1200 Melville St · Petersburg, VA 23803

$150,000

3 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 152 Days on market

Built 1916 7,200 sqft lot $92/sqft · 38% below area Est $243k · 38% under

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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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.0/10.0
• 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

En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

Key facts

• Structurally solid
• 200amp electricity
• Open corner lot

Tags

• OPEN CORNER LOT
• 200AMP ELECTRICITY
• INVESTMENT OPPORTUNITY
• STRUCTURALLY SOLID

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: schools D+, crime F, amenities 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.
• Market conditions: Rents rising fast (+5.9%/yr); 290 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 46% 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 $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 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 1916 — 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 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?
6. 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?
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 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: 1.10% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 7.6

CMA / ARV

• ARV (median comp): $243,159
• List price: $150,000
• Delta: -38.31%
• 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
742 Kirkham St	0.11mi	3/2.0	1,621 (-1%)	2mo	$263,000	$162	88
688 Pegram St	0.42mi	3/1.0	1,665 (+2%)	3mo	$95,000	$57	74
1319 Custer St	0.40mi	4/1.5 (+1)	1,640 (+0%)	1mo	$181,000	$110	73
751 Jones St	0.29mi	3/2.0	1,450 (-11%)	3mo	$240,000	$166	62
1531 Berkeley Ave	0.52mi	3/3.5	1,605 (-2%)	3mo	$314,000	$196	60
1217 Arlington St	0.25mi	3/2.0	1,408 (-14%)	4mo	$225,000	$160	58
1001 Saint James St	0.15mi	4/3.5 (+1)	1,840 (+13%)	1mo	$297,000	$161	55
488 Byrne St	0.64mi	3/2.5	1,584 (-3%)	5mo	$240,000	$152	55
610 Gressett St	0.44mi	4/3.0 (+1)	1,564 (-4%)	5mo	$295,000	$189	55
405 Shore St	0.36mi	3/3.0	1,440 (-12%)	2mo	$275,000	$191	54
913 Diamond St	0.47mi	4/3.0 (+1)	1,860 (+14%)	2mo	$309,999	$167	40
307 Mistletoe St	0.47mi	4/3.5 (+1)	1,860 (+14%)	4mo	$285,000	$153	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 14.9%
• Equity multiple: 1.80×
• Total profit: $33,394
• Equity at exit: $54,741

10-year hold

• IRR: 19.6%
• Equity multiple: 3.66×
• Total profit: $111,594
• Equity at exit: $75,561

Cash invested: $42,000 (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: 290
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,650 high
• Mortgage (P&I): −$787
• Tax from tax record: −$104 /mo · $1,243/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $351

Break-even live

Break-even rent $1,206

Max offer price $150,000

Occupancy floor 74%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
838 S Jones St Unit B Petersburg, VA	2.0	1.0	1296	$1,100	$0.85	43d	1	0.21mi
1131 Hawk St Petersburg, VA	3.0	2.0	1100	$1,800	$1.64	43d	1	0.31mi
1640 Johnson Rd Petersburg, VA	1.0–3.0	1.0–1.5	972	$1,549	$1.59	1d	11	0.65mi
1137 Willcox St Petersburg, VA	4.0	3.0	1872	$2,600	$1.39	43d	1	0.80mi
115 Pine St Unit 115 Petersburg, VA	3.0	1.5	1400	$1,462	$1.04	43d	1	0.89mi
1806 Powhatan Ave Petersburg, VA	4.0	2.0	1878	$2,495	$1.33	3d	1	0.94mi
712 W Washington St Unit B Petersburg, VA	2.0	1.0	1209	$1,250	$1.03	23d	1	1.02mi
331 Glenwood Ct Petersburg, VA	4.0	1.0	1242	$1,800	$1.45	3d	1	1.03mi
1823 Brandon Ave Petersburg, VA	3.0	1.0	1153	$1,600	$1.39	17d	1	1.10mi
531 N Azalea Rd Petersburg, VA	3.0	2.0	1600	$1,595	$1.00	23d	1	1.24mi
1649 Delmar Ave Petersburg, VA	3.0	1.5	1248	$1,700	$1.36	1d	1	1.25mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	23d	1	1.27mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	43d	1	1.27mi
335 Claremont St Petersburg, VA	4.0	2.0	2157	$2,500	$1.16	11d	1	1.29mi
30 Franklin St Petersburg, VA	2.0	1.0–2.0	755	$1,550	$2.05	19d	1	1.29mi
1740 Randolph Ave Petersburg, VA	4.0	2.0	1400	$2,000	$1.43	10d	1	1.37mi
462 Reservoir Hts Petersburg, VA	4.0	2.0	1640	$1,895	$1.16	23d	1	1.40mi
2125 Dupuy Rd Petersburg, VA	3.0	1.0	1063	$1,299	$1.22	1d	1	1.46mi
915 Hampton Rd Petersburg, VA	3.0	1.0	1054	$1,750	$1.66	17d	1	1.47mi

