2034 Garfield Ave · Lynchburg, VA 24501

$119,900

2 bd · 1.0 ba · 950 sqft · SingleFamily public records · 123 Days on market

Built 1905 3,101 sqft lot $126/sqft · 18% below area Est $138k · 13% under

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Why this score? — see what drove the C- 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 +13.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +4.5/5.0
• Schools +4.0/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots of new in this home making it ready to move in and enjoy! This includes new HVAC, new roof, new laundry room, new bathroom, new kitchen, paint and more! Super clean, with a main level bedroom and a large upper level bedroom. Great location with little drive through traffic. Close to downtown amenities, shopping, and the bus route. Plus, an added benefit is that it is in the tax-exempt rehab program which transfers to the new owner and approved for Virginia Housing. This is sure to be a winner!

Key facts

• New laundry room
• New kitchen
• Main level bedroom

Tags

• NEW HVAC
• NEW ROOF
• NEW LAUNDRY ROOM
• NEW BATHROOM
• NEW KITCHEN
• MAIN LEVEL BEDROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/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 $116k (3.4% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 4.0% in Lynchburg — 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 91/100 on livability (#1 in VA, #58 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment D+.
• Lynchburg City Public School District (urban): math 36% / reading 61% proficiency, ranked #104 of 131 in VA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 221 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 472 units permitted in Lynchburg city in 2024 (240 in 5+ unit buildings).
• This rent runs 33% of the median local income ($42k/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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lynchburg County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $36k; list at $120k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — 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 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $138,322
• List price: $119,900
• Delta: -13.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1658 Edmunds St	0.37mi	2/2.0	961 (+1%)	0mo	$103,000	$107	76
2346 Aragon St	0.26mi	2/1.0	1,048 (+10%)	3mo	$139,000	$133	68
1725 Otey St	0.47mi	3/1.0 (+1)	961 (+1%)	4mo	$120,000	$125	67
1534 Otey St. St	0.55mi	2/1.0	1,031 (+8%)	7mo	$169,900	$165	54
2809 Herbert St	0.57mi	2/2.0	1,000 (+5%)	8mo	$198,500	$199	54
1418 Wise St	0.65mi	2/1.0	1,024 (+8%)	6mo	$141,000	$138	52
1303 Tilden Ave	0.46mi	3/2.0 (+1)	1,040 (+10%)	3mo	$200,000	$192	51
3134 Campbell Ave. Ave	0.68mi	2/2.0	868 (-9%)	1mo	$160,000	$184	49
2518 Carter St	0.33mi	3/2.0 (+1)	1,091 (+15%)	2mo	$187,400	$172	49
1706 Floyd St	0.51mi	2/1.0	1,082 (+14%)	6mo	$145,000	$134	48
3124 Campbell Ave. Ave	0.67mi	2/1.0	808 (-15%)	6mo	$179,900	$223	39
1114 Knight St	0.64mi	3/2.0 (+1)	1,085 (+14%)	0mo	$43,600	$40	37

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 · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.52×
• Total profit: $-16,046
• Equity at exit: $17,877

10-year hold

• IRR: -7.8%
• Equity multiple: 0.55×
• Total profit: $-15,209
• Equity at exit: $10,367

Cash invested: $33,572 (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 24501

• Rents YoY: 1.1%
• Active inventory: 221
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,158 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $86

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 88%

Sensitivity live

Price	-10% $169	-5% $128	+0% $86	+5% $45	+10% $3
Rent	-10% $-5	-5% $40	+0% $86	+5% $132	+10% $178
Rate	-1.0pp $146	-0.5pp $117	base $86	+0.5pp $55	+1.0pp $23

