1504 Rogers St · Richmond, VA 23223

$225,000

4 bd · 2.0 ba · 1,764 sqft · SingleFamily public records · 15 Days on market

Built 1910 7,095 sqft lot Est $411k · 45% under

---

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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.7/10.0
• 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

Listing remarks

Amazing Value Opportunity at $225,000! Bring your contractor and your vision to 1504 Rogers Street. Nestled in a convenient Richmond location, this home is priced significantly below market value for a quick, strictly "as-is" sale. The property requires repairs and features a third bedroom that has been stripped down to the studs, offering the perfect head start for a custom renovation. Whether you are looking for your next investment project or wanting to customize a home from the ground up, this property offers incredible bones and unlimited potential. Structural/foundation repair is required, making this a perfect match for cash buyers, hard money, or rehab financing.

Key facts

• Custom renovation
• Third bedroom
• 7,095 sq ft lot

Tags

• THIRD BEDROOM
• CUSTOM RENOVATION
• STRUCTURAL FOUNDATION REPAIR

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story home; Above-grade finished area approximately 1,764; Resale property; Zoned R-5
• Construction: Brick and frame construction; Metal roof
• Exterior features: Front porch; Rear porch

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: Three bedrooms (two on second floor)
• Bathrooms: One full bathroom with tub & shower; One half bathroom on the first floor
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Crawl space basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% 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); 337 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,540 units permitted in Richmond city in 2024 (2,077 in 5+ unit buildings).
• At $2,405/mo this rent would consume 52% 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 $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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $225k implies a 800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $221,625 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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 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: 1.07% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $411,012
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1722 N 20th St	0.17mi	3/2.5 (-1)	1,722 (-2%)	1mo	$349,950	$203	80
1500 N 23rd St	0.33mi	3/2.0 (-1)	1,764 (0%)	2mo	$427,500	$242	78
1516 N 22nd St	0.26mi	3/2.5 (-1)	1,792 (+2%)	1mo	$399,900	$223	78
1606 N 21st St	0.20mi	3/2.0 (-1)	1,889 (+7%)	2mo	$365,000	$193	72
1724 N 20th St	0.18mi	3/2.5 (-1)	1,600 (-9%)	2mo	$375,000	$234	68
2402 Carrington St	0.52mi	3/2.5 (-1)	1,800 (+2%)	1mo	$445,000	$247	65
1311 N 22nd St	0.34mi	4/2.5	1,584 (-10%)	1mo	$329,900	$208	64
2315 Carrington St	0.53mi	3/3.0 (-1)	1,779 (+1%)	2mo	$415,000	$233	64
1108 N 20th St	0.37mi	4/2.5	1,944 (+10%)	1mo	$450,000	$231	63
1110 N 23rd St	0.47mi	3/2.5 (-1)	1,670 (-5%)	0mo	$382,500	$229	62
2204 M St	0.74mi	3/2.5 (-1)	1,808 (+2%)	1mo	$499,000	$276	53
1319 N 28th St	0.69mi	3/2.5 (-1)	1,682 (-5%)	1mo	$420,000	$250	53

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,856
• Equity at exit: $33,548

10-year hold

• IRR: 14.0%
• Equity multiple: 2.29×
• Total profit: $81,414
• Equity at exit: $19,454

Cash invested: $63,000 (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: 337
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,405 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$125 /mo · $1,500/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $501

