118 Haines Rd · Ewing, VA 24248

$90,000

4 bd · 2.0 ba · 2,400 sqft · SingleFamily public records · 43 Days on market

Built 1972 1.31 ac lot $38/sqft · 91% below area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Appreciation +7.0/10.0
• Schools +5.0/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This property has 1.3 acres (according to tax records) with 2 apartments upstairs that have 1 bedroom and 1 bathroom each. Both apartments are fixer uppers. The view is incredible. Wilderness Road State Park is across the road from this property along with horse trail. the bottom of this building is an open landscape to design and remodel how you choose. there are additional attached structures that need repairs. Public water is available. Road frontage Wilderness Rd (four lane) and Haines Road. This is a beautiful tract of land, nice and level. This is a prime location between LMU Harrogate and LMU Ewing Vet Campas.

Key facts

• Horse trail
• Open landscape
• 2 apartments

Tags

• 1.3 ACRES
• 2 APARTMENTS
• INCREDIBLE VIEW
• WILDERNESS ROAD STATE PARK
• HORSE TRAIL
• OPEN LANDSCAPE

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Septic tank
• Home design: Detached property; 2,400 total building area (per tax records)
• Construction: Vinyl siding; Cement siding; Frame construction; Slab foundation
• Exterior features: Level lot; Mountain view; On-site storage structure

Interior

• Kitchen: Eat-in kitchen
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; No central cooling indicated
• Interior features: Eat-in kitchen; 8 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 54/100 on livability (#528 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, schools B; Watch: amenities F, commute F, employment F.
• Lee County Public School District (rural): math 53% / reading 69% proficiency, ranked #62 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 25 active listings in the ZIP; 18 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($622 loan paydown + $4k appreciation (4.0% local appreciation)).
• Lee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $90k implies a 125% gain — meaningful room to come down on a strong offer.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1972 — 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 B-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 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: 1.43% ✓
• Cap rate: 12.79%
• Cash-on-cash: 23.20%
• DSCR: 2.03
• GRM: 5.8

CMA / ARV

• ARV (median comp): $1,051,715
• List price: $90,000
• Delta: -91.44%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

4.02% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.3%
• Equity multiple: 2.86×
• Total profit: $46,814
• Equity at exit: $45,762

10-year hold

• IRR: 30.7%
• Equity multiple: 5.65×
• Total profit: $117,242
• Equity at exit: $74,951

Cash invested: $25,200 (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 24248

• Home prices YoY: 3.0%
• Active inventory: 25
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,290 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$22 /mo · $267/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $487

Break-even live

Break-even rent $673

Max offer price $90,000

Occupancy floor 57%

Sensitivity live

Price	-10% $538	-5% $513	+0% $487	+5% $462	+10% $436
Rent	-10% $385	-5% $436	+0% $487	+5% $538	+10% $589
Rate	-1.0pp $533	-0.5pp $510	base $487	+0.5pp $464	+1.0pp $440

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $90,000 Active 43 DOM
2. 2026-06-18
   days on market $90,000 Active 41 DOM
3. 2026-06-17
   days on market $90,000 Active 40 DOM
4. 2026-06-16
   days on market $90,000 Active 39 DOM
5. 2026-06-15
   days on market $90,000 Active 38 DOM
6. 2026-06-15
   days on market $90,000 Active 37 DOM
7. 2026-06-13
   days on market $90,000 Active 36 DOM
8. 2026-06-12
   days on market $90,000 Active 35 DOM
9. 2026-06-09
   days on market $90,000 Active 32 DOM
10. 2026-06-08
    days on market $90,000 Active 31 DOM
11. 2026-06-08
    days on market $90,000 Active 30 DOM
12. 2026-06-07
    days on market $90,000 Active 29 DOM
13. 2026-06-03
    days on market $90,000 Active 26 DOM
14. 2026-06-02
    days on market $90,000 Active 25 DOM
15. 2026-06-01
    days on market $90,000 Active 24 DOM
16. 2026-05-31
    days on market $90,000 Active 23 DOM
17. 2026-05-08
    listed $90,000 Active 633-char remark
18. 2020-03-11
    listed $124,900
19. 2005-03-01
    soldstatus $40,000

ⓘ 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: $267 · $22/mo
• Projected year-2 tax: $738 · $62/mo
• Expected delta: +$471/yr (+$39/mo · 176.4%)

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

Taxation est. · year 1

• Rental income: $15,478
• − Mortgage interest: −$5,041
• − Property taxes: −$267
• − Insurance: −$450
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$2,618
• Taxable income: $4,625
• Est. tax owed @ 24.0%: −$1,110
• After-tax cash flow: $4,737/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: Lee County Public School District
• NCES district ID: 5102190
• Math proficiency: 53% ▼ -31.00%
• Reading proficiency: 69% ▼ -9.00%
• Median HH income: $31,356
• Composite: 50.06/100
• National rank: #1913
• State rank: #62 of 131 in VA

Livability — Ewing

• Score: 54/100
• State rank: #528
• US rank: #24156

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,330

Population outlook (Lee County) Hauer SSP2

• Today (2025): 22,861 people
• By 2030: 21,701 · -5.1%
• By 2040: 19,188 · -16.1%
• By 2050: 16,619 · -27.3%
• By 2075: 11,795 · -48.4%
• By 2100: 8,290 · -63.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Slovak 4% Lithuanian 4% German 1%
• Foreign-born: 0%

Political lean MEDSL · Lee

• 2024 margin: Solid R (+72.0) · D 13.8% · R 85.8%
• 2008→2024 swing: -43.8pp toward R · 2008: -28.2pp · 2024: -72.0pp
• All cycles: 2024: R+72.0 2020: R+69.1 2016: R+63.2 2012: R+44.4 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.02%
• Current HPI: 138.4971
• 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

+125.0% since first listed

3 events — show timeline

• 2026-05-08 Listed $90,000 Knoxville MLS
• 2020-03-11 Listed $124,900 Knoxville MLS
• 2005-03-01 Sold (Public Records) $40,000 Public Records

Property tax history

-1.6%/yr

Latest (2025): $267 · -33.8% YoY. Source: county tax records.