2504 Cromwell Dr · Norfolk, VA 23509

$310,000

4 bd · 2.0 ba · 1,589 sqft · SingleFamily public records · 27 Days on market

Built 1942 9,469 sqft lot Est $315k · at est.

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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 +11.7/30.0
• ARV discount +8.2/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• DSCR +3.4/10.0
• Appreciation +2.9/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0

Listing remarks

Fully renovated 4BR/2BA with new roof, updated kitchen, new flooring, and modern finishes throughout. Flexible layout includes 4th BR with private exterior entrance and loft-style upstairs bedroom with private bath. Large lot. Convenient access to shopping and major highways. Seller to provide clear termite and moisture reports. Sq ft per seller. Seller to provide one year home warranty from achosa.

Key facts

• Private bath
• Large lot
• Updated kitchen

Tags

• NEW ROOF
• UPDATED KITCHEN
• PRIVATE EXTERIOR ENTRANCE
• LOFT-STYLE UPSTAIRS BEDROOM
• PRIVATE BATH
• LARGE LOT

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Off-street parking with driveway and street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached Cape Cod; 2 stories; Crawl foundation; Simple ownership
• Construction: Vinyl exterior; Asphalt shingle roof; Crawl space foundation
• Exterior features: Back fenced yard; Vinyl siding

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: First-floor bedroom with full bathroom
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Carpet and laminate flooring; Bedroom and full bathroom on the first floor; 6 total rooms
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $294k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (23.7% below list).
• Recommended offer: $236k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.0% in Norfolk — 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 (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Willard Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 506 students, 98% FRL); Norview Middle (math 19% / reading 54%, grade F, #320 of 342 statewide, top 95%, 1,259 students, 89% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 94% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+14.0%/yr); 82 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 39% of the median local income ($73k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts 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 $175k; list at $310k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $236,385 (23.7% 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. Built in 1942 — 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. 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?
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 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: 0.76% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $314,622
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2504 Cromwell Dr	0.00mi	4/2.0	1,589 (0%)	1mo	$310,000	$195	99
3217 Verdun Ave	0.37mi	3/2.0 (-1)	1,584 (-0%)	1mo	$313,500	$198	77
2202 Silbert Rd	0.22mi	3/2.0 (-1)	1,500 (-6%)	2mo	$318,000	$212	74
2207 Cromwell Dr	0.14mi	3/2.0 (-1)	1,727 (+9%)	1mo	$325,000	$188	73
3503 White Chapel Rd	0.41mi	4/2.0	1,696 (+7%)	1mo	$260,000	$153	69
3636 Henrico St	0.50mi	3/2.0 (-1)	1,500 (-6%)	2mo	$320,000	$213	61
3022 Lorraine Ave	0.71mi	4/2.0	1,667 (+5%)	1mo	$425,000	$255	58
3020 Vimy Ridge Ave	0.60mi	4/2.5	1,450 (-9%)	2mo	$317,000	$219	54
3018 Lorraine Ave	0.72mi	5/2.0 (+1)	1,709 (+8%)	0mo	$325,000	$190	48
3710 Orange St	0.65mi	3/1.0 (-1)	1,744 (+10%)	1mo	$205,000	$118	44
4540 Hampshire Ave	0.68mi	4/1.0	1,398 (-12%)	2mo	$240,000	$172	43
2813 Ballentine Blvd	0.71mi	3/2.5 (-1)	1,364 (-14%)	1mo	$306,500	$225	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.50×
• Total profit: $-43,741
• Equity at exit: $46,222

10-year hold

• IRR: 1.5%
• Equity multiple: 1.12×
• Total profit: $10,831
• Equity at exit: $26,803

Cash invested: $86,800 (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 23509

• Home prices YoY: -1.3%
• Rents YoY: 14.0%
• Active inventory: 82
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,364 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$206 /mo · $2,467/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $-93

Break-even live

Break-even rent $2,482

Max offer price $293,568

Occupancy floor 99%

Sensitivity live

Price	-10% $82	-5% $-5	+0% $-93	+5% $-181	+10% $-268
Rent	-10% $-280	-5% $-186	+0% $-93	+5% $0	+10% $94
Rate	-1.0pp $63	-0.5pp $-14	base $-93	+0.5pp $-173	+1.0pp $-255

