2012 Greenwood Dr · Portsmouth, VA 23702

$60,000

3 bd · 1.0 ba · 1,894 sqft · SingleFamily public records · 318 Days on market

Built 1931 0.33 ac lot ↓ 28% since listing

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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).

• Cash flow +11.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

Key facts

• Cape cod style home
• Major renovations
• Rehab ready property

Tags

• CAPE COD STYLE HOME
• REHAB READY PROPERTY
• PRIME LOCATION
• MAJOR RENOVATIONS

🔨 Auction listing. The $60,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $282,860 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $-542 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.8% vs local median 4.6% in Portsmouth — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Zoned schools: Victory Elementary (math 37% / reading 57%, grade D-, #794 of 1,108 statewide, top 74%, 589 students, 117% FRL); Cradock Middle (math 32% / reading 62%, grade D+, #257 of 342 statewide, top 77%, 533 students, 100% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 106% FRL vs 60% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 65 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,178/mo this rent would consume 54% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 318 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y ago; this cycle's ask has dropped $15k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; flood insurance adds $427/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $52,800 (12.0% 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 318 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 10.8

CMA / ARV

• ARV (median comp): $282,860
• List price: $60,000
• Delta: -78.79%
• 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
25 Cushing St	0.23mi	4/2.5 (+1)	1,802 (-5%)	1mo	$310,000	$172	69
3906 Deep Creek Blvd	0.48mi	4/2.5 (+1)	1,900 (+0%)	2mo	$288,700	$152	65
17 Davis St	0.55mi	4/2.0 (+1)	1,900 (+0%)	1mo	$330,000	$174	64
25 Alden Ave	0.35mi	3/2.0	1,656 (-13%)	1mo	$246,500	$149	58
17 Prospect Pkwy	0.34mi	4/2.5 (+1)	2,050 (+8%)	4mo	$255,000	$124	56
27 Afton Pkwy	0.33mi	4/2.0 (+1)	1,631 (-14%)	1mo	$309,000	$189	52
45 Prospect Pkwy	0.45mi	4/3.5 (+1)	1,750 (-8%)	2mo	$302,000	$173	50
1421 Wilcox Ave	0.70mi	2/2.0 (-1)	1,800 (-5%)	2mo	$155,000	$86	48
2629 Greenwood Dr	0.61mi	4/2.0 (+1)	1,700 (-10%)	1mo	$303,000	$178	45
83 Channing Ave	0.63mi	4/3.0 (+1)	1,721 (-9%)	1mo	$307,500	$179	42
13 Kennedy Dr	0.67mi	4/2.0 (+1)	1,682 (-11%)	1mo	$298,000	$177	40
109 Appomattox Ave	0.66mi	4/2.5 (+1)	2,172 (+15%)	1mo	$375,000	$173	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.54×
• Total profit: $121,916
• Equity at exit: $254,823

10-year hold

• IRR: 17.7%
• Equity multiple: 5.94×
• Total profit: $391,129
• Equity at exit: $549,536

Cash invested: $79,201 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 65
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,178 high
• Mortgage (P&I): −$1,483
• Tax from tax record: −$234 /mo · $2,813/yr
• Insurance: −$118
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $-542

Break-even live

Break-even rent $2,864

Max offer price $187,157

Occupancy floor —

Sensitivity live

Price	-10% $-382	-5% $-462	+0% $-542	+5% $-622	+10% $-702
Rent	-10% $-714	-5% $-628	+0% $-542	+5% $-456	+10% $-370
Rate	-1.0pp $-399	-0.5pp $-470	base $-542	+0.5pp $-615	+1.0pp $-690

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: $70,715
• Closing costs: $8,486
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	19d	1	0.25mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	46d	1	0.49mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	45d	1	0.66mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	0.71mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	45d	1	0.71mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	14d	1	0.73mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	0.83mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	19d	1	0.91mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	16d	1	0.91mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	45d	1	0.97mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	9d	1	1.08mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	45d	1	1.14mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	45d	1	1.20mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	25d	1	1.22mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	23d	1	1.24mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	5d	1	1.40mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	5d	1	1.45mi
528 Normandy St Portsmouth, VA	3.0	2.5	2262	$2,800	$1.24	25d	1	1.49mi

Listing history 36 events

1. 2026-06-07
   statusdays on market $60,000 Pending 318 DOM
2. 2026-06-03
   days on market $60,000 Active 316 DOM
3. 2026-06-02
   days on market $60,000 Active 315 DOM
4. 2026-06-01
   days on market $60,000 Active 314 DOM
5. 2026-05-31
   days on market $60,000 Active 313 DOM
6. 2026-04-16
   price $60,000 562-char remark

