2608 Corprew Ave · Norfolk, VA 23504

$198,000

3 bd · 2.0 ba · 1,053 sqft · SingleFamily public records · 199 Days on market

Built 1928 6,098 sqft lot $188/sqft · 8% below area Est $224k · 12% 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 +14.9/30.0
• ARV discount +12.8/15.0
• DSCR +4.5/10.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• 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

3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

Key facts

• New hvac
• Kitchen renovated
• Bathrooms renovated

Tags

• FULLY FENCED BACKYARD
• KITCHEN RENOVATED
• BATHROOMS RENOVATED
• NEW HVAC
• NEAR NORFOLK STATE UNIVERSITY
• NEAR MILITARY BASES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $57 ($678/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 $180k (9.3% below list).
• Recommended offer: $174k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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.
• Market conditions: Rents rising fast (+6.1%/yr); 123 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1,797/mo this rent would consume 48% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $52k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — 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 $174,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 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 1928 — 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: 0.91% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $224,443
• List price: $198,000
• Delta: -11.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2724 Mapleton Ave	0.25mi	3/1.5	1,059 (+1%)	0mo	$270,000	$255	85
1028 Mapole Ave	0.20mi	3/1.0	1,089 (+3%)	6mo	$239,900	$220	76
720 Forbes St	0.46mi	3/2.0	1,056 (+0%)	5mo	$150,000	$142	74
930 Mapole Ave	0.14mi	2/1.5 (-1)	1,102 (+5%)	7mo	$158,000	$143	73
1020 Merrimac Ave	0.37mi	3/1.0	1,011 (-4%)	6mo	$250,000	$247	67
2405 E Virginia Beach Blvd	0.23mi	2/1.0 (-1)	1,000 (-5%)	7mo	$195,000	$195	66
2615 Princess Anne Rd	0.28mi	3/1.0	1,184 (+12%)	0mo	$140,000	$118	62
2718 Stanhope Ave	0.50mi	3/2.0	1,183 (+12%)	3mo	$305,000	$258	54
2844 Victoria Ave	0.55mi	3/1.0	1,171 (+11%)	3mo	$80,000	$68	49
2811 Stanhope Ave	0.58mi	3/1.0	968 (-8%)	13mo	$221,000	$228	44

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: -10.9%
• Equity multiple: 0.59×
• Total profit: $-22,646
• Equity at exit: $29,522

10-year hold

• IRR: 2.3%
• Equity multiple: 1.19×
• Total profit: $10,460
• Equity at exit: $17,119

Cash invested: $55,440 (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: 123
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,797 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$242 /mo · $2,905/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $57

Break-even live

Break-even rent $1,725

Max offer price $198,000

Occupancy floor 92%

Sensitivity live

Price	-10% $169	-5% $113	+0% $57	+5% $0	+10% $-56
Rent	-10% $-85	-5% $-14	+0% $57	+5% $127	+10% $198
Rate	-1.0pp $156	-0.5pp $107	base $57	+0.5pp $5	+1.0pp $-47

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	11d	1	0.14mi
1300 Lead St Norfolk, VA	1.0–2.0	1.0	950	$1,124	$1.18	24d	1	0.41mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	44d	1	0.48mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	15d	1	0.48mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	3d	1	0.56mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	4d	1	0.56mi
1110 Chapel St Unit 6 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	44d	1	0.98mi
2315 Bolton St Norfolk, VA	3.0	1.0	1000	$1,800	$1.80	44d	1	1.01mi
2400 Ballentine Blvd Unit A Norfolk, VA	2.0	1.0	879	$1,550	$1.76	44d	1	1.03mi
3515 Gatling Ave Norfolk, VA	2.0	1.0	770	$1,050	$1.36	44d	1	1.05mi
3541 Mangrove Ave Unit 8 Norfolk, VA	2.0	1.0	900	$1,350	$1.50	24d	1	1.07mi
2421 Bolton St Unit F Norfolk, VA	2.0	1.0	725	$1,275	$1.76	44d	1	1.08mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	24d	1	1.08mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	18d	1	1.16mi
2401 Ruffin St Norfolk, VA	2.0	1.0	900	$1,350	$1.50	44d	1	1.19mi
789 Wakefield Ave Unit D Norfolk, VA	2.0	1.0	847	$1,375	$1.62	24d	1	1.21mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	8d	1	1.22mi
3556 Riverside Dr Norfolk, VA	3.0	1.0	1084	$1,950	$1.80	18d	1	1.24mi
1801 Bower St Unit B1 Norfolk, VA	2.0	1.0	750	$950	$1.27	17d	1	1.27mi
742 Lexington St Unit A Norfolk, VA	2.0	1.0	780	$1,100	$1.41	21d	1	1.28mi
758 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	8d	1	1.30mi
754 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	4d	1	1.30mi
2421 Arkansas Ave Unit A Norfolk, VA	2.0	1.0	870	$1,225	$1.41	15d	1	1.31mi
1525 Nevada Ave Unit B Norfolk, VA	2.0	1.5	1134	$1,445	$1.27	44d	1	1.34mi
3507 Cape Henry Ave Unit A Norfolk, VA	2.0	1.0	755	$1,200	$1.59	22d	1	1.34mi
842 C Ave Norfolk, VA	3.0	1.5	900	$1,095	$1.22	44d	1	1.37mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	21d	1	1.37mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	24d	1	1.40mi
2900 Verdun Ave Norfolk, VA	3.0	1.0	867	$1,800	$2.08	44d	1	1.41mi
415 Saint Pauls Blvd Norfolk, VA	1.0–2.0	2.0	1186	$2,200	$1.85	5d	3	1.43mi
415 Saint Pauls Blvd Norfolk, VA	2.0	2.0	1185	$2,348	$1.98	13d	4	1.43mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	5d	1	1.44mi
1100 Wilson Rd Unit 7 Norfolk, VA	3.0	1.5	900	$1,550	$1.72	8d	1	1.44mi
1100 Wilson Rd Norfolk, VA	3.0	1.0	900	$1,550	$1.72	5d	1	1.44mi

