2615 Huntington Ave #49

Huntington, VA 22303

$160,000D

1 bd · 1.0 ba · 757 sqft · Built 1967 · Condo · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,136/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$218
• HOA: −$756
• Vac / Maint / Mgmt: −$449
• Net cashflow: $-125/mo
• Annual: $-1,499/yr
• Cap rate: 5.36%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• 1% rule: 1.34%
• Cash to close: $44,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $160k.
• At list price, monthly cash flow is $-125 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (13.8% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 69 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (13.8% below list) — sets the bar for cash-flow.
• 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.
• Location reads 86/100 on livability (#16 in VA, #444 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Fairfax County Public School District (suburban): math 61% / reading 73% proficiency, ranked #13 of 131 in VA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bush Hill Elementary (math 69% / reading 75%, grade A-, #273 of 1,108 statewide, top 27%, 670 students, 28% FRL); Twain Middle (math 56% / reading 78%, grade A-, #103 of 342 statewide, top 31%, 988 students, 37% FRL); Edison High (math 62% / reading 77%, grade B, #159 of 319 statewide, top 53%, 2,267 students, 38% FRL).
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents falling (-3.7%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,861 units permitted in Fairfax County in 2024 (1,829 in 5+ unit buildings).
• Fairfax County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 23y 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.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 2.1% in Huntington — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?