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2336 Aragon St Lynchburg, VA	2.0	1.0	1042	$995	$0.95	14d	1	0.27mi
2518 Carter St Lynchburg, VA	3.0	2.0	1091	$1,500	$1.37	45d	1	0.34mi
1625 Shaffer St Lynchburg, VA	2.0	1.0	895	$850	$0.95	45d	1	0.41mi
1401 Kemper St Lynchburg, VA	2.0–3.0	2.0	1118	$707	$0.63	22d	6	0.47mi
2205 Easley Ave Lynchburg, VA	2.0	2.0	870	$1,400	$1.61	45d	1	0.50mi
2734 Fort Ave Lynchburg, VA	1.0–2.0	1.0–2.0	875	$1,450	$1.66	45d	1	0.62mi
1106 Pierce St Lynchburg, VA	3.0	2.0	1018	$875	$0.86	22d	1	0.69mi
905 Centerdale St Lynchburg, VA	2.0	1.0	780	$895	$1.15	14d	1	0.73mi
318 Wadsworth St Lynchburg, VA	3.0	1.0	943	$995	$1.06	22d	1	0.77mi
317 Grove St Unit A Lynchburg, VA	2.0	1.0	900	$895	$0.99	45d	1	0.77mi
2107 Park Ave Unit 4 Lynchburg, VA	2.0	1.0	800	$785	$0.98	14d	1	0.82mi
216 Kenyon St Lynchburg, VA	2.0	1.0	1114	$995	$0.89	45d	1	0.85mi
1810 Laurel St Lynchburg, VA	2.0	1.0	720	$995	$1.38	45d	1	0.85mi
2210 Haden St Lynchburg, VA	2.0	1.0	784	$1,050	$1.34	45d	1	0.93mi
2021 Rose Ln Lynchburg, VA	2.0	1.0	836	$1,095	$1.31	22d	1	0.95mi
803 Mansfield Ave Lynchburg, VA	2.0	1.0	900	$1,300	$1.44	22d	1	0.97mi
900 Polk St Unit A Lynchburg, VA	3.0	1.0	1100	$895	$0.81	14d	1	1.03mi
106 Yeardley Ave Unit B Lynchburg, VA	3.0	1.0	1060	$895	$0.84	22d	1	1.09mi
1308 Clay St Apt 2 Lynchburg, VA	1.0	1.0	750	$995	$1.33	22d	1	1.11mi
1217 Church St Unit 210 Lynchburg, VA	1.0	1.0	635	$1,150	$1.81	14d	1	1.22mi
1500 Main St Lynchburg, VA	1.0–2.0	1.0	1182	$1,600	$1.35	14d	6	1.23mi
1705 1st St Unit A Lynchburg, VA	2.0	1.0	1100	$1,395	$1.27	22d	1	1.31mi
317 Polk St Lynchburg, VA	3.0	2.0	925	$1,650	$1.78	45d	1	1.32mi
8 Parkwood Ave Unit A Lynchburg, VA	2.0	1.0	840	$895	$1.07	14d	1	1.33mi
801 Church St Unit 6 Lynchburg, VA	1.0	1.0	675	$1,200	$1.78	45d	1	1.38mi
801 Church St Unit 8 Lynchburg, VA	2.0	2.0	875	$1,850	$2.11	14d	1	1.38mi
51 11th St Lynchburg, VA	1.0	1.0	608	$1,295	$2.13	14d	1	1.43mi
4067 Fort Ave Unit 3 Lynchburg, VA	2.0	1.0	950	$995	$1.05	22d	1	1.45mi
1320 Saint Cloud Ave Lynchburg, VA	3.0	1.0	960	$1,550	$1.61	45d	1	1.46mi
202 Macon St Lynchburg, VA	2.0	1.0	645	$1,195	$1.85	45d	1	1.47mi

