15 Chowan Dr · Portsmouth, VA 23701

$230,000

3 bd · 1.0 ba · 986 sqft · SingleFamily public records · 52 Days on market

Built 1950 6,969 sqft lot $233/sqft · 9% below area Est $253k · 9% under

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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).

• ARV discount +11.6/15.0
• Cash flow +9.2/30.0
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming property with inviting curb appeal and functional living spaces throughout. This 3-bedroom, 1-bath home features a practical kitchen equipped with a refrigerator, gas stove, and disposal. The flexible layout offers comfortable living areas suited for everyday living, remote work, or hobbies. The oversized detached garage with power includes a second floor, providing exceptional versatility for storage, workshop space, equipment, or future customization. The fenced backyard creates a private outdoor setting great for relaxing or entertaining. Conveniently located in Portsmouth’s Rollingwood neighborhood, the home offers easy access to shopping, dining, major highways, and everyday amenities.

Key facts

• Curb appeal
• Practical kitchen
• Abundant storage

Tags

• CURB APPEAL
• FUNCTIONAL LIVING SPACES
• PRACTICAL KITCHEN
• ABUNDANT STORAGE
• OVERSIZED DETACHED GARAGE
• PRIVATE OUTDOOR SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-173 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (28.1% below list).
• Recommended offer: $165k (28.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+11.9%/yr); 167 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $165,366 (28.1% 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. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• GRM: 11.6

CMA / ARV

• ARV (median comp): $253,165
• List price: $230,000
• Delta: -9.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 Chowan Dr	0.00mi	3/1.0	986 (0%)	1mo	$230,000	$233	99
4601 Portsmouth Blvd	0.20mi	2/2.0 (-1)	1,000 (+1%)	3mo	$259,000	$259	77
20 S Colin Dr	0.46mi	3/1.0	924 (-6%)	1mo	$252,500	$273	67
51 Greeneland Blvd	0.59mi	3/1.5	930 (-6%)	4mo	$239,900	$258	58
45 Pollux Cir E	0.72mi	3/1.0	922 (-6%)	1mo	$225,000	$244	55
17 Shea St	0.41mi	2/1.0 (-1)	1,100 (+12%)	2mo	$245,000	$223	54
411 Bertha Ln	0.57mi	3/1.0	1,088 (+10%)	3mo	$220,000	$202	54
105 Bolling Rd	0.64mi	3/1.5	909 (-8%)	3mo	$190,000	$209	53
55 Greeneland Blvd	0.60mi	3/2.0	909 (-8%)	3mo	$240,000	$264	53
58 Harvard Rd	0.62mi	3/1.5	1,100 (+12%)	0mo	$239,900	$218	50
1104 Tatem Ave	0.67mi	3/2.0	1,114 (+13%)	2mo	$327,000	$294	42
50 Greeneland Blvd	0.57mi	2/2.0 (-1)	865 (-12%)	3mo	$239,000	$276	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.39×
• Total profit: $-39,587
• Equity at exit: $34,294

10-year hold

• IRR: -1.7%
• Equity multiple: 0.86×
• Total profit: $-9,052
• Equity at exit: $19,886

Cash invested: $64,400 (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 23701

• Rents YoY: 11.9%
• Active inventory: 167
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,654 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$177 /mo · $2,128/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $-173

Break-even live

Break-even rent $1,873

Max offer price $199,452

Occupancy floor —

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Chowan Dr Portsmouth, VA	1.0–2.0	1.0–2.0	737	$1,600	$2.17	2d	8	0.18mi
26 Byers Ave Portsmouth, VA	2.0	1.0	1008	$1,575	$1.56	43d	1	0.58mi
13 Hedge Ln Unit I Portsmouth, VA	2.0	1.5	816	$1,275	$1.56	7d	1	0.62mi
816 Martin Ave Portsmouth, VA	3.0	1.0	1100	$2,195	$2.00	3d	1	0.81mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	23d	1	0.82mi
1008 Cherokee Rd Portsmouth, VA	1.0–2.0	1.0	835	$1,345	$1.61	43d	1	0.86mi
6 Harrower Ct Portsmouth, VA	2.0	2.0	800	$1,550	$1.94	43d	1	0.87mi
4642 Greenwood Dr Portsmouth, VA	2.0	1.0	946	$1,550	$1.64	43d	1	0.96mi
49 Carver Cir Portsmouth, VA	2.0	2.0	800	$1,450	$1.81	23d	1	1.28mi
11 Carver Cir Portsmouth, VA	2.0	1.0	695	$1,395	$2.01	43d	1	1.40mi
1 Shelby St Portsmouth, VA	2.0	1.0	700	$1,250	$1.79	23d	1	1.41mi
3626 Bart St Unit BAR3626-DF Portsmouth, VA	2.0	1.0	900	$1,000	$1.11	7d	1	1.49mi

Listing history 3 events

1. 2026-05-15
   status Under Contract 714-char remark

   Show marketing remark (714 chars)

   Charming property with inviting curb appeal and functional living spaces throughout. This 3-bedroom, 1-bath home features a practical kitchen equipped with a refrigerator, gas stove, and disposal. The flexible layout offers comfortable living areas suited for everyday living, remote work, or hobbies. The oversized detached garage with power includes a second floor, providing exceptional versatility for storage, workshop space, equipment, or future customization. The fenced backyard creates a private outdoor setting great for relaxing or entertaining. Conveniently located in Portsmouth’s Rollingwood neighborhood, the home offers easy access to shopping, dining, major highways, and everyday amenities.

2. 2026-05-06
   historical Active Under Contract 714-char remark

   Show marketing remark (714 chars)

   Charming property with inviting curb appeal and functional living spaces throughout. This 3-bedroom, 1-bath home features a practical kitchen equipped with a refrigerator, gas stove, and disposal. The flexible layout offers comfortable living areas suited for everyday living, remote work, or hobbies. The oversized detached garage with power includes a second floor, providing exceptional versatility for storage, workshop space, equipment, or future customization. The fenced backyard creates a private outdoor setting great for relaxing or entertaining. Conveniently located in Portsmouth’s Rollingwood neighborhood, the home offers easy access to shopping, dining, major highways, and everyday amenities.

3. 2026-03-24
   listed $230,000 Active 714-char remark

   Show marketing remark (714 chars)

   Charming property with inviting curb appeal and functional living spaces throughout. This 3-bedroom, 1-bath home features a practical kitchen equipped with a refrigerator, gas stove, and disposal. The flexible layout offers comfortable living areas suited for everyday living, remote work, or hobbies. The oversized detached garage with power includes a second floor, providing exceptional versatility for storage, workshop space, equipment, or future customization. The fenced backyard creates a private outdoor setting great for relaxing or entertaining. Conveniently located in Portsmouth’s Rollingwood neighborhood, the home offers easy access to shopping, dining, major highways, and everyday amenities.

ⓘ 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: $2,128 · $177/mo
• Projected year-2 tax: $2,128 · $177/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 (unshaded) · 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,844
• − Mortgage interest: −$12,884
• − Property taxes: −$2,128
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$6,691
• Taxable loss: −$6,184
• Est. tax savings @ 24.0%: +$1,484
• After-tax cash flow: $-591/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

3 events — show timeline

• 2026-05-15 Pending — REINMLS
• 2026-05-06 Contingent — REINMLS
• 2026-03-24 Listed $230,000 REINMLS

Property tax history

+1.3%/yr

Latest (2025): $2,128 · +3.4% YoY. Source: county tax records.