117 Pettus St · Chase City, VA 23924

$65,000

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 127 Days on market

Built 1950 Fair condition 9,583 sqft lot $83/sqft · 39% below area Est $107k · 39% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.0/10.0
• Schools +5.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Fixxer upper. Call it a bungalow, inner-city cabin, tiny house, this affordable compact home is just enough. Half the size of an average single family home, less is more manageable if you don't need a lot of house. Located on a small lot in a quiet neighborhood, you can start your garden, or chill in your quiet yard haven. ROI on rental investment is not bad either. It does need work, but at this bargain price, giving this pearl the attention it deserves will make a worthwhile investment. Sold as-is.

Key facts

• 9,583 sq ft lot
• Built 1950
• Listed 126 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.0% vs local median 6.2% in Chase City — 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 (#238 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Mecklenburg County Public School District (rural): math 57% / reading 72% proficiency, ranked #49 of 131 in VA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chase City Elementary (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 387 students, 89% FRL); Bluestone Middle (math 57% / reading 77%); Bluestone High (math 67% / reading 77%) — zoned schools average 89% FRL vs 54% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 61 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 153 units permitted in Mecklenburg County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($449 loan paydown + $1k appreciation (2.0% local appreciation)).
• Mecklenburg County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $18k; list at $65k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 22% 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 $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — 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 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?
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: 1.98% ✓
• Cap rate: 18.02%
• Cash-on-cash: 41.88%
• DSCR: 2.86
• GRM: 4.2

CMA / ARV

• ARV (median comp): $107,251
• List price: $65,000
• Delta: -39.39%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322 Virginia Ave	0.10mi	2/1.0	832 (+7%)	18mo	$105,000	$126	70
501 W 3rd St	0.12mi	3/1.0 (+1)	920 (+18%)	7mo	$85,000	$92	58
134 Drew St	0.93mi	2/1.0	780 (0%)	9mo	$115,000	$147	57
308 N Washington St	0.27mi	2/1.0	880 (+13%)	11mo	$30,000	$34	57
312 Hutcheson Ave	0.41mi	2/1.0	962 (+23%)	3mo	$155,000	$161	54
226 N Washington St	0.23mi	1/1.0 (-1)	940 (+20%)	13mo	$79,000	$84	48
448 W 5th St	0.30mi	2/1.0	945 (+21%)	33mo	$130,000	$138	41
945 W 2nd St	0.37mi	3/1.0 (+1)	864 (+11%)	24mo	$105,000	$122	40
537 Huston St	0.76mi	3/1.0 (+1)	900 (+15%)	28mo	$129,000	$143	15

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

Projected returns pro-forma

2.04% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.9%
• Equity multiple: 3.47×
• Total profit: $45,021
• Equity at exit: $25,777

10-year hold

• IRR: 46.6%
• Equity multiple: 6.92×
• Total profit: $107,748
• Equity at exit: $37,226

Cash invested: $18,200 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 3 active · 2 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $164,900 ($178/sqft)
• Median days on market: 26 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -22.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 23924

• Home prices YoY: 1.3%
• Active inventory: 61
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,285 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$12 /mo · $144/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $635

Break-even live

Break-even rent $481

Max offer price $65,000

Occupancy floor 46%

Sensitivity live

Price	-10% $672	-5% $654	+0% $635	+5% $617	+10% $598
Rent	-10% $534	-5% $584	+0% $635	+5% $686	+10% $737
Rate	-1.0pp $668	-0.5pp $652	base $635	+0.5pp $618	+1.0pp $601

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: $16,250
• Closing costs: $1,950
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
761 W 5th St Chase City, VA	3.0	1.0	1040	$1,195	$1.15	0d	1	0.40mi
761 W 5th St Chase City, VA	3.0	1.0	1040	$1,275	$1.23	63d	1	0.40mi
1035 Roark St Chase City, VA	2.0	1.0	892	$1,550	$1.74	0d	1	1.25mi

Property features AI

Exterior

• Parking: Concrete parking surface
• Utilities: Public waterPublic sewer
• Home design: Residential single-family homeZoned R2
• Construction: Vinyl siding
• Exterior features: Composition roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heatingBaseboard heating
• Interior features: Electric baseboard heating

