214 Retreat Dr · Suffolk, VA 23435

$449,999

3 bd · 3.5 ba · 2,886 sqft · Condo public records · 78 Days on market

Built 2019 $156/sqft · 23% below area Est $584k · 23% under $400/mo HOA · 13% 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).

• ARV discount +15.0/15.0
• Cash flow +5.2/30.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This stunning home effortlessly combines comfort and sophistication. The first floor offers gleaming wood floors, a primary retreat featuring a generous walk-in closet and a spa-like bathroom designed for relaxation, an additional 1st floor bedroom & full bath, dining, laundry, and pantry. The heart of the home is the gourmet kitchen, complete with a large island, granite counters, and sleek stainless-steel appliances perfect for entertaining and gathering. The second floor offers two additional bedrooms with shared bathroom and the large media area overlooks the inviting family room, where a gas fireplace and soaring cathedral ceilings create a warm and spacious atmosphere. Resort style community includes a clubhouse with fitness center, full kitchen, billiards, and pool. There is also a waterfront pavilion, fishing pier, boat slips, canoe/kayak launch, fire pits, a fenced in dog park and a community garden. This community offers care-free living. Call today for your private showing!

Key facts

• Wood floors
• Walk-in closet
• Gourmet kitchen

Tags

• WOOD FLOORS
• WALK-IN CLOSET
• SPA-LIKE BATHROOM
• GOURMET KITCHEN
• LARGE ISLAND
• GRANITE COUNTERS

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (39.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (33.8% below list).
• Recommended offer: $271k (39.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+10.6%/yr); 515 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($112k/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 $14k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $362k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $270,976 (39.8% 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. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.66% ✗
• Cap rate: 3.59%
• Cash-on-cash: -9.65%
• DSCR: 0.57
• GRM: 12.6

CMA / ARV

• ARV (median comp): $583,738
• List price: $449,999
• Delta: -22.91%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -27.6%
• Equity multiple: 0.04×
• Total profit: $-121,506
• Equity at exit: $67,096

10-year hold

• IRR: -12.9%
• Equity multiple: 0.08×
• Total profit: $-116,386
• Equity at exit: $38,908

Cash invested: $126,000 (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 23435

• Rents YoY: 10.6%
• Active inventory: 515
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,981 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$421 /mo · $5,053/yr
• Insurance: −$187
• HOA: −$400
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-1,013

Break-even live

Break-even rent $4,264

Max offer price $270,976

Occupancy floor —

Sensitivity live

Price	-10% $-759	-5% $-886	+0% $-1,013	+5% $-1,141	+10% $-1,268
Rent	-10% $-1,249	-5% $-1,131	+0% $-1,013	+5% $-896	+10% $-778
Rate	-1.0pp $-787	-0.5pp $-899	base $-1,013	+0.5pp $-1,130	+1.0pp $-1,249

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3418 Raintree Cir Suffolk, VA	4.0	3.0	2680	$3,495	$1.30	25d	1	0.56mi
2207 Tuliptree Cir Suffolk, VA	4.0	2.5	2313	$2,900	$1.25	12d	1	0.88mi
1005 Serene Rd #103 Suffolk, VA	4.0	3.5	2071	$2,900	$1.40	5d	1	0.94mi
1005 Opal St #105 Suffolk, VA	3.0	2.5	2259	$2,700	$1.20	45d	1	1.30mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: watergaspoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   statusdays on market $449,999 Active Under Contract 78 DOM
2. 2026-06-18
   days on market $449,999 Active 75 DOM
3. 2026-06-17
   days on market $449,999 Active 74 DOM
4. 2026-06-16
   days on market $449,999 Active 73 DOM
5. 2026-06-15
   days on market $449,999 Active 72 DOM
6. 2026-06-13
   pricedays on market $449,999 Active 70 DOM
7. 2026-06-09
   days on market $450,000 Active 66 DOM
8. 2026-06-08
   days on market $450,000 Active 65 DOM
9. 2026-06-07
   days on market $450,000 Active 64 DOM
10. 2026-06-03
    days on market $450,000 Active 60 DOM
11. 2026-06-02
    days on market $450,000 Active 59 DOM
12. 2026-06-01
    days on market $450,000 Active 58 DOM
13. 2026-05-31
    days on market $450,000 Active 57 DOM
14. 2026-05-10
    price $450,000 1004-char remark

    Show marketing remark (1004 chars)

    This stunning home effortlessly combines comfort and sophistication. The first floor offers gleaming wood floors, a primary retreat featuring a generous walk-in closet and a spa-like bathroom designed for relaxation, an additional 1st floor bedroom & full bath, dining, laundry, and pantry. The heart of the home is the gourmet kitchen, complete with a large island, granite counters, and sleek stainless-steel appliances perfect for entertaining and gathering. The second floor offers two additional bedrooms with shared bathroom and the large media area overlooks the inviting family room, where a gas fireplace and soaring cathedral ceilings create a warm and spacious atmosphere. Resort style community includes a clubhouse with fitness center, full kitchen, billiards, and pool. There is also a waterfront pavilion, fishing pier, boat slips, canoe/kayak launch, fire pits, a fenced in dog park and a community garden. This community offers care-free living. Call today for your private showing!

