34 Frailey Pl · Portsmouth, VA 23702

$234,900

3 bd · 2.0 ba · 1,020 sqft · SingleFamily public records · 28 Days on market

Built 1941 6,969 sqft lot Est $216k · 9% over

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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).

• Appreciation +10.0/10.0
• Cash flow +9.4/30.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• ARV discount +3.6/15.0
• Rent growth +3.5/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Key facts

• 6,969 sq ft lot
• Garage
• Built 1941

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Covered carport; Driveway parking (3 spaces); Detached garage (approx. 320 sq ft)
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached bungalow/ranch; Single-story; Level flooring; Simple ownership
• Construction: Vinyl siding; Crawl foundation; 1 story
• Exterior features: Patio; Screened porch; Converted garage; Storage shed; Back yard fenced with chain link and wood fencing

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher; Disposal
• Bedrooms: First-floor bedroom with full bathroom; Master bedroom
• Flooring: Ceramic flooring; Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fan; Gas-propane fireplace; Pull-down attic stairs
• Laundry & utility: Main floor laundry; Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (12.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (26.3% below list).
• Recommended offer: $173k (26.3% below list) — sets the bar for 1% rule.

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: Cradock Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 622 students, 98% FRL); Cradock Middle (math 32% / reading 62%, grade D+, #257 of 342 statewide, top 77%, 533 students, 100% FRL); Manor High (math 48% / reading 75%, grade B-, #240 of 319 statewide, top 75%, 1,236 students, 99% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 65 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 43% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,013 (26.3% 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. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.74% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $216,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Woodland St	0.26mi	3/2.0	1,040 (+2%)	7mo	$240,000	$231	79
132 Cushing St	0.33mi	2/1.0 (-1)	1,016 (-0%)	3mo	$215,000	$212	73
100 Dahlgren Ave Unit B	0.33mi	3/1.0	1,078 (+6%)	1mo	$194,700	$181	70
25 Fiske St	0.19mi	3/1.5	1,148 (+12%)	6mo	$235,000	$205	63
132 Afton Pkwy	0.65mi	3/2.0	1,056 (+4%)	3mo	$244,900	$232	61
41 Irwin St	0.24mi	3/1.0	900 (-12%)	6mo	$215,000	$239	61
206 Kelly Dr	0.67mi	2/2.0 (-1)	1,000 (-2%)	2mo	$125,000	$125	59
4329 Deep Creek Blvd	0.69mi	3/1.0	985 (-3%)	8mo	$230,000	$234	52
12 Oakcrest St	0.59mi	3/1.0	1,115 (+9%)	3mo	$120,000	$108	50
70 Nicholson St	0.59mi	2/2.0 (-1)	912 (-11%)	3mo	$214,098	$235	47
4320 Deep Creek Blvd	0.72mi	3/1.0	1,150 (