251 Reids Place Dr · Suffolk, VA 23434

$269,990

3 bd · 2.5 ba · 1,280 sqft · Condo · 13 Days on market

Built 2026 Excellent condition $211/sqft · at area comps Est $277k · at est. $150/mo HOA · 7% 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).

• ARV discount +8.6/15.0
• Cash flow +8.2/30.0
• Condition / age +5.0/5.0
• Schools +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 1% rule +3.3/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Construction from the ground up Ready this Fall! Modern Open Concept and an abundance of natural light make the Beethoven a townhome that feels like a single-family home. Entering in through the living room, flowing into the kitchen, with included 7ft island, provides plenty of room for cooking and entertaining plus optional powder room. Upstairs are two additional bedrooms, a hall bath with shower/tub combination, and a generous Owner’s Bedroom that features a tray ceiling and a large closet. On ensuite Owner’s Bathroom features a dual vanity and seated tile shower. This home checks all the boxes here at Reids Place! Create the space with personal touches like metal finishes, cabinet colors and counter top upgrades! Also quick move ins avail. 15 min to NCDOC, 22 Min to Norfolk Naval Shipyard, 35 mins to Little Creek, 20 mins to Portsmouth Naval Hospital.

Key facts

• Open concept
• Owner's bedroom
• New construction

Tags

• NEW CONSTRUCTION
• OPEN CONCEPT
• NATURAL LIGHT
• 7FT ISLAND
• OWNER'S BEDROOM
• DUAL VANITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $270k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (17.2% below list).
• Recommended offer: $224k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.5% in Suffolk — 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 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.8%/yr); 546 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $223,587 (17.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
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: 0.83% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.96%
• DSCR: 0.82
• GRM: 10.1

CMA / ARV

• ARV (median comp): $276,738
• List price: $269,990
• Delta: -2.44%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.30×
• Total profit: $-52,945
• Equity at exit: $40,256

10-year hold

• IRR: -6.9%
• Equity multiple: 0.50×
• Total profit: $-37,474
• Equity at exit: $23,344

Cash invested: $75,597 (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 23434

• Rents YoY: 5.8%
• Active inventory: 546
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,236 high
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$337 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$150
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $-250

Break-even live

Break-even rent $2,552

Max offer price $233,887

Occupancy floor —

Sensitivity live

Price	-10% $-63	-5% $-156	+0% $-250	+5% $-343	+10% $-436
Rent	-10% $-426	-5% $-338	+0% $-250	+5% $-161	+10% $-73
Rate	-1.0pp $-114	-0.5pp $-181	base $-250	+0.5pp $-319	+1.0pp $-391

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: $67,498
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 Reid's Place Dr Suffolk, VA	3.0	2.5	1280	$2,200	$1.72	5d	1	0.10mi
206 Reid's Place Dr Unit 206 Suffolk, VA	3.0	2.5	1280	$2,300	$1.80	18d	1	0.13mi
803 Haskins Dr Suffolk, VA	3.0	2.0	1653	$2,400	$1.45	24d	1	0.28mi
827 Haskins Dr Suffolk, VA	3.0	3.0	1794	$2,600	$1.45	44d	1	0.37mi
113 Crocker St Suffolk, VA	4.0	2.5	1708	$2,695	$1.58	18d	1	0.49mi
1144 Portsmouth Blvd Suffolk, VA	2.0–3.0	2.0	1039	$1,822	$1.75	2d	88	0.70mi
1410 Blythewood Ln Suffolk, VA	4.0	1.5	1056	$1,800	$1.70	44d	1	0.73mi
223 N 7th St Suffolk, VA	3.0	2.5	1495	$2,300	$1.54	44d	1	1.01mi
307 N 4th St Suffolk, VA	4.0	2.0	1600	$1,800	$1.12	8d	1	1.08mi
115 C St Suffolk, VA	3.0	2.5	1576	$1,995	$1.27	13d	1	1.13mi
315 Highland Ave Suffolk, VA	3.0	2.0	1580	$2,050	$1.30	24d	1	1.16mi
124 Halifax St Suffolk, VA	4.0	2.0	1728	$2,100	$1.22	44d	1	1.40mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-04
   status Under Contract 883-char remark

   Show marketing remark (883 chars)

   New Construction from the ground up Ready this Fall! Modern Open Concept and an abundance of natural light make the Beethoven a townhome that feels like a single-family home. Entering in through the living room, flowing into the kitchen, with included 7ft island, provides plenty of room for cooking and entertaining plus optional powder room. Upstairs are two additional bedrooms, a hall bath with shower/tub combination, and a generous Owner’s Bedroom that features a tray ceiling and a large closet. On ensuite Owner’s Bathroom features a dual vanity and seated tile shower. This home checks all the boxes here at Reids Place! Create the space with personal touches like metal finishes, cabinet colors and counter top upgrades! Also quick move ins avail. 15 min to NCDOC, 22 Min to Norfolk Naval Shipyard, 35 mins to Little Creek, 20 mins to Portsmouth Naval Hospital.

