2437 Rockwater Cir · Virginia Beach, VA 23456

$445,000

3 bd · 2.5 ba · 1,931 sqft · Condo public records · 14 Days on market

Built 1997 $160/mo HOA · 5% 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 +9.0/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 1% rule +2.5/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious and inviting, this 4 four bedroom, 2.5 bath home in Virginia Beach, VA offers the perfect blend of comfort and functionality. The thoughtfully designed layout features generous living areas, ideal for both everyday living and entertaining. A bright and airy kitchen flows seamlessly into the main living space, creating a warm and welcome atmosphere. Upstairs, you'll find well sized bedrooms, including a comfortable primary suite with a private bath. Enjoy outdoor living with a backyard perfect for relaxing, gardening, or hosting. Located in a desirable area, this home offers easy access to shopping, dining, schools, ant the beach.

Key facts

• $160 HOA
• 2 garage spots
• Built 1997

Property features AI

Finance

• HOA & community: Condo association (Courthouse Woods Condo Assoc.); HOA dues $160 monthly; Association provides ground maintenance and trash pickup

Exterior

• Parking: Attached 2-car garage; Additional driveway parking; Off-street parking
• Utilities: City/County water; City/County sewer; Gas water heater; Electric power (standard)
• Home design: Detached condominium; Traditional style; 2 stories
• Construction: Vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Inground sprinkler; Back fenced; Storage shed

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator; Breakfast area; Pantry
• Bedrooms: One bedroom with ensuite; Master bedroom with bath
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced hot air; Heat pump; Central air
• Interior features: Cathedral ceiling; Gas-propane fireplace; Ceiling fan; Walk-in closet; Attic; Porch; Utility closet; Pantry
• Laundry & utility: Washer hookup; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $445k.

Deal economics

• At list price, monthly cash flow is $-351 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $383k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $335k (24.6% below list).
• Recommended offer: $335k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: North Landing Elementary (math 87% / reading 92%, grade A+, #19 of 1,108 statewide, top 2%, 455 students, 16% FRL); Landstown Middle (math 64% / reading 81%, grade A, #61 of 342 statewide, top 18%, 1,278 students, 41% FRL); Floyd Kellam High (math 83% / reading 93%, grade A, #13 of 319 statewide, top 4%, 1,882 students, 14% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 367 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).
• This rent runs 31% of the median local income ($131k/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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 7y 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 $296k; list at $445k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 94% 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 $335,464 (24.6% 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: 0.75% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.26×
• Total profit: $-91,781
• Equity at exit: $66,351

10-year hold

• IRR: -12.9%
• Equity multiple: 0.22×
• Total profit: $-97,594
• Equity at exit: $38,475

Cash invested: $124,600 (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 23456

• Rents YoY: 3.8%
• Active inventory: 367
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,355 medium
• Mortgage (P&I): −$2,334
• Tax from tax record: −$322 /mo · $3,861/yr
• Insurance: −$185
• HOA: −$160
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $-351

Break-even live

Break-even rent $3,798

Max offer price $383,066

Occupancy floor —

Sensitivity live

Price	-10% $-99	-5% $-225	+0% $-351	+5% $-477	+10% $-603
Rent	-10% $-616	-5% $-483	+0% $-351	+5% $-218	+10% $-86
Rate	-1.0pp $-126	-0.5pp $-237	base $-351	+0.5pp $-466	+1.0pp $-583

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2925 Beaden Dr Virginia Beach, VA	4.0	2.5	2175	$3,400	$1.56	25d	1	0.84mi
3016 Beaden Dr Virginia Beach, VA	4.0	2.5	2350	$3,150	$1.34	14d	1	0.85mi

HOA detail condo

• Monthly dues: $160 · $1,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-10
   status $445,000 Under Contract 14 DOM
2. 2026-06-09
   days on market $445,000 Active Under Contract 14 DOM
3. 2026-06-08
   days on market $445,000 Active Under Contract 13 DOM
4. 2026-06-07
   days on market $445,000 Active Under Contract 12 DOM
5. 2026-06-03
   days on market $445,000 Active Under Contract 8 DOM
6. 2026-06-02
   statusdays on market $445,000 Active Under Contract 7 DOM
7. 2026-06-01
   days on market $445,000 Active 6 DOM
8. 2026-05-31
   days on market $445,000 Active 5 DOM
9. 2026-05-26
   listed $445,000 Active
10. 2019-12-06
    soldstatus $296,500
11. 2019-11-05
    status Under Contract
12. 2019-11-05
    status Active Under Contract
13. 2019-10-31
    historical
14. 2019-10-30
    historical Active Under Contract
15. 2019-10-01
    listed $296,500 Active
16. 2011-03-18
    soldstatus $263,000
17. 2002-07-03
    soldstatus $154,500

ⓘ 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: $3,861 · $322/mo
• Projected year-2 tax: $3,861 · $322/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 94% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,256
• − Mortgage interest: −$24,927
• − Property taxes: −$3,861
• − Insurance: −$2,225
• − Repairs & maintenance: −$3,220
• − Management: −$3,220
• − HOA: −$1,920
• − Depreciation: −$12,945
• Taxable loss: −$12,063
• Est. tax savings @ 24.0%: +$2,895
• After-tax cash flow: $-1,312/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 61,911
• Household income: $130,533
• Rent vs Own: 11.2% rent · 88.8% own
• Severe rent burden: 390.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 60% Black 13% Asian 12% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 85% English-only · Tagalog/Filipino 4% Spanish 4% Other Indo-European 2%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -328.17%
• Current HPI: 318.3094
• Rent YoY: ▲ 3.78%
• 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

+188.0% since first listed

9 events — show timeline

• 2026-05-26 Listed $445,000 REINMLS
• 2019-12-06 Sold (Public Records) $296,500 Public Records
• 2019-11-05 Pending — REINMLS
• 2019-11-05 Relisted — REINMLS
• 2019-10-31 Listing Removed — REINMLS
• 2019-10-30 Contingent — REINMLS
• 2019-10-01 Listed $296,500 REINMLS
• 2011-03-18 Sold (Public Records) $263,000 Public Records
• 2002-07-03 Sold (Public Records) $154,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,861 · +2.3% YoY. Source: county tax records.