2326 Elm Ave · Portsmouth, VA 23704

$254,000

None bd · 2.0 ba · 1,584 sqft · MultiFamily public records · 69 Days on market

Built 1924 $160/sqft · at area comps Est $275k · 8% 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 +25.9/30.0
• ARV discount +10.9/15.0
• DSCR +8.7/10.0
• 1% rule +6.3/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Solid income-producing duplex offering immediate cash flow with total rents of $2,725/month at a $260,000 asking price. Each unit features a 2-bedroom, 1-bath layout with functional floor plans that appeal to long-term tenants. Recent updates include refreshed finishes in one unit with new countertops and appliances, along with major system improvements that reduce future capital expenses—full plumbing updates, including a main sewer line replacement in 2024, new water heaters in both units, and completed foundation work in 2025/2026. Situated on a spacious corner lot in a central location with strong rental demand, this property presents a wonderful addition to any portfolio with upside potential over time.

Key facts

• New appliances
• New countertops
• Refreshed finishes

Tags

• INCOME PRODUCING DUPLEX
• FUNCTIONAL FLOOR PLANS
• REFRESHED FINISHES
• NEW COUNTERTOPS
• NEW APPLIANCES
• FULL PLUMBING UPDATES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $254k.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $254k).
• Recommended offer: $239k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 (+3.3%/yr); 131 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,858/mo this rent would consume 69% of the median local household income ($50k/yr) (locally 1727% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($239k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y 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 $140k; list at $254k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $238,760 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.56%
• DSCR: 1.47
• GRM: 7.4

CMA / ARV

• ARV (median comp): $275,000
• List price: $254,000
• Delta: -7.64%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2117 Staunton Ave	0.47mi	3/2.0	1,450 (-8%)	1mo	$238,000	$164	63

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-27,328
• Equity at exit: $37,872

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-2,810
• Equity at exit: $21,961

Cash invested: $71,120 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 131
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,858 high
• Mortgage (P&I): −$1,332
• Tax from tax record: −$194 /mo · $2,327/yr
• Insurance: −$106
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $200

Break-even live

Break-even rent $2,605

Max offer price $254,000

Occupancy floor 88%

Sensitivity live

Price	-10% $343	-5% $271	+0% $200	+5% $128	+10% $56
Rent	-10% $-26	-5% $87	+0% $200	+5% $312	+10% $425
Rate	-1.0pp $327	-0.5pp $264	base $200	+0.5pp $134	+1.0pp $67

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,858
Total (2 units)			$2,858

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: $63,500
• Closing costs: $7,620
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	0.12mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	0.24mi
1802 Atlanta Ave Unit 2 Portsmouth, VA	2.0	1.0	1200	$1,500	$1.25	24d	1	0.29mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.31mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	44d	1	0.33mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.36mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	0.36mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.36mi
1400 Atlanta Ave Unit 3 Portsmouth, VA	1.0	2.0	1679	$800	$0.48	44d	1	0.49mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.51mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.62mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.80mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	20d	1	0.80mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	11d	1	0.80mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.81mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.87mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$507	$0.49	24d	2	0.97mi
533 Columbia St Portsmouth, VA	2.0	2.0	1110	$1,495	$1.35	44d	1	0.98mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,010	$1.01	3d	5	0.99mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	1.07mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	1.09mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.13mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	1.13mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	15d	1	1.18mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	17d	1	1.18mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.27mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	17d	1	1.30mi
111 High St #409 Portsmouth, VA	2.0	2.5	1078	$2,500	$2.32	8d	1	1.31mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	1.35mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	17d	1	1.37mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	24d	1	1.41mi
303 Effingham St Portsmouth, VA	1.0–3.0	1.0–2.0	863	$1,500	$1.74	16d	11	1.41mi
129 Elm Ave Portsmouth, VA	3.0	1.5	1160	$2,600	$2.24	44d	1	1.48mi
850 Crawford Pkwy Portsmouth, VA	1.0–2.0	1.0–2.0	944	$2,119	$2.24	3d	6	1.49mi

Listing history 42 events

1. 2026-06-18
   days on market $254,000 Active 69 DOM
2. 2026-06-17
   days on market $254,000 Active 68 DOM
3. 2026-06-16
   days on market $254,000 Active 67 DOM
4. 2026-06-15
   days on market $254,000 Active 66 DOM
5. 2026-06-13
   days on market $254,000 Active 64 DOM
6. 2026-06-09
   days on market $254,000 Active 60 DOM
7. 2026-06-08
   days on market $254,000 Active 59 DOM
8. 2026-06-07
   days on market $254,000 Active 58 DOM
9. 2026-06-03
   days on market $254,000 Active 54 DOM
10. 2026-06-02
    days on market $254,000 Active 53 DOM
11. 2026-06-01
    days on market $254,000 Active 52 DOM
12. 2026-05-31
    days on market $254,000 Active 51 DOM
13. 2026-05-01
    status Active 723-char remark

    Show marketing remark (723 chars)

    Solid income-producing duplex offering immediate cash flow with total rents of $2,725/month at a $260,000 asking price. Each unit features a 2-bedroom, 1-bath layout with functional floor plans that appeal to long-term tenants. Recent updates include refreshed finishes in one unit with new countertops and appliances, along with major system improvements that reduce future capital expenses—full plumbing updates, including a main sewer line replacement in 2024, new water heaters in both units, and completed foundation work in 2025/2026. Situated on a spacious corner lot in a central location with strong rental demand, this property presents a wonderful addition to any portfolio with upside potential over time.

