1165 N Independence Ave · Independence, VA 24348

$219,000

4 bd · 2.0 ba · 3,181 sqft · MultiFamily public records · 156 Days on market

Built 1940 0.48 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +5.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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 MLS

Great Tri-plex investment opportunity located just outside of Independence, Va. Each unit is a 2 bed 1 bath furnished with a stove and fridge. Tenants are responsible for their own water, sewer, and power. Apt A has a new mini split and is leased for 750/month. Apt B has central heating and is rented at 725/month. Apt C has a recently added heat pump, a newer roof, and is currently rented at 750/month. Less than 3 minutes to town, very close to local hardware stores, shopping, and dining. This property currently has a gross annual income of $26,700. Call today and don't miss a chance to own this income producing property!

Key facts

• Central heating
• Newer roof
• New mini split

Tags

• NEW MINI SPLIT
• CENTRAL HEATING
• RECENTLY ADDED HEAT PUMP
• NEWER ROOF
• CLOSE TO LOCAL HARDWARE STORES
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 1.8% in Independence — 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 66/100 on livability (#320 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: health & safety C-, amenities F, commute F.
• Grayson County Public School District (rural): math 68% / reading 76% proficiency, ranked #27 of 131 in VA (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 46 active listings in the ZIP; 38 units permitted in Grayson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.7% local appreciation)).
• Grayson County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $60k; list at $219k implies a 265% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 1.32% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.58%
• DSCR: 1.87
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 2.60×
• Total profit: $98,279
• Equity at exit: $107,275

10-year hold

• IRR: 27.3%
• Equity multiple: 5.09×
• Total profit: $250,512
• Equity at exit: $172,522

Cash invested: $61,320 (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 24348

• Home prices YoY: 1.8%
• Active inventory: 46
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $2,883 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$37 /mo · $448/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $1,001

Break-even live

Break-even rent $1,617

Max offer price $219,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,124	-5% $1,063	+0% $1,001	+5% $688	+10% $613
Rent	-10% $773	-5% $887	+0% $1,001	+5% $1,114	+10% $1,228
Rate	-1.0pp $1,111	-0.5pp $1,056	base $1,001	+0.5pp $944	+1.0pp $886

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,883
Total (3 units)			$2,883

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $219,000 Active 156 DOM
2. 2026-06-18
   days on market $219,000 Active 154 DOM
3. 2026-06-17
   days on market $219,000 Active 153 DOM
4. 2026-06-16
   days on market $219,000 Active 152 DOM
5. 2026-06-15
   days on market $219,000 Active 151 DOM
6. 2026-06-15
   days on market $219,000 Active 150 DOM
7. 2026-06-13
   days on market $219,000 Active 149 DOM
8. 2026-06-12
   days on market $219,000 Active 148 DOM
9. 2026-06-09
   days on market $219,000 Active 145 DOM
10. 2026-06-08
    days on market $219,000 Active 144 DOM
11. 2026-06-08
    days on market $219,000 Active 143 DOM
12. 2026-06-07
    days on market $219,000 Active 142 DOM
13. 2026-06-03
    days on market $219,000 Active 139 DOM
14. 2026-06-02
    days on market $219,000 Active 138 DOM
15. 2026-06-01
    days on market $219,000 Active 137 DOM
16. 2026-05-31
    days on market $219,000 Active 136 DOM
17. 2026-01-15
    listed $219,000 Active 629-char remark

    Show marketing remark (629 chars)

    Great Tri-plex investment opportunity located just outside of Independence, Va. Each unit is a 2 bed 1 bath furnished with a stove and fridge. Tenants are responsible for their own water, sewer, and power. Apt A has a new mini split and is leased for 750/month. Apt B has central heating and is rented at 725/month. Apt C has a recently added heat pump, a newer roof, and is currently rented at 750/month. Less than 3 minutes to town, very close to local hardware stores, shopping, and dining. This property currently has a gross annual income of $26,700. Call today and don't miss a chance to own this income producing property!

18. 2026-01-13
    listed $219,000 Active 629-char remark

    Show marketing remark (629 chars)

    Great Tri-plex investment opportunity located just outside of Independence, Va. Each unit is a 2 bed 1 bath furnished with a stove and fridge. Tenants are responsible for their own water, sewer, and power. Apt A has a new mini split and is leased for 750/month. Apt B has central heating and is rented at 725/month. Apt C has a recently added heat pump, a newer roof, and is currently rented at 750/month. Less than 3 minutes to town, very close to local hardware stores, shopping, and dining. This property currently has a gross annual income of $26,700. Call today and don't miss a chance to own this income producing property!

19. 2026-01-13
    listed $219,000 Active

    Show marketing remark (629 chars)

    Great Tri-plex investment opportunity located just outside of Independence, Va. Each unit is a 2 bed 1 bath furnished with a stove and fridge. Tenants are responsible for their own water, sewer, and power. Apt A has a new mini split and is leased for 750/month. Apt B has central heating and is rented at 725/month. Apt C has a recently added heat pump, a newer roof, and is currently rented at 750/month. Less than 3 minutes to town, very close to local hardware stores, shopping, and dining. This property currently has a gross annual income of $26,700. Call today and don't miss a chance to own this income producing property!

20. 2024-11-12
    listed $219,900 Active
21. 2023-12-07
    listed $235,000 Active
22. 2023-11-27
    listed $235,000 Active
23. 2001-08-02
    soldstatus $60,000

ⓘ 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: $448 · $37/mo
• Projected year-2 tax: $1,796 · $150/mo
• Expected delta: +$1,348/yr (+$112/mo · 300.8%)

ⓘ 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 2/10 Low 9 d/yr ≥91°F today · 25 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,596
• − Mortgage interest: −$12,267
• − Property taxes: −$448
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,768
• − Management: −$2,768
• − Depreciation: −$6,371
• Taxable income: $8,879
• Est. tax owed @ 24.0%: −$2,131
• After-tax cash flow: $9,875/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: Grayson County Public School District
• NCES district ID: 5101690
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 76% ▼ -7.00%
• Median HH income: $31,429
• Composite: 59.22/100
• National rank: #942
• State rank: #27 of 131 in VA

Livability — Independence

• Score: 66/100
• State rank: #320
• US rank: #11693

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, VA
• Population (ZIP): 5,095

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 14,252 people
• By 2030: 13,634 · -4.3%
• By 2040: 12,202 · -14.4%
• By 2050: 10,811 · -24.1%
• By 2075: 8,069 · -43.4%
• By 2100: 5,647 · -60.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 13% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Serbian 1% Italian 1% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+62.2) · D 18.6% · R 80.8%
• 2008→2024 swing: -33.7pp toward R · 2008: -28.5pp · 2024: -62.2pp
• All cycles: 2024: R+62.2 2020: R+61.4 2016: R+57.7 2012: R+37.9 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.70%
• Current HPI: 210.8969
• Rent YoY: —
• Metro: —
• 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

+265.0% since first listed

7 events — show timeline

• 2026-01-15 Listed $219,000 NRVMLS
• 2026-01-13 Listed $219,000 SWVAR
• 2026-01-13 Listed $219,000 SWVAR
• 2024-11-12 Listed $219,900 NRVMLS
• 2023-12-07 Listed $235,000 NRVMLS
• 2023-11-27 Listed $235,000 SWVAR
• 2001-08-02 Sold (Public Records) $60,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $448 · -25.9% YoY. Source: county tax records.