RentalCalcs · Virginia apartment research · October 18, 2026

Match Richmond and Hampton Roads income and condition cohorts

Use actual property documents. Inputs remain in this page; nothing is submitted. Print or save a completed PDF before closing; entries are not persisted. This is an investor worksheet, not an appraisal or lender application.

Virginia report

Property, city and countyEvidence checked on

1. Match the cap and income basis

The lower median sale price in a period dominated by older assets does not prove that every apartment lost value. Reconcile property condition, buyer costs and the source’s income basis before comparing the cap or claiming compression.

Closed sale, close date, geography, asset class, price and NOI conventionEvidence gaps and adjustments required before using this sale

2. Complete the local decision checks

Richmond: a price-per-unit decline can be a change in what sold

Separate Richmond city from surrounding counties, match comparable condition and vacancy, and reconcile trailing versus stabilized income. Price the initial work and lost rent as cash uses, then test the exit using a consistent income convention.

Document obtained / date / unresolved assumption

Hampton Roads: a supply pause helps rents, but employment is counterevidence

Review tenant/employer concentration without assuming guaranteed government income, renewals, collection trends and debt sizing. Keep Norfolk, Newport News, Chesapeake and Virginia Beach comparable groups distinct before testing a regional sale yield.

Document obtained / date / unresolved assumption

Norfolk and Newport News sales do not price every later lease-up

Make the delivery schedule explicit in the monthly lease plan, verify current construction status and effective rents, and compare the full tenant bill including utilities and fees. Do not assign Norfolk or Newport News a numeric cap from their share of transactions.

Document obtained / date / unresolved assumption

Northern Virginia: keep DC boundaries and local taxes out of the wrong model

Confirm the actual locality, county/city/town obligations and unit product, then obtain sale NOI and current concessions within the subject’s renter catchment. Do not import a DC-wide cap as a statewide or neighborhood rate.

Document obtained / date / unresolved assumption

3. Reconcile income and buyer costs

Scheduled annual rent ($)Other recurring income ($)Vacancy, concessions and bad debt ($)Effective income ($)Buyer property taxes ($/year)Insurance ($/year)Management ($/year)Recurring repairs ($/year)Owner utilities ($/year)Payroll / contracts / administration ($/year)Total recurring costs ($/year)NOI = effective income minus recurring costs ($/year)

Virginia Tax says real estate taxes are administered by cities, counties and towns. Verify the subject’s actual locality, valuation and adopted levy; independent cities are separate from counties, while applicable town/county bills need separate checking. Richmond city is not Richmond County. No blanket Virginia tax percentage or seller assessment substitutes for the buyer estimate.

In Hampton Roads, obtain address-specific flood, wind, property and loss-of-rents terms rather than assuming the same coverage cost across coastal and inland assets. FEMA’s guidance distinguishes flood protection from ordinary business coverage and excludes business interruption under its flood policies. Keep the restoration cash plan and any separately covered income protection explicit.

Buyer tax estimate, quoted coverage, deductible and recurring-cost evidence

4. Price, debt, reserves and cash

Purchase price ($)Going-in cap = NOI ÷ price × 100 (%)Loan ($)Rate (%) / amortization years / feesAnnual debt service ($)Replacement reserve below NOI ($/year)Initial capital work ($)Closing costs ($)Cash invested = price − loan + closing + work ($)Cash flow = NOI − debt − reserve ($/year)Cash-on-cash = cash flow ÷ invested cash × 100 (%)DSCR and lender reserve convention

5. Test the state-specific thesis

Match Richmond and Hampton Roads income and condition cohorts
Carry today’s lease plan through the 2027 supply window
Rebuild locality taxes, coverage and financeable buyer cash

Exit annual NOI ($)Exit cap (%)Gross value = NOI ÷ (cap ÷ 100) ($)Debt payoff / selling costs / taxes ($)

Observed evidence that would invalidate the income or cap thesis

Reconciled reference: assumptions, not a local quote

20 units × $1,650 monthly × 12 = $396,000 scheduled rent; $39,600 loss (10%) leaves $356,400 effective income. Recurring expenses $173,400 leave $183,000 NOI. At $3,000,000 price, cap is 6.10%.

$1,650,000 loan at assumed 6.65%, 30-year monthly amortization gives $127,109 annual debt service. After $12,000 reserve, annual cash is $43,891. Down payment $1,350,000 + closing $90,000 + work $160,000 = $1,600,000 invested; 2.74% cash-on-cash before tax.

The 6.1% assumed going-in yield tests an older acquisition’s buyer costs and restoration cash; it is not a regional average or a lender quote. Adding $16,000 recurring costs lowers annual NOI and cash by that amount; at an unchanged cap the gross value loss is $262,295. The gross-value test excludes loan payoff, selling costs, taxes and interim cash flow.

Original RentalCalcs worksheet. Sources, scope and refresh triggers. No cap is assigned to an uncovered market.