Break-even live

Break-even rent $1,770

Max offer price $225,000

Occupancy floor 74%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1313 N 20th St Richmond, VA	3.0	2.0	2000	$2,045	$1.02	12d	1	0.24mi
1614 N 19th St Richmond, VA	4.0	2.0	1584	$2,395	$1.51	4d	1	0.25mi
1427 N 22nd St Richmond, VA	3.0	2.5	1764	$2,700	$1.53	44d	1	0.31mi
1308 N 23rd St Richmond, VA	3.0	2.5	2052	$2,900	$1.41	17d	1	0.38mi
2209 Fairmount Ave Richmond, VA	3.0	2.0	1652	$2,500	$1.51	44d	1	0.39mi
1004 1/2 N 21st St Unit A Richmond, VA	3.0	2.0	1248	$2,195	$1.76	17d	1	0.46mi
1221 N 26th St Richmond, VA	3.0	2.5	1900	$2,700	$1.42	24d	1	0.61mi
1107 N 27th St Richmond, VA	3.0	3.5	1792	$2,600	$1.45	4d	1	0.71mi
2003 Cedar St Richmond, VA	3.0	2.0	1420	$2,200	$1.55	44d	1	0.74mi
1404 N 30th St Richmond, VA	3.0	2.5	1700	$2,195	$1.29	4d	1	0.78mi
901 N 27th St Apt 1 Richmond, VA	4.0	1.0	1240	$2,000	$1.61	17d	1	0.79mi
2820 Q St Richmond, VA	3.0	2.0	1523	$2,195	$1.44	4d	1	0.80mi
1920 Princess Anne Ave Richmond, VA	3.0	2.0	2000	$2,595	$1.30	4d	1	0.82mi
3018 S St Richmond, VA	3.0	2.5	1786	$2,645	$1.48	44d	1	0.87mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	17d	1	1.14mi
811 N 33rd St Unit A Richmond, VA	3.0	2.0	1315	$1,900	$1.44	4d	1	1.14mi
1901 E Franklin St Apt 5 Richmond, VA	3.0	3.0	1530	$1,850	$1.21	24d	1	1.14mi
2201 E Franklin St Richmond, VA	1.0–3.0	1.0–3.0	905	$2,349	$2.59	3d	7	1.17mi
207 Welford St Richmond, VA	3.0	1.5	1348	$1,850	$1.37	24d	1	1.18mi
307 N 29th St Richmond, VA	3.0	3.0	1992	$2,900	$1.46	4d	1	1.20mi
724 N 1st St Richmond, VA	3.0	2.5	1704	$3,000	$1.76	44d	1	1.22mi
326 E Broad St Richmond, VA	1.0–3.0	1.0–2.0	925	$2,199	$2.38	3d	4	1.30mi
2 S 25th St Richmond, VA	1.0–3.0	1.0–2.0	1050	$2,360	$2.25	2d	69	1.32mi
216 N 32nd St Unit A Richmond, VA	4.0	2.5	2312	$2,650	$1.15	24d	1	1.35mi
823 E Main St Richmond, VA	3.0	1.0–2.5	1178	$2,687	$2.28	2d	14	1.36mi
105 E Broad St Unit 2B Richmond, VA	3.0	3.0	2322	$2,795	$1.20	4d	1	1.44mi

Listing history 10 events

1. 2026-06-18
   days on market $225,000 Active 15 DOM
2. 2026-06-17
   days on market $225,000 Active 14 DOM
3. 2026-06-16
   days on market $225,000 Active 13 DOM
4. 2026-06-15
   days on market $225,000 Active 12 DOM
5. 2026-06-13
   days on market $225,000 Active 10 DOM
6. 2026-06-10
   days on market $225,000 Active 7 DOM
7. 2026-06-09
   days on market $225,000 Active 6 DOM
8. 2026-06-08
   days on market $225,000 Active 5 DOM
9. 2026-06-07
   remarks 679-char remark
10. 2026-06-07
    listed $225,000 Active 4 DOM

ⓘ 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: $1,500 · $125/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$345/yr (+$29/mo · 23.0%)

ⓘ 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 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,858
• − Mortgage interest: −$12,603
• − Property taxes: −$1,500
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,309
• − Management: −$2,309
• − Depreciation: −$6,545
• Taxable income: $2,467
• Est. tax owed @ 24.0%: −$592
• After-tax cash flow: $5,422/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

+800.0% since first listed

2 events — show timeline

• 2026-06-03 Listed $225,000 CVRMLS
• 1996-06-18 Sold (Public Records) $25,000 Public Records

Property tax history

+5.8%/yr

Latest (2022): $1,500 · -22.1% YoY. Source: county tax records.