205 Diamond St · Lexington, VA 24450

$214,000

4 bd · 2.0 ba · 1,848 sqft · SingleFamily public records · 38 Days on market

Built 1937 6,098 sqft lot Est $327k · 35% under

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Why this score? — see what drove the C+ 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 +21.6/30.0
• ARV discount +15.0/15.0
• Schools +7.1/10.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity in the heart of Lexington! This well-located duplex offers incredible potential just up the street from Virginia Military Institute and within easy walking distance to downtown Lexington. Each unit features its own private entrance, full kitchen, spacious living room, two bedrooms, and a full bathroom--providing comfortable and functional living spaces for tenants. Outdoor living spaces on the covered front porch, back deck or fenced yard. The property has produced consistent rental income for many years, making it an excellent addition to an investment portfolio or an ideal opportunity for an owner-occupant seeking supplemental income. With strong rental history alre

Key facts

• Covered front porch
• Full kitchen
• Private entrance

Tags

• PRIVATE ENTRANCE
• FULL KITCHEN
• SPACIOUS LIVING ROOM
• OUTDOOR LIVING SPACES
• COVERED FRONT PORCH
• BACK DECK

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Wood siding; Metal roof
• Exterior features: Deck; Porch; Fenced yard

Interior

• Kitchen: Oven; Refrigerator
• Flooring: Tile floors; Wood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump; Natural gas heating; Central air conditioning
• Interior features: Electric water heater; Full walk-out basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $214k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (3.2% below list).
• Recommended offer: $207k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 3.3% in Lexington — 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 80/100 on livability (#62 in VA, #1,813 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F.
• Lexington City Public School District (town): math 82% / reading 88% proficiency, ranked #4 of 131 in VA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Harrington Waddell Elementary (math 82% / reading 87%, grade A+, #71 of 1,108 statewide, top 8%, 324 students, 32% FRL); Lylburn Downing Middle (math 82% / reading 87%, grade A+, #14 of 342 statewide, top 4%, 161 students, 26% FRL).
• Market conditions: 148 active listings in the ZIP; solid renter incomes; 1 units permitted in Lexington city in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($77k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lexington County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• 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 $207,189 (3.2% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — 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. 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: 0.97% ✗
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $327,096
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 Fuller St	0.17mi	4/2.0	1,800 (-3%)	11mo	$275,000	$153	78
207 Massie St	0.14mi	3/2.0 (-1)	1,800 (-3%)	7mo	$257,500	$143	78
319 N Lewis St	0.28mi	4/2.0	1,760 (-5%)	2mo	$262,500	$149	78
11 Tucker St	0.23mi	3/2.0 (-1)	1,692 (-8%)	12mo	$300,000	$177	61
22 Hook Ln	0.39mi	3/2.0 (-1)	1,853 (+0%)	23mo	$210,000	$113	57
120 S Jefferson St	0.53mi	3/2.0 (-1)	1,788 (-3%)	10mo	$430,000	$240	57
119 Hunter Hill Rd	0.73mi	3/2.5 (-1)	1,812 (-2%)	21mo	$339,000	$187	39
13 Hunter Hill, Extension Rd	0.70mi	4/2.0	1,577 (-15%)	19mo	$420,000	$266	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-14,062
• Equity at exit: $31,908

10-year hold

• IRR: 3.3%
• Equity multiple: 1.24×
• Total profit: $14,103
• Equity at exit: $18,503

Cash invested: $59,920 (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 24450

• Home prices YoY: -22.8%
• Active inventory: 148
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,072 medium
• Mortgage (P&I): −$1,122
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $325

Break-even live

Break-even rent $1,661

Max offer price $214,000

Occupancy floor 79%

Sensitivity live

Price	-10% $446	-5% $385	+0% $325	+5% $264	+10% $204
Rent	-10% $161	-5% $243	+0% $325	+5% $407	+10% $488
Rate	-1.0pp $433	-0.5pp $379	base $325	+0.5pp $269	+1.0pp $213

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: $53,500
• Closing costs: $6,420
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $214,000 Active 38 DOM
2. 2026-06-17
   days on market $214,000 Active 37 DOM
3. 2026-06-16
   days on market $214,000 Active 36 DOM
4. 2026-06-15
   price $214,000 Active 35 DOM
5. 2026-06-15
   days on market $229,000 Active 35 DOM
6. 2026-06-14
   days on market $229,000 Active 33 DOM
7. 2026-06-13
   days on market $229,000 Active 32 DOM
8. 2026-06-10
   days on market $229,000 Active 30 DOM
9. 2026-06-09
   days on market $229,000 Active 29 DOM
10. 2026-06-08
    days on market $229,000 Active 28 DOM
11. 2026-06-07
    days on market $229,000 Active 27 DOM
12. 2026-06-03
    days on market $229,000 Active 23 DOM
13. 2026-06-02
    days on market $229,000 Active 22 DOM
14. 2026-06-01
    days on market $229,000 Active 21 DOM
15. 2026-05-31
    days on market $229,000 Active 20 DOM
16. 2026-05-31
    days on market $229,000 Active 19 DOM
17. 2026-05-11
    listed $229,000 Active

ⓘ 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: $1,207 · $101/mo
• Projected year-2 tax: $1,755 · $146/mo
• Expected delta: +$548/yr (+$46/mo · 45.4%)

ⓘ 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 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,863
• − Mortgage interest: −$11,987
• − Property taxes: −$1,207
• − Insurance: −$1,070
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$6,225
• Taxable income: $395
• Est. tax owed @ 24.0%: −$95
• After-tax cash flow: $3,803/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: Lexington City Public School District
• NCES district ID: 5102220
• Math proficiency: 82% ▼ -9.00%
• Reading proficiency: 88% ▬ 0.00%
• Median HH income: $37,249
• Composite: 70.57/100
• National rank: #258
• State rank: #4 of 131 in VA

Livability — Lexington

• Score: 80/100
• State rank: #62
• US rank: #1813

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lexington, VA
• County: Rockbridge County · 17,714 people
• City population: 17,714
• Metro: nan
• Population (ZIP): 17,714
• Household income: $76,587
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 429.0

Population outlook (Lexington County) Hauer SSP2

• Today (2025): 8,814 people
• By 2030: 9,156 · +3.9%
• By 2040: 9,636 · +9.3%
• By 2050: 10,345 · +17.4%
• By 2075: 12,696 · +44.0%
• By 2100: 14,268 · +61.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Serbian 4% Italian 2% Slovak 2%
• Foreign-born: 4% · China, Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Chinese 1% Korean 1%

Political lean MEDSL · Lexington

• 2024 margin: Strong D (+26.7) · D 62.7% · R 36.0% · Other 1.3%
• 2008→2024 swing: +1.3pp toward D · 2008: 25.4pp · 2024: 26.7pp
• All cycles: 2024: D+26.7 2020: D+32.0 2016: D+30.6 2012: D+12.6 2008: D+25.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.84%
• Current HPI: 283.7394
• Rent YoY: —
• Metro: nan
• 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

1 event — show timeline

• 2026-05-11 Listed $229,000 RHR

Property tax history

+5.2%/yr

Latest (2025): $1,207 · +0.0% YoY. Source: county tax records.