1708 Mechanicsville Tpke · Richmond, VA 23223

$299,000

4 bd · 2.0 ba · 2,131 sqft · MultiFamily public records · 11 Days on market

Built 1900 7,426 sqft lot

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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 +20.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great business opportunity! This home has a full kitchen and full bathroom on the first floor and a full kitchen and full bathroom on the second floor. Each tenant has a bedroom and shares the kitchen/bath on their floor. There is potential to house 6 tenants. The current tenants have lived there for 4 years and would like to stay. They pay $500 per month. A new furnace was installed in 2014. The hot water heaters are 4 and 5 years old. New porch flooring was installed in 2016. New gutters in 2016. New shower/tub in 2015.

Key facts

• Previously renovated
• Up-and-coming area
• Fenced in back yard

Tags

• CORNER LOT
• FENCED IN BACK YARD
• DETACHED SHED
• PREVIOUSLY RENOVATED
• UP-AND-COMING AREA

Property features AI

Finance

• Financial info: Property configured as a single unit; Actual rent reported: $3,000

Exterior

• Parking: Detached garage; Off-street parking; On-street parking; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer; Electric water heater; Electric power
• Home design: 2-story residence; Frame construction with vinyl siding; Shingle roof; R-5 zoning
• Construction: Built (year recorded as actual); Frame with vinyl siding; Shingle roof; Partial unfinished below-grade area
• Exterior features: Front porch; Fenced backyard; Corner lot

Interior

• Kitchen: Electric water heater
• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump
• Interior features: Partial unfinished basement; Basement present
• Laundry & utility: Heat pump

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive. Per door: $206/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (3.9% below list).
• Recommended offer: $287k (3.9% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.3% in Richmond — 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 84/100 on livability (#33 in VA, #793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime D-.
• Richmond City Public School District (urban): math 32% / reading 47% proficiency, ranked #123 of 131 in VA (top 94%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 337 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,873/mo this rent would consume 62% of the median local household income ($56k/yr) (locally 3530% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Richmond County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 25y 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 $190k; list at $299k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $287,300 (3.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. Crime grade is D 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-12,188
• Equity at exit: $44,582

10-year hold

• IRR: 9.2%
• Equity multiple: 1.80×
• Total profit: $67,276
• Equity at exit: $25,852

Cash invested: $83,720 (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 23223

• Rents YoY: 6.4%
• Active inventory: 337
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $2,873 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$165 /mo · $1,980/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $412

Break-even live

Break-even rent $2,351

Max offer price $299,000

Occupancy floor 81%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,874
Total (2 units)			$2,873

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1614 N 19th St Richmond, VA	4.0	2.0	1584	$2,395	$1.51	4d	1	0.15mi
1313 N 20th St Richmond, VA	3.0	2.0	2000	$2,045	$1.02	11d	1	0.52mi
1427 N 22nd St Richmond, VA	3.0	2.5	1764	$2,700	$1.53	43d	1	0.54mi
1308 N 23rd St Richmond, VA	3.0	2.5	2052	$2,900	$1.41	17d	1	0.63mi
2209 Fairmount Ave Richmond, VA	3.0	2.0	1652	$2,500	$1.51	43d	1	0.65mi
1221 N 26th St Richmond, VA	3.0	2.5	1900	$2,700	$1.42	23d	1	0.85mi
2235 Venable St Richmond, VA	3.0	2.5	2881	$3,100	$1.08	43d	1	0.89mi
1107 N 27th St Richmond, VA	3.0	3.5	1792	$2,600	$1.45	4d	1	0.95mi
1404 N 30th St Richmond, VA	3.0	2.5	1700	$2,195	$1.29	4d	1	0.98mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	43d	1	1.02mi
2820 Q St Richmond, VA	3.0	2.0	1523	$2,195	$1.44	4d	1	1.04mi
3018 S St Richmond, VA	3.0	2.5	1786	$2,645	$1.48	43d	1	1.07mi
1920 Princess Anne Ave Richmond, VA	3.0	2.0	2000	$2,595	$1.30	4d	1	1.09mi
724 N 1st St Richmond, VA	3.0	2.5	1704	$3,000	$1.76	43d	1	1.27mi
3017 Dill Ave Richmond, VA	4.0	2.0	1578	$1,895	$1.20	3d	1	1.30mi
3007 3rd Ave Richmond, VA	3.0	3.0	2036	$2,295	$1.13	43d	1	1.32mi
2213 Capp Rd Richmond, VA	3.0	2.0	1572	$2,200	$1.40	17d	1	1.37mi
3101 Divine Dr Richmond, VA	3.0	2.5	1525	$2,700	$1.77	2d	1	1.38mi
1901 E Franklin St Apt 5 Richmond, VA	3.0	3.0	1530	$1,850	$1.21	23d	1	1.41mi
307 N 29th St Richmond, VA	3.0	3.0	1992	$2,900	$1.46	4d	1	1.48mi