Listing history 23 events

1. 2026-06-18
   days on market $150,000 Active 152 DOM
2. 2026-06-17
   days on market $150,000 Active 151 DOM
3. 2026-06-16
   days on market $150,000 Active 150 DOM
4. 2026-06-15
   days on market $150,000 Active 149 DOM
5. 2026-06-13
   days on market $150,000 Active 147 DOM
6. 2026-06-10
   days on market $150,000 Active 144 DOM
7. 2026-06-09
   days on market $150,000 Active 143 DOM
8. 2026-06-08
   days on market $150,000 Active 142 DOM
9. 2026-06-07
   days on market $150,000 Active 141 DOM
10. 2026-06-05
    days on market $150,000 Active 138 DOM
11. 2026-06-03
    days on market $150,000 Active 137 DOM
12. 2026-06-02
    days on market $150,000 Active 136 DOM
13. 2026-06-01
    days on market $150,000 Active 135 DOM
14. 2026-05-31
    days on market $150,000 Active 134 DOM
15. 2026-05-05
    price $150,000 499-char remark

    Show marketing remark (499 chars)

    En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

16. 2026-03-29
    status Active 499-char remark

    Show marketing remark (499 chars)

    En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

17. 2026-03-29
    status Pending 499-char remark

    Show marketing remark (499 chars)

    En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

18. 2026-03-03
    price $160,000 499-char remark

    Show marketing remark (499 chars)

    En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

19. 2026-01-16
    listed $170,000 Active 499-char remark

    Show marketing remark (499 chars)

    En un cómodo y amplio lote de esquina. Oportunidad de inversión en un mercado de crecimiento rápido. Electricidad de 200amp. Casa de 4 cuartos estructuralmente sólida. Gran potencial como inversión de alquiler o flip. Cómprala antes que se venda. On a comfortable open corner lot. Opportunity for investment in a fast growing market. 200amp electricity. Four bedroom home structurally solid. Great potential for buy and hold or flip. Buy it before it sells.

20. 2009-09-22
    historical
21. 2005-12-14
    historical
22. 2005-09-13
    listed $89,950
23. 2005-09-13
    listed $89,950

ⓘ 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: $1,243 · $104/mo
• Projected year-2 tax: $1,243 · $104/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 1/10 Low FEMA zone X (unshaded) · 0% 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 46% 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: $19,804
• − Mortgage interest: −$8,402
• − Property taxes: −$1,243
• − Insurance: −$750
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$4,364
• Taxable income: $1,876
• Est. tax owed @ 24.0%: −$450
• After-tax cash flow: $3,762/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

+66.8% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $150,000 CVRMLS
• 2026-03-29 Relisted — CVRMLS
• 2026-03-29 Pending — CVRMLS
• 2026-03-03 Price Changed $160,000 CVRMLS
• 2026-01-16 Listed $170,000 CVRMLS
• 2009-09-22 Listing Removed — CVRMLS
• 2005-12-14 Listing Removed — CVRMLS
• 2005-09-13 Listed $89,950 CVRMLS
• 2005-09-13 Listed $89,950 CVRMLS

Property tax history

+4.3%/yr

Latest (2025): $1,243 · +75.8% YoY. Source: county tax records.