1608 Ohio St · Chesapeake, VA 23324

$179,900

3 bd · 1.0 ba · 1,321 sqft · SingleFamily public records · 48 Days on market

Built 1953 5,619 sqft lot Est $251k · 28% under

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Why this score? — see what drove the B- 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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.9/10.0
• Schools +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Uncover the potential in this 3-bedroom, 1-bathroom cottage located in the heart of South Norfolk. Spanning approximately 1,321 square feet, this 1953 home serves as a blank canvas for investors or ambitious homeowners looking to build equity through a full renovation. The interior features a functional layout and an original fireplace, awaiting your modern touch. A standout feature of this property is the oversized detached 2-car garage, offering rare space for a workshop, vehicle storage, or a hobbyist’s retreat. Situated on a 0.13-acre lot, you are just minutes from Lakeside Park and provide easy commuting access to I-464, I-64, and the Norfolk Naval Shipyard. The property is being

Key facts

• 0.13-acre lot
• Original fireplace
• 5,619 sq ft lot

Tags

• ORIGINAL FIREPLACE
• OVERSIZED DETACHED GARAGE
• 0.13-ACRE LOT
• MINUTES FROM LAKESIDE PARK
• EASY COMMUTING ACCESS

Property features AI

Finance

• HOA & community: No HOA or POA monthly fees

Exterior

• Parking: Detached 2-car garage (approximately 480 sq ft)
• Utilities: City/County sewer; Electric water heater; Natural gas for heating; Electric service for appliances
• Home design: Detached ranch-style home; Single-story; Crawlspace foundation
• Construction: Asbestos siding; Asphalt shingle roof
• Exterior features: Corner lot; Chain link fence

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher not listed
• Bedrooms: Bedroom with full bathroom on the first floor
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Wood-burning fireplace; Window treatments; Porch; Workshop
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $359 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Rena B. Wright Primary (271 students, 96% 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 83% FRL vs 28% district-wide (55 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 116 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 48 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $180k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.09% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $250,990
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1239 Seaboard Ave	0.11mi	3/1.0	1,276 (-3%)	2mo	$115,000	$90	88
1322 Hoover Ave	0.16mi	3/1.5	1,300 (-2%)	3mo	$224,000	$172	85
1318 18th St	0.53mi	3/1.5	1,336 (+1%)	2mo	$115,000	$86	69
1531 Rodgers St	0.46mi	2/1.0 (-1)	1,273 (-4%)	1mo	$241,500	$190	66
1232 Stewart St	0.45mi	3/2.0	1,188 (-10%)	2mo	$190,000	$160	57
913 Annette St	0.47mi	3/2.5	1,422 (+8%)	3mo	$323,000	$227	57
1536 Bainbridge Blvd	0.67mi	3/1.0	1,233 (-7%)	2mo	$268,000	$217	56
611 Partridge Ave	0.58mi	3/2.0	1,200 (-9%)	1mo	$200,000	$167	53
2046 Christian Ave	0.52mi	3/2.5	1,432 (+8%)	5mo	$142,000	$99	52
806 Wright Ave	0.75mi	3/2.0	1,394 (+6%)	5mo	$277,500	$199	48
1133 Oldwood St	0.46mi	4/2.5 (+1)	1,486 (+12%)	3mo	$311,000	$209	44
838 Wilbur Ave	0.65mi	4/2.0 (+1)	1,500 (+14%)	2mo	$325,500	$217	36

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: -3.3%
• Equity multiple: 0.88×
• Total profit: $-6,274
• Equity at exit: $26,824

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $23,982
• Equity at exit: $15,554

Cash invested: $50,372 (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: 116
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,957 high
• Mortgage (P&I): −$943
• Tax from tax record: −$169 /mo · $2,025/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $359

Break-even live

Break-even rent $1,503

Max offer price $179,900

Occupancy floor 77%

Sensitivity live

Price	-10% $461	-5% $410	+0% $359	+5% $308	+10% $257
Rent	-10% $205	-5% $282	+0% $359	+5% $437	+10% $514
Rate	-1.0pp $450	-0.5pp $405	base $359	+0.5pp $313	+1.0pp $265

