8431 N Lee Hwy · Greenville, VA 24472

$279,000

3 bd · 1.0 ba · 2,469 sqft · SingleFamily public records · 603 Days on market

Built 1830 0.81 ac lot $113/sqft · 36% below area Est $433k · 36% under ↓ 3% since listing

---

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 +7.4/10.0
• Cash flow +7.3/30.0
• Schools +4.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• 1% rule +0.8/10.0

Listing remarks MLS

Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

Key facts

• Covered porch
• Refreshed bath
• Recent upgrades

Tags

• COVERED PORCH
• PERIOD MILLWORK
• REFRESHED BATH
• RECENT UPGRADES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $-434 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (27.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (41.8% below list).
• Recommended offer: $162k (41.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#272 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Rockbridge County Public School District (town): math 43% / reading 67% proficiency, ranked #80 of 131 in VA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairfield Elementary (math 47% / reading 52%, grade D, #742 of 1,108 statewide, top 70%, 235 students, 75% FRL); Maury River Middle (math 38% / reading 63%, grade C, #226 of 342 statewide, top 67%, 502 students, 70% FRL); Rockbridge County High (math 52% / reading 82%, grade B, #185 of 319 statewide, top 61%, 994 students, 66% FRL) — zoned schools average 71% FRL vs 37% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 85 units permitted in Rockbridge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (4.8% local appreciation)).
• Rockbridge County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 603 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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: flood insurance adds $66/mo; built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,290 (41.8% 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 603 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.58% ✗
• Cap rate: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• GRM: 14.3

CMA / ARV

• ARV (median comp): $433,053
• List price: $279,000
• Delta: -35.57%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

4.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.42×
• Total profit: $32,573
• Equity at exit: $153,878

10-year hold

• IRR: 8.8%
• Equity multiple: 2.59×
• Total profit: $124,161
• Equity at exit: $262,142

Cash invested: $78,120 (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 24472

• Home prices YoY: 2.6%
• Active inventory: 28
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $1,623 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$70 /mo · $845/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-434

Break-even live

Break-even rent $2,172

Max offer price $202,301

Occupancy floor —

Sensitivity live

Price	-10% $-276	-5% $-355	+0% $-434	+5% $-513	+10% $-592
Rent	-10% $-562	-5% $-498	+0% $-434	+5% $-370	+10% $-306
Rate	-1.0pp $-294	-0.5pp $-363	base $-434	+0.5pp $-506	+1.0pp $-580

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $279,000 Active 603 DOM
2. 2026-06-18
   days on market $279,000 Active 600 DOM
3. 2026-06-17
   days on market $279,000 Active 599 DOM
4. 2026-06-16
   days on market $279,000 Active 598 DOM
5. 2026-06-15
   days on market $279,000 Active 597 DOM
6. 2026-06-14
   days on market $279,000 Active 595 DOM
7. 2026-06-10
   days on market $279,000 Active 592 DOM
8. 2026-06-09
   days on market $279,000 Active 591 DOM
9. 2026-06-08
   days on market $279,000 Active 590 DOM
10. 2026-06-07
    days on market $279,000 Active 589 DOM
11. 2026-06-03
    days on market $279,000 Active 585 DOM
12. 2026-06-02
    days on market $279,000 Active 584 DOM
13. 2026-06-01
    days on market $279,000 Active 583 DOM
14. 2026-05-31
    days on market $279,000 Active 582 DOM
15. 2026-05-31
    days on market $279,000 Active 581 DOM
16. 2026-04-06
    status Active 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

17. 2026-02-13
    status Pending 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

18. 2025-06-14
    price $279,000 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

19. 2025-05-02
    status Active 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

20. 2025-05-01
    historical 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

21. 2024-09-03
    listed $289,000 Active 798-char remark

    Show marketing remark (798 chars)

    Stately 1830s Valley Farmhouse with deep covered porch on 0.811 acres awaits its next chapter with your TLC. Two-story center hall plan offers high ceilings & spacious rooms with period millwork, mantels/fireplaces, wide plank wood floors, & gracious stairway. Over 2,400 sqft features living, dining, Eat in kitchen, office/library, 3 bedrooms & refreshed bath. Recent upgrades include freshly painted roof & trim, new gutters, some repl. windows, electric panel, new survey & public water. Convenient to historic Lexington & Augusta County, W & L, VMI, & the I-81 corridor. Nearby Rockbridge Vineyard & Brewery and The Cyrus McCormick Farm & Museum. Great potential for full-time living, small business, Airbnb, or your own weekend getaway.

ⓘ 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: $845 · $70/mo
• Projected year-2 tax: $2,288 · $191/mo
• Expected delta: +$1,442/yr (+$120/mo · 170.6%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°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: $19,475
• − Mortgage interest: −$15,628
• − Property taxes: −$845
• − Insurance: −$2,192
• − Repairs & maintenance: −$1,558
• − Management: −$1,558
• − Depreciation: −$8,116
• Taxable loss: −$10,424
• Est. tax savings @ 24.0%: +$2,502
• After-tax cash flow: $-2,708/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: Rockbridge County Public School District
• NCES district ID: 5103370
• Math proficiency: 43% ▼ -41.00%
• Reading proficiency: 67% ▼ -12.00%
• Median HH income: $48,021
• Composite: 46.65/100
• National rank: #2408
• State rank: #80 of 131 in VA

Livability — Greenville

• Score: 68/100
• State rank: #272
• US rank: #9751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,496
• Population (ZIP): 2,204

Population outlook (Rockbridge County) Hauer SSP2

• Today (2025): 22,549 people
• By 2030: 22,381 · -0.7%
• By 2040: 21,488 · -4.7%
• By 2050: 20,054 · -11.1%
• By 2075: 16,228 · -28.0%
• By 2100: 11,598 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Native American 2% Two or more races 1%
• Common ancestry: Serbian 3% Slovak 2% Romanian 1%
• Foreign-born: 0%
• Languages at home: 100% English-only · German/W. Germanic 0%

Political lean MEDSL · Rockbridge

• 2024 margin: Solid R (+33.8) · D 32.6% · R 66.4%
• 2008→2024 swing: -20.2pp toward R · 2008: -13.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+32.4 2016: R+29.6 2012: R+17.8 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.75%
• Current HPI: 187.9458
• 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

-3.5% since first listed

6 events — show timeline

• 2026-04-06 Relisted — RHR
• 2026-02-13 Pending — RHR
• 2025-06-14 Price Changed $279,000 RHR
• 2025-05-02 Relisted — RHR
• 2025-05-01 Delisted — RHR
• 2024-09-03 Listed $289,000 RHR

Property tax history

+0.5%/yr

Latest (2025): $845 · +4.9% YoY. Source: county tax records.