601 Farmers Mountain Rd · Gretna, VA 24557

$124,950

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 36 Days on market

Built 1980 4.01 ac lot $108/sqft · 38% below area Est $201k · 38% under

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Why this score? — see what drove the C+ 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• Appreciation +6.0/10.0
• Schools +6.0/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Roomy fixer-upper on approx. 4 private acres -- cute home with bright, versatile rooms and a practical layout that's ready for updating. The grounds feature open space ideal for gardens, outbuildings, and more! Flooring was removed and ready to be replaced by its new owner!

Key facts

• 4.01 acre lot
• 5 parking spots
• Built 1980

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/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 $110k (12.1% below list).
• Recommended offer: $110k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 5.5% in Gretna — 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 74/100 on livability (#157 in VA, #4,927 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Pittsylvania County Public School District (rural): math 65% / reading 78% proficiency, ranked #22 of 131 in VA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 81 active listings in the ZIP; 72 units permitted in Pittsylvania County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($864 loan paydown + $2k appreciation (1.9% local appreciation)).
• Pittsylvania County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 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 36 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $109,834 (12.1% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 9.5

CMA / ARV

• ARV (median comp): $200,972
• List price: $124,950
• Delta: -37.83%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

1.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.46×
• Total profit: $16,240
• Equity at exit: $48,712

10-year hold

• IRR: 11.8%
• Equity multiple: 2.58×
• Total profit: $55,294
• Equity at exit: $69,710

Cash invested: $34,986 (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 24557

• Home prices YoY: 1.2%
• Active inventory: 81
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$31 /mo · $366/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $130

Break-even live

Break-even rent $934

Max offer price $124,950

Occupancy floor 83%

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: $31,238
• Closing costs: $3,748
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-14
   price $124,975 274-char remark

   Show marketing remark (274 chars)

   Roomy fixer-upper on approx. 4 private acres -- cute home with bright, versatile rooms and a practical layout that's ready for updating. The grounds feature open space ideal for gardens, outbuildings, and more! Flooring was removed and ready to be replaced by its new owner!

2. 2026-05-05
   price $125,000 274-char remark

   Show marketing remark (274 chars)

   Roomy fixer-upper on approx. 4 private acres -- cute home with bright, versatile rooms and a practical layout that's ready for updating. The grounds feature open space ideal for gardens, outbuildings, and more! Flooring was removed and ready to be replaced by its new owner!

3. 2026-04-22
   listed $140,000 Active 274-char remark

   Show marketing remark (274 chars)

   Roomy fixer-upper on approx. 4 private acres -- cute home with bright, versatile rooms and a practical layout that's ready for updating. The grounds feature open space ideal for gardens, outbuildings, and more! Flooring was removed and ready to be replaced by its new owner!

4. 2023-10-18
   soldstatus $125,000 Closed 566-char remark

   Show marketing remark (566 chars)

   There's a lot of potential here at 601 Farmers Market Road in Gretna, Virginia. This brick ranch features: 3 spacious bedrooms and 2 bathrooms (one with a double vanity sink). 2 oversized carports and covered porch and back deck. There's an eat-in kitchen as well as a new roof that's less than 5 years old. The home sits on a full acre of land and includes 3 additional acres surrounding the home. Tucked away in a peaceful Pittsylvania neighborhood there's privacy and ample space at an unbeatable price. Home needs some TLC but the possibilities here are endless!

5. 2023-10-18
   soldstatus $125,000

   Show marketing remark (566 chars)

   There's a lot of potential here at 601 Farmers Market Road in Gretna, Virginia. This brick ranch features: 3 spacious bedrooms and 2 bathrooms (one with a double vanity sink). 2 oversized carports and covered porch and back deck. There's an eat-in kitchen as well as a new roof that's less than 5 years old. The home sits on a full acre of land and includes 3 additional acres surrounding the home. Tucked away in a peaceful Pittsylvania neighborhood there's privacy and ample space at an unbeatable price. Home needs some TLC but the possibilities here are endless!

6. 2023-09-18
   status Pending 566-char remark

   Show marketing remark (566 chars)

   There's a lot of potential here at 601 Farmers Market Road in Gretna, Virginia. This brick ranch features: 3 spacious bedrooms and 2 bathrooms (one with a double vanity sink). 2 oversized carports and covered porch and back deck. There's an eat-in kitchen as well as a new roof that's less than 5 years old. The home sits on a full acre of land and includes 3 additional acres surrounding the home. Tucked away in a peaceful Pittsylvania neighborhood there's privacy and ample space at an unbeatable price. Home needs some TLC but the possibilities here are endless!

7. 2023-09-15
   listed $129,000 Active 566-char remark

   Show marketing remark (566 chars)

   There's a lot of potential here at 601 Farmers Market Road in Gretna, Virginia. This brick ranch features: 3 spacious bedrooms and 2 bathrooms (one with a double vanity sink). 2 oversized carports and covered porch and back deck. There's an eat-in kitchen as well as a new roof that's less than 5 years old. The home sits on a full acre of land and includes 3 additional acres surrounding the home. Tucked away in a peaceful Pittsylvania neighborhood there's privacy and ample space at an unbeatable price. Home needs some TLC but the possibilities here are endless!

8. 2005-08-25
   soldstatus $57,000

ⓘ 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: $366 · $31/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$658/yr (+$55/mo · 179.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $13,180
• − Mortgage interest: −$6,999
• − Property taxes: −$366
• − Insurance: −$625
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$3,635
• Taxable loss: −$554
• Est. tax savings @ 24.0%: +$133
• After-tax cash flow: $1,691/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: Pittsylvania County Public School District
• NCES district ID: 5102940
• Math proficiency: 65% ▼ -22.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $41,672
• Composite: 59.77/100
• National rank: #900
• State rank: #22 of 131 in VA

Livability — Gretna

• Score: 74/100
• State rank: #157
• US rank: #4927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,832

Population outlook (Pittsylvania County) Hauer SSP2

• Today (2025): 58,725 people
• By 2030: 56,388 · -4.0%
• By 2040: 51,088 · -13.0%
• By 2050: 45,875 · -21.9%
• By 2075: 36,555 · -37.8%
• By 2100: 28,288 · -51.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 20% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Pittsylvania

• 2024 margin: Solid R (+43.1) · D 28.1% · R 71.3%
• 2008→2024 swing: -19.1pp toward R · 2008: -24.0pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+39.8 2016: R+39.6 2012: R+27.5 2008: R+24.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.91%
• Current HPI: 160.7742
• 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

+119.3% since first listed

8 events — show timeline

• 2026-05-14 Price Changed $124,975 MLSRV
• 2026-05-05 Price Changed $125,000 MLSRV
• 2026-04-22 Listed $140,000 MLSRV
• 2023-10-18 Sold (Public Records) $125,000 Public Records
• 2023-10-18 Sold (MLS) $125,000 MLSRV
• 2023-09-18 Pending — MLSRV
• 2023-09-15 Listed $129,000 MLSRV
• 2005-08-25 Sold (Public Records) $57,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $366 · +0.0% YoY. Source: county tax records.