808 State St · Chesapeake, VA 23323

$275,000

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 2 Days on market

Built 1954 0.26 ac lot Est $243k · 13% over

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Why this score? — see what drove the F 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 +11.4/30.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming one-story ranch situated on a desirable corner lot in Chesapeake! This 3-bedroom home offers easy single-level living with a functional layout designed for comfort and convenience. The spacious yard provides plenty of outdoor potential, while the detached 2-car garage could add exceptional value for parking, storage, hobbies, or workshop space. Enjoy the benefits of a corner lot with added privacy and curb appeal. Looking for your next home or a property with long-term potential? This opportunity offers versatility. Virtual tour available. HUD Case# 541-839174 IE (Insured Escrow). Seller makes no representations or warranties as to property condition. HUD Homes are Sold “As-Is”. Built prior to 1978, lead based paint may potentially exist. Equal Housing Opportunity. Seller may contribute up to 3% for buyer’s closing costs, upon buyer request. Don’t miss the chance to own this Chesapeake property with great features and endless possibilities-call for your private showing today!

Key facts

• Open floor plan
• Renovated
• Updated interior

Tags

• RENOVATED
• OPEN FLOOR PLAN
• UPDATED INTERIOR
• UPDATED EAT-IN KITCHEN
• NEW STAINLESS APPLIANCES
• NEW GRANITE COUNTERTOPS

Property features AI

Finance

• Other: Rehabilitated
• HOA & community: No HOA fees

Exterior

• Parking: Detached garage (576 sq ft); Driveway parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch; Single-story
• Construction: Crawl foundation
• Exterior features: Corner lot; Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Range; Microwave; Refrigerator; Dishwasher; Breakfast area
• Bedrooms: Master bedroom on the first floor; One bedroom with ensuite
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air
• Interior features: Attic fan; Ceiling fans; Pull-down attic stairs
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (24.5% below list).
• Recommended offer: $208k (24.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Deep Creek Elementary (math 66% / reading 72%, grade A-, #351 of 1,108 statewide, top 32%, 763 students, 45% FRL); Deep Creek Middle (math 30% / reading 64%, grade D+, #257 of 342 statewide, top 77%, 770 students, 43% FRL); Deep Creek High (math 70% / reading 82%, grade A-, #102 of 319 statewide, top 32%, 1,597 students, 49% FRL) — zoned schools average 45% FRL vs 28% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 184 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $155k; list at $275k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $207,703 (24.5% 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 1954 — 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. 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?
6. 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.
7. 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.
8. 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: 5.88%
• Cash-on-cash: -1.46%
• DSCR: 0.93
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $242,592
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 State St	0.00mi	3/2.0	937 (+3%)	2mo	$155,000	$165	90
933 Michael Dr	0.34mi	3/2.0	996 (+9%)	1mo	$265,000	$266	64
2213 Tennessee Dr	0.53mi	3/1.0	1,016 (+11%)	2mo	$260,000	$256	55
2060 Maywood St	0.52mi	2/1.0 (-1)	1,019 (+12%)	7mo	$285,000	$280	46
911 Bowden Ave	0.73mi	2/1.0 (-1)	825 (-10%)	13mo	$240,000	$291	34

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 · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.43×
• Total profit: $-43,870
• Equity at exit: $41,003

10-year hold

• IRR: -2.9%
• Equity multiple: 0.78×
• Total profit: $-16,671
• Equity at exit: $23,777

Cash invested: $77,000 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 184
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,077 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$178 /mo · $2,137/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $-94

Break-even live

Break-even rent $2,196

Max offer price $258,402

Occupancy floor 100%

Sensitivity live

Price	-10% $62	-5% $-16	+0% $-94	+5% $-172	+10% $-250
Rent	-10% $-258	-5% $-176	+0% $-94	+5% $-12	+10% $70
Rate	-1.0pp $45	-0.5pp $-24	base $-94	+0.5pp $-165	+1.0pp $-238

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1724 Shell Rd Chesapeake, VA	3.0	2.0	1000	$1,800	$1.80	25d	1	0.49mi
908 Lake Village Dr Chesapeake, VA	2.0–3.0	1.0	972	$1,508	$1.55	4d	7	0.71mi
2604 Townhouse Ln Chesapeake, VA	1.0–3.0	1.5	1050	$1,885	$1.80	3d	1	1.26mi

Listing history 3 events

1. 2026-06-15
   statusdays on market $275,000 Under Contract 2 DOM
2. 2026-06-13
   remarks 478-char remark
3. 2026-06-13
   listed $275,000 Active 1 DOM

ⓘ 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: $2,137 · $178/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$118/yr (+$10/mo · 5.5%)

ⓘ 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 (shaded) · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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: $24,924
• − Mortgage interest: −$15,404
• − Property taxes: −$2,137
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,994
• − Management: −$1,994
• − Depreciation: −$8,000
• Taxable loss: −$5,980
• Est. tax savings @ 24.0%: +$1,435
• After-tax cash flow: $308/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): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

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 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 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: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

+1179.1% since first listed

9 events — show timeline

• 2026-06-12 Listed $275,000 REINMLS
• 2026-04-20 Sold (Public Records) $155,000 Public Records
• 2026-04-15 Sold (MLS) $155,000 REINMLS
• 2026-03-19 Pending — REINMLS
• 2026-03-12 Contingent — REINMLS
• 2026-02-24 Listed $155,000 REINMLS
• 1997-12-01 Sold (Public Records) $59,500 Public Records
• 1986-10-30 Sold (Public Records) $56,500 Public Records
• 1982-02-17 Sold (Public Records) $21,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,137 · +2.6% YoY. Source: county tax records.