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	45d	1	0.03mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	45d	1	0.30mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	6d	1	0.32mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	6d	1	0.34mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	9d	1	0.49mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	45d	1	0.49mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	45d	1	0.49mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	25d	1	0.49mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	19d	1	0.52mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	46d	1	0.52mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	45d	1	0.54mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	19d	1	0.57mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	45d	1	0.64mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	25d	1	0.69mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	6d	1	0.72mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	25d	1	0.74mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	14d	1	0.81mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	25d	1	0.83mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	16d	1	0.91mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	19d	1	0.99mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	45d	1	1.03mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	45d	1	1.04mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	45d	1	1.07mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	45d	1	1.20mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	25d	1	1.22mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	45d	1	1.25mi
6261 Alexander St Norfolk, VA	5.0	2.0	2166	$2,495	$1.15	45d	1	1.33mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	45d	1	1.43mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	25d	1	1.44mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	25d	1	1.46mi

Listing history 30 events

1. 2026-04-20
   status Under Contract
2. 2026-04-12
   historical Active Under Contract
3. 2026-03-24
   listed $310,000 Active
4. 2026-03-23
   historical
5. 2026-02-25
   price $309,900
6. 2026-02-05
   price $314,900
7. 2026-01-21
   price $319,000
8. 2026-01-20
   listed $319 Active
9. 2026-01-17
   historical
10. 2025-12-20
    price $314,900
11. 2025-11-17
    listed $319,000 Active
12. 2025-11-12
    historical
13. 2025-10-04
    price $314,900
14. 2025-09-19
    price $319,900
15. 2025-09-10
    listed $325,000 Active
16. 2025-09-10
    historical
17. 2025-08-03
    price $325,000
18. 2025-07-21
    price $335,000
19. 2025-07-09
    price $344,500
20. 2025-06-14
    listed $350,000 Active
21. 2025-06-13
    historical
22. 2025-06-04
    price $350,000
23. 2025-05-26
    price $359,000
24. 2025-05-17
    price $365,000
25. 2025-05-02
    price $369,900
26. 2025-04-11
    listed $375,000 Active
27. 2025-02-07
    soldstatus $175,000
28. 2025-01-17
    status Under Contract
29. 2025-01-17
    historical
30. 2025-01-14
    listed $190,000 Active

ⓘ 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: $2,467 · $206/mo
• Projected year-2 tax: $2,542 · $212/mo
• Expected delta: +$75/yr (+$6/mo · 3.0%)

ⓘ 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) · 13% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,366
• − Mortgage interest: −$17,365
• − Property taxes: −$2,467
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,269
• − Management: −$2,269
• − Depreciation: −$9,018
• Taxable loss: −$6,573
• Est. tax savings @ 24.0%: +$1,577
• After-tax cash flow: $461/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: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ 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: Norfolk, VA
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 13,105
• Household income: $72,816
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 575.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 44% Black 39% Hispanic / Latino 9% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Serbian 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.16%
• Current HPI: 321.56
• Rent YoY: ▲ 13.99%
• 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

+63.2% since first listed

30 events — show timeline

• 2026-04-20 Pending — REINMLS
• 2026-04-12 Contingent — REINMLS
• 2026-03-24 Listed $310,000 REINMLS
• 2026-03-23 Listing Removed — REINMLS
• 2026-02-25 Price Changed $309,900 REINMLS
• 2026-02-05 Price Changed $314,900 REINMLS
• 2026-01-21 Price Changed $319,000 REINMLS
• 2026-01-20 Listed $319 REINMLS
• 2026-01-17 Listing Removed — REINMLS
• 2025-12-20 Price Changed $314,900 REINMLS
• 2025-11-17 Listed $319,000 REINMLS
• 2025-11-12 Listing Removed — REINMLS
• 2025-10-04 Price Changed $314,900 REINMLS
• 2025-09-19 Price Changed $319,900 REINMLS
• 2025-09-10 Listing Removed — REINMLS
• 2025-09-10 Listed $325,000 REINMLS
• 2025-08-03 Price Changed $325,000 REINMLS
• 2025-07-21 Price Changed $335,000 REINMLS
• 2025-07-09 Price Changed $344,500 REINMLS
• 2025-06-14 Listed $350,000 REINMLS
• 2025-06-13 Listing Removed — REINMLS
• 2025-06-04 Price Changed $350,000 REINMLS
• 2025-05-26 Price Changed $359,000 REINMLS
• 2025-05-17 Price Changed $365,000 REINMLS
• 2025-05-02 Price Changed $369,900 REINMLS
• 2025-04-11 Listed $375,000 REINMLS
• 2025-02-07 Sold (Public Records) $175,000 Public Records
• 2025-01-17 Pending — REINMLS
• 2025-01-17 Listing Removed — REINMLS
• 2025-01-14 Listed $190,000 REINMLS

Property tax history

+3.5%/yr

Latest (2025): $2,467 · +28.3% YoY. Source: county tax records.