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1321 Chesapeake Ave Unit B Chesapeake, VA	3.0	1.0	1000	$1,695	$1.70	24d	1	0.20mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	5d	1	0.27mi
900 Partridge Ave Chesapeake, VA	3.0	1.5	1000	$1,900	$1.90	5d	1	0.33mi
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	24d	1	0.39mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	15d	1	0.39mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	18d	1	0.57mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,525	$1.46	24d	1	0.60mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,495	$1.43	15d	1	0.60mi
1535 Vine St Norfolk, VA	3.0	1.5	992	$2,100	$2.12	44d	1	0.69mi
1510 Wilson Rd Unit 1 Norfolk, VA	3.0	1.0	1100	$1,325	$1.20	24d	1	0.83mi
1510 Wilson Rd #5 Norfolk, VA	2.0	1.0	900	$1,200	$1.33	24d	1	0.83mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	44d	1	0.83mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	21d	1	0.83mi
903 Sherman Ln Norfolk, VA	3.0	1.0	1031	$1,850	$1.79	44d	1	0.83mi
2638 King Ct Chesapeake, VA	3.0	1.5	1462	$2,000	$1.37	21d	1	0.86mi
2620 Sunrise Ave Chesapeake, VA	3.0	1.5	1462	$1,850	$1.27	24d	1	0.86mi
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	44d	1	0.91mi
909 E Liberty St Norfolk, VA	3.0	1.0	1030	$1,495	$1.45	44d	1	0.94mi
1100 Wilson Rd Norfolk, VA	3.0	1.0	900	$1,550	$1.72	4d	1	1.03mi
1100 Wilson Rd Unit 7 Norfolk, VA	3.0	1.5	900	$1,550	$1.72	8d	1	1.03mi
2540 Holly Point Blvd Chesapeake, VA	1.0–3.0	1.0–2.0	1250	$2,680	$2.14	2d	20	1.25mi
127 Poplar Ave Unit 1 Norfolk, VA	3.0	2.0	1700	$2,199	$1.29	24d	1	1.39mi
701 S Main St Norfolk, VA	3.0	2.0	1076	$1,349	$1.25	2d	2	1.41mi

Listing history 14 events

1. 2026-06-18
   days on market $179,900 Active 48 DOM
2. 2026-06-17
   days on market $179,900 Active 47 DOM
3. 2026-06-16
   days on market $179,900 Active 46 DOM
4. 2026-06-15
   days on market $179,900 Active 45 DOM
5. 2026-06-13
   days on market $179,900 Active 43 DOM
6. 2026-06-09
   days on market $179,900 Active 39 DOM
7. 2026-06-08
   days on market $179,900 Active 38 DOM
8. 2026-06-07
   days on market $179,900 Active 37 DOM
9. 2026-06-03
   days on market $179,900 Active 33 DOM
10. 2026-06-02
    days on market $179,900 Active 32 DOM
11. 2026-06-01
    days on market $179,900 Active 31 DOM
12. 2026-05-31
    days on market $179,900 Active 30 DOM
13. 2026-05-01
    listed $179,900 Active
14. 1998-04-24
    soldstatus $59,900

ⓘ 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: $2,025 · $169/mo
• Projected year-2 tax: $2,025 · $169/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $23,490
• − Mortgage interest: −$10,077
• − Property taxes: −$2,025
• − Insurance: −$900
• − Repairs & maintenance: −$1,879
• − Management: −$1,879
• − Depreciation: −$5,233
• Taxable income: $1,496
• Est. tax owed @ 24.0%: −$359
• After-tax cash flow: $3,952/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

+200.3% since first listed

2 events — show timeline

• 2026-05-01 Listed $179,900 REINMLS
• 1998-04-24 Sold (Public Records) $59,900 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,025 · +210.3% YoY. Source: county tax records.