3620 Hamilton Ave · Hopewell, VA 23860

$253,000

4 bd · 2.0 ba · 1,505 sqft · SingleFamily public records · 117 Days on market

Built 1927 10,497 sqft lot $168/sqft · 6% above area Est $239k · 6% over

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Why this score? — see what drove the D 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 +14.5/30.0
• Schools +6.1/10.0
• ARV discount +4.9/15.0
• Rent growth +4.7/5.0
• DSCR +4.4/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

REDUCED! Such an amazing opportunity here - zoned business but land use is residential, so you have multiple choices! Take a look at this property in Prince George - 1,505 finished square feet and 714 unfinished square feet in the basement, could be finished for even more space! The proeprty has been 80% fully renovated already, just step in and finish it to your own taste! The house has the charming touches and high ceilings of the last century, but the modern convenient upgrades. There is a NEW roof, NEW water heater, NEW HVAC, NEW windows, NEW flooring, and NEW paint inside. There is a beautiful porch, high ceilings in the rooms, a formal dining room, 1.5 baths, a detached 1-car garage with workshop, and on a good-sized lot that's convenient to surrounding cities, schools, and entertainment venues. You can have a home-business, finish upgrading it and resell it, fix it up and rent it out, so many versatile options. Check it out!

Key facts

• New hvac
• New flooring
• New water heater

Tags

• 80 PERCENT FULLY RENOVATED
• NEW ROOF
• NEW WATER HEATER
• NEW HVAC
• NEW WINDOWS
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $253k.

Deal economics

• At list price, monthly cash flow is $55 ($664/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 $202k (20.1% below list).
• Recommended offer: $202k (20.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.2% in Hopewell — 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 70/100 on livability (#224 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D+, amenities F, commute F.
• Prince George County Public School District (rural): math 67% / reading 75% proficiency, ranked #16 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: L.L. Beazley Elementary (math 82% / reading 86%, grade A+, #87 of 1,108 statewide, top 8%, 584 students, 65% FRL); J.E.J. Moore Middle (math 61% / reading 71%, grade A-, #113 of 342 statewide, top 33%, 1,393 students, 33% FRL); Prince George High (math 70% / reading 82%, grade A-, #102 of 319 statewide, top 32%, 1,796 students, 31% FRL) — zoned schools average 43% FRL vs 28% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.9%/yr); 234 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 72 units permitted in Prince George County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($62k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Prince George County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 55% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,182 (20.1% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 10.4

CMA / ARV

• ARV (median comp): $239,291
• List price: $253,000
• Delta: 5.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5107 Cheshire Dr	0.57mi	4/2.0	1,344 (-11%)	3mo	$268,000	$199	53
525 Briarwood Cir	0.30mi	3/1.5 (-1)	1,352 (-10%)	13mo	$269,900	$200	51
4009 Robert E Lee Dr	0.62mi	4/2.0	1,650 (+10%)	9mo	$260,000	$158	48
640 Cabin Creek Dr	0.72mi	4/2.0	1,632 (+8%)	7mo	$325,000	$199	47
636 Cabin Creek Dr	0.69mi	4/2.0	1,632 (+8%)	9mo	$315,000	$193	46
5513 Mulberry Dr	0.63mi	3/2.0 (-1)	1,422 (-6%)	20mo	$275,000	$193	40
3907 Jamestown Dr	0.69mi	4/2.0	1,632 (+8%)	20mo	$270,000	$165	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.62×
• Total profit: $-26,885
• Equity at exit: $37,723

10-year hold

• IRR: 4.7%
• Equity multiple: 1.41×
• Total profit: $29,365
• Equity at exit: $21,875

Cash invested: $70,840 (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 23860

• Home prices YoY: -22.0%
• Rents YoY: 8.9%
• Active inventory: 234
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,022 high
• Mortgage (P&I): −$1,327
• Tax from tax record: −$110 /mo · $1,317/yr
• Insurance: −$105
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $55

Break-even live

Break-even rent $1,952

Max offer price $253,000

Occupancy floor 92%

Sensitivity live

Price	-10% $199	-5% $127	+0% $55	+5% $-16	+10% $-88
Rent	-10% $-104	-5% $-25	+0% $55	+5% $135	+10% $215
Rate	-1.0pp $183	-0.5pp $120	base $55	+0.5pp $-10	+1.0pp $-77

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: $63,250
• Closing costs: $7,590
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5000 Owens Way Prince George, VA	1.0–4.0	1.0–4.0	1106	$2,850	$2.58	3d	25	0.63mi
4750 Baileys Ridge Dr Prince George, VA	2.0–3.0	2.0	1028	$1,490	$1.45	3d	4	0.72mi
4001 London Rd North Prince George, VA	3.0	1.5	1414	$2,300	$1.63	12d	1	0.87mi
4001 London Rd North Prince George, VA	3.0	1.5	1414	$2,300	$1.63	3d	1	0.87mi
3502 Oaklawn Blvd Hopewell, VA	3.0	1.0	1124	$1,850	$1.65	23d	1	1.08mi
3314 Granby St Hopewell, VA	3.0	1.0	1469	$1,600	$1.09	25d	1	1.27mi
3309 Carlisle Ave Hopewell, VA	3.0	1.0	1152	$1,395	$1.21	23d	1	1.28mi

