3500 Tait Ter · Norfolk, VA 23513

$175,000

4 bd · 2.0 ba · 1,901 sqft · SingleFamily public records · 198 Days on market

Built 1937 $92/sqft · 53% below area Est $301k · 42% 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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is a great Investment opportunity. The house is offered together with adjacent lot 3504 Tait Terrance priced separately. There is great potential for this nice corner lot. Selling as-is where-is; seller to do no repairs. Rehab loan or Cash only.

Key facts

• Corner lot
• Built 1937
• Listed 198 days

Tags

• CORNER LOT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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.
• Market conditions: Rents rising (+3.4%/yr); 132 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); 44% 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 41% of the median local income ($68k/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.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1937 — 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 $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 198 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 1.33% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.73%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (median comp): $301,416
• List price: $175,000
• Delta: -41.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3608 Tait Ter	0.07mi	4/2.5	1,864 (-2%)	3mo	$380,000	$204	89
3012 Ballentine Blvd	0.44mi	4/2.0	1,840 (-3%)	2mo	$325,000	$177	73
3853 Robin Hood Rd	0.50mi	3/2.0 (-1)	1,830 (-4%)	2mo	$317,500	$173	64
2908 Tait Ter	0.48mi	4/3.0	1,994 (+5%)	2mo	$329,900	$165	63
3763 Cape Henry Ave	0.42mi	4/2.5	1,722 (-9%)	1mo	$359,000	$208	62
4514 Denver Ave	0.54mi	4/2.0	2,049 (+8%)	2mo	$154,000	$75	60
3856 Peterson St	0.39mi	4/3.0	1,710 (-10%)	3mo	$359,000	$210	59
3772 Larkin St	0.25mi	3/2.5 (-1)	1,630 (-14%)	3mo	$325,000	$199	55
3107 Overbrook Ave	0.44mi	4/2.0	1,638 (-14%)	2mo	$315,000	$192	55
3425 E Bonner Dr	0.54mi	4/2.0	2,116 (+11%)	3mo	$263,000	$124	54
3852 Krick St	0.42mi	3/2.0 (-1)	1,650 (-13%)	3mo	$319,900	$194	51
2312 Birch St	0.55mi	3/2.5 (-1)	1,632 (-14%)	4mo	$345,000	$211	41

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.22×
• Total profit: $10,999
• Equity at exit: $26,093

10-year hold

• IRR: 15.6%
• Equity multiple: 2.29×
• Total profit: $63,227
• Equity at exit: $15,131

Cash invested: $49,000 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 132
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,332 high
• Mortgage (P&I): −$918
• Tax from tax record: −$250 /mo · $2,999/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $602

Break-even live

Break-even rent $1,570

Max offer price $175,000

Occupancy floor 69%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	44d	1	0.43mi
2537 McKann Ave Norfolk, VA	4.0	2.5	2321	$2,695	$1.16	15d	1	0.56mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	0.58mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	44d	1	0.60mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	44d	1	0.61mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	24d	1	0.61mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	17d	1	0.62mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	24d	1	0.64mi
2920 Cape Henry Ave Unit A Norfolk, VA	3.0	1.5	2331	$1,900	$0.82	2d	1	0.72mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.75mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	44d	1	0.78mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	44d	1	0.78mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	24d	1	0.78mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	24d	1	0.83mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	7d	1	0.88mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	17d	1	0.97mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	44d	1	0.99mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	0.99mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	44d	1	1.01mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	1.07mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	15d	1	1.07mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	24d	1	1.15mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	44d	1	1.18mi
3776 Wayne Cir Norfolk, VA	4.0	3.0	2301	$2,795	$1.21	44d	1	1.19mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	44d	1	1.20mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	44d	1	1.21mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	44d	1	1.23mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	44d	1	1.27mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	24d	1	1.27mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	12d	1	1.31mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	1.40mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	44d	1	1.42mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	17d	1	1.44mi
1320 Gabriel Dr Norfolk, VA	4.0	1.5	1812	$2,495	$1.38	44d	1	1.47mi

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 198 DOM
2. 2026-06-17
   days on market $175,000 Active 197 DOM
3. 2026-06-16
   days on market $175,000 Active 196 DOM
4. 2026-06-15
   days on market $175,000 Active 195 DOM
5. 2026-06-13
   days on market $175,000 Active 193 DOM
6. 2026-06-09
   days on market $175,000 Active 189 DOM
7. 2026-06-08
   days on market $175,000 Active 188 DOM
8. 2026-06-07
   days on market $175,000 Active 187 DOM
9. 2026-06-03
   days on market $175,000 Active 183 DOM
10. 2026-06-02
    days on market $175,000 Active 182 DOM
11. 2026-06-01
    days on market $175,000 Active 181 DOM
12. 2026-05-31
    days on market $175,000 Active 180 DOM
13. 2025-12-02
    listed $175,000 Active 259-char remark

    Show marketing remark (259 chars)

    This property is a great Investment opportunity. The house is offered together with adjacent lot 3504 Tait Terrance priced separately. There is great potential for this nice corner lot. Selling as-is where-is; seller to do no repairs. Rehab loan or Cash only.

14. 2025-04-25
    historical
15. 2025-02-07
    historical Active Under Contract
16. 2024-10-25
    listed $175,000 Active
17. 2006-01-11
    soldstatus $155,000
18. 2004-06-23
    soldstatus $115,000
19. 1993-10-19
    soldstatus $62,500

ⓘ 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: $2,999 · $250/mo
• Projected year-2 tax: $2,999 · $250/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 ≥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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,981
• − Mortgage interest: −$9,803
• − Property taxes: −$2,999
• − Insurance: −$875
• − Repairs & maintenance: −$2,238
• − Management: −$2,238
• − Depreciation: −$5,091
• Taxable income: $4,737
• Est. tax owed @ 24.0%: −$1,137
• After-tax cash flow: $6,082/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): 28,628
• Household income: $68,380
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1342.0

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 0.63)
• Race & ethnicity: Black 55% White 23% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 0%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 4% French/Haitian/Cajun 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: ▼ -33.67%
• Current HPI: 329.2241
• Rent YoY: ▲ 3.42%
• 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

+180.0% since first listed

7 events — show timeline

• 2025-12-02 Listed $175,000 REINMLS
• 2025-04-25 Listing Removed — REINMLS
• 2025-02-07 Contingent — REINMLS
• 2024-10-25 Listed $175,000 REINMLS
• 2006-01-11 Sold (Public Records) $155,000 Public Records
• 2004-06-23 Sold (Public Records) $115,000 Public Records
• 1993-10-19 Sold (Public Records) $62,500 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,999 · +5.8% YoY. Source: county tax records.