15. 2026-05-01
    price $470,000 1004-char remark

    Show marketing remark (1004 chars)

    This stunning home effortlessly combines comfort and sophistication. The first floor offers gleaming wood floors, a primary retreat featuring a generous walk-in closet and a spa-like bathroom designed for relaxation, an additional 1st floor bedroom & full bath, dining, laundry, and pantry. The heart of the home is the gourmet kitchen, complete with a large island, granite counters, and sleek stainless-steel appliances perfect for entertaining and gathering. The second floor offers two additional bedrooms with shared bathroom and the large media area overlooks the inviting family room, where a gas fireplace and soaring cathedral ceilings create a warm and spacious atmosphere. Resort style community includes a clubhouse with fitness center, full kitchen, billiards, and pool. There is also a waterfront pavilion, fishing pier, boat slips, canoe/kayak launch, fire pits, a fenced in dog park and a community garden. This community offers care-free living. Call today for your private showing!

16. 2026-04-17
    price $474,999 1004-char remark

    Show marketing remark (1004 chars)

    This stunning home effortlessly combines comfort and sophistication. The first floor offers gleaming wood floors, a primary retreat featuring a generous walk-in closet and a spa-like bathroom designed for relaxation, an additional 1st floor bedroom & full bath, dining, laundry, and pantry. The heart of the home is the gourmet kitchen, complete with a large island, granite counters, and sleek stainless-steel appliances perfect for entertaining and gathering. The second floor offers two additional bedrooms with shared bathroom and the large media area overlooks the inviting family room, where a gas fireplace and soaring cathedral ceilings create a warm and spacious atmosphere. Resort style community includes a clubhouse with fitness center, full kitchen, billiards, and pool. There is also a waterfront pavilion, fishing pier, boat slips, canoe/kayak launch, fire pits, a fenced in dog park and a community garden. This community offers care-free living. Call today for your private showing!

17. 2026-04-04
    listed $475,000 Active 1004-char remark

    Show marketing remark (1004 chars)

    This stunning home effortlessly combines comfort and sophistication. The first floor offers gleaming wood floors, a primary retreat featuring a generous walk-in closet and a spa-like bathroom designed for relaxation, an additional 1st floor bedroom & full bath, dining, laundry, and pantry. The heart of the home is the gourmet kitchen, complete with a large island, granite counters, and sleek stainless-steel appliances perfect for entertaining and gathering. The second floor offers two additional bedrooms with shared bathroom and the large media area overlooks the inviting family room, where a gas fireplace and soaring cathedral ceilings create a warm and spacious atmosphere. Resort style community includes a clubhouse with fitness center, full kitchen, billiards, and pool. There is also a waterfront pavilion, fishing pier, boat slips, canoe/kayak launch, fire pits, a fenced in dog park and a community garden. This community offers care-free living. Call today for your private showing!

18. 2025-11-30
    historical
19. 2025-11-25
    price $475,999
20. 2025-11-16
    price $484,998
21. 2025-10-29
    price $484,999
22. 2025-07-27
    listed $485,000 Active
23. 2025-07-26
    historical
24. 2025-06-27
    price $485,000
25. 2025-06-24
    price $491,000
26. 2025-06-19
    price $491,500
27. 2025-06-09
    price $492,500
28. 2025-05-16
    listed $495,000 Active
29. 2019-10-23
    soldstatus $362,373

ⓘ 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: $5,053 · $421/mo
• Projected year-2 tax: $5,053 · $421/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $35,772
• − Mortgage interest: −$25,207
• − Property taxes: −$5,053
• − Insurance: −$2,250
• − Repairs & maintenance: −$2,862
• − Management: −$2,862
• − HOA: −$4,800
• − Depreciation: −$13,091
• Taxable loss: −$20,352
• Est. tax savings @ 24.0%: +$4,884
• After-tax cash flow: $-7,276/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 33,721
• Household income: $111,700
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1074.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Black 36% Two or more races 9% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 91% English-only · Spanish 4% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.93%
• Current HPI: 162.3775
• Rent YoY: ▲ 10.61%
• 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

+24.2% since first listed

16 events — show timeline

• 2026-05-10 Price Changed $450,000 REINMLS
• 2026-05-01 Price Changed $470,000 REINMLS
• 2026-04-17 Price Changed $474,999 REINMLS
• 2026-04-04 Listed $475,000 REINMLS
• 2025-11-30 Listing Removed — REINMLS
• 2025-11-25 Price Changed $475,999 REINMLS
• 2025-11-16 Price Changed $484,998 REINMLS
• 2025-10-29 Price Changed $484,999 REINMLS
• 2025-07-27 Listed $485,000 REINMLS
• 2025-07-26 Listing Removed — REINMLS
• 2025-06-27 Price Changed $485,000 REINMLS
• 2025-06-24 Price Changed $491,000 REINMLS
• 2025-06-19 Price Changed $491,500 REINMLS
• 2025-06-09 Price Changed $492,500 REINMLS
• 2025-05-16 Listed $495,000 REINMLS
• 2019-10-23 Sold (Public Records) $362,373 Public Records

Property tax history

+6.2%/yr

Latest (2025): $5,053 · +2.7% YoY. Source: county tax records.