14. 2026-04-21
    historical Active Under Contract 723-char remark

    Show marketing remark (723 chars)

    Solid income-producing duplex offering immediate cash flow with total rents of $2,725/month at a $260,000 asking price. Each unit features a 2-bedroom, 1-bath layout with functional floor plans that appeal to long-term tenants. Recent updates include refreshed finishes in one unit with new countertops and appliances, along with major system improvements that reduce future capital expenses—full plumbing updates, including a main sewer line replacement in 2024, new water heaters in both units, and completed foundation work in 2025/2026. Situated on a spacious corner lot in a central location with strong rental demand, this property presents a wonderful addition to any portfolio with upside potential over time.

15. 2026-04-13
    status Under Contract 723-char remark

    Show marketing remark (723 chars)

    Solid income-producing duplex offering immediate cash flow with total rents of $2,725/month at a $260,000 asking price. Each unit features a 2-bedroom, 1-bath layout with functional floor plans that appeal to long-term tenants. Recent updates include refreshed finishes in one unit with new countertops and appliances, along with major system improvements that reduce future capital expenses—full plumbing updates, including a main sewer line replacement in 2024, new water heaters in both units, and completed foundation work in 2025/2026. Situated on a spacious corner lot in a central location with strong rental demand, this property presents a wonderful addition to any portfolio with upside potential over time.

16. 2026-04-02
    listed $260,000 Active 723-char remark

    Show marketing remark (723 chars)

    Solid income-producing duplex offering immediate cash flow with total rents of $2,725/month at a $260,000 asking price. Each unit features a 2-bedroom, 1-bath layout with functional floor plans that appeal to long-term tenants. Recent updates include refreshed finishes in one unit with new countertops and appliances, along with major system improvements that reduce future capital expenses—full plumbing updates, including a main sewer line replacement in 2024, new water heaters in both units, and completed foundation work in 2025/2026. Situated on a spacious corner lot in a central location with strong rental demand, this property presents a wonderful addition to any portfolio with upside potential over time.

17. 2026-03-24
    historical
18. 2026-02-06
    status Active
19. 2026-02-05
    historical
20. 2026-01-29
    listed $185,000 Active
21. 2026-01-25
    historical $1,300
22. 2025-11-28
    listed $1,300
23. 2025-10-03
    status Under Contract
24. 2025-10-02
    historical
25. 2025-09-08
    price $179,000
26. 2025-07-01
    listed $180,000 Active
27. 2025-01-12
    status Under Contract
28. 2025-01-12
    historical
29. 2024-12-31
    price $210,000
30. 2024-12-17
    price $217,900
31. 2024-12-06
    price $219,000
32. 2024-11-18
    price $220,000
33. 2024-11-16
    price $235,000
34. 2024-11-10
    price $238,000
35. 2024-10-12
    listed $240,000 Active
36. 2021-06-04
    soldstatus $140,000
37. 2016-06-01
    status Under Contract
38. 2016-05-31
    historical
39. 2016-05-18
    price $22,100
40. 2016-04-13
    listed $32,100 Active
41. 2006-10-24
    soldstatus $104,000
42. 2002-04-16
    soldstatus $80,000

ⓘ 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: $2,327 · $194/mo
• Projected year-2 tax: $2,327 · $194/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 6/10 Major FEMA zone AE · 56% 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: $34,296
• − Mortgage interest: −$14,228
• − Property taxes: −$2,327
• − Insurance: −$6,388
• − Repairs & maintenance: −$2,744
• − Management: −$2,744
• − Depreciation: −$7,389
• Taxable loss: −$1,524
• Est. tax savings @ 24.0%: +$366
• After-tax cash flow: $2,760/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): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

+225.0% since first listed

30 events — show timeline

• 2026-05-01 Relisted — REINMLS
• 2026-04-21 Contingent — REINMLS
• 2026-04-13 Pending — REINMLS
• 2026-04-02 Listed $260,000 REINMLS
• 2026-03-24 Listing Removed — REINMLS
• 2026-02-06 Relisted — REINMLS
• 2026-02-05 Listing Removed — REINMLS
• 2026-01-29 Listed $185,000 REINMLS
• 2026-01-25 Rental Removed $1,300 TURBOTENANT
• 2025-11-28 Listed for Rent $1,300 TURBOTENANT
• 2025-10-03 Pending — REINMLS
• 2025-10-02 Listing Removed — REINMLS
• 2025-09-08 Price Changed $179,000 REINMLS
• 2025-07-01 Listed $180,000 REINMLS
• 2025-01-12 Pending — REINMLS
• 2025-01-12 Listing Removed — REINMLS
• 2024-12-31 Price Changed $210,000 REINMLS
• 2024-12-17 Price Changed $217,900 REINMLS
• 2024-12-06 Price Changed $219,000 REINMLS
• 2024-11-18 Price Changed $220,000 REINMLS
• 2024-11-16 Price Changed $235,000 REINMLS
• 2024-11-10 Price Changed $238,000 REINMLS
• 2024-10-12 Listed $240,000 REINMLS
• 2021-06-04 Sold (Public Records) $140,000 Public Records
• 2016-06-01 Pending — REINMLS
• 2016-05-31 Listing Removed — REINMLS
• 2016-05-18 Price Changed $22,100 REINMLS
• 2016-04-13 Listed $32,100 REINMLS
• 2006-10-24 Sold (Public Records) $104,000 Public Records
• 2002-04-16 Sold (Public Records) $80,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $2,327 · +2.1% YoY. Source: county tax records.