2115 Phaup St · Richmond, VA 23223

$989,000

18 bd · 9.0 ba · 6,448 sqft · MultiFamily public records · 28 Days on market

Built 1950 0.27 ac 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 +28.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• 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 (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Outstanding opportunity to acquire an investor friendly 9-unit multifamily asset with stabilized rental income and an appraisal-supported cap rate of approximately 8.5% and current seller-provided operating figures close to a 9.5% cap rate. With average rent at $1200 per unit this investment opportunity is strong and reliable. The two-story brick apartment building offers a practical and consistent unit mix with nine (9) 2-bedroom, 1-bath residences, each approximately 700 square feet, for a total building size of approximately 6,448 square feet on a 0.27-acre parcel. The property features a NEWER roof, NEW exterior access, durable brick construction, multiple unit entrances, and functional

Key facts

• Newer roof
• 0.27 acre lot
• Built 1950

Tags

• NEWER ROOF
• DURABLE BRICK CONSTRUCTION
• MULTIPLE UNIT ENTRANCES
• COURTYARD-STYLE EXTERIOR
• LOW-MAINTENANCE BRICK FAÇADE
• BRIGHT INTERIOR SPACES

Property features AI

Finance

• Financial info: Property listed as a single unit; Gross income reported: $132,022

Exterior

• Parking: Off-street parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story building; R-53 zoning
• Construction: Brick and drywall construction; Approximate year built
• Exterior features: Partial fenced yard

Interior

• Kitchen: Electric stove
• Bedrooms: Unit: 2 bedrooms
• Bathrooms: Unit: 1 full bathroom
• Heating & cooling: Baseboard heating
• Interior features: Crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 9 × 2-bed/1-bath units multifamily listed at $989k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $355/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $989k).
• Recommended offer: $974k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.2% 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); 343 active listings in the ZIP; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $11,701/mo this rent would consume 252% 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 $7k of loan paydown is wiped out by about $30k 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 $277k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($974k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $108k; list at $989k implies a 820% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $974,165 (1.5% 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 1950 — 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: 1.18% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.83%
• DSCR: 1.62
• GRM: 7.0

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: 7.5%
• Equity multiple: 1.30×
• Total profit: $83,893
• Equity at exit: $147,463

10-year hold

• IRR: 19.3%
• Equity multiple: 2.86×
• Total profit: $514,601
• Equity at exit: $85,511

Cash invested: $276,920 (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: 343
• Price-to-rent: 63.4×

Monthly cashflow live

• Estimated rent: $11,701 high
• Mortgage (P&I): −$5,186
• Tax from tax record: −$453 /mo · $5,436/yr
• Insurance: −$412
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,457
• Net cashflow: $3,192

Break-even live

Break-even rent $7,660

Max offer price $989,000

Occupancy floor 68%

Sensitivity live

Price	-10% $3,752	-5% $3,472	+0% $3,192	+5% $2,912	+10% $2,632
Rent	-10% $2,268	-5% $2,730	+0% $3,192	+5% $3,654	+10% $4,117
Rate	-1.0pp $3,690	-0.5pp $3,444	base $3,192	+0.5pp $2,936	+1.0pp $2,675

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

Units	Beds	Baths	Est. rent
▸ 9× units	2	1	$11,700
Total (9 units)			$11,701

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: $247,250
• Closing costs: $29,670
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $989,000 Active 28 DOM
2. 2026-06-18
   days on market $989,000 Active 25 DOM
3. 2026-06-17
   days on market $989,000 Active 24 DOM
4. 2026-06-16
   days on market $989,000 Active 23 DOM
5. 2026-06-15
   days on market $989,000 Active 22 DOM
6. 2026-06-13
   days on market $989,000 Active 20 DOM
7. 2026-06-10
   days on market $989,000 Active 17 DOM
8. 2026-06-09
   days on market $989,000 Active 16 DOM
9. 2026-06-08
   days on market $989,000 Active 15 DOM
10. 2026-06-07
    days on market $989,000 Active 14 DOM
11. 2026-06-03
    days on market $989,000 Active 10 DOM
12. 2026-06-02
    days on market $989,000 Active 9 DOM
13. 2026-06-01
    days on market $989,000 Active 8 DOM
14. 2026-05-31
    days on market $989,000 Active 7 DOM
15. 2026-05-24
    listed $989,000 Active
16. 1989-10-12
    soldstatus $107,500
17. 1986-11-12
    soldstatus $335,600

ⓘ 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: $5,436 · $453/mo
• Projected year-2 tax: $8,110 · $676/mo
• Expected delta: +$2,674/yr (+$223/mo · 49.2%)

ⓘ 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 8/10 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: $140,412
• − Mortgage interest: −$55,399
• − Property taxes: −$5,436
• − Insurance: −$4,945
• − Repairs & maintenance: −$11,233
• − Management: −$11,233
• − Depreciation: −$28,771
• Taxable income: $23,395
• Est. tax owed @ 24.0%: −$5,615
• After-tax cash flow: $32,693/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: 287,109
• 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

+194.7% since first listed

3 events — show timeline

• 2026-05-24 Listed $989,000 CVRMLS
• 1989-10-12 Sold (Public Records) $107,500 Public Records
• 1986-11-12 Sold (Public Records) $335,600 Public Records

Property tax history

+6.2%/yr

Latest (2022): $5,436 · +67.2% YoY. Source: county tax records.