527 W 36th St #201 · Norfolk, VA 23508

$104,900

2 bd · 1.0 ba · 1,053 sqft · Condo public records · 21 Days on market

Built 1918 $100/sqft · 26% below area Est $142k · 26% under $250/mo HOA · 15% of rent ↓ 13% since listing

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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 +29.1/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Spacious two-bedroom, one bath condo offering comfortable living in a highly convenient location. Well-proportioned rooms, an open and functional layout, and abundant natural light make this home easy to personalize or rent with confidence. Conveniently situated near EVMS, Naval Bases, ODU, and major highways, providing effortless access for medical professionals, military, students, and commuters alike. A smart opportunity for a first-time buyer or investor seeking location, space, and value. A single owner owns three units so this property is not eligible for financing.

Key facts

• Near odu
• Near naval bases
• Near evms

Tags

• HIGHLY CONVENIENT LOCATION
• OPEN AND FUNCTIONAL LAYOUT
• ABUNDANT NATURAL LIGHT
• NEAR EVMS
• NEAR NAVAL BASES
• NEAR ODU

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% 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 fast (+6.0%/yr); 100 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $29k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1918 — 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 $103,326 (1.5% below list)

Questions for the listing agent

1. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.59% ✓
• Cap rate: 10.43%
• Cash-on-cash: 14.76%
• DSCR: 1.66
• GRM: 5.2

CMA / ARV

• ARV (median comp): $142,500
• List price: $104,900
• Delta: -26.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.39×
• Total profit: $11,326
• Equity at exit: $15,641

10-year hold

• IRR: 21.4%
• Equity multiple: 3.13×
• Total profit: $62,632
• Equity at exit: $9,070

Cash invested: $29,372 (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 23508

• Rents YoY: 6.0%
• Active inventory: 100
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,668 high
• Mortgage (P&I): −$550
• Tax from tax record: −$112 /mo · $1,348/yr
• Insurance: −$44
• HOA: −$250
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $361

Break-even live

Break-even rent $1,210

Max offer price $104,900

Occupancy floor 73%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3700 Gosnold Ave Unit A Norfolk, VA	2.0	1.0	700	$1,300	$1.86	24d	1	0.15mi
628 Georgia Ave Norfolk, VA	3.0	2.0	1300	$2,495	$1.92	24d	1	0.17mi
415 W 32nd St Unit 1 Norfolk, VA	2.0	1.0	850	$1,325	$1.56	44d	1	0.23mi
435 Virginia Ave Norfolk, VA	2.0	2.0	1012	$1,954	$1.93	4d	1	0.25mi
527 Maryland Ave Norfolk, VA	3.0	1.0	1200	$2,000	$1.67	44d	1	0.26mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	4d	1	0.26mi
2811 Colonial Ave Unit A4 Norfolk, VA	1.0	1.0	750	$999	$1.33	44d	1	0.29mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	44d	1	0.29mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	24d	1	0.29mi
623 W 28th St Unit 3 Norfolk, VA	1.0	1.0	700	$1,050	$1.50	17d	1	0.31mi
819 W 38th St Unit 5 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	20d	1	0.32mi
3210 Llewellyn Ave Norfolk, VA	2.0	1.0	800	$975	$1.22	44d	1	0.33mi
721 Maryland Ave Unit A Norfolk, VA	1.0	1.0	1100	$1,800	$1.64	44d	1	0.34mi
3601 Omohundro Ave Unit 3 Norfolk, VA	2.0	1.0	800	$1,395	$1.74	44d	1	0.37mi
201 W 34th St Unit 3 Norfolk, VA	2.0	1.0	750	$995	$1.33	44d	1	0.39mi
201 W 34th St Unit 7 Norfolk, VA	2.0	1.0	750	$1,099	$1.47	19d	1	0.39mi
812 W 27th St Unit 1 Norfolk, VA	2.0	1.0	750	$1,295	$1.73	8d	1	0.39mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	21d	1	0.41mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	15d	1	0.41mi
225 W 31st St Unit D Norfolk, VA	2.0	1.0	925	$975	$1.05	8d	1	0.41mi
858 37th St Unit A Norfolk, VA	3.0	1.5	1150	$1,950	$1.70	17d	1	0.42mi
430 Delaware Ave #214 Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	24d	1	0.42mi
868 W 36th St Norfolk, VA	3.0	1.5	1300	$2,500	$1.92	12d	1	0.43mi
414 Delaware Ave Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	44d	1	0.44mi
210 Pennsylvania Ave #1 Norfolk, VA	2.0	1.0	1300	$1,795	$1.38	44d	1	0.45mi
414 Delaware Ave #218 Norfolk, VA	2.0	2.0	1025	$1,850	$1.80	24d	1	0.45mi
3605 Killam Ave Norfolk, VA	1.0	2.0	1275	$950	$0.75	24d	1	0.46mi
309 W 26th St Unit A Norfolk, VA	2.0	1.0	900	$1,525	$1.69	17d	1	0.50mi
834 W 44th St Apt 208 Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	44d	1	0.52mi
601 W 24th St Norfolk, VA	1.0–2.0	1.0–2.0	722	$2,045	$2.83	2d	2	0.54mi
1037 37th St Apt B Norfolk, VA	2.0	1.0	803	$1,100	$1.37	44d	1	0.54mi
437 Connecticut Ave Unit 2 Norfolk, VA	2.0	1.0	800	$1,300	$1.62	44d	1	0.54mi
1045 37th St Unit A Norfolk, VA	3.0	1.0	950	$1,600	$1.68	44d	1	0.56mi
4804 Gosnold Ave Unit 2 Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	21d	1	0.57mi
4804 Gosnold Ave Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	20d	1	0.57mi
4101 Granby St Norfolk, VA	2.0	2.0	840	$1,899	$2.26	2d	1	0.58mi
4617 Colley Ave Norfolk, VA	1.0	1.0	700	$1,159	$1.66	44d	1	0.58mi
783 48th St Norfolk, VA	2.0	1.0	950	$1,495	$1.57	15d	1	0.60mi
1016 W 24th St Norfolk, VA	3.0	1.0–2.0	771	$1,432	$1.86	24d	20	0.63mi
4719 Colley Ave Norfolk, VA	2.0	1.0	800	$1,589	$1.99	44d	1	0.63mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-13
   status Under Contract 578-char remark