   Show marketing remark (562 chars)

   ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

7. 2026-03-21
   price $70,000 562-char remark

   Show marketing remark (562 chars)

   ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

8. 2026-02-04
   price $150,000 562-char remark

   Show marketing remark (562 chars)

   ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

9. 2025-12-29
   price $158,000 562-char remark

   Show marketing remark (562 chars)

   ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

10. 2025-07-22
    listed $75,000 Active 562-char remark

    Show marketing remark (562 chars)

    ONLINE AUCTION:This auction takes place on the Ashland Group Bidding Platform website. Bidding begins 05/28/26 @ 10:00 AM and ends 06/01/26 @ 12:50 PM ATTENTION INVESTORS! Charming Cape Cod style home within the Greater Craddock Historic District. Bring your toolbox & ideas for this rehab ready property. Prime location - Minutes to numerous attractions and scenic Waterfront of Paradise Creek. Property is Vacant and in need of major renovations & repairs. Property is Vacant For full terms and conditions please visit auctioneer’s website.

11. 2025-06-30
    historical
12. 2025-05-02
    status Active
13. 2025-05-02
    price $75,000
14. 2025-04-09
    listed $68,000 Active
15. 2024-12-16
    historical
16. 2024-12-04
    price $255,000
17. 2024-12-02
    price $275,000
18. 2024-11-26
    price $285,000
19. 2024-11-04
    price $320,000
20. 2024-10-28
    price $350,000
21. 2024-10-25
    price $375,000
22. 2024-10-14
    price $395,000
23. 2024-10-08
    price $415,000
24. 2024-09-30
    listed $450,000 Active
25. 2021-11-19
    historical
26. 2021-05-19
    listed $450,000 Active
27. 2019-11-04
    historical
28. 2019-06-28
    status Active
29. 2019-06-26
    historical
30. 2019-06-17
    listed $115,000 Active
31. 2019-06-09
    historical
32. 2019-02-04
    price $108,000
33. 2019-01-29
    price $125,000
34. 2018-12-09
    listed $155,000 Active
35. 2007-09-14
    soldstatus $147,000
36. 2002-03-20
    soldstatus $83,000

ⓘ 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: $2,813 · $234/mo
• Projected year-2 tax: $2,813 · $234/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 5/10 Major FEMA zone AE · 51% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,133
• − Mortgage interest: −$15,845
• − Property taxes: −$2,813
• − Insurance: −$6,533
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − Depreciation: −$8,229
• Taxable loss: −$11,467
• Est. tax savings @ 24.0%: +$2,752
• After-tax cash flow: $-3,749/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

-27.7% since first listed

31 events — show timeline

• 2026-04-16 Price Changed $60,000 CVRMLS
• 2026-03-21 Price Changed $70,000 CVRMLS
• 2026-02-04 Price Changed $150,000 CVRMLS
• 2025-12-29 Price Changed $158,000 CVRMLS
• 2025-07-22 Listed $75,000 CVRMLS
• 2025-06-30 Listing Removed — CVRMLS
• 2025-05-02 Relisted — CVRMLS
• 2025-05-02 Price Changed $75,000 CVRMLS
• 2025-04-09 Listed $68,000 CVRMLS
• 2024-12-16 Listing Removed — REINMLS
• 2024-12-04 Price Changed $255,000 REINMLS
• 2024-12-02 Price Changed $275,000 REINMLS
• 2024-11-26 Price Changed $285,000 REINMLS
• 2024-11-04 Price Changed $320,000 REINMLS
• 2024-10-28 Price Changed $350,000 REINMLS
• 2024-10-25 Price Changed $375,000 REINMLS
• 2024-10-14 Price Changed $395,000 REINMLS
• 2024-10-08 Price Changed $415,000 REINMLS
• 2024-09-30 Listed $450,000 REINMLS
• 2021-11-19 Listing Removed — REINMLS
• 2021-05-19 Listed $450,000 REINMLS
• 2019-11-04 Listing Removed — REINMLS
• 2019-06-28 Relisted — REINMLS
• 2019-06-26 Listing Removed — REINMLS
• 2019-06-17 Listed $115,000 REINMLS
• 2019-06-09 Listing Removed — REINMLS
• 2019-02-04 Price Changed $108,000 REINMLS
• 2019-01-29 Price Changed $125,000 REINMLS
• 2018-12-09 Listed $155,000 REINMLS
• 2007-09-14 Sold (Public Records) $147,000 Public Records
• 2002-03-20 Sold (Public Records) $83,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $2,813 · +1.8% YoY. Source: county tax records.