3423 Norfeld Ct · Virginia Beach, VA 23453

$199,000

2 bd · 2.0 ba · 1,034 sqft · Condo public records · 21 Days on market

Built 1986 $393/mo HOA · 20% of rent

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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 +9.9/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Rent growth +4.9/5.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this charming 2-bedroom condo in Cameron Crossing and enjoy the ease of low-maintenance living! Conveniently located near area attractions, the ODU Virginia Beach campus, TCC, shopping, dining, and with easy access to major highways for commuting. Inside, you’ll find sleek LVP flooring throughout, creating a modern and cohesive feel. Whether you’re searching for your first home or looking to expand your investment portfolio, this condo offers a fantastic opportunity in a convenient location.

Key facts

• $393 HOA
• Parking
• Built 1986

Property features AI

Finance

• HOA & community: Has HOA; Condo association fee $350 monthly; POA fee $43 monthly; Association management company: Associate Community Group

Exterior

• Parking: Assigned/reserved parking space (1)
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power available
• Home design: Attached condo; Lo-rise style; 2 stories; Unit on level 2 with 1 living level; Slab foundation
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Patio; Balcony; Attic

Interior

• Kitchen: Electric range; Dishwasher; Disposal; Refrigerator; Breakfast area
• Bedrooms: Master bedroom; Additional bedroom; No bedroom and full bathroom on first floor
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning; Heat pump cooling
• Interior features: Cathedral ceiling; Skylights; Ceiling fan; Walk-in closet; One fireplace
• Laundry & utility: Washer and dryer; Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (1.5% below list).
• Recommended offer: $177k (10.9% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 3.5% in Virginia Beach — 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 83/100 on livability (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Landstown Elementary (math 69% / reading 79%, grade A, #248 of 1,108 statewide, top 23%, 676 students, 44% FRL); Landstown Middle (math 64% / reading 81%, grade A, #61 of 342 statewide, top 18%, 1,278 students, 41% FRL); Green Run High (math 64% / reading 69%, grade B, #195 of 319 statewide, top 62%, 1,517 students, 69% FRL) — zoned schools average 51% FRL vs 28% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.7%/yr); 104 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 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.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $199k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: severe wind risk, 98% 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 $177,248 (10.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.98% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.47×
• Total profit: $-29,523
• Equity at exit: $29,672

10-year hold

• IRR: 2.4%
• Equity multiple: 1.22×
• Total profit: $12,182
• Equity at exit: $17,206

Cash invested: $55,720 (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 23453

• Home prices YoY: -13.4%
• Rents YoY: 9.7%
• Active inventory: 104
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,959 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$152 /mo · $1,819/yr
• Insurance: −$83
• HOA: −$393
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $-123

Break-even live

Break-even rent $2,115

Max offer price $177,248

Occupancy floor —

Sensitivity live

Price	-10% $-10	-5% $-67	+0% $-123	+5% $-179	+10% $-236
Rent	-10% $-278	-5% $-201	+0% $-123	+5% $-46	+10% $32
Rate	-1.0pp $-23	-0.5pp $-73	base $-123	+0.5pp $-175	+1.0pp $-227

