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0 Smith Point Rd
Reedville, VA

0 Smith Point Rd

$450,000
4 bd • 1 ba • 1,500 sf

This analysis was generated by artificial intelligence on 1/27/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$450,000

Price/Sq.Ft

$300

Year Built

1897

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Unique Historic Property: The Smith Point Lighthouse is a rare and unique opportunity to own a piece of Chesapeake Bay history, offering a distinct property with historical significance. • Panoramic Views: The property offers incredible 360-degree views of the Chesapeake Bay, providing a unique and highly desirable feature for waterfront enthusiasts. • Recent Restoration: The lighthouse underwent a restoration from 2006-2009, including updates to the kitchen, bathroom, windows, and roof, enhancing its livability and structural integrity. • Waterfront Location: The property's location directly on the water provides a unique experience, offering the opportunity to observe watercraft and enjoy the natural beauty of the Bay. • Included Furnishings and Equipment: All furniture, AC units, heaters, crab pots, tools, tackle, and household items are included, easing the transition for buyers. • National Historic Registry: The property's status on the National Historic Registry adds to its uniqueness and may provide certain tax benefits.

The Bad

• High Price for Size and Condition: At $300 per square foot, the price is high considering the property's age, condition, and unique challenges. The price is significantly higher than the average of homes in Reedville ($150-$200/sqft). • Limited Bathroom Facilities: Only one full bathroom is available, which may be insufficient for a four-bedroom property. • Days on Market: 280 days on market is well above the average for the area (60-90 days), suggesting the property is not priced competitively or has significant drawbacks that are deterring buyers. • Repair Needs: The property requires repairs to rails, appliances, windows, and watch room floors, which will add to the overall cost of ownership. • Limited HVAC: The property has only window AC units and space heaters, which may not provide adequate climate control. • Unique Challenges: Being a lighthouse presents unique challenges for maintenance, accessibility, and day-to-day living.

The Ugly

• High Initial Investment: The $450,000 price tag, combined with the cash-only requirement, creates a high barrier to entry. The recent listing price history shows extreme volatility, with the property listed as low as $82,000, indicating an aggressive price increase. • Potential for High Repair Costs: The property is being sold "as is, where is", with known repair needs, suggesting the potential for significant unexpected costs. The age of the structure (built in 1897) also increases the risk of additional unforeseen maintenance requirements. • Flood and Storm Risk: The property's location on the Chesapeake Bay makes it highly susceptible to flooding and storm damage, necessitating potentially costly flood insurance and repairs. • Limited Accessibility: Being 2.5 miles off the shore, access to the property is challenging and potentially costly, limiting its accessibility. • Septic System Issues: The reliance on a Lex San electrolysis/wastewater treatment system presents potential maintenance and repair costs. • Limited Utilities: The reliance on a generator and water tank indicates potential limitations in terms of reliable utilities. • Potential for Depreciation: Lighthouses are a niche market, and the demand for such a property may be low or volatile, creating a risk of depreciation.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Unique Property Enthusiasts: Those specifically seeking a historic, one-of-a-kind property with significant character and water access would be most drawn to this lighthouse. It is not a typical residential property. • Cash Buyers with High Risk Tolerance: Given the required cash purchase and known repair needs, buyers must have significant liquid assets and be comfortable with the potential for unexpected expenses and challenges. • Vacation Home Seekers: Buyers looking for a secluded, unique vacation property that offers panoramic views and a distinct experience might find this appealing, provided they understand the logistical challenges of an offshore property. • Buyers with a Strong Appreciation for Maritime History: The property's historical significance and status on the National Historic Registry will be a significant draw for those interested in preserving such landmarks. • DIY-Savvy Owners: Given that the sale is "as is, where is" and that repairs are known to be needed, a buyer who is handy and willing to do work themselves would be a better fit than someone who needs a turnkey property.

Not For

• Buyers Seeking Conventional Financing: Given the requirement for a cash sale, buyers needing a mortgage or other traditional financing are not suitable for this property. • Buyers Needing a Turnkey Home: The "as is, where is" condition, coupled with the known repair needs, makes this unsuitable for buyers seeking a move-in-ready property. • Buyers with Limited Financial Resources: The need for a cash purchase and the potential for unexpected repair costs make this property risky for those with limited financial means. • Buyers with Limited DIY Skills: The repair needs suggest that buyers who cannot handle some repairs themselves will incur significant costs. • Families with Young Children or Mobility Issues: The lighthouse's unique multi-story layout with steep stairs might not be suitable for families with very young children or individuals with mobility limitations. • Buyers Seeking Modern Amenities: This is a historic structure with unique challenges. The property is not equipped with modern HVAC systems and may not meet the requirements of buyers seeking modern amenities.
Demographics
Area Median Income

$0

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Risk Assessment

Risk Analysis

• Cash Sale Requirement: Traditional financing is unlikely, requiring a cash purchase which limits the pool of potential buyers. • Repair Needs: The property needs repairs to rails, appliances, windows, and watch room floors, with potential for additional unforeseen repairs given the age and unique location. • Flood Risk: The location on the Chesapeake Bay makes it highly susceptible to flooding, necessitating flood insurance, which can be very expensive. • Off-Shore Access and Maintenance: Being 2.5 miles off the shore, access and maintenance can be challenging and costly, potentially requiring specialized transportation. • Historic Property Regulations: Being on the National Historic Registry means renovations and modifications may be subject to strict regulations and approvals. • Limited Amenities and Services: Located offshore, access to standard amenities and services is limited. • Septic System: The property relies on a Lex San electrolysis/wastewater treatment system, which will require regular maintenance and could be costly to repair or replace. • Hurricane Risk: The property is susceptible to hurricanes and storms, potentially causing damage and requiring costly repairs.
Insurance
Annual Cost

$1,620

$135 per month

Financials

Monthly Costs
Market Rent (4 bed)

$0

Get a detailed rental estimate on Zillow®

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$146,000

-67.6% below list price

Median Price

$146,000

Based on 2 recent sales

Price per Sq.Ft

$0

Comparable Properties

lot 12 LONGSTREET DR, REEDVILLE, VA 22539
Price: $146,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/23/2024
LOT 12 Longstreet Drive, Reedville, VA 22539
Price: $146,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/5/2024

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