   Show marketing remark (578 chars)

   Spacious two-bedroom, one bath condo offering comfortable living in a highly convenient location. Well-proportioned rooms, an open and functional layout, and abundant natural light make this home easy to personalize or rent with confidence. Conveniently situated near EVMS, Naval Bases, ODU, and major highways, providing effortless access for medical professionals, military, students, and commuters alike. A smart opportunity for a first-time buyer or investor seeking location, space, and value. A single owner owns three units so this property is not eligible for financing.

2. 2026-05-08
   historical Active Under Contract 578-char remark

   Show marketing remark (578 chars)

   Spacious two-bedroom, one bath condo offering comfortable living in a highly convenient location. Well-proportioned rooms, an open and functional layout, and abundant natural light make this home easy to personalize or rent with confidence. Conveniently situated near EVMS, Naval Bases, ODU, and major highways, providing effortless access for medical professionals, military, students, and commuters alike. A smart opportunity for a first-time buyer or investor seeking location, space, and value. A single owner owns three units so this property is not eligible for financing.

3. 2026-04-22
   listed $104,900 Active 578-char remark

   Show marketing remark (578 chars)

   Spacious two-bedroom, one bath condo offering comfortable living in a highly convenient location. Well-proportioned rooms, an open and functional layout, and abundant natural light make this home easy to personalize or rent with confidence. Conveniently situated near EVMS, Naval Bases, ODU, and major highways, providing effortless access for medical professionals, military, students, and commuters alike. A smart opportunity for a first-time buyer or investor seeking location, space, and value. A single owner owns three units so this property is not eligible for financing.

4. 2026-04-21
   historical
5. 2026-04-10
   status Active
6. 2026-04-02
   status Under Contract
7. 2026-03-18
   historical Active Under Contract
8. 2026-03-10
   price $109,900
9. 2026-02-05
   listed $119,900 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: $1,348 · $112/mo
• Projected year-2 tax: $1,348 · $112/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 4/10 Moderate FEMA zone X (shaded) · 13% 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: $20,011
• − Mortgage interest: −$5,876
• − Property taxes: −$1,348
• − Insurance: −$524
• − Repairs & maintenance: −$1,601
• − Management: −$1,601
• − HOA: −$3,000
• − Depreciation: −$3,052
• Taxable income: $3,009
• Est. tax owed @ 24.0%: −$722
• After-tax cash flow: $3,613/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): 19,432
• Household income: $74,885
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 861.0

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 49% Black 33% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% 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: ▼ -401.24%
• Current HPI: 312.9923
• Rent YoY: ▲ 5.98%
• 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

-12.5% since first listed

9 events — show timeline

• 2026-05-13 Pending — REINMLS
• 2026-05-08 Contingent — REINMLS
• 2026-04-22 Listed $104,900 REINMLS
• 2026-04-21 Listing Removed — REINMLS
• 2026-04-10 Relisted — REINMLS
• 2026-04-02 Pending — REINMLS
• 2026-03-18 Contingent — REINMLS
• 2026-03-10 Price Changed $109,900 REINMLS
• 2026-02-05 Listed $119,900 REINMLS

Property tax history

+13.4%/yr

Latest (2025): $1,348 · +13.5% YoY. Source: county tax records.