3405 E Broad Rock Rd · Richmond, VA 23224

$240,000

5 bd · 2.0 ba · 2,336 sqft · MultiFamily public records · 14 Days on market

Built 1924 7,392 sqft lot $103/sqft · 26% below area Est $326k · 26% 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 +19.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Property Condition UI, Case # 541-592912, Come & view this wonderful older home. Great price! HUD Home for Sale 'AS IS. '

Key facts

• 7,392 sq ft lot
• Built 1924
• Listed 14 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric power
• Home design: Two-story house; Resale property
• Construction: Built with wood siding, plaster, and asbestos materials; Composition roof; 528 sq ft below-grade unfinished area; 2,336 sq ft above-grade finished area
• Exterior features: Front porch; Back yard with chain link fencing; Fenced yard

Interior

• Kitchen: Refrigerator; Dishwasher
• Bedrooms: Multiple bedrooms including Bedroom 2, 3, and 4 on the second floor and additional bedrooms on the first floor
• Flooring: Wood flooring
• Bathrooms: Two full bathrooms; One half bathroom; Full bathrooms include tub and shower combos
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Electric cooling
• Interior features: Bedroom on main level; Ceiling fan(s); Dining area; High ceilings; Laminate counters; Decorative fireplaces (2); Partial basement with sump pump
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/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 $231k (3.7% below list).
• Recommended offer: $231k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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 (+4.5%/yr); 177 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,311/mo this rent would consume 55% of the median local household income ($50k/yr) (locally 3584% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 18y 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 $43k; list at $240k implies a 458% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $231,123 (3.7% below list)

Questions for the listing agent

1. Built in 1924 — 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 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?
4. 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?
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 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: 0.96% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.81%
• DSCR: 1.21
• GRM: 8.7

CMA / ARV

• ARV (median comp): $326,264
• List price: $240,000
• Delta: -26.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-18,107
• Equity at exit: $35,785

10-year hold

• IRR: 4.2%
• Equity multiple: 1.32×
• Total profit: $21,707
• Equity at exit: $20,751

Cash invested: $67,200 (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 23224

• Rents YoY: 4.5%
• Active inventory: 177
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,311 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$198 /mo · $2,376/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $269

Break-even live

Break-even rent $1,970

Max offer price $240,000

Occupancy floor 83%

Sensitivity live

Price	-10% $405	-5% $337	+0% $269	+5% $201	+10% $133
Rent	-10% $87	-5% $178	+0% $269	+5% $361	+10% $452
Rate	-1.0pp $390	-0.5pp $330	base $269	+0.5pp $207	+1.0pp $144

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 E 16th St Richmond, VA	4.0	2.5	1608	$2,350	$1.46	11d	1	1.37mi

Listing history 14 events

1. 2026-06-08
   status $240,000 Pending 14 DOM
2. 2026-06-07
   days on market $240,000 Active 14 DOM
3. 2026-06-03
   days on market $240,000 Active 10 DOM
4. 2026-06-02
   days on market $240,000 Active 9 DOM
5. 2026-06-01
   days on market $240,000 Active 8 DOM
6. 2026-06-01
   status $240,000 Active 7 DOM
7. 2026-05-16
   listed $240,000 Active 1104-char remark
8. 2026-05-15
   historical $240,000 1104-char remark
9. 2008-08-21
   soldstatus $43,000 127-char remark

   Show marketing remark (127 chars)

   Property Condition UI, Case # 541-592912, Come & view this wonderful older home. Great price! HUD Home for Sale 'AS IS. '

10. 2008-08-21
    soldstatus $43,000

    Show marketing remark (127 chars)

    Property Condition UI, Case # 541-592912, Come & view this wonderful older home. Great price! HUD Home for Sale 'AS IS. '

11. 2008-05-23
    listed $50,400 127-char remark

    Show marketing remark (127 chars)

    Property Condition UI, Case # 541-592912, Come & view this wonderful older home. Great price! HUD Home for Sale 'AS IS. '

12. 2008-05-23
    listed $50,400

    Show marketing remark (127 chars)

    Property Condition UI, Case # 541-592912, Come & view this wonderful older home. Great price! HUD Home for Sale 'AS IS. '

13. 1994-10-07
    soldstatus $32,000
14. 1991-08-20
    soldstatus $39,000

ⓘ 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: $2,376 · $198/mo
• Projected year-2 tax: $2,376 · $198/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,735
• − Mortgage interest: −$13,444
• − Property taxes: −$2,376
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,219
• − Management: −$2,219
• − Depreciation: −$6,982
• Taxable loss: −$704
• Est. tax savings @ 24.0%: +$169
• After-tax cash flow: $3,401/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: Richmond City · 178,280 people
• City population: 287,109
• Metro: Richmond, VA
• Population (ZIP): 40,575
• Household income: $50,475
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 3584.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 22% White 15% Two or more races 6%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 17% · Canada
• Languages at home: 78% English-only · Spanish 19% French/Haitian/Cajun 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: ▼ -283.99%
• Current HPI: 336.9345
• Rent YoY: ▲ 4.55%
• 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

+515.4% since first listed

11 events — show timeline

• 2026-06-07 Pending — CVRMLS
• 2026-05-31 Relisted — CVRMLS
• 2026-05-23 Pending — CVRMLS
• 2026-05-16 Listed $240,000 CVRMLS
• 2026-05-15 Coming Soon $240,000 CVRMLS
• 2008-08-21 Sold (MLS) $43,000 CVRMLS
• 2008-08-21 Sold (MLS) $43,000 CVRMLS
• 2008-05-23 Listed $50,400 CVRMLS
• 2008-05-23 Listed $50,400 CVRMLS
• 1994-10-07 Sold (Public Records) $32,000 Public Records
• 1991-08-20 Sold (Public Records) $39,000 Public Records

Property tax history

+7.8%/yr

Latest (2022): $2,376 · +46.7% YoY. Source: county tax records.