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3702 Canadian Arch Virginia Beach, VA	2.0	1.5	1100	$1,700	$1.55	6d	1	0.12mi
1404 Wendfield Dr Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	6d	1	0.40mi
1404 Wendfield Dr #102 Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	25d	1	0.40mi
1404 Wendfield Dr #102 Virginia Beach, VA	3.0	1.5	1344	$2,000	$1.49	6d	1	0.40mi
1401 Wendfield Dr #103 Virginia Beach, VA	3.0	1.5	1344	$1,850	$1.38	22d	1	0.40mi
1434 Peony Arch Virginia Beach, VA	3.0	2.0	1407	$2,600	$1.85	25d	1	0.41mi
3500 Irvington Ct Virginia Beach, VA	2.0	2.0	999	$2,000	$2.00	25d	1	0.46mi
3528 Dublin Ct Virginia Beach, VA	2.0	1.0	752	$1,700	$2.26	14d	1	0.48mi
3521 Sierra Arch Virginia Beach, VA	3.0	1.5	1420	$1,650	$1.16	25d	1	0.48mi
1744 River Rock Arch Virginia Beach, VA	3.0	2.0	1456	$2,495	$1.71	19d	1	0.49mi
1785 River Rock Arch Virginia Beach, VA	3.0	2.0	1438	$2,350	$1.63	16d	1	0.54mi
3517 Plum Cres Virginia Beach, VA	3.0	2.0	1450	$2,200	$1.52	14d	1	0.69mi
1301 Pine Cone Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	827	$1,874	$2.26	3d	13	0.73mi
3638 Windmill Dr Virginia Beach, VA	2.0	1.0	934	$1,695	$1.81	12d	1	0.78mi
3500 Green Garden Cir Virginia Beach, VA	2.0	1.0	980	$1,685	$1.72	25d	1	0.79mi
1728 Vankar Dr #104 Virginia Beach, VA	2.0	2.0	1293	$2,495	$1.93	9d	1	0.81mi
1728 Vankar Dr #307 Virginia Beach, VA	2.0	2.0	1316	$2,500	$1.90	19d	1	0.81mi
3480 Landstown Ct Virginia Beach, VA	3.0	2.0	1359	$2,495	$1.84	19d	1	0.85mi
3560 Windmill Dr Virginia Beach, VA	3.0	1.5	1080	$2,100	$1.94	25d	1	0.89mi
1257 Green Cedar Ln Virginia Beach, VA	2.0	1.5	950	$1,725	$1.82	9d	1	0.92mi
3849 Clarendon Way Unit 1 Virginia Beach, VA	2.0	2.5	1349	$2,200	$1.63	14d	1	0.93mi
3304 Weeping Willow Ln Virginia Beach, VA	3.0	1.5	1254	$1,750	$1.40	25d	1	1.01mi
1752 Halesworth Ln Virginia Beach, VA	2.0	2.5	1324	$2,190	$1.65	25d	1	1.02mi
1752 Halesworth Ln Unit 1 Virginia Beach, VA	2.0	2.5	1329	$2,200	$1.66	25d	1	1.02mi
1240 White Birch Ln Virginia Beach, VA	3.0	1.5	1254	$1,950	$1.56	19d	1	1.04mi
1232 White Birch Ln Virginia Beach, VA	3.0	2.0	1254	$2,095	$1.67	25d	1	1.04mi
4156 Clarendon Way Virginia Beach, VA	2.0	2.5	1329	$2,400	$1.81	25d	1	1.10mi
1027 Tivoli Cres Virginia Beach, VA	1.0–2.0	1.0	787	$1,573	$2.00	25d	1	1.21mi
3745 Edenberry Ct Virginia Beach, VA	1.0	1.0	920	$1,699	$1.85	3d	1	1.36mi
3745 Edenberry Ct Virginia Beach, VA	2.0	2.0	1044	$1,899	$1.82	6d	1	1.36mi
713 Willow Lake Cir Virginia Beach, VA	1.0–2.0	1.0–2.0	1041	$2,475	$2.38	25d	1	1.38mi
2009 Inverrary Ct Virginia Beach, VA	3.0	2.5	1500	$2,440	$1.63	14d	1	1.42mi
846 Crashaw St Virginia Beach, VA	2.0	2.0	1346	$1,895	$1.41	16d	1	1.45mi
1400 Dewitt Way Virginia Beach, VA	2.0–3.0	2.0–2.5	1212	$1,700	$1.40	25d	1	1.47mi

HOA detail condo

• Monthly dues: $393 · $4,716/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $199,000 Active 21 DOM
2. 2026-06-18
   days on market $199,000 Active 18 DOM
3. 2026-06-17
   days on market $199,000 Active 17 DOM
4. 2026-06-16
   days on market $199,000 Active 16 DOM
5. 2026-06-15
   days on market $199,000 Active 15 DOM
6. 2026-06-13
   pricedays on market $199,000 Active 13 DOM
7. 2026-06-09
   days on market $205,000 Active 9 DOM
8. 2026-06-08
   days on market $205,000 Active 8 DOM
9. 2026-06-07
   days on market $205,000 Active 7 DOM
10. 2026-06-03
    days on market $205,000 Active 3 DOM
11. 2026-06-02
    days on market $205,000 Active 2 DOM
12. 2026-06-01
    statusdays on market $205,000 Active 1 DOM
13. 2026-05-31
    days on market $205,000 Coming Soon 3 DOM
14. 2026-05-28
    historical $205,000
15. 2012-06-22
    soldstatus $75,000
16. 2006-01-24
    soldstatus $135,000
17. 2002-05-29
    soldstatus $96,000

ⓘ 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: $1,819 · $152/mo
• Projected year-2 tax: $1,819 · $152/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 ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,513
• − Mortgage interest: −$11,147
• − Property taxes: −$1,819
• − Insurance: −$995
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − HOA: −$4,716
• − Depreciation: −$5,789
• Taxable loss: −$4,715
• Est. tax savings @ 24.0%: +$1,132
• After-tax cash flow: $-346/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 34,482
• Household income: $93,838
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 799.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Black 22% Two or more races 14% Asian 12% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 2% Romanian 2% Italian 1%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 84% English-only · Tagalog/Filipino 6% Spanish 5% Other Indo-European 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.96%
• Current HPI: 341.8757
• Rent YoY: ▲ 9.69%
• 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

+113.5% since first listed

4 events — show timeline

• 2026-05-28 Coming Soon $205,000 REINMLS
• 2012-06-22 Sold (Public Records) $75,000 Public Records
• 2006-01-24 Sold (Public Records) $135,000 Public Records
• 2002-05-29 Sold (Public Records) $96,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,819 · +4.6% YoY. Source: county tax records.