Listing history 35 events

1. 2026-06-21
   days on market $198,000 Active 199 DOM
2. 2026-06-18
   days on market $198,000 Active 196 DOM
3. 2026-06-17
   days on market $198,000 Active 195 DOM
4. 2026-06-16
   days on market $198,000 Active 194 DOM
5. 2026-06-15
   days on market $198,000 Active 193 DOM
6. 2026-06-13
   days on market $198,000 Active 191 DOM
7. 2026-06-09
   days on market $198,000 Active 187 DOM
8. 2026-06-08
   days on market $198,000 Active 186 DOM
9. 2026-06-07
   pricedays on market $198,000 Active 185 DOM
10. 2026-06-03
    days on market $199,000 Active 181 DOM
11. 2026-06-02
    days on market $199,000 Active 180 DOM
12. 2026-06-01
    days on market $199,000 Active 179 DOM
13. 2026-05-31
    days on market $199,000 Active 178 DOM
14. 2026-05-15
    price $200,000 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

15. 2026-04-06
    status Active 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

16. 2026-04-04
    historical Active Under Contract 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

17. 2026-03-26
    status Active 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

18. 2026-01-09
    historical Active Under Contract 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

19. 2026-01-05
    price $229,000 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

20. 2025-12-04
    listed $250,000 Active 365-char remark

    Show marketing remark (365 chars)

    3-bedroom, 2-bath home with recent updates including kitchen and bathroom renovations in 2023 and a new HVAC in 2024. Fully fenced yard offers great outdoor space. Conveniently located near Norfolk State University, military bases, and Downtown Norfolk. Property is a short sale. Selling as-is. Cash or conventional loan only. Home inspection report is available.

21. 2024-01-10
    soldstatus $244,955
22. 2023-12-12
    status Under Contract
23. 2023-12-01
    historical Active Under Contract
24. 2023-11-17
    price $239,800
25. 2023-11-07
    price $244,800
26. 2023-10-16
    status Active
27. 2023-10-03
    historical Active Under Contract
28. 2023-09-22
    listed $245,000 Active
29. 2023-02-10
    soldstatus $100,000
30. 2023-01-23
    status Under Contract
31. 2023-01-20
    status Active
32. 2023-01-07
    historical Active Under Contract
33. 2023-01-05
    price $115,000
34. 2022-12-20
    listed $120,000 Active
35. 1993-09-14
    soldstatus $20,000

ⓘ 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: $2,905 · $242/mo
• Projected year-2 tax: $2,905 · $242/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 ≥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: $21,561
• − Mortgage interest: −$11,091
• − Property taxes: −$2,905
• − Insurance: −$990
• − Repairs & maintenance: −$1,725
• − Management: −$1,725
• − Depreciation: −$5,760
• Taxable loss: −$2,635
• Est. tax savings @ 24.0%: +$632
• After-tax cash flow: $1,310/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

+900.0% since first listed

22 events — show timeline

• 2026-05-15 Price Changed $200,000 REINMLS
• 2026-04-06 Relisted — REINMLS
• 2026-04-04 Contingent — REINMLS
• 2026-03-26 Relisted — REINMLS
• 2026-01-09 Contingent — REINMLS
• 2026-01-05 Price Changed $229,000 REINMLS
• 2025-12-04 Listed $250,000 REINMLS
• 2024-01-10 Sold (Public Records) $244,955 Public Records
• 2023-12-12 Pending — REINMLS
• 2023-12-01 Contingent — REINMLS
• 2023-11-17 Price Changed $239,800 REINMLS
• 2023-11-07 Price Changed $244,800 REINMLS
• 2023-10-16 Relisted — REINMLS
• 2023-10-03 Contingent — REINMLS
• 2023-09-22 Listed $245,000 REINMLS
• 2023-02-10 Sold (Public Records) $100,000 Public Records
• 2023-01-23 Pending — REINMLS
• 2023-01-20 Relisted — REINMLS
• 2023-01-07 Contingent — REINMLS
• 2023-01-05 Price Changed $115,000 REINMLS
• 2022-12-20 Listed $120,000 REINMLS
• 1993-09-14 Sold (Public Records) $20,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,905 · +3.1% YoY. Source: county tax records.