117 Pettus St · Chase City, VA 23924

$61,900

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 34 Days on market

Built 1950 9,583 sqft lot $79/sqft · 37% below area Est $98k · 37% 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 +5.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

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.

Key facts

• 9,583 sq ft lot
• Built 1950
• Listed 33 days

Property features AI

Exterior

• Parking: Concrete parking surface
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; Zoned R2
• Construction: Vinyl siding
• Exterior features: Composition roof

Interior

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

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $60k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.3% vs local median 7.3% 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.
• Market conditions: 41 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 153 units permitted in Mecklenburg County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($428 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($60k) 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 $62k implies a 235% 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 $60,043 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.32% ✓
• Cap rate: 21.27%
• Cash-on-cash: 53.51%
• DSCR: 3.38
• GRM: 3.6

CMA / ARV

• ARV (median comp): $98,266
• List price: $61,900
• Delta: -37.01%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322 Virginia Ave	0.10mi	2/1.0	832 (+7%)	15mo	$105,000	$126	72
308 N Washington St	0.27mi	2/1.0	880 (+13%)	8mo	$30,000	$34	60
945 W 2nd St	0.37mi	3/1.0 (+1)	864 (+11%)	21mo	$105,000	$122	42

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: 57.4%
• Equity multiple: 4.09×
• Total profit: $53,570
• Equity at exit: $24,548

10-year hold

• IRR: 57.9%
• Equity multiple: 8.25×
• Total profit: $125,706
• Equity at exit: $35,451

Cash invested: $17,332 (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 23924

• Home prices YoY: 1.3%
• Active inventory: 41
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,437 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$12 /mo · $144/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $773

Break-even live

Break-even rent $459

Max offer price $61,900

Occupancy floor 41%

Sensitivity live

Price	-10% $808	-5% $790	+0% $773	+5% $755	+10% $738
Rent	-10% $659	-5% $716	+0% $773	+5% $830	+10% $886
Rate	-1.0pp $804	-0.5pp $789	base $773	+0.5pp $757	+1.0pp $740

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
761 W 5th St Chase City, VA	3.0	1.0	1040	$1,300	$1.25	15d	1	0.40mi
1035 Roark St Chase City, VA	2.0	1.0	892	$1,800	$2.02	15d	1	1.25mi

Listing history 29 events

1. 2026-06-18
   days on market $61,900 Active 34 DOM
2. 2026-06-17
   days on market $61,900 Active 33 DOM
3. 2026-06-16
   days on market $61,900 Active 32 DOM
4. 2026-06-15
   days on market $61,900 Active 31 DOM
5. 2026-06-14
   pricedays on market $61,900 Active 29 DOM
6. 2026-06-13
   days on market $65,000 Active 28 DOM
7. 2026-06-10
   days on market $65,000 Active 26 DOM
8. 2026-06-09
   days on market $65,000 Active 25 DOM
9. 2026-06-08
   days on market $65,000 Active 24 DOM
10. 2026-06-07
    days on market $65,000 Active 23 DOM
11. 2026-06-05
    days on market $65,000 Active 20 DOM
12. 2026-06-03
    days on market $65,000 Active 19 DOM
13. 2026-06-02
    days on market $65,000 Active 18 DOM
14. 2026-06-01
    days on market $65,000 Active 17 DOM
15. 2026-05-31
    days on market $65,000 Active 16 DOM
16. 2026-05-31
    days on market $65,000 Active 15 DOM
17. 2026-05-16
    listed $65,000 Active 354-char remark
18. 2026-03-27
    status Active
19. 2026-02-13
    listed $65,000 Active
20. 2025-06-25
    listed $72,000 Active
21. 2018-05-14
    soldstatus $18,460
22. 2017-11-07
    soldstatus $15,000
23. 2017-05-22
    listed $31,000
24. 2008-09-30
    soldstatus $52,000
25. 2008-09-29
    soldstatus $52,000
26. 2008-09-29
    soldstatus $52,000
27. 2005-10-14
    listed $59,900
28. 2005-10-14
    listed $59,900
29. 2003-10-20
    soldstatus $30,000

ⓘ 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: $144 · $12/mo
• Projected year-2 tax: $508 · $42/mo
• Expected delta: +$364/yr (+$30/mo · 253.4%)

ⓘ 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 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: $17,243
• − Mortgage interest: −$3,467
• − Property taxes: −$144
• − Insurance: −$310
• − Repairs & maintenance: −$1,379
• − Management: −$1,379
• − Depreciation: −$1,801
• Taxable income: $8,763
• Est. tax owed @ 24.0%: −$2,103
• After-tax cash flow: $7,171/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: 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

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
• Population (ZIP): 5,709

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%

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%

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

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

+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.