8 Cotton Pl · Portsmouth, VA 23702

$215,000

4 bd · 2.0 ba · 1,660 sqft · MultiFamily public records · 14 Days on market

Built 1918 $130/sqft · 20% below area Est $267k · 20% under

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Why this score? — see what drove the A- 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.4/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great opportunity in the historic Cradock neighborhood! This well-maintained duplex is perfect for an owner-occupant—live in one side and rent the other—or a strong investment to lease both units. Previously rented at $1,150/month, with potential rents up to $1,250. Each unit offers 2 bedrooms and 1 bath. Unit 8 (right side) features a remodeled kitchen with quartz countertops, updated baths with LVP flooring, and new carpet. Unit 10 (left side) boasts refinished hardwood floors, newer LVP and carpet, along with a recently updated kitchen and baths. Both units include a cozy layout and large fenced backyards. Located in historic Cradock, known for its charming tree-lined streets

Key facts

• Quartz countertops
• Updated baths
• New carpet

Tags

• REMODELED KITCHEN
• QUARTZ COUNTERTOPS
• UPDATED BATHS
• LVP FLOORING
• NEW CARPET
• REFINISHED HARDWOOD FLOORS

Property features AI

Exterior

• Parking: Driveway and off-street parking for units; 240 sq ft garage
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Duplex; Side-by-side layout; Slab foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back fenced yard; Patio

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Flooring: Carpet; Ceramic; Vinyl; Concrete; Wood
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Unit 1 heating: Other; Unit 2 heating: Heat pump and Other; Window/wall cooling
• Interior features: Family room; Utility room; Sun porch; Cable TV hookup; Separate meters for all units
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Cap rate 10.2% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+4.0%/yr); 64 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,661/mo this rent would consume 65% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $110k; list at $215k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $215,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.24% ✓
• Cap rate: 10.19%
• Cash-on-cash: 13.93%
• DSCR: 1.62
• GRM: 6.7

CMA / ARV

• ARV (median comp): $267,119
• List price: $215,000
• Delta: -19.51%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1502 Victory Blvd	0.45mi	4/2.0	1,900 (+14%)	2mo	$320,000	$168	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 35.0%
• Equity multiple: 3.73×
• Total profit: $164,202
• Equity at exit: $193,689

10-year hold

• IRR: 30.5%
• Equity multiple: 8.54×
• Total profit: $454,071
• Equity at exit: $417,698

Cash invested: $60,200 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,661 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$187 /mo · $2,238/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $699

Break-even live

Break-even rent $1,777

Max offer price $215,000

Occupancy floor 69%

Sensitivity live

Price	-10% $820	-5% $759	+0% $699	+5% $638	+10% $577
Rent	-10% $488	-5% $594	+0% $699	+5% $804	+10% $909
Rate	-1.0pp $807	-0.5pp $753	base $699	+0.5pp $643	+1.0pp $586

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,660
Total (2 units)			$2,661

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	0.10mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	0.19mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	0.32mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.62mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.75mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	0.87mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	0.89mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	0.98mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	1.13mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	1.21mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	1.25mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	1.29mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	1.29mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	1.37mi
1061 Saint Julian Dr Chesapeake, VA	4.0	2.0	1611	$2,550	$1.58	24d	1	1.43mi
108 Marcy St Portsmouth, VA	4.0	2.5	2100	$2,500	$1.19	44d	1	1.46mi
1114 Woodland Terrace Dr Chesapeake, VA	3.0	1.0	1223	$2,000	$1.64	24d	1	1.48mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	44d	1	1.48mi

Listing history 20 events

1. 2026-05-18
   status Under Contract 843-char remark
2. 2026-05-12
   historical Active Under Contract 843-char remark
3. 2026-05-04
   listed $215,000 Active 843-char remark
4. 2026-04-13
   historical
5. 2026-03-24
   historical Active Under Contract
6. 2026-03-20
   price $239,900
7. 2026-01-31
   price $249,900
8. 2025-12-31
   listed $264,000 Active
9. 2023-02-14
   historical
10. 2023-02-01
    historical Active Under Contract
11. 2023-01-11
    listed $181,700 Active
12. 2023-01-11
    historical
13. 2022-12-05
    status Active
14. 2022-11-23
    historical Active Under Contract
15. 2022-11-03
    price $187,400
16. 2022-10-11
    status Active
17. 2022-10-08
    historical Active Under Contract
18. 2022-09-30
    listed $191,400 Active
19. 2021-10-28
    soldstatus $110,000
20. 2021-10-28
    soldstatus $110,000

ⓘ 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: $2,238 · $187/mo
• Projected year-2 tax: $2,238 · $187/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,932
• − Mortgage interest: −$12,043
• − Property taxes: −$2,238
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,555
• − Management: −$2,555
• − Depreciation: −$6,255
• Taxable income: $5,212
• Est. tax owed @ 24.0%: −$1,251
• After-tax cash flow: $7,133/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+95.5% since first listed

20 events — show timeline

• 2026-05-18 Pending — REINMLS
• 2026-05-12 Contingent — REINMLS
• 2026-05-04 Listed $215,000 REINMLS
• 2026-04-13 Listing Removed — REINMLS
• 2026-03-24 Contingent — REINMLS
• 2026-03-20 Price Changed $239,900 REINMLS
• 2026-01-31 Price Changed $249,900 REINMLS
• 2025-12-31 Listed $264,000 REINMLS
• 2023-02-14 Listing Removed — REINMLS
• 2023-02-01 Contingent — REINMLS
• 2023-01-11 Listing Removed — REINMLS
• 2023-01-11 Listed $181,700 REINMLS
• 2022-12-05 Relisted — REINMLS
• 2022-11-23 Contingent — REINMLS
• 2022-11-03 Price Changed $187,400 REINMLS
• 2022-10-11 Relisted — REINMLS
• 2022-10-08 Contingent — REINMLS
• 2022-09-30 Listed $191,400 REINMLS
• 2021-10-28 Sold (Public Records) $110,000 Public Records
• 2021-10-28 Sold (Public Records) $110,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $2,238 · +1.3% YoY. Source: county tax records.