2424 West Ave · Norfolk, VA 23504

$224,900

3 bd · 2.0 ba · 1,717 sqft · SingleFamily public records · 20 Days on market

Built 1916 Est $333k · 32% under

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Why this score? — see what drove the C 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This awesome traditional home has been upgraded and is move in ready with Fresh Paint, New LVP Floors, NEW Carpet, Updated Kitchen and AMAZING natural light this home is perfect for you! Downstairs features a large living room with a large kitchen and good size, low maintenance backyard fully fenced. The upstairs has 2 large bedrooms with a full bathroom! Don't miss this amazing home!

Key facts

• Fully fenced
• Natural light
• Large living room

Tags

• MOVE IN READY
• UPDATED KITCHEN
• NATURAL LIGHT
• LARGE LIVING ROOM
• LOW MAINTENANCE BACKYARD
• FULLY FENCED

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Heat pump (electric)
• Home design: Detached colonial-style home; Two stories; Crawl foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back yard with privacy fence

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: Two full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet, ceramic and laminate flooring; Breakfast area; Utility closet; Ten total rooms including living room, great room, dining room, family room and kitchen
• Laundry & utility: Washer and dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (5.0% below list).
• Recommended offer: $214k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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: Lindenwood Elementary (math 8% / reading 32%, grade F, #1,082 of 1,108 statewide, top 98%, 262 students, 98% FRL); Blair Middle (math 29% / reading 57%, grade D-, #288 of 342 statewide, top 85%, 1,149 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,138/mo this rent would consume 57% of the median local household income ($45k/yr) (locally 1531% 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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $110k; list at $225k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — 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 $213,755 (5.0% below list)

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.64%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $333,098
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 Lindenwood Ave	0.10mi	3/2.5	1,628 (-5%)	2mo	$301,500	$185	83
822 Pollard St	0.08mi	3/2.0	1,494 (-13%)	1mo	$290,600	$195	74
738 Fremont St	0.40mi	3/2.5	1,780 (+4%)	0mo	$315,000	$177	73
1815 Tidewater Dr	0.42mi	3/2.5	1,666 (-3%)	1mo	$285,000	$171	72
896 A Ave	0.28mi	3/2.5	1,589 (-8%)	4mo	$266,500	$168	70
1891 Barre St	0.19mi	4/3.0 (+1)	1,520 (-12%)	1mo	$325,000	$214	63
823 Lexington St	0.42mi	4/2.5 (+1)	1,616 (-6%)	2mo	$300,000	$186	62
942 Sutton St	0.29mi	4/3.0 (+1)	1,552 (-10%)	3mo	$299,000	$193	59
714 Fremont St	0.42mi	3/2.5	1,520 (-12%)	2mo	$295,000	$194	58
3022 Lorraine Ave	0.70mi	4/2.0 (+1)	1,667 (-3%)	1mo	$425,000	$255	56
1719 Pope Ave	0.53mi	3/2.5	1,500 (-13%)	3mo	$315,000	$210	50
2629 Bapaume Ave	0.62mi	3/2.0	1,500 (-13%)	2mo	$320,000	$213	49

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-14,046
• Equity at exit: $33,533

10-year hold

• IRR: 7.1%
• Equity multiple: 1.60×
• Total profit: $37,878
• Equity at exit: $19,445

Cash invested: $62,972 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 122
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,138 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$172 /mo · $2,064/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $244

Break-even live

Break-even rent $1,829

Max offer price $224,900

Occupancy floor 84%

Sensitivity live

Price	-10% $371	-5% $307	+0% $244	+5% $180	+10% $116
Rent	-10% $75	-5% $159	+0% $244	+5% $328	+10% $412
Rate	-1.0pp $357	-0.5pp $301	base $244	+0.5pp $185	+1.0pp $126

