15 Cotton Pl · Portsmouth, VA 23702

$189,900

6 bd · 2.0 ba · 2,110 sqft · MultiFamily public records · 2 Days on market

Built 1928 6,161 sqft lot $90/sqft · 29% below area Est $267k · 29% under ↓ 13% since listing

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor special! This home at 15 Cotton Place offers a rare opportunity to bring your vision to life in a growing area of Portsmouth. With solid bones and a functional layout, this property is perfect for a full renovation or rental investment. Located on a quiet street with easy access to major highways, shipyards, and downtown amenities. Cash or renovation financing only. Sold as-is — no repairs to be made by Seller. Bring your contractor and imagination!

Key facts

• New water heater
• Duplex opportunity
• New roof

Tags

• DUPLEX OPPORTUNITY
• NEW ROOF
• NEW FRONT PORCH COLUMNS
• NEW WATER HEATER

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 11.0% vs local median 4.6% in Portsmouth — 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 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 (+4.0%/yr); 64 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,560/mo this rent would consume 63% 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 $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $189,900

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.35% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.83%
• DSCR: 1.75
• GRM: 6.2

CMA / ARV

• ARV (median comp): $266,967
• List price: $189,900
• Delta: -23.21%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
82 Decatur St	0.18mi	6/2.0	2,110 (0%)	12mo	$165,000	$78	81
76 Decatur St	0.18mi	6/2.0	1,982 (-6%)	9mo	$269,000	$136	74
122 Channing Ave	0.66mi	7/3.0 (+1)	2,400 (+14%)	8mo	$334,000	$139	31

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: 36.1%
• Equity multiple: 3.81×
• Total profit: $149,261
• Equity at exit: $171,077

10-year hold

• IRR: 31.4%
• Equity multiple: 8.73×
• Total profit: $410,975
• Equity at exit: $368,934

Cash invested: $53,172 (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: 64
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,560 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$202 /mo · $2,426/yr
• Insurance: −$79
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $679

Break-even live

Break-even rent $1,701

Max offer price $189,900

Occupancy floor 68%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2117 Battery Park Rd Chesapeake, VA	5.0	3.0	2500	$3,500	$1.40	23d	1	0.92mi

Listing history 18 events

1. 2026-06-18
   status $189,900 Under Contract 2 DOM
2. 2026-06-18
   days on market $189,900 Active 2 DOM
3. 2026-06-16
   pricedays on marketlisting id $189,900 Active 1 DOM
4. 2026-03-17
   status Active 468-char remark

   Show marketing remark (468 chars)

   Investor special! This home at 15 Cotton Place offers a rare opportunity to bring your vision to life in a growing area of Portsmouth. With solid bones and a functional layout, this property is perfect for a full renovation or rental investment. Located on a quiet street with easy access to major highways, shipyards, and downtown amenities. Cash or renovation financing only. Sold as-is — no repairs to be made by Seller. Bring your contractor and imagination!

5. 2026-03-03
   status Under Contract 468-char remark

   Show marketing remark (468 chars)

   Investor special! This home at 15 Cotton Place offers a rare opportunity to bring your vision to life in a growing area of Portsmouth. With solid bones and a functional layout, this property is perfect for a full renovation or rental investment. Located on a quiet street with easy access to major highways, shipyards, and downtown amenities. Cash or renovation financing only. Sold as-is — no repairs to be made by Seller. Bring your contractor and imagination!

6. 2026-02-20
   historical Active Under Contract 468-char remark

   Show marketing remark (468 chars)

   Investor special! This home at 15 Cotton Place offers a rare opportunity to bring your vision to life in a growing area of Portsmouth. With solid bones and a functional layout, this property is perfect for a full renovation or rental investment. Located on a quiet street with easy access to major highways, shipyards, and downtown amenities. Cash or renovation financing only. Sold as-is — no repairs to be made by Seller. Bring your contractor and imagination!

7. 2025-12-03
   listed $205,000 Active 468-char remark

   Show marketing remark (468 chars)

   Investor special! This home at 15 Cotton Place offers a rare opportunity to bring your vision to life in a growing area of Portsmouth. With solid bones and a functional layout, this property is perfect for a full renovation or rental investment. Located on a quiet street with easy access to major highways, shipyards, and downtown amenities. Cash or renovation financing only. Sold as-is — no repairs to be made by Seller. Bring your contractor and imagination!

8. 2025-11-25
   historical
9. 2025-11-21
   status Active
10. 2025-11-06
    status Under Contract
11. 2025-10-31
    historical
12. 2025-10-03
    historical Active Under Contract
13. 2025-09-15
    price $205,000
14. 2025-08-29
    price $215,000
15. 2025-08-19
    price $225,000
16. 2025-07-29
    status Active
17. 2025-07-27
    historical
18. 2025-07-24
    listed $235,000 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: $2,426 · $202/mo
• Projected year-2 tax: $2,426 · $202/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 7/10 Severe FEMA zone X (shaded) · 99% 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: $30,726
• − Mortgage interest: −$10,637
• − Property taxes: −$2,426
• − Insurance: −$1,747
• − Repairs & maintenance: −$2,458
• − Management: −$2,458
• − Depreciation: −$5,524
• Taxable income: $5,475
• Est. tax owed @ 24.0%: −$1,314
• After-tax cash flow: $6,836/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

-12.8% since first listed

15 events — show timeline

• 2026-03-17 Relisted — REINMLS
• 2026-03-03 Pending — REINMLS
• 2026-02-20 Contingent — REINMLS
• 2025-12-03 Listed $205,000 REINMLS
• 2025-11-25 Listing Removed — REINMLS
• 2025-11-21 Relisted — REINMLS
• 2025-11-06 Pending — REINMLS
• 2025-10-31 Listing Removed — REINMLS
• 2025-10-03 Contingent — REINMLS
• 2025-09-15 Price Changed $205,000 REINMLS
• 2025-08-29 Price Changed $215,000 REINMLS
• 2025-08-19 Price Changed $225,000 REINMLS
• 2025-07-29 Relisted — REINMLS
• 2025-07-27 Listing Removed — REINMLS
• 2025-07-24 Listed $235,000 REINMLS

Property tax history

+2.4%/yr

Latest (2025): $2,426 · +1.3% YoY. Source: county tax records.