Listing history 20 events

1. 2026-06-21
   days on market $253,000 Active 117 DOM
2. 2026-06-18
   days on market $253,000 Active 114 DOM
3. 2026-06-17
   days on market $253,000 Active 113 DOM
4. 2026-06-16
   days on market $253,000 Active 112 DOM
5. 2026-06-15
   days on market $253,000 Active 111 DOM
6. 2026-06-13
   days on market $253,000 Active 109 DOM
7. 2026-06-10
   days on market $253,000 Active 106 DOM
8. 2026-06-09
   days on market $253,000 Active 105 DOM
9. 2026-06-08
   days on market $253,000 Active 104 DOM
10. 2026-06-07
    days on market $253,000 Active 103 DOM
11. 2026-06-03
    days on market $253,000 Active 99 DOM
12. 2026-06-02
    days on market $253,000 Active 98 DOM
13. 2026-06-01
    days on market $253,000 Active 97 DOM
14. 2026-05-31
    days on market $253,000 Active 96 DOM
15. 2026-04-03
    price $253,000 945-char remark

    Show marketing remark (945 chars)

    REDUCED! Such an amazing opportunity here - zoned business but land use is residential, so you have multiple choices! Take a look at this property in Prince George - 1,505 finished square feet and 714 unfinished square feet in the basement, could be finished for even more space! The proeprty has been 80% fully renovated already, just step in and finish it to your own taste! The house has the charming touches and high ceilings of the last century, but the modern convenient upgrades. There is a NEW roof, NEW water heater, NEW HVAC, NEW windows, NEW flooring, and NEW paint inside. There is a beautiful porch, high ceilings in the rooms, a formal dining room, 1.5 baths, a detached 1-car garage with workshop, and on a good-sized lot that's convenient to surrounding cities, schools, and entertainment venues. You can have a home-business, finish upgrading it and resell it, fix it up and rent it out, so many versatile options. Check it out!

16. 2026-02-23
    listed $259,000 Active 945-char remark

    Show marketing remark (945 chars)

    REDUCED! Such an amazing opportunity here - zoned business but land use is residential, so you have multiple choices! Take a look at this property in Prince George - 1,505 finished square feet and 714 unfinished square feet in the basement, could be finished for even more space! The proeprty has been 80% fully renovated already, just step in and finish it to your own taste! The house has the charming touches and high ceilings of the last century, but the modern convenient upgrades. There is a NEW roof, NEW water heater, NEW HVAC, NEW windows, NEW flooring, and NEW paint inside. There is a beautiful porch, high ceilings in the rooms, a formal dining room, 1.5 baths, a detached 1-car garage with workshop, and on a good-sized lot that's convenient to surrounding cities, schools, and entertainment venues. You can have a home-business, finish upgrading it and resell it, fix it up and rent it out, so many versatile options. Check it out!

17. 2023-05-03
    status Active
18. 2023-05-02
    historical
19. 2023-02-24
    status Pending
20. 2023-02-21
    listed $85,000 Active

ⓘ 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: $1,317 · $110/mo
• Projected year-2 tax: $2,075 · $173/mo
• Expected delta: +$758/yr (+$63/mo · 57.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 55% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,262
• − Mortgage interest: −$14,172
• − Property taxes: −$1,317
• − Insurance: −$1,265
• − Repairs & maintenance: −$1,941
• − Management: −$1,941
• − Depreciation: −$7,360
• Taxable loss: −$3,734
• Est. tax savings @ 24.0%: +$896
• After-tax cash flow: $1,560/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: Prince George County Public School District
• NCES district ID: 5103090
• Math proficiency: 67% ▼ -17.00%
• Reading proficiency: 75% ▼ -8.00%
• Median HH income: $63,354
• Composite: 61.44/100
• National rank: #759
• State rank: #16 of 131 in VA

Livability — Hopewell

• Score: 70/100
• State rank: #224
• US rank: #7437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hopewell City · 31,404 people
• City population: 31,404
• Metro: Richmond, VA
• Population (ZIP): 31,404
• Household income: $62,141
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1055.0

Population outlook (Prince George County) Hauer SSP2

• Today (2025): 44,946 people
• By 2030: 48,155 · +7.1%
• By 2040: 54,455 · +21.2%
• By 2050: 61,115 · +36.0%
• By 2075: 78,510 · +74.7%
• By 2100: 85,572 · +90.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 43% Black 42% Two or more races 9% Hispanic / Latino 8% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 1% Romanian 1% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Prince George

• 2024 margin: Strong R (+21.3) · D 38.9% · R 60.2%
• 2008→2024 swing: -11.2pp toward R · 2008: -10.1pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+17.2 2016: R+17.0 2012: R+9.8 2008: R+10.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.28%
• Current HPI: 302.6343
• Rent YoY: ▲ 8.86%
• 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

+197.6% since first listed

6 events — show timeline

• 2026-04-03 Price Changed $253,000 CVRMLS
• 2026-02-23 Listed $259,000 CVRMLS
• 2023-05-03 Relisted — CVRMLS
• 2023-05-02 Listing Removed — CVRMLS
• 2023-02-24 Pending — CVRMLS
• 2023-02-21 Listed $85,000 CVRMLS

Property tax history

+6.9%/yr

Latest (2025): $1,317 · +0.0% YoY. Source: county tax records.