2. 2026-04-29
   price $269,990 883-char remark

   Show marketing remark (883 chars)

   New Construction from the ground up Ready this Fall! Modern Open Concept and an abundance of natural light make the Beethoven a townhome that feels like a single-family home. Entering in through the living room, flowing into the kitchen, with included 7ft island, provides plenty of room for cooking and entertaining plus optional powder room. Upstairs are two additional bedrooms, a hall bath with shower/tub combination, and a generous Owner’s Bedroom that features a tray ceiling and a large closet. On ensuite Owner’s Bathroom features a dual vanity and seated tile shower. This home checks all the boxes here at Reids Place! Create the space with personal touches like metal finishes, cabinet colors and counter top upgrades! Also quick move ins avail. 15 min to NCDOC, 22 Min to Norfolk Naval Shipyard, 35 mins to Little Creek, 20 mins to Portsmouth Naval Hospital.

3. 2026-04-24
   price $259,990 883-char remark

   Show marketing remark (883 chars)

   New Construction from the ground up Ready this Fall! Modern Open Concept and an abundance of natural light make the Beethoven a townhome that feels like a single-family home. Entering in through the living room, flowing into the kitchen, with included 7ft island, provides plenty of room for cooking and entertaining plus optional powder room. Upstairs are two additional bedrooms, a hall bath with shower/tub combination, and a generous Owner’s Bedroom that features a tray ceiling and a large closet. On ensuite Owner’s Bathroom features a dual vanity and seated tile shower. This home checks all the boxes here at Reids Place! Create the space with personal touches like metal finishes, cabinet colors and counter top upgrades! Also quick move ins avail. 15 min to NCDOC, 22 Min to Norfolk Naval Shipyard, 35 mins to Little Creek, 20 mins to Portsmouth Naval Hospital.

4. 2026-04-21
   listed $269,990 Active 883-char remark

   Show marketing remark (883 chars)

   New Construction from the ground up Ready this Fall! Modern Open Concept and an abundance of natural light make the Beethoven a townhome that feels like a single-family home. Entering in through the living room, flowing into the kitchen, with included 7ft island, provides plenty of room for cooking and entertaining plus optional powder room. Upstairs are two additional bedrooms, a hall bath with shower/tub combination, and a generous Owner’s Bedroom that features a tray ceiling and a large closet. On ensuite Owner’s Bathroom features a dual vanity and seated tile shower. This home checks all the boxes here at Reids Place! Create the space with personal touches like metal finishes, cabinet colors and counter top upgrades! Also quick move ins avail. 15 min to NCDOC, 22 Min to Norfolk Naval Shipyard, 35 mins to Little Creek, 20 mins to Portsmouth Naval Hospital.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,830
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,146
• − Management: −$2,146
• − HOA: −$1,800
• − Depreciation: −$7,854
• Taxable loss: −$7,640
• Est. tax savings @ 24.0%: +$1,834
• After-tax cash flow: $-1,160/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 · 1 photo

Excellent 100/100 None rehab

This new construction townhome is move-in ready with excellent condition and modern features. Minor updates to the exterior and interior could further enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Kitchen appliances — Modernizes the kitchen and adds value
• Both Bathroom fixtures — Modernizes bathrooms and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Kitchen appliances — Modernizes the kitchen and adds value ↑
• Both Bathroom fixtures — Modernizes bathrooms and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 54,387
• Household income: $79,877
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1934.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 49% White 41% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 1% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.80%
• Current HPI: 158.5866
• Rent YoY: ▲ 5.84%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-04 Pending — REINMLS
• 2026-04-29 Price Changed $269,990 REINMLS
• 2026-04-24 Price Changed $259,990 REINMLS
• 2026-04-21 Listed $269,990 REINMLS