Listing history 50 events

1. 2026-09-25
   days on market $65,000 Active 127 DOM
2. 2026-09-24
   days on market $65,000 Active 126 DOM
3. 2026-09-23
   days on market $65,000 Active 125 DOM
4. 2026-09-22
   days on market $65,000 Active 124 DOM
5. 2026-09-21
   days on market $65,000 Active 123 DOM
6. 2026-09-20
   days on market $65,000 Active 122 DOM
7. 2026-09-19
   days on market $65,000 Active 121 DOM
8. 2026-09-18
   days on market $65,000 Active 120 DOM
9. 2026-09-17
   days on market $65,000 Active 119 DOM
10. 2026-09-16
    days on market $65,000 Active 118 DOM
11. 2026-09-15
    days on market $65,000 Active 117 DOM
12. 2026-09-14
    days on market $65,000 Active 116 DOM
13. 2026-09-13
    days on market $65,000 Active 115 DOM
14. 2026-09-13
    days on market $65,000 Active 114 DOM
15. 2026-09-11
    remarks 505-char remark
16. 2026-09-11
    pricestatusdays on market $65,000 Active 113 DOM
17. 2026-09-03
    statusdays on market $61,900 Pending 111 DOM
18. 2026-08-31
    days on market $61,900 Active 108 DOM
19. 2026-08-30
    days on market $61,900 Active 107 DOM
20. 2026-08-29
    days on market $61,900 Active 106 DOM
21. 2026-08-28
    days on market $61,900 Active 105 DOM
22. 2026-08-27
    days on market $61,900 Active 104 DOM
23. 2026-08-26
    days on market $61,900 Active 103 DOM
24. 2026-08-25
    days on market $61,900 Active 102 DOM
25. 2026-08-24
    days on market $61,900 Active 101 DOM
26. 2026-08-23
    days on market $61,900 Active 100 DOM
27. 2026-08-22
    days on market $61,900 Active 99 DOM
28. 2026-08-21
    days on market $61,900 Active 98 DOM
29. 2026-08-20
    days on market $61,900 Active 97 DOM
30. 2026-08-19
    days on market $61,900 Active 96 DOM
31. 2026-08-18
    days on market $61,900 Active 95 DOM
32. 2026-08-17
    days on market $61,900 Active 94 DOM
33. 2026-08-16
    days on market $61,900 Active 93 DOM
34. 2026-08-15
    days on market $61,900 Active 92 DOM
35. 2026-08-14
    days on market $61,900 Active 91 DOM
36. 2026-08-13
    days on market $61,900 Active 90 DOM
37. 2026-08-12
    days on market $61,900 Active 89 DOM
38. 2026-08-11
    days on market $61,900 Active 88 DOM
39. 2026-08-10
    days on market $61,900 Active 87 DOM
40. 2026-08-09
    days on market $61,900 Active 86 DOM
41. 2026-08-08
    days on market $61,900 Active 85 DOM
42. 2026-08-07
    days on market $61,900 Active 84 DOM
43. 2026-08-06
    days on market $61,900 Active 83 DOM
44. 2026-08-05
    days on market $61,900 Active 82 DOM
45. 2026-08-04
    days on market $61,900 Active 81 DOM
46. 2026-08-03
    days on market $61,900 Active 80 DOM
47. 2026-07-31
    days on market $61,900 Active 77 DOM
48. 2026-07-30
    days on market $61,900 Active 76 DOM
49. 2026-07-29
    days on market $61,900 Active 75 DOM
50. 2026-07-27
    days on market $61,900 Active 73 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: $144 · $12/mo
• Projected year-2 tax: $533 · $44/mo
• Expected delta: +$389/yr (+$32/mo · 271.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% 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: $15,420
• − Mortgage interest: −$3,641
• − Property taxes: −$144
• − Insurance: −$325
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − Depreciation: −$1,891
• Taxable income: $6,952
• Est. tax owed @ 24.0%: −$1,668
• After-tax cash flow: $5,954/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $19,500–$35,100 screening

This single-family home requires moderate renovations to improve its condition and increase its value. The exterior siding, kitchen cabinets, and bathroom fixtures need to be replaced, and the landscaping needs trimming. Painting the exterior siding will improve the curb appeal and increase both resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — The cabinets are outdated and in poor condition.
• Moderate Kitchen countertop — The countertop is worn and in poor condition.
• Moderate Bathroom fixtures — The fixtures are outdated and in poor condition.
• Moderate Bathroom tub — The tub is outdated and in poor condition.
• Moderate Exterior siding — The siding is in fair condition but needs repainting or replacement.
• Moderate Landscaping — The landscaping is overgrown and needs trimming.

