1028-1030 W Wythe St · Petersburg, VA 23803

$55,000

4 bd · 2.0 ba · 1,760 sqft · Other public records · 19 Days on market

Built 1900 10,519 sqft lot $31/sqft · 77% below area ↓ 50% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

Key facts

• 0.24 acre lot
• Built 1900
• Listed 19 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 31.8% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pleasants Lane Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 540 students, 102% FRL); Vernon Johns Middle (math 21% / reading 47%, grade F, #330 of 342 statewide, top 96%, 921 students, 99% FRL); Petersburg High (math 43% / reading 62%, grade C-, #293 of 319 statewide, top 92%, 1,080 students, 97% FRL) — zoned schools average 99% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 294 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($380 loan paydown + $797 appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $45k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 48% 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 $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F 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: 3.57% ✓
• Cap rate: 31.80%
• Cash-on-cash: 91.10%
• DSCR: 5.05
• GRM: 2.3

CMA / ARV

• ARV (median comp): $244,000
• List price: $55,000
• Delta: -77.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 97.5%
• Equity multiple: 6.36×
• Total profit: $82,610
• Equity at exit: $20,072

10-year hold

• IRR: 98.5%
• Equity multiple: 14.34×
• Total profit: $205,374
• Equity at exit: $27,706

Cash invested: $15,400 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 294
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,964 high
• Mortgage (P&I): −$288
• Tax from tax record: −$71 /mo · $850/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $1,169

Break-even live

Break-even rent $484

Max offer price $55,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,200	-5% $1,185	+0% $1,169	+5% $1,153	+10% $1,138
Rent	-10% $1,014	-5% $1,091	+0% $1,169	+5% $1,247	+10% $1,324
Rate	-1.0pp $1,197	-0.5pp $1,183	base $1,169	+0.5pp $1,155	+1.0pp $1,140

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	45d	1	0.25mi
922 Wilcox St Petersburg, VA	5.0	2.5	1985	$1,799	$0.91	4d	1	0.26mi
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	45d	1	0.40mi
608 Halifax St Unit 608 Petersburg, VA	5.0	2.5	2288	$1,699	$0.74	4d	1	0.78mi
1740 Randolph Ave Petersburg, VA	4.0	2.0	1400	$2,000	$1.43	12d	1	0.85mi
1021 Melville St Petersburg, VA	5.0	2.0	2014	$1,899	$0.94	17d	1	0.95mi
315 St Mark St Petersburg, VA	5.0	2.0	1508	$2,500	$1.66	45d	1	1.08mi
1649 Delmar Ave Petersburg, VA	3.0	1.5	1248	$1,700	$1.36	3d	1	1.20mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	45d	1	1.21mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	25d	1	1.21mi
616 S Jefferson St Petersburg, VA	3.0	2.0	2400	$1,957	$0.82	4d	1	1.28mi
331 Glenwood Ct Petersburg, VA	4.0	1.0	1242	$1,800	$1.45	4d	1	1.41mi

Listing history 13 events

1. 2026-05-02
   status Pending 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

2. 2026-04-28
   price $55,000 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

3. 2026-04-21
   status Active 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

4. 2026-04-21
   price $57,000 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

5. 2026-03-29
   status Pending 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

6. 2026-03-22
   listed $100,000 Active 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

7. 2026-03-21
   historical $100,000 909-char remark

   Show marketing remark (909 chars)

   Attn: investors. Back on market at a reduced price after the home sustained fire damage. A quarter acre with a driveway and 3 water meters in a popular location in Petersburg. . House was formerly a duplex but converted into a single family residence. Seller will perform no inspections and makes no claims to the property condition. Home will not qualify for financing, cash or hard money loans. 'As-assigns' contracts will be presented but not considered. Prospective buyers and agents enter the premises at their own risk and agree to hold harmless and indemnify the Seller and Listing Broker from any and all liability, claims, or damages resulting from exposure to any known or unknown hazardous conditions on the property. By entering the property, all parties acknowledge the inherent risks. No insurance was held on the property and purchaser agrees to perform their own due diligence with Petersburg.

8. 2010-05-02
   historical
9. 2009-11-03
   listed $29,900
10. 2009-03-16
    historical
11. 2008-11-22
    listed $65,000
12. 2007-08-28
    soldstatus $40,000
13. 2003-09-30
    soldstatus $110,000

ⓘ 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: $850 · $71/mo
• Projected year-2 tax: $850 · $71/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 48% 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: $23,563
• − Mortgage interest: −$3,081
• − Property taxes: −$850
• − Insurance: −$275
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$1,600
• Taxable income: $13,987
• Est. tax owed @ 24.0%: −$3,357
• After-tax cash flow: $10,672/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• 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

-50.0% since first listed

13 events — show timeline

• 2026-05-02 Pending — CVRMLS
• 2026-04-28 Price Changed $55,000 CVRMLS
• 2026-04-21 Relisted — CVRMLS
• 2026-04-21 Price Changed $57,000 CVRMLS
• 2026-03-29 Pending — CVRMLS
• 2026-03-22 Listed $100,000 CVRMLS
• 2026-03-21 Coming Soon $100,000 CVRMLS
• 2010-05-02 Listing Removed — CVRMLS
• 2009-11-03 Listed $29,900 CVRMLS
• 2009-03-16 Listing Removed — CVRMLS
• 2008-11-22 Listed $65,000 CVRMLS
• 2007-08-28 Sold (Public Records) $40,000 Public Records
• 2003-09-30 Sold (Public Records) $110,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $850 · +15.1% YoY. Source: county tax records.