2441 Alder St · Norfolk, VA 23513

$148,100

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 70 Days on market

Built 1966 5,314 sqft lot $142/sqft · 46% below area Est $274k · 46% 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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.4/10.0
• 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

Opportunity awaits in this three bedroom, one bath home. Some work/refreshing is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. RESERVE AUCTION PROPERTY- Property sold “AS-IS” without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect before bidding.

Key facts

• 5,314 sq ft lot
• Garage
• Built 1966

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $139k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+3.4%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $95k; list at $148k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $139,214 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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: 1.14% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.18%
• DSCR: 1.36
• GRM: 7.3

CMA / ARV

• ARV (median comp): $274,364
• List price: $148,100
• Delta: -46.02%
• 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
2420 Juniper St	0.13mi	3/1.0	1,069 (+3%)	1mo	$149,999	$140	89
2413 Hemlock St	0.16mi	3/1.5	1,092 (+5%)	1mo	$295,000	$270	81
4741 Krick St	0.34mi	3/1.5	1,050 (+1%)	0mo	$185,000	$176	80
3760 Larkin St	0.35mi	3/2.0	1,068 (+3%)	2mo	$305,000	$286	73
2404 Nevada Ave	0.48mi	3/2.0	1,013 (-3%)	2mo	$319,999	$316	68
2719 Overbrook Ave	0.45mi	3/2.0	1,100 (+6%)	2mo	$290,000	$264	64
2429 Wyoming Ave	0.55mi	3/1.0	1,088 (+5%)	3mo	$143,000	$131	64
3708 Tait Ter	0.44mi	3/2.0	1,158 (+11%)	0mo	$285,000	$246	56
3753 Davis St	0.38mi	2/1.0 (-1)	912 (-12%)	3mo	$250,000	$274	54
1558 Norcova Ave	0.47mi	3/2.0	1,184 (+14%)	1mo	$245,000	$207	50
3705 Nottaway St	0.67mi	2/1.0 (-1)	917 (-12%)	2mo	$246,000	$268	42
4885 Beamon Rd	0.71mi	4/2.0 (+1)	1,177 (+13%)	0mo	$315,000	$268	36

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,242
• Equity at exit: $22,082

10-year hold

• IRR: 6.8%
• Equity multiple: 1.52×
• Total profit: $21,748
• Equity at exit: $12,805

Cash invested: $41,468 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,689 high
• Mortgage (P&I): −$777
• Tax from tax record: −$213 /mo · $2,557/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $283

Break-even live

Break-even rent $1,331

Max offer price $148,100

Occupancy floor 78%

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: $37,025
• Closing costs: $4,443
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4505 Cape Henry Ave Norfolk, VA	2.0	1.0	720	$1,000	$1.39	43d	1	0.23mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	43d	1	0.30mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	23d	1	0.30mi
2412 Azalea Garden Rd Unit 105 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	23d	1	0.36mi
2412 Azalea Garden Rd Apt 210 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	43d	1	0.36mi
4670 Kincaid Ave Apt E Norfolk, VA	2.0	1.0	800	$1,250	$1.56	3d	1	0.37mi
4745 Lind St Unit B Norfolk, VA	2.0	1.0	752	$1,350	$1.80	2d	1	0.41mi
4745 Lind St Unit A Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	43d	1	0.41mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	17d	1	0.47mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	23d	1	0.52mi
3507 Cape Henry Ave Unit A Norfolk, VA	2.0	1.0	755	$1,200	$1.59	21d	1	0.55mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	0.56mi
1525 Nevada Ave Unit B Norfolk, VA	2.0	1.5	1134	$1,445	$1.27	43d	1	0.57mi
3044 Sewells Point Rd Norfolk, VA	2.0	1.0	830	$1,134	$1.37	1d	1	0.57mi
1445 Norcova Ave Apt E Norfolk, VA	2.0	1.0	750	$1,125	$1.50	43d	1	0.59mi
2421 Arkansas Ave Unit A Norfolk, VA	2.0	1.0	870	$1,225	$1.41	14d	1	0.60mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	0.74mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	0.76mi
1371 E Norcova Dr Norfolk, VA	2.0	1.0	967	$1,750	$1.81	7d	1	0.77mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	43d	1	0.81mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	23d	1	0.82mi
3305 Herbert St Norfolk, VA	2.0	1.0	1215	$1,750	$1.44	12d	1	0.89mi
2400 Ballentine Blvd Unit A Norfolk, VA	2.0	1.0	879	$1,550	$1.76	43d	1	0.92mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	0.98mi
4566 Hampshire Ave Unit A Norfolk, VA	2.0	1.0	870	$1,350	$1.55	43d	1	0.98mi
4802 Norvella Ave Unit 1 Norfolk, VA	2.0	1.0	800	$1,050	$1.31	7d	1	1.03mi
2949 Verdun Ave Norfolk, VA	3.0	2.0	950	$3,000	$3.16	43d	1	1.11mi
2900 Verdun Ave Norfolk, VA	3.0	1.0	867	$1,800	$2.08	43d	1	1.12mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	7d	1	1.23mi
3820 Essex Cir Unit A Norfolk, VA	2.0	1.0	1000	$2,200	$2.20	21d	1	1.24mi
3820 Essex Cir Unit B 1 Norfolk, VA	2.0	1.0	900	$1,700	$1.89	21d	1	1.24mi
3820 Essex Cir #1 Norfolk, VA	2.0	1.0	1000	$2,250	$2.25	17d	1	1.24mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	12d	1	1.24mi
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	14d	1	1.27mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	1.27mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	43d	1	1.28mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	43d	1	1.30mi
3541 Mangrove Ave Unit 8 Norfolk, VA	2.0	1.0	900	$1,350	$1.50	23d	1	1.33mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	1.37mi
2111 Bellevue Ave Unit 1 Norfolk, VA	2.0	1.0	950	$1,300	$1.37	43d	1	1.40mi

Listing history 4 events

1. 2026-05-05
   status Pending 517-char remark

   Show marketing remark (517 chars)

   Opportunity awaits in this three bedroom, one bath home. Some work/refreshing is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. RESERVE AUCTION PROPERTY- Property sold “AS-IS” without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect before bidding.

2. 2026-04-01
   price $148,100 517-char remark

   Show marketing remark (517 chars)

   Opportunity awaits in this three bedroom, one bath home. Some work/refreshing is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. RESERVE AUCTION PROPERTY- Property sold “AS-IS” without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect before bidding.

3. 2026-02-24
   listed $155,820 Active 517-char remark

   Show marketing remark (517 chars)

   Opportunity awaits in this three bedroom, one bath home. Some work/refreshing is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. RESERVE AUCTION PROPERTY- Property sold “AS-IS” without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect before bidding.

4. 2006-11-27
   soldstatus $95,000

ⓘ 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: $2,557 · $213/mo
• Projected year-2 tax: $2,557 · $213/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: $20,264
• − Mortgage interest: −$8,296
• − Property taxes: −$2,557
• − Insurance: −$740
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$4,308
• Taxable income: $1,120
• Est. tax owed @ 24.0%: −$269
• After-tax cash flow: $3,122/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

+55.9% since first listed

4 events — show timeline

• 2026-05-05 Pending — BRIGHT MLS
• 2026-04-01 Price Changed $148,100 BRIGHT MLS
• 2026-02-24 Listed $155,820 BRIGHT MLS
• 2006-11-27 Sold (Public Records) $95,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $2,557 · +7.8% YoY. Source: county tax records.