9400 S Congress St S · New Market, VA 22844

$365,000

4 bd · 2.5 ba · 3,398 sqft · Other public records · 85 Days on market

Built 1860 0.28 ac lot $107/sqft · 15% below area Est $444k · 18% under

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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).

• ARV discount +15.0/15.0
• Appreciation +9.9/10.0
• Cash flow +5.5/30.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Step into a piece of New Market history with this circa 1860 Manor House, ideally positioned on Congress Street. Offering over 3,000 square feet, this home is rich in character with original woodwork, a grand staircase, and timeless architectural details throughout. Thoughtful updates, including an improved kitchen and primary suite, blend modern comfort with historic charm while leaving room for your personal vision. With a spacious layout, outbuilding, detached garage, and ample parking, the possibilities are endless—create a distinctive residence, bring a business idea to life, or enjoy a combination of both.

Key facts

• 0.28 acre lot
• Built 1860
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $365k.

Deal economics

• At list price, monthly cash flow is $-781 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (37.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (52.0% below list).
• Recommended offer: $175k (52.0% below list) — sets the bar for 1% rule.
• Cap rate 3.7% vs local median 2.5% in New Market — 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 63/100 on livability (#372 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, health & safety A; Watch: employment D, schools F, amenities F.
• Shenandoah County Public School District (town): math 46% / reading 58% proficiency, ranked #91 of 131 in VA (top 70%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 41 active listings in the ZIP; 224 units permitted in Shenandoah County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($3k loan paydown + $36k appreciation (9.8% local appreciation)).
• Shenandoah County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$61k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 13y 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 $185k; list at $365k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — 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 $175,358 (52.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.48% ✗
• Cap rate: 3.73%
• Cash-on-cash: -9.17%
• DSCR: 0.59
• GRM: 17.3

CMA / ARV

• ARV (median comp): $443,590
• List price: $365,000
• Delta: -17.72%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

9.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 2.40×
• Total profit: $143,452
• Equity at exit: $323,075

10-year hold

• IRR: 16.3%
• Equity multiple: 5.50×
• Total profit: $459,770
• Equity at exit: $690,697

Cash invested: $102,200 (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 22844

• Home prices YoY: 3.1%
• Active inventory: 41
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $1,754 medium
• Mortgage (P&I): −$1,914
• Tax from tax record: −$100 /mo · $1,202/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $-781

Break-even live

Break-even rent $2,742

Max offer price $227,030

Occupancy floor —

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $365,000 Active 85 DOM
2. 2026-06-17
   days on market $365,000 Active 84 DOM
3. 2026-06-16
   days on market $365,000 Active 83 DOM
4. 2026-06-15
   days on market $365,000 Active 82 DOM
5. 2026-06-13
   days on market $365,000 Active 80 DOM
6. 2026-06-13
   days on market $365,000 Active 79 DOM
7. 2026-06-09
   days on market $365,000 Active 76 DOM
8. 2026-06-08
   days on market $365,000 Active 75 DOM
9. 2026-06-07
   days on market $365,000 Active 74 DOM
10. 2026-06-04
    days on market $365,000 Active 71 DOM
11. 2026-06-03
    days on market $365,000 Active 70 DOM
12. 2026-06-02
    days on market $365,000 Active 69 DOM
13. 2026-06-01
    days on market $365,000 Active 68 DOM
14. 2026-05-31
    days on market $365,000 Active 67 DOM
15. 2026-03-26
    listed $375,000 Active 625-char remark

    Show marketing remark (625 chars)

    Step into a piece of New Market history with this circa 1860 Manor House, ideally positioned on Congress Street. Offering over 3,000 square feet, this home is rich in character with original woodwork, a grand staircase, and timeless architectural details throughout. Thoughtful updates, including an improved kitchen and primary suite, blend modern comfort with historic charm while leaving room for your personal vision. With a spacious layout, outbuilding, detached garage, and ample parking, the possibilities are endless—create a distinctive residence, bring a business idea to life, or enjoy a combination of both.

