  We report the synthesis, crystal structure, physical properties, and
first-principles calculations of a vanadium-based oxytelluride
Rb$_{1-\delta}$V$_2$Te$_2$O ($\delta\approx0.2$). The crystal structure bears
two-dimensional V$_2$O square nets sandwiched with tellurium layers, mimicking
the structural motifs of cuprate and iron-based superconductors. The material
exhibits metallic conductivity with dominant hole-type charge carriers. A weak
metal-to-metal transition takes place at $\sim$100 K, which is conformably
characterized by a slight kink/hump in the electrical resistivity, jumps in the
Hall and Seebeck coefficients, a minute drop in the magnetic susceptibility,
and a small peak in the heat capacity. Neither Bragg-peak splitting nor
superlattice reflections can be detected within the resolution of conventional
x-ray diffractions. The band-structure calculations show that V-3$d$ orbitals
dominate the electronic states at around Fermi energy where a $d_{yz}/d_{xz}$
orbital polarization shows up. There are three Fermi-surface sheets that seem
unfavorable for nesting. Our results suggest an orbital or spin-density-wave
order for the low-temperature state and, upon suppression of the competing
order, emergence of superconductivity could be expected.
