2807 Omar St · Chesapeake, VA 23324

$185,000

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 30 Days on market

Built 1948 8,100 sqft lot Est $215k · 14% under

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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).

• Cash flow +14.0/30.0
• ARV discount +13.8/15.0
• Schools +5.8/10.0
• DSCR +4.3/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Starter home, this 2-bedroom, 1 bath bungalow style home sits on a nice lot, minutes to I-64, Greenbriar Mall, shopping and restaurants on Battlefield Blvd. Gas stove, HVAC and Water Heater. Shed (as is) conveys. With a little TLC this home can be a great beginning for a new family.

Key facts

• 8,100 sq ft lot
• 4 parking spots
• Built 1948

Property features AI

Finance

• Other: Neighborhood: SOUTH NORFOLK; Directions: Battlefield Blvd North to Campostella Rd to Omar St
• HOA & community: No HOA

Exterior

• Parking: Off-street parking for 4 vehicles; Driveway spaces
• Utilities: City water; City sewer; Gas water heater; Natural gas service
• Home design: Detached ranch on a single living level; 1 story; Crawl foundation
• Construction: Vinyl exterior; Asphalt shingle roof; Crawl space foundation
• Exterior features: Vinyl siding; Storage shed; City view; Frontage approximately 60 ft; Depth approximately 135 ft; Porch; Attic (access via pull-down stairs)

Interior

• Kitchen: Gas range; Microwave; Refrigerator
• Bedrooms: First-floor bedroom with full bathroom; No ensuite bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced hot air (natural gas); Heat pump; Central air
• Interior features: Ceiling fan; Cable hookup; Pull-down attic stairs; Window treatments
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $24 ($291/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (17.3% below list).
• Recommended offer: $153k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Portlock Primary (541 students, 93% FRL); Oscar Smith Middle (math 24% / reading 54%, grade F, #309 of 342 statewide, top 91%, 958 students, 90% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 84% FRL vs 28% district-wide (57 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 66% district-wide (-12 pts) — the specific schools serving this property underperform the Chesapeake City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 118 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $185k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $153,085 (17.3% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.03
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $215,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2807 Omar St	0.00mi	2/1.0	672 (0%)	0mo	$170,000	$253	100
2814 Mark St	0.09mi	2/1.0	672 (0%)	6mo	$215,000	$320	90

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

Projected returns pro-forma

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

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-28,467
• Equity at exit: $27,584

10-year hold

• IRR: -7.0%
• Equity multiple: 0.56×
• Total profit: $-22,938
• Equity at exit: $15,995

Cash invested: $51,800 (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 23324

• Home prices YoY: -17.3%
• Active inventory: 118
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,531 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $24

Break-even live

Break-even rent $1,500

Max offer price $185,000

Occupancy floor 93%

Sensitivity live

Price	-10% $129	-5% $77	+0% $24	+5% $-28	+10% $-80
Rent	-10% $-97	-5% $-36	+0% $24	+5% $85	+10% $145
Rate	-1.0pp $117	-0.5pp $71	base $24	+0.5pp $-24	+1.0pp $-72

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4200 Reid St Chesapeake, VA	1.0	1.0	610	$1,352	$2.22	25d	1	1.22mi

Listing history 10 events

1. 2026-05-06
   status Under Contract
2. 2026-04-27
   price $185,000
3. 2026-04-06
   listed $195,000 Active
4. 2018-05-08
   soldstatus $90,000
5. 2018-03-16
   status Under Contract
6. 2018-01-29
   price $92,500
7. 2017-12-08
   listed $95,000 Active
8. 2010-10-28
   soldstatus $88,357
9. 2007-09-19
   soldstatus $113,500
10. 2003-07-08
    soldstatus $73,000

ⓘ 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: $1,654 · $138/mo
• Projected year-2 tax: $1,654 · $138/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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: $18,370
• − Mortgage interest: −$10,363
• − Property taxes: −$1,654
• − Insurance: −$925
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$5,382
• Taxable loss: −$2,893
• Est. tax savings @ 24.0%: +$694
• After-tax cash flow: $985/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• 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

+153.4% since first listed

10 events — show timeline

• 2026-05-06 Pending — REINMLS
• 2026-04-27 Price Changed $185,000 REINMLS
• 2026-04-06 Listed $195,000 REINMLS
• 2018-05-08 Sold (Public Records) $90,000 Public Records
• 2018-03-16 Pending — REINMLS
• 2018-01-29 Price Changed $92,500 REINMLS
• 2017-12-08 Listed $95,000 REINMLS
• 2010-10-28 Sold (Public Records) $88,357 Public Records
• 2007-09-19 Sold (Public Records) $113,500 Public Records
• 2003-07-08 Sold (Public Records) $73,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,654 · +6.0% YoY. Source: county tax records.