16. 2026-03-26
    listed $375,000 Active 625-char remark

    Show marketing remark (625 chars)

    Step into a piece of New Market history with this circa 1860 Manor House, ideally positioned on Congress Street. Offering over 3,000 square feet, this home is rich in character with original woodwork, a grand staircase, and timeless architectural details throughout. Thoughtful updates, including an improved kitchen and primary suite, blend modern comfort with historic charm while leaving room for your personal vision. With a spacious layout, outbuilding, detached garage, and ample parking, the possibilities are endless—create a distinctive residence, bring a business idea to life, or enjoy a combination of both.

17. 2026-03-19
    historical $375,000 625-char remark

    Show marketing remark (625 chars)

    Step into a piece of New Market history with this circa 1860 Manor House, ideally positioned on Congress Street. Offering over 3,000 square feet, this home is rich in character with original woodwork, a grand staircase, and timeless architectural details throughout. Thoughtful updates, including an improved kitchen and primary suite, blend modern comfort with historic charm while leaving room for your personal vision. With a spacious layout, outbuilding, detached garage, and ample parking, the possibilities are endless—create a distinctive residence, bring a business idea to life, or enjoy a combination of both.

18. 2026-03-19
    historical $375,000 625-char remark

    Show marketing remark (625 chars)

    Step into a piece of New Market history with this circa 1860 Manor House, ideally positioned on Congress Street. Offering over 3,000 square feet, this home is rich in character with original woodwork, a grand staircase, and timeless architectural details throughout. Thoughtful updates, including an improved kitchen and primary suite, blend modern comfort with historic charm while leaving room for your personal vision. With a spacious layout, outbuilding, detached garage, and ample parking, the possibilities are endless—create a distinctive residence, bring a business idea to life, or enjoy a combination of both.

19. 2026-02-06
    historical
20. 2025-12-03
    price $375,000
21. 2025-08-22
    listed $387,000 Active
22. 2024-08-13
    historical
23. 2024-07-26
    historical $2,400
24. 2024-07-26
    historical
25. 2024-07-05
    listed $2,400
26. 2024-06-11
    price $372,500
27. 2024-06-11
    price $372,500
28. 2024-04-16
    price $375,000
29. 2024-04-16
    price $375,000
30. 2024-03-27
    price $387,000
31. 2024-03-27
    price $387,000
32. 2024-03-11
    price $399,000
33. 2024-03-11
    price $399,000
34. 2024-02-15
    price $409,900
35. 2024-02-15
    price $409,900
36. 2024-01-21
    listed $424,900 Active
37. 2024-01-21
    listed $424,900 Active
38. 2021-07-08
    soldstatus $185,000
39. 2021-07-08
    soldstatus $185,000 Closed
40. 2021-07-08
    soldstatus $185,000
41. 2021-05-19
    historical Active Under Contract
42. 2021-04-23
    price $215,000
43. 2021-04-08
    status Active
44. 2021-03-20
    historical Active Under Contract
45. 2021-03-15
    listed $215,000
46. 2021-03-15
    listed $225,000 Active
47. 2020-12-11
    historical
48. 2020-09-10
    price $210,000
49. 2020-07-30
    status Active
50. 2020-07-23
    historical Active Under Contract

ⓘ 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: $1,202 · $100/mo
• Projected year-2 tax: $2,993 · $249/mo
• Expected delta: +$1,791/yr (+$149/mo · 149.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,043
• − Mortgage interest: −$20,446
• − Property taxes: −$1,202
• − Insurance: −$1,825
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$10,618
• Taxable loss: −$16,415
• Est. tax savings @ 24.0%: +$3,940
• After-tax cash flow: $-5,433/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: Shenandoah County Public School District
• NCES district ID: 5103510
• Math proficiency: 46% ▼ -30.00%
• Reading proficiency: 58% ▼ -9.00%
• Median HH income: $50,207
• Composite: 44.42/100
• National rank: #2811
• State rank: #91 of 131 in VA

Livability — New Market

• Score: 63/100
• State rank: #372
• US rank: #15038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Market, VA
• Population (ZIP): 4,674