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	25d	1	0.06mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	45d	1	0.08mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	22d	1	0.26mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	25d	1	0.35mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	45d	1	0.37mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	25d	1	0.46mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	16d	1	0.58mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	45d	1	0.63mi
1439 Moultrie Ave #3 Norfolk, VA	2.0	1.0	1300	$1,900	$1.46	9d	1	0.64mi
204 W 22nd St Norfolk, VA	1.0–2.0	1.0–2.0	907	$2,065	$2.28	4d	3	0.64mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	25d	1	0.69mi
201 W 21st St Norfolk, VA	1.0–2.0	1.0–2.0	992	$2,199	$2.22	3d	5	0.69mi
1400 Granby St #119 Norfolk, VA	2.0	2.0	1224	$1,895	$1.55	45d	1	0.75mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	45d	1	0.80mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	25d	1	0.84mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	45d	1	0.85mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	23d	1	0.85mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	16d	1	0.85mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	16d	1	0.86mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	25d	1	0.86mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	19d	1	0.87mi
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	19d	1	0.88mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	46d	1	0.93mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	45d	1	0.93mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	5d	1	0.94mi
100 Westover Ave Norfolk, VA	2.0	2.0	1248	$2,062	$1.65	45d	1	0.95mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	45d	1	0.95mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	25d	1	0.98mi
1512 Colonial Ave Unit B Norfolk, VA	2.0	1.0	1050	$1,575	$1.50	9d	1	0.99mi
348 Llewellyn Mews Norfolk, VA	2.0	2.0	1420	$2,095	$1.48	25d	1	1.05mi
1300 Lead St Norfolk, VA	1.0–2.0	1.0	950	$1,124	$1.18	25d	1	1.06mi
464 Westover Mews Norfolk, VA	2.0	1.5	1316	$2,200	$1.67	45d	1	1.09mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	9d	1	1.09mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	5d	1	1.10mi
210 Pennsylvania Ave #1 Norfolk, VA	2.0	1.0	1300	$1,795	$1.38	45d	1	1.11mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	5d	1	1.11mi
230 E 40th St Norfolk, VA	2.0	2.0	1200	$1,710	$1.43	45d	1	1.11mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	45d	1	1.15mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	5d	1	1.16mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	45d	1	1.17mi

Listing history 18 events

1. 2026-06-08
   statusdays on market $224,900 Under Contract 20 DOM
2. 2026-06-07
   days on market $224,900 Active Under Contract 19 DOM
3. 2026-06-03
   days on market $224,900 Active Under Contract 15 DOM
4. 2026-06-02
   days on market $224,900 Active Under Contract 14 DOM
5. 2026-06-01
   days on market $224,900 Active Under Contract 13 DOM
6. 2026-05-31
   days on market $224,900 Active Under Contract 12 DOM
7. 2026-05-19
   listed $224,900 Active
8. 2026-02-08
   historical
9. 2026-01-05
   listed $200,000 Active
10. 2026-01-05
    historical
11. 2025-10-28
    listed $215,000 Active
12. 2019-01-16
    status Under Contract
13. 2019-01-16
    soldstatus $110,000
14. 2018-10-24
    price $117,000
15. 2018-10-15
    status Active
16. 2018-09-27
    status Under Contract
17. 2018-09-04
    listed $110,000 Active
18. 2014-04-24
    soldstatus $89,500

ⓘ 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: $2,064 · $172/mo
• Projected year-2 tax: $2,064 · $172/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 3/10 Moderate FEMA zone X (unshaded) · 12% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,651
• − Mortgage interest: −$12,598
• − Property taxes: −$2,064
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$6,543
• Taxable loss: −$782
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $3,110/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): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

+151.3% since first listed

12 events — show timeline

• 2026-05-19 Listed $224,900 REINMLS
• 2026-02-08 Listing Removed — REINMLS
• 2026-01-05 Listing Removed — REINMLS
• 2026-01-05 Listed $200,000 REINMLS
• 2025-10-28 Listed $215,000 REINMLS
• 2019-01-16 Pending — REINMLS
• 2019-01-16 Sold (Public Records) $110,000 Public Records
• 2018-10-24 Price Changed $117,000 REINMLS
• 2018-10-15 Relisted — REINMLS
• 2018-09-27 Pending — REINMLS
• 2018-09-04 Listed $110,000 REINMLS
• 2014-04-24 Sold (Public Records) $89,500 Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,064 · +10.6% YoY. Source: county tax records.