1602 Carrington St · Petersburg, VA 23803

$45,000

3 bd · 1.5 ba · 1,258 sqft · SingleFamily public records · 1 Days on market

Built 1961 7,967 sqft lot

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks

CASH INVESTORS, BUILDERS, and RENNOVATION Specialists- Opportunity "AS-IS" Property!! CASH OFFERS Preferred, seller seeking quick 2-3 week close. This "As-Is" investment and renovation opportunity sits on a generous 7,968 square foot lot, with dimension of 66.4 x 120 and offers an approximate 1258 square foot property for the right buyer. The home has sustained significant damage, including roof failure, structural deterioration, and extensive interior repairs, making this an ideal for complete Renovation-Rebuild- or redevelopment project. Situated on a quiet dead-end street located on Carrington Ave, right off Gibbons Ave. With on street parking, or private driveway an

Key facts

• Private driveway
• Large back yard
• 7,967 sq ft lot

Tags

• QUIET DEAD-END STREET
• PRIVATE DRIVEWAY
• LARGE BACK YARD

Property features AI

Exterior

• Parking: Driveway; Paved parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story home; Resale property; R-2 zoning
• Construction: Drywall construction; Vinyl siding; Wood siding; Composition shingle roof; Built as actual year (year built details provided)
• Exterior features: Paved driveway; Chain link fencing; Fenced yard; Level lot; Dead-end street

Interior

• Flooring: Wood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating
• Interior features: Wood flooring; Crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $926 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Cap rate 31.0% vs local median 4.5% in Petersburg — 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 61/100 on livability (#413 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Petersburg City Public School District (suburban): math 26% / reading 44% proficiency, ranked #131 of 131 in VA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.9%/yr); 290 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 118 units permitted in Petersburg city in 2024 (84 in 5+ unit buildings).
• This rent runs 32% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $963 of equity ($311 loan paydown + $652 appreciation (1.4% local appreciation)).
• Petersburg County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.4% appreciation + 5.9% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 46% 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 $45,000

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F 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?
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: 3.41% ✓
• Cap rate: 30.99%
• Cash-on-cash: 88.21%
• DSCR: 4.92
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $235,246
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
73 Henrico St	0.20mi	3/1.0	1,241 (-1%)	9mo	$219,000	$176	79
109 Henrico St	0.27mi	3/2.0	1,296 (+3%)	3mo	$242,000	$187	78
1936 Richmond Ave	0.28mi	3/1.0	1,088 (-14%)	3mo	$150,000	$138	60
1110 8th St	0.54mi	3/2.0	1,200 (-5%)	14mo	$235	—	54
1100 Patrick St	0.61mi	3/2.0	1,100 (-13%)	1mo	$248,000	$225	48
1048 Amelia St	0.69mi	3/1.5	1,384 (+10%)	9mo	$140,000	$101	44
1101 Sussex St	0.59mi	3/2.0	1,100 (-13%)	14mo	$229,900	$209	38

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

Projected returns pro-forma

1.45% appreciation · 5.89% rent growth · sell at horizon

5-year hold

• IRR: 94.5%
• Equity multiple: 6.19×
• Total profit: $65,422
• Equity at exit: $16,422

10-year hold

• IRR: 95.6%
• Equity multiple: 13.91×
• Total profit: $162,634
• Equity at exit: $22,668

Cash invested: $12,600 (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 23803

• Home prices YoY: 0.3%
• Rents YoY: 5.9%
• Active inventory: 290
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,534 high
• Mortgage (P&I): −$236
• Tax from tax record: −$31 /mo · $367/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $926

Break-even live

Break-even rent $361

Max offer price $45,000

Occupancy floor 35%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Roundtop Ave Petersburg, VA	3.0	1.0	988	$1,350	$1.37	43d	1	1.14mi
462 Reservoir Hts Petersburg, VA	4.0	2.0	1640	$1,895	$1.16	23d	1	1.20mi
250 E Bank St Petersburg, VA	2.0	1.0–2.0	862	$1,509	$1.75	1d	19	1.44mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	43d	1	1.50mi
212 E Wythe St Unit 1 Petersburg, VA	4.0	1.5	1400	$1,295	$0.93	23d	1	1.50mi

Listing history 3 events

1. 2026-06-15
   status $45,000 Pending 1 DOM
2. 2026-06-13
   remarks 679-char remark
3. 2026-06-13
   listed $45,000 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: $367 · $31/mo
• Projected year-2 tax: $369 · $31/mo
• Expected delta: +$2/yr ($0/mo · 0.5%)

ⓘ 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 ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 46% 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: $18,402
• − Mortgage interest: −$2,521
• − Property taxes: −$367
• − Insurance: −$225
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − Depreciation: −$1,309
• Taxable income: $11,036
• Est. tax owed @ 24.0%: −$2,649
• After-tax cash flow: $8,465/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: Petersburg City Public School District
• NCES district ID: 5102910
• Math proficiency: 26% ▼ -27.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $34,362
• Composite: 28.78/100
• National rank: #6670
• State rank: #131 of 131 in VA

Livability — Petersburg

• Score: 61/100
• State rank: #413
• US rank: #17309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Petersburg, VA
• County: Chesterfield County · 406,988 people
• City population: 63,420
• Metro: Richmond, VA
• Population (ZIP): 42,012
• Household income: $57,813
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 2485.0

Population outlook (Petersburg County) Hauer SSP2

• Today (2025): 30,488 people
• By 2030: 29,771 · -2.4%
• By 2040: 28,401 · -6.8%
• By 2050: 27,279 · -10.5%
• By 2075: 25,877 · -15.1%
• By 2100: 24,288 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 58% White 31% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Petersburg

• 2024 margin: Solid D (+72.8) · D 85.8% · R 13.0% · Other 1.2%
• 2008→2024 swing: -5.7pp toward R · 2008: 78.5pp · 2024: 72.8pp
• All cycles: 2024: D+72.8 2020: D+76.5 2016: D+77.0 2012: D+80.4 2008: D+78.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.45%
• Current HPI: 480.5365
• Rent YoY: ▲ 5.89%
• 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

2 events — show timeline

• 2026-06-13 Pending — CVRMLS
• 2026-06-10 Listed $45,000 CVRMLS

Property tax history

-5.3%/yr

Latest (2025): $367 · -47.4% YoY. Source: county tax records.