Value-add opportunities

• Both Painting the exterior siding — Painting the exterior siding will improve the curb appeal and increase both resale and rental value. ↑
• Both Replacing the kitchen cabinets — Replacing the kitchen cabinets will improve the functionality and aesthetics of the kitchen, increasing both resale and rental value. ↑
• Both Replacing the kitchen countertop — Replacing the kitchen countertop will improve the functionality and aesthetics of the kitchen, increasing both resale and rental value. ↑
• Both Replacing the bathroom fixtures — Replacing the bathroom fixtures will improve the functionality and aesthetics of the bathroom, increasing both resale and rental value. ↑
• Both Replacing the bathroom tub — Replacing the bathroom tub will improve the functionality and aesthetics of the bathroom, increasing both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary Chase City Elementary C- VA #696/1,108 Nat'l #11,263/41,679 Middle Bluestone Middle High Bluestone High

Schools (NCES district)

• District: Mecklenburg County Public School District
• NCES district ID: 5102460
• Math proficiency: 57% ▼ -29.00%
• Reading proficiency: 72% ▼ -7.00%
• Median HH income: $37,491
• Composite: 53.55/100
• National rank: #1446
• State rank: #49 of 131 in VA

B Composite livability gradescore 70/100

Livability — Chase City

• Score: 70/100
• State rank: #238
• US rank: #8038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chase City, VA
• County: Mecklenburg · 28,332 people
• Population (ZIP): 5,709
• Household income: $43,614
• Rent vs Own: 26.1% rent · 73.9% own

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Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 28,332 people
• By 2030: 26,742 · -5.6%
• By 2040: 23,502 · -17.0%
• By 2050: 20,851 · -26.4%
• By 2075: 17,525 · -38.1%
• By 2100: 14,524 · -48.7%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (60%)
• Race & ethnicity: White 60% Black 36% Hispanic / Latino 3% Two or more races 1%
• Common ancestry: Slovak 3% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

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Political lean MEDSL · Mecklenburg

• 2024 margin: Strong R (+20.8) · D 39.4% · R 60.2%
• 2008→2024 swing: -16.2pp toward R · 2008: -4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+15.2 2016: R+11.3 2012: R+7.2 2008: R+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.04%
• Current HPI: 155.5959
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

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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

Property features AI

Exterior

• Parking: Concrete parking surface
• Utilities: Public waterPublic sewer
• Home design: Residential single-family homeZoned R2
• Construction: Vinyl siding
• Exterior features: Composition roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heatingBaseboard heating
• Interior features: Electric baseboard heating

Price history

+106.3% since first listed

14 events — show timeline

• 2026-06-13 Price Changed $61,900 SCAR
• 2026-05-16 Listed $65,000 SCAR
• 2026-03-27 Relisted — SPLLAR
• 2026-02-13 Listed $65,000 SPLLAR
• 2025-06-25 Listed $72,000 SCAR
• 2018-05-14 Sold (Public Records) $18,460 Public Records
• 2017-11-07 Sold (MLS) $15,000 RVLG
• 2017-05-22 Listed $31,000 RVLG
• 2008-09-30 Sold (Public Records) $52,000 Public Records
• 2008-09-29 Sold (MLS) $52,000 AMLSNC
• 2008-09-29 Sold (MLS) $52,000 TMLS
• 2005-10-14 Listed $59,900 AMLSNC
• 2005-10-14 Listed $59,900 TMLS
• 2003-10-20 Sold (Public Records) $30,000 Public Records

Property tax history

+0.0%/yr

Latest (2025): $144 · +0.0% YoY. Source: county tax records.