283 Patriot Ln Unit C · Williamsburg, VA 23185

$211,000

2 bd · 2.0 ba · 1,040 sqft · Condo public records · 103 Days on market

Built 1987 $300/mo HOA · 15% of rent

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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).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• Rent growth +3.8/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready condo with fresh paint and modern updates throughout. New luxury vinyl plank flooring flows through the great room and kitchen, both filled with loads of natural light. A new electric fireplace anchors the great room, creating a comfortable and inviting space. The updated kitchen features upgraded cabinetry, solid-surface countertops, and a newer stove and microwave (2023). The primary suite offers a large walk-in closet and a private bath. The second bedroom includes two generous closets, and a full hall bath features a shower/tub combination. Ideally located near Williamsburg Outlet Malls, Interstate 64, and Sentara Williamsburg Regional Medical Center for easy shopping, dining, and commuting. Floor plan available. FHA and VA approved.

Key facts

• Private bath
• Upgraded cabinetry
• Move in ready

Tags

• MOVE IN READY
• NEW ELECTRIC FIREPLACE
• UPGRADED CABINETRY
• SOLID SURFACE COUNTERTOPS
• LARGE WALK IN CLOSET
• PRIVATE BATH

Property features AI

Finance

• HOA & community: Patriot Lane Condominium Association; Managed by Towne Management; Condo association fee $300 monthly

Exterior

• Parking: 1 parking space
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Attached property; 2 Unit condo; 2 stories; Condo ownership; Two living levels; Condo located on level 2
• Construction: Composite roof; Slab foundation
• Exterior features: Vinyl siding

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range
• Bedrooms: One bedroom with ensuite; Master bedroom with bath; No bedroom with full bathroom on first floor
• Flooring: Carpet; Ceramic; Laminate; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Electric fireplace; Skylights; Scuttle access; Walk-in closet; Window treatments
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $211k.

Deal economics

• At list price, monthly cash flow is $-56 ($-671/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (7.7% below list).
• Recommended offer: $192k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.1% in Williamsburg — 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 (#31 in VA, #734 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D.
• Williamsburg-James City Public School District (suburban): math 60% / reading 73% proficiency, ranked #36 of 131 in VA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Matthew Whaley Elementary (math 57% / reading 67%, grade B, #480 of 1,108 statewide, top 46%, 435 students, 72% FRL); Warhill High (math 66% / reading 84%, grade A-, #106 of 319 statewide, top 33%, 1,322 students, 36% FRL) — zoned schools average 54% FRL vs 27% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 389 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10 units permitted in Williamsburg city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Williamsburg County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $109k; list at $211k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 67% 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 $192,010 (9.0% 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 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
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 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: 0.92% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.21% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.44×
• Total profit: $-33,217
• Equity at exit: $31,461

10-year hold

• IRR: -3.2%
• Equity multiple: 0.76×
• Total profit: $-14,059
• Equity at exit: $18,243

Cash invested: $59,080 (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 23185

• Rents YoY: 5.2%
• Active inventory: 389
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,947 high
• Mortgage (P&I): −$1,107
• Tax from tax record: −$100 /mo · $1,195/yr
• Insurance: −$88
• HOA: −$300
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $-56

Break-even live

Break-even rent $2,018

Max offer price $201,116

Occupancy floor 98%

Sensitivity live

Price	-10% $63	-5% $4	+0% $-56	+5% $-116	+10% $-175
Rent	-10% $-210	-5% $-133	+0% $-56	+5% $21	+10% $98
Rate	-1.0pp $50	-0.5pp $-2	base $-56	+0.5pp $-111	+1.0pp $-166

