503 Nesbit Dr · Chesapeake, VA 23323

$295,000

2 bd · 3.0 ba · 1,464 sqft · Condo public records · 15 Days on market

Built 2012 $258/mo HOA · 10% of rent

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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 +9.9/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on market 6/4 at no fault of seller - Welcome to this move-in ready 2BR/2.5BA condo in the sought-after Villas at Culpepper Landing! Bright open-concept floor plan with high ceilings and abundant natural light—great for entertaining and everyday living. The kitchen features granite countertops, stainless steel appliances, and ample cabinetry, flowing seamlessly into the spacious living and dining areas. A large dedicated office/flex space is excellent for working from home, guests, or hobbies. Upstairs offers two spacious bedrooms, each with a private en-suite bath for ultimate comfort and privacy. Enjoy low-maintenance living with resort-style amenities including a clubhouse, po

Key facts

• Granite countertops
• $258 HOA
• Parking

Tags

• OPEN-CONCEPT FLOOR PLAN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• DEDICATED OFFICE SPACE
• PRIVATE EN-SUITE BATH
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Other: Use GPS for directions
• HOA & community: HOA: The Villas at Culpepper Landing (managed by Culpepper Landing Homeowners Association); Monthly condo fee: $195; Monthly POA fee: $63; Community amenities: Clubhouse, Exercise room, Ground maintenance, Playgrounds, Pool, Trash pickup

Exterior

• Parking: 1 assigned/reserved parking space
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached condo; Quadraville style; 2 stories (2 living levels); Condo unit on level 2
• Construction: Log siding; Asphalt shingle roof; Slab foundation
• Exterior features: Patio; Back fenced

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Electric range; Refrigerator
• Bedrooms: 2 bedrooms with ensuite; Master bedroom with bath; Office/Study
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central air; Heat pump (heating and cooling); Electric heating
• Interior features: Bar; Walk-in closet; Window treatments; Cable hookup; Ceiling fan
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (11.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (15.3% below list).
• Recommended offer: $250k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.7% in Chesapeake — 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 (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Norfolk Highlands Primary (math 57% / reading 57%, grade C+, #597 of 1,108 statewide, top 57%, 284 students, 90% FRL); Deep Creek High (math 70% / reading 82%, grade A-, #102 of 319 statewide, top 32%, 1,597 students, 49% FRL) — zoned schools average 69% FRL vs 28% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 177 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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

• Climate carrying-cost: severe wind risk, 80% 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 $250,000 (15.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.38×
• Total profit: $-51,352
• Equity at exit: $43,985

10-year hold

• IRR: -3.8%
• Equity multiple: 0.71×
• Total profit: $-23,896
• Equity at exit: $25,506

Cash invested: $82,600 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 177
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$232 /mo · $2,785/yr
• Insurance: −$123
• HOA: −$258
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-185

Break-even live

Break-even rent $2,734

Max offer price $262,323

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-101	+0% $-185	+5% $-268	+10% $-352
Rent	-10% $-382	-5% $-284	+0% $-185	+5% $-86	+10% $13
Rate	-1.0pp $-36	-0.5pp $-110	base $-185	+0.5pp $-261	+1.0pp $-339

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1831	$2,700	$1.47	24d	1	0.07mi
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1830	$2,700	$1.48	15d	1	0.07mi
3000 Conservancy Dr Chesapeake, VA	1.0–2.0	1.0–2.0	939	$2,335	$2.49	15d	6	0.16mi
102 Diamond Ave Unit B Chesapeake, VA	2.0	1.0	900	$1,350	$1.50	24d	1	1.10mi

HOA detail condo

• Monthly dues: $258 · $3,096/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-18
   days on market $295,000 Active 15 DOM
2. 2026-06-17
   days on market $295,000 Active 14 DOM
3. 2026-06-16
   days on market $295,000 Active 13 DOM
4. 2026-06-15
   days on market $295,000 Active 12 DOM
5. 2026-06-13
   days on market $295,000 Active 10 DOM
6. 2026-06-09
   days on market $295,000 Active 6 DOM
7. 2026-06-08
   days on market $295,000 Active 5 DOM
8. 2026-06-07
   remarks 693-char remark
9. 2026-06-07
   listed $295,000 Active 4 DOM

ⓘ 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: $2,785 · $232/mo
• Projected year-2 tax: $2,785 · $232/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 9/10 Extreme 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,000
• − Mortgage interest: −$16,525
• − Property taxes: −$2,785
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$3,096
• − Depreciation: −$8,582
• Taxable loss: −$7,262
• Est. tax savings @ 24.0%: +$1,743
• After-tax cash flow: $-477/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+51.4% since first listed

9 events — show timeline

• 2026-06-04 Relisted — REINMLS
• 2026-04-23 Listing Removed — REINMLS
• 2026-04-22 Listed $295,000 REINMLS
• 2025-05-08 Sold (Public Records) $275,000 Public Records
• 2025-04-10 Pending — REINMLS
• 2025-03-21 Listed $280,000 REINMLS
• 2018-11-16 Sold (Public Records) $192,000 Public Records
• 2018-10-29 Pending — REINMLS
• 2018-09-09 Listed $194,900 REINMLS

Property tax history

+4.4%/yr

Latest (2025): $2,785 · +8.6% YoY. Source: county tax records.