Population outlook (Shenandoah County) Hauer SSP2

• Today (2025): 44,891 people
• By 2030: 45,630 · +1.6%
• By 2040: 46,708 · +4.0%
• By 2050: 47,072 · +4.9%
• By 2075: 47,418 · +5.6%
• By 2100: 43,707 · -2.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Black 3% Two or more races 3%
• Common ancestry: Lithuanian 2% Slovak 2% Danish 2%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Shenandoah

• 2024 margin: Solid R (+42.2) · D 28.4% · R 70.6% · Other 1.0%
• 2008→2024 swing: -15.8pp toward R · 2008: -26.5pp · 2024: -42.2pp
• All cycles: 2024: R+42.2 2020: R+40.6 2016: R+43.3 2012: R+31.4 2008: R+26.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.78%
• Current HPI: 328.5512
• 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

+167.9% since first listed

51 events — show timeline

• 2026-03-26 Listed $375,000 HRAR
• 2026-03-26 Listed $375,000 BRIGHT MLS
• 2026-03-19 Coming Soon $375,000 HRAR
• 2026-03-19 Coming Soon $375,000 BRIGHT MLS
• 2026-02-06 Listing Removed — BRIGHT MLS
• 2025-12-03 Price Changed $375,000 BRIGHT MLS
• 2025-08-22 Listed $387,000 BRIGHT MLS
• 2024-08-13 Delisted — HRAR
• 2024-07-26 Rental Removed $2,400 BRIGHTMLS
• 2024-07-26 Listing Removed — BRIGHT MLS
• 2024-07-05 Listed for Rent $2,400 BRIGHTMLS
• 2024-06-11 Price Changed $372,500 HRAR
• 2024-06-11 Price Changed $372,500 BRIGHT MLS
• 2024-04-16 Price Changed $375,000 HRAR
• 2024-04-16 Price Changed $375,000 BRIGHT MLS
• 2024-03-27 Price Changed $387,000 HRAR
• 2024-03-27 Price Changed $387,000 BRIGHT MLS
• 2024-03-11 Price Changed $399,000 HRAR
• 2024-03-11 Price Changed $399,000 BRIGHT MLS
• 2024-02-15 Price Changed $409,900 HRAR
• 2024-02-15 Price Changed $409,900 BRIGHT MLS
• 2024-01-21 Listed $424,900 BRIGHT MLS
• 2024-01-21 Listed $424,900 HRAR
• 2021-07-08 Sold (Public Records) $185,000 Public Records
• 2021-07-08 Sold (MLS) $185,000 BRIGHT MLS
• 2021-07-08 Sold (MLS) $185,000 HRAR
• 2021-05-19 Contingent — BRIGHT MLS
• 2021-04-23 Price Changed $215,000 BRIGHT MLS
• 2021-04-08 Relisted — BRIGHT MLS
• 2021-03-20 Contingent — BRIGHT MLS
• 2021-03-15 Listed $225,000 BRIGHT MLS
• 2021-03-15 Listed $215,000 HRAR
• 2020-12-11 Listing Removed — BRIGHT MLS
• 2020-09-10 Price Changed $210,000 BRIGHT MLS
• 2020-07-30 Relisted — BRIGHT MLS
• 2020-07-23 Contingent — BRIGHT MLS
• 2020-07-16 Price Changed $215,000 BRIGHT MLS
• 2020-03-11 Listed $225,000 BRIGHT MLS
• 2020-03-11 Listed $210,000 HRAR
• 2015-07-01 Sold (Public Records) $70,000 Public Records
• 2014-09-15 Sold (Public Records) $55,000 Public Records
• 2014-09-15 Sold (MLS) $55,000 BRIGHT MLS
• 2014-09-15 Sold (MLS) $55,000 MRIS
• 2014-09-08 Pending — MRIS
• 2014-09-08 Listing Removed — BRIGHT MLS
• 2014-08-22 Price Changed $100,000 MRIS
• 2014-07-15 Price Changed $150,000 MRIS
• 2014-03-20 Price Changed $174,900 MRIS
• 2013-09-12 Listed $199,900 MRIS
• 2013-09-11 Listed $100,000 BRIGHT MLS
• 1997-01-14 Sold (Public Records) $140,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,202 · +0.0% YoY. Source: county tax records.