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: $52,750
• Closing costs: $6,330
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5302 Aden Ct Williamsburg, VA	2.0	2.0	1364	$1,700	$1.25	5d	1	0.36mi
5403 Sasha Ct Williamsburg, VA	3.0	1.5	1407	$1,850	$1.31	0d	1	0.37mi
5302 Lane Place Dr Williamsburg, VA	1.0–2.0	1.0–2.0	873	$1,675	$1.92	0d	7	0.97mi
5302 Lane Place Dr Williamsburg, VA	1.0–3.0	1.0–2.0	1069	$1,738	$1.62	19d	5	0.97mi
100 Whitworth Way Williamsburg, VA	1.0–3.0	1.0–2.0	970	$2,103	$2.17	0d	14	1.14mi
100 Glenburnie Rd Williamsburg, VA	1.0–3.0	1.0–2.0	1198	$2,099	$1.75	0d	20	1.20mi
155 Sterling Manor Dr Williamsburg, VA	1.0–3.0	1.0–3.5	1588	$2,532	$1.59	0d	12	1.30mi
203 Bristol Cmn Williamsburg, VA	2.0	2.0	1159	$2,100	$1.81	0d	1	1.31mi
150 Kings Manor Dr Williamsburg, VA	1.0–3.0	1.0–3.0	1298	$2,856	$2.20	0d	18	1.48mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-12
   status Under Contract

   Show marketing remark (761 chars)

   Move-in ready condo with fresh paint and modern updates throughout. New luxury vinyl plank flooring flows through the great room and kitchen, both filled with loads of natural light. A new electric fireplace anchors the great room, creating a comfortable and inviting space. The updated kitchen features upgraded cabinetry, solid-surface countertops, and a newer stove and microwave (2023). The primary suite offers a large walk-in closet and a private bath. The second bedroom includes two generous closets, and a full hall bath features a shower/tub combination. Ideally located near Williamsburg Outlet Malls, Interstate 64, and Sentara Williamsburg Regional Medical Center for easy shopping, dining, and commuting. Floor plan available. FHA and VA approved.

2. 2026-05-12
   status Pending 761-char remark

   Show marketing remark (761 chars)

   Move-in ready condo with fresh paint and modern updates throughout. New luxury vinyl plank flooring flows through the great room and kitchen, both filled with loads of natural light. A new electric fireplace anchors the great room, creating a comfortable and inviting space. The updated kitchen features upgraded cabinetry, solid-surface countertops, and a newer stove and microwave (2023). The primary suite offers a large walk-in closet and a private bath. The second bedroom includes two generous closets, and a full hall bath features a shower/tub combination. Ideally located near Williamsburg Outlet Malls, Interstate 64, and Sentara Williamsburg Regional Medical Center for easy shopping, dining, and commuting. Floor plan available. FHA and VA approved.

3. 2026-04-07
   price $211,000
4. 2026-04-06
   price $211,000 761-char remark

   Show marketing remark (761 chars)

   Move-in ready condo with fresh paint and modern updates throughout. New luxury vinyl plank flooring flows through the great room and kitchen, both filled with loads of natural light. A new electric fireplace anchors the great room, creating a comfortable and inviting space. The updated kitchen features upgraded cabinetry, solid-surface countertops, and a newer stove and microwave (2023). The primary suite offers a large walk-in closet and a private bath. The second bedroom includes two generous closets, and a full hall bath features a shower/tub combination. Ideally located near Williamsburg Outlet Malls, Interstate 64, and Sentara Williamsburg Regional Medical Center for easy shopping, dining, and commuting. Floor plan available. FHA and VA approved.

5. 2026-01-29
   listed $215,000 Active
6. 2026-01-28
   listed $215,000 Active 761-char remark

   Show marketing remark (761 chars)

   Move-in ready condo with fresh paint and modern updates throughout. New luxury vinyl plank flooring flows through the great room and kitchen, both filled with loads of natural light. A new electric fireplace anchors the great room, creating a comfortable and inviting space. The updated kitchen features upgraded cabinetry, solid-surface countertops, and a newer stove and microwave (2023). The primary suite offers a large walk-in closet and a private bath. The second bedroom includes two generous closets, and a full hall bath features a shower/tub combination. Ideally located near Williamsburg Outlet Malls, Interstate 64, and Sentara Williamsburg Regional Medical Center for easy shopping, dining, and commuting. Floor plan available. FHA and VA approved.