Listing history 9 events

1. 2026-06-18
   days on market $299,000 Active 11 DOM
2. 2026-06-17
   days on market $299,000 Active 10 DOM
3. 2026-06-16
   days on market $299,000 Active 9 DOM
4. 2026-06-15
   days on market $299,000 Active 8 DOM
5. 2026-06-13
   days on market $299,000 Active 6 DOM
6. 2026-06-10
   days on market $299,000 Active 3 DOM
7. 2026-06-09
   days on market $299,000 Active 2 DOM
8. 2026-06-08
   remarks 571-char remark
9. 2026-06-08
   listed $299,000 Active 1 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: $1,980 · $165/mo
• Projected year-2 tax: $2,452 · $204/mo
• Expected delta: +$472/yr (+$39/mo · 23.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,476
• − Mortgage interest: −$16,749
• − Property taxes: −$1,980
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,758
• − Management: −$2,758
• − Depreciation: −$8,698
• Taxable income: $38
• Est. tax owed @ 24.0%: −$9
• After-tax cash flow: $4,936/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: Richmond City Public School District
• NCES district ID: 5103240
• Math proficiency: 32% ▼ -24.00%
• Reading proficiency: 47% ▼ -9.00%
• Median HH income: $40,276
• Composite: 33.09/100
• National rank: #5564
• State rank: #123 of 131 in VA

Livability — Richmond

• Score: 84/100
• State rank: #33
• US rank: #793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, VA
• County: Henrico County · 334,490 people
• City population: 8,347
• Metro: Richmond, VA
• Population (ZIP): 54,659
• Household income: $55,731
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3530.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 262,263 people
• By 2030: 284,503 · +8.5%
• By 2040: 327,353 · +24.8%
• By 2050: 367,946 · +40.3%
• By 2075: 449,560 · +71.4%
• By 2100: 500,301 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 19% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Romanian 1% Lithuanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Richmond

• 2024 margin: Solid D (+66.3) · D 82.0% · R 15.8% · Other 2.2%
• 2008→2024 swing: +7.2pp toward D · 2008: 59.1pp · 2024: 66.3pp
• All cycles: 2024: D+66.3 2020: D+68.0 2016: D+63.8 2012: D+55.7 2008: D+59.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.81%
• Current HPI: 324.0589
• Rent YoY: ▲ 6.38%
• 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

+1096.0% since first listed

9 events — show timeline

• 2026-06-05 Listed $299,000 CVRMLS
• 2021-09-10 Sold (MLS) $190,000 CVRMLS
• 2021-08-10 Pending — CVRMLS
• 2021-08-09 Price Changed $210,000 CVRMLS
• 2021-08-02 Listed $225,000 CVRMLS
• 2021-08-02 Price Changed $225,000 CVRMLS
• 2002-05-23 Sold (MLS) $190,000 CVRMLS
• 2001-09-04 Listed $266,075 CVRMLS
• 1989-06-28 Sold (Public Records) $25,000 Public Records

Property tax history

+2.6%/yr

Latest (2022): $1,980 · +14.6% YoY. Source: county tax records.