,650
• − Depreciation: −$4,652
• Taxable income: $1,720
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $3,822/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Henrico County · 334,490 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• Metro: Richmond, 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

+168.7% since first listed

10 events — show timeline

• 2026-06-17 Listed $159,900 CVRMLS
• 2021-10-07 Listed $148,900 CVRMLS
• 2021-09-30 Listing Removed — CVRMLS
• 2021-07-23 Listed $149,900 CVRMLS
• 2011-09-29 Sold (MLS) $40,000 CVRMLS
• 2011-08-11 Listing Removed — CVRMLS
• 2011-08-08 Listed $50,000 CVRMLS
• 2011-08-07 Listing Removed — CVRMLS
• 2011-06-21 Listed $50,000 CVRMLS
• 1997-06-24 Sold (Public Records) $59,500 Public Records

Property tax history

+2.4%/yr

Latest (2022): $1,200 · +23.5% YoY. Source: county tax records.