7. 2011-06-21
   soldstatus $109,000
8. 2011-06-20
   soldstatus $109,000 396-char remark

   Show marketing remark (396 chars)

   Only $119,000, with privacy and peaceful views, this immaculate, tasteful and skylighted home with private greatroom balcony is a 2nd-floor delight. Vaulted greatroom fireplace is easily visible from kitchen and generous dining area with balcony. Master BR is a whirlpool suite with adj. handsome master bath & nice walkin closet. BR 2 w/ 2nd full bath near, overlooks lovely crape myrtle.

9. 2010-07-15
   listed $119,000 396-char remark

   Show marketing remark (396 chars)

   Only $119,000, with privacy and peaceful views, this immaculate, tasteful and skylighted home with private greatroom balcony is a 2nd-floor delight. Vaulted greatroom fireplace is easily visible from kitchen and generous dining area with balcony. Master BR is a whirlpool suite with adj. handsome master bath & nice walkin closet. BR 2 w/ 2nd full bath near, overlooks lovely crape myrtle.

ⓘ 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: $1,195 · $100/mo
• Projected year-2 tax: $1,730 · $144/mo
• Expected delta: +$535/yr (+$45/mo · 44.8%)

ⓘ 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 8/10 Severe 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $23,363
• − Mortgage interest: −$11,819
• − Property taxes: −$1,195
• − Insurance: −$1,055
• − Repairs & maintenance: −$1,869
• − Management: −$1,869
• − HOA: −$3,600
• − Depreciation: −$6,138
• Taxable loss: −$4,183
• Est. tax savings @ 24.0%: +$1,004
• After-tax cash flow: $332/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: Williamsburg-James City Public School District
• NCES district ID: 5104020
• Math proficiency: 60% ▼ -25.00%
• Reading proficiency: 73% ▼ -8.00%
• Median HH income: $49,497
• Composite: 56.37/100
• National rank: #1163
• State rank: #36 of 131 in VA

Livability — Williamsburg

• Score: 84/100
• State rank: #31
• US rank: #734

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Williamsburg, VA
• County: Williamsburg City · 55,270 people
• City population: 101,073
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 55,270
• Household income: $105,431
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 1770.0

Population outlook (Williamsburg County) Hauer SSP2

• Today (2025): 20,784 people
• By 2030: 22,731 · +9.4%
• By 2040: 26,175 · +25.9%
• By 2050: 29,939 · +44.0%
• By 2075: 39,953 · +92.2%
• By 2100: 49,884 · +140.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 14% Two or more races 9% Hispanic / Latino 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Williamsburg

• 2024 margin: Solid D (+44.5) · D 71.5% · R 27.0% · Other 1.5%
• 2008→2024 swing: +15.4pp toward D · 2008: 29.1pp · 2024: 44.5pp
• All cycles: 2024: D+44.5 2020: D+41.1 2016: D+43.5 2012: D+28.8 2008: D+29.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -345.15%
• Current HPI: 240.1637
• Rent YoY: ▲ 5.21%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• 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

+77.3% since first listed

9 events — show timeline

• 2026-05-12 Pending — REINMLS
• 2026-05-12 Pending — WMLS
• 2026-04-07 Price Changed $211,000 REINMLS
• 2026-04-06 Price Changed $211,000 WMLS
• 2026-01-29 Listed $215,000 REINMLS
• 2026-01-28 Listed $215,000 WMLS
• 2011-06-21 Sold (Public Records) $109,000 Public Records
• 2011-06-20 Sold (MLS) $109,000 WMLS
• 2010-07-15 Listed $119,000 WMLS

Property tax history

+9.5%/yr

Latest (2025): $1,195 · +16.7% YoY. Source: county tax records.