Listing history 22 events

1. 2026-06-21
   days on market $119,900 Active 123 DOM
2. 2026-06-19
   days on market $119,900 Active 121 DOM
3. 2026-06-18
   days on market $119,900 Active 120 DOM
4. 2026-06-17
   days on market $119,900 Active 119 DOM
5. 2026-06-16
   days on market $119,900 Active 118 DOM
6. 2026-06-15
   days on market $119,900 Active 117 DOM
7. 2026-06-14
   days on market $119,900 Active 115 DOM
8. 2026-06-13
   days on market $119,900 Active 114 DOM
9. 2026-06-10
   days on market $119,900 Active 112 DOM
10. 2026-06-09
    days on market $119,900 Active 111 DOM
11. 2026-06-08
    days on market $119,900 Active 110 DOM
12. 2026-06-07
    days on market $119,900 Active 109 DOM
13. 2026-06-03
    days on market $119,900 Active 105 DOM
14. 2026-06-02
    days on market $119,900 Active 104 DOM
15. 2026-06-01
    days on market $119,900 Active 103 DOM
16. 2026-05-31
    days on market $119,900 Active 102 DOM
17. 2026-05-30
    days on market $119,900 Active 101 DOM
18. 2026-04-10
    price $119,900 505-char remark

    Show marketing remark (505 chars)

    Lots of new in this home making it ready to move in and enjoy! This includes new HVAC, new roof, new laundry room, new bathroom, new kitchen, paint and more! Super clean, with a main level bedroom and a large upper level bedroom. Great location with little drive through traffic. Close to downtown amenities, shopping, and the bus route. Plus, an added benefit is that it is in the tax-exempt rehab program which transfers to the new owner and approved for Virginia Housing. This is sure to be a winner!

19. 2026-02-18
    listed $125,000 Active 505-char remark

    Show marketing remark (505 chars)

    Lots of new in this home making it ready to move in and enjoy! This includes new HVAC, new roof, new laundry room, new bathroom, new kitchen, paint and more! Super clean, with a main level bedroom and a large upper level bedroom. Great location with little drive through traffic. Close to downtown amenities, shopping, and the bus route. Plus, an added benefit is that it is in the tax-exempt rehab program which transfers to the new owner and approved for Virginia Housing. This is sure to be a winner!

20. 2021-03-09
    soldstatus $36,425
21. 1994-10-03
    soldstatus $6,000
22. 1992-03-05
    soldstatus $10,600

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,894
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$3,488
• Taxable loss: −$931
• Est. tax savings @ 24.0%: +$224
• After-tax cash flow: $1,256/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: Lynchburg City Public School District
• NCES district ID: 5102340
• Math proficiency: 36% ▼ -38.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $39,097
• Composite: 40.4/100
• National rank: #3730
• State rank: #104 of 131 in VA

Livability — Lynchburg

• Score: 91/100
• State rank: #1
• US rank: #58

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynchburg, VA
• County: Lynchburg City · 97,036 people
• City population: 97,036
• Metro: Lynchburg, VA
• Population (ZIP): 25,006
• Household income: $42,222
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 1717.0

Population outlook (Lynchburg County) Hauer SSP2

• Today (2025): 87,977 people
• By 2030: 93,626 · +6.4%
• By 2040: 106,145 · +20.7%
• By 2050: 120,783 · +37.3%
• By 2075: 162,249 · +84.4%
• By 2100: 191,358 · +117.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Black 34% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Slovak 1% Italian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Lynchburg

• 2024 margin: Lean R (+7.9) · D 45.4% · R 53.3% · Other 1.3%
• 2008→2024 swing: -3.9pp toward R · 2008: -4.0pp · 2024: -7.9pp
• All cycles: 2024: R+7.9 2020: D+2.6 2016: R+9.0 2012: R+10.6 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.06%
• Current HPI: 223.6839
• Rent YoY: ▲ 1.15%
• Metro: Lynchburg, 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

+1031.1% since first listed

5 events — show timeline

• 2026-04-10 Price Changed $119,900 LMLS
• 2026-02-18 Listed $125,000 LMLS
• 2021-03-09 Sold (Public Records) $36,425 Public Records
• 1994-10-03 Sold (Public Records) $6,000 Public Records
• 1992-03-05 Sold (Public Records) $10,600 Public Records

Property tax history

-5.1%/yr

Latest (2025): $214 · +21.0% YoY. Source: county tax records.