3320 Melody Ave · Cave Spring, VA 24018

$299,950

3 bd · 2.0 ba · 1,269 sqft · SingleFamily public records · 6 Days on market

Built 1960 0.29 ac lot Est $308k · at est.

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Why this score? — see what drove the F 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 +8.7/15.0
• Cash flow +6.9/30.0
• Schools +6.4/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally Updated * Hardwoods Refinished * New Water Heater * New Light Fixtures 1st Floor * Remodeled Baths with fixtures, sinks, lights - you name it! Fresh Paint throughout - All Kitchen Appliances remain - New Dishwasher, Disposal, Plumbing, Backsplash, Pantry. Spacious Screened Porch off Kitchen * You will see the Love & Care put into this Home!

Key facts

• Gas log fireplaces
• Plenty of parking
• Paved driveway

Tags

• BRICK RANCH
• GAS LOG FIREPLACES
• HARDWOOD FLOORS
• SCREENED PORCH
• PAVED DRIVEWAY
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-452 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (26.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (38.8% below list).
• Recommended offer: $184k (38.8% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.4% in Cave Spring — 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 76/100 on livability (#113 in VA, #3,513 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities F, commute F.
• Roanoke County Public School District (suburban): math 71% / reading 78% proficiency, ranked #9 of 131 in VA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Green Valley Elementary (math 63% / reading 75%, grade A-, #351 of 1,108 statewide, top 32%, 518 students, 43% FRL); Hidden Valley Middle (math 76% / reading 83%, grade A+, #28 of 342 statewide, top 8%, 578 students, 26% FRL); Hidden Valley High (math 90% / reading 92%, grade A+, #5 of 319 statewide, top 1%, 830 students, 24% FRL).
• Market conditions: Rents rising (+2.9%/yr); 333 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 360 units permitted in Roanoke County in 2024 (228 in 5+ unit buildings).

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.
• Roanoke County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 6 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 $192k; list at $300k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,557 (38.8% 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. Built in 1960 — 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.61% ✗
• Cap rate: 4.48%
• Cash-on-cash: -6.46%
• DSCR: 0.71
• GRM: 13.6

CMA / ARV

• ARV (on-the-fly): $308,367
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3617 View Ave	0.64mi	3/2.0	1,250 (-2%)	2mo	$305,000	$244	66
3014 Fleetwood Ave SW	0.32mi	2/1.0 (-1)	1,191 (-6%)	1mo	$237,000	$199	65
3713 Pinevale Rd	0.36mi	3/2.0	1,166 (-8%)	10mo	$305,000	$262	61
3715 Willetta Dr	0.30mi	3/1.0	1,104 (-13%)	10mo	$210,000	$190	52
2825 Tillett Rd SW	0.56mi	3/2.0	1,452 (+14%)	20mo	$299,000	$206	33
4346 Garstview Cir	0.74mi	2/2.0 (-1)	1,358 (+7%)	24mo	$329,950	$243	29

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

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.07×
• Total profit: $-77,700
• Equity at exit: $44,724

10-year hold

• IRR: -26.5%
• Equity multiple: -0.26×
• Total profit: $-105,960
• Equity at exit: $25,934

Cash invested: $83,986 (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 24018

• Rents YoY: 2.9%
• Active inventory: 333
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $1,836 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$204 /mo · $2,451/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $-452

Break-even live

Break-even rent $2,408

Max offer price $220,079

Occupancy floor —

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: $74,988
• Closing costs: $8,998
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3363 View Ave Roanoke, VA	3.0	1.0	1014	$1,895	$1.87	21d	1	0.36mi
2679 Beverly Blvd SW Roanoke, VA	3.0	1.0	1000	$1,623	$1.62	13d	1	0.48mi
4356 Old Garst Ml Rd Cave Spring, VA	1.0–2.0	1.0–1.5	889	$1,341	$1.51	13d	14	0.49mi
3602 Colonial Green Cir SW Roanoke, VA	3.0	2.5	1670	$2,622	$1.57	13d	1	0.62mi
3709 Antietam Dr Roanoke, VA	2.0	1.0	1016	$1,899	$1.87	13d	1	0.70mi
3501 Normandy Ln Roanoke, VA	2.0	1.0	925	$1,250	$1.35	13d	1	0.81mi
3464 Colonial Ave Roanoke, VA	2.0	1.0	1100	$1,495	$1.36	13d	5	0.83mi
3620 Manassas Dr Roanoke, VA	3.0	1.5	1200	$2,300	$1.92	43d	1	0.92mi
3345 Circle Brook Dr Cave Spring, VA	1.0–3.0	1.0–2.0	997	$1,920	$1.92	13d	11	1.05mi
3101 Honeywood Ln Roanoke, VA	1.0–2.0	1.0–1.5	919	$1,690	$1.84	13d	7	1.17mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,800	$1.36	43d	1	1.32mi
2615 Laburnum Ave SW Roanoke, VA	2.0	1.5	1323	$1,825	$1.38	21d	1	1.32mi
2432 Brandon Ave SW Roanoke, VA	2.0	1.0	1015	$1,275	$1.26	43d	1	1.39mi
4630 Roxbury Ln Cave Spring, VA	1.0–2.0	1.0–1.5	930	$1,625	$1.75	13d	7	1.40mi

