1519 Lansing Ave · Portsmouth, VA 23704

$155,000

4 bd · 2.0 ba · 2,156 sqft · SingleFamily public records · 19 Days on market

Built 1910 10,018 sqft lot ↓ 14% since listing

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bring your imagination and make this spacious 4-bedroom, 2-bath home your own! Situated in the heart of Portsmouth offering over 2,000 square feet of living space on a 0.23-acre lot, this home is brimming with potential! This property provides an excellent canvas for customization and value-add improvements. Conveniently located near dining, shopping, and more! Call today for more information and to schedule your tour!

Key facts

• 0.23 acre lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $153k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% 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.
• Zoned schools: Brighton Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 411 students, 97% 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 98% FRL vs 60% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 131 active listings in the ZIP; 20 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 $2,269/mo this rent would consume 55% of the median local household income ($50k/yr) (locally 1727% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $43k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $152,675 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.46% ✓
• Cap rate: 11.61%
• Cash-on-cash: 18.99%
• DSCR: 1.84
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $351,428
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1519 Lansing Ave	0.00mi	4/2.0	2,156 (0%)	0mo	$165,000	$77	100
1410 Lansing Ave	0.09mi	4/2.5	2,000 (-7%)	0mo	$331,900	$166	81
1415 Des Moines Ave	0.12mi	4/2.5	1,890 (-12%)	1mo	$335,000	$177	71
1710 Atlanta Ave	0.19mi	4/2.5	2,400 (+11%)	3mo	$381,749	$159	68
1611 Highland Ave	0.59mi	4/3.0	2,152 (-0%)	1mo	$349,900	$163	68
2100 Elm Ave	0.38mi	4/3.5	1,988 (-8%)	1mo	$265,000	$133	62
1213 Centre Ave	0.74mi	4/2.5	2,100 (-3%)	1mo	$344,000	$164	58
2407 Lincoln St	0.34mi	3/2.5 (-1)	1,896 (-12%)	3mo	$294,000	$155	55
1912 County St	0.56mi	4/3.0	1,988 (-8%)	3mo	$310,000	$156	54
604 Yorktown Ave	0.57mi	5/2.5 (+1)	1,990 (-8%)	3mo	$330,000	$166	51
2331 Azalea Ave	0.47mi	3/2.0 (-1)	1,872 (-13%)	0mo	$283,900	$152	51
1211 Centre Ave	0.74mi	4/2.5	2,000 (-7%)	3mo	$339,000	$170	49

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.45×
• Total profit: $19,387
• Equity at exit: $23,111

10-year hold

• IRR: 20.5%
• Equity multiple: 2.76×
• Total profit: $76,359
• Equity at exit: $13,402

Cash invested: $43,400 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 131
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,269 high
• Mortgage (P&I): −$813
• Tax from tax record: −$228 /mo · $2,740/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $687

Break-even live

Break-even rent $1,400

Max offer price $155,000

Occupancy floor 65%

Sensitivity live

Price	-10% $774	-5% $731	+0% $687	+5% $643	+10% $599
Rent	-10% $507	-5% $597	+0% $687	+5% $776	+10% $866
Rate	-1.0pp $765	-0.5pp $726	base $687	+0.5pp $647	+1.0pp $606

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	0.09mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.37mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	0.38mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.42mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	0.44mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	0.45mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.56mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	24d	1	0.66mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.79mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	17d	1	0.90mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	1.07mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	1.10mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.13mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	21d	1	1.15mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	18d	1	1.17mi
511 Hampton Pl Unit B Portsmouth, VA	4.0	2.0	3000	$3,450	$1.15	44d	1	1.17mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	1.17mi
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	24d	1	1.20mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	44d	1	1.24mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	1.40mi

Listing history 7 events

1. 2026-04-01
   status Under Contract
2. 2026-03-12
   listed $155,000 Active
3. 2026-02-20
   soldstatus $184,024
4. 2021-08-19
   soldstatus $179,900
5. 2021-07-21
   status Under Contract
6. 2021-07-08
   historical Active Under Contract
7. 2021-07-01
   listed $179,900 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: $2,740 · $228/mo
• Projected year-2 tax: $2,740 · $228/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 (shaded) · 22% 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: $27,228
• − Mortgage interest: −$8,682
• − Property taxes: −$2,740
• − Insurance: −$775
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$4,509
• Taxable income: $6,165
• Est. tax owed @ 24.0%: −$1,480
• After-tax cash flow: $6,761/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): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 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: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

-13.8% since first listed

7 events — show timeline

• 2026-04-01 Pending — REINMLS
• 2026-03-12 Listed $155,000 REINMLS
• 2026-02-20 Sold (Public Records) $184,024 Public Records
• 2021-08-19 Sold (Public Records) $179,900 Public Records
• 2021-07-21 Pending — REINMLS
• 2021-07-08 Contingent — REINMLS
• 2021-07-01 Listed $179,900 REINMLS

Property tax history

+9.9%/yr

Latest (2025): $2,740 · +2.3% YoY. Source: county tax records.