Listing history 8 events

1. 2026-04-23
   status Pending
2. 2026-04-17
   listed $299,950 Active
3. 2006-05-26
   soldstatus $192,500 366-char remark

   Show marketing remark (366 chars)

   Totally Updated * Hardwoods Refinished * New Water Heater * New Light Fixtures 1st Floor * Remodeled Baths with fixtures, sinks, lights - you name it! Fresh Paint throughout - All Kitchen Appliances remain - New Dishwasher, Disposal, Plumbing, Backsplash, Pantry. Spacious Screened Porch off Kitchen * You will see the Love & Care put into this Home!

4. 2006-05-01
   soldstatus $192,500
5. 2006-04-07
   listed $192,500 366-char remark

   Show marketing remark (366 chars)

   Totally Updated * Hardwoods Refinished * New Water Heater * New Light Fixtures 1st Floor * Remodeled Baths with fixtures, sinks, lights - you name it! Fresh Paint throughout - All Kitchen Appliances remain - New Dishwasher, Disposal, Plumbing, Backsplash, Pantry. Spacious Screened Porch off Kitchen * You will see the Love & Care put into this Home!

6. 2001-03-08
   soldstatus $114,000 205-char remark

   Show marketing remark (205 chars)

   * * PLEASE GIVE 1 HOUR NOTICE-ELDERLY * * WELL MAINTAINED HOME W/ HARDWOOD FLOORS UNDER CARPET, WONDERFUL SCREENED IN PORCH, GAS RANGE, UPDATED ELECTRIC & REPLACEMENT WINDOWS, LOCKBOX ON BACK DOOR

7. 2001-03-01
   soldstatus $114,000
8. 2001-01-29
   listed $114,950 205-char remark

   Show marketing remark (205 chars)

   * * PLEASE GIVE 1 HOUR NOTICE-ELDERLY * * WELL MAINTAINED HOME W/ HARDWOOD FLOORS UNDER CARPET, WONDERFUL SCREENED IN PORCH, GAS RANGE, UPDATED ELECTRIC & REPLACEMENT WINDOWS, LOCKBOX ON BACK DOOR

ⓘ 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: $2,451 · $204/mo
• Projected year-2 tax: $2,460 · $205/mo
• Expected delta: +$8/yr (+$1/mo · 0.3%)

ⓘ 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 5/10 Major 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,027
• − Mortgage interest: −$16,802
• − Property taxes: −$2,451
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,762
• − Management: −$1,762
• − Depreciation: −$8,726
• Taxable loss: −$10,976
• Est. tax savings @ 24.0%: +$2,634
• After-tax cash flow: $-2,791/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: Roanoke County Public School District
• NCES district ID: 5103330
• Math proficiency: 71% ▼ -19.00%
• Reading proficiency: 78% ▼ -6.00%
• Median HH income: $60,526
• Composite: 64.08/100
• National rank: #578
• State rank: #9 of 131 in VA

Livability — Cave Spring

• Score: 76/100
• State rank: #113
• US rank: #3513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cave Spring, VA
• County: Roanoke County · 67,305 people
• Metro: Roanoke, VA
• Population (ZIP): 38,720
• Household income: $90,885
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 495.0

Population outlook (Roanoke County) Hauer SSP2

• Today (2025): 98,162 people
• By 2030: 99,793 · +1.7%
• By 2040: 101,965 · +3.9%
• By 2050: 103,328 · +5.3%
• By 2075: 108,641 · +10.7%
• By 2100: 104,845 · +6.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Hispanic / Latino 4% Two or more races 4% Black 4%
• Common ancestry: Italian 4% Slovak 3% Serbian 3%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Roanoke

• 2024 margin: Strong R (+22.5) · D 38.2% · R 60.7% · Other 1.1%
• 2008→2024 swing: -1.4pp toward R · 2008: -21.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+21.8 2016: R+28.1 2012: R+25.6 2008: R+21.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -266.18%
• Current HPI: 176.0558
• Rent YoY: ▲ 2.88%
• Metro: Roanoke, 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

+160.9% since first listed

8 events — show timeline

• 2026-04-23 Pending — MLSRV
• 2026-04-17 Listed $299,950 MLSRV
• 2006-05-26 Sold (MLS) $192,500 MLSRV
• 2006-05-01 Sold (Public Records) $192,500 Public Records
• 2006-04-07 Listed $192,500 MLSRV
• 2001-03-08 Sold (MLS) $114,000 MLSRV
• 2001-03-01 Sold (Public Records) $114,000 Public Records
• 2001-01-29 Listed $114,950 MLSRV

Property tax history

+2.8%/yr

Latest (2025): $2,451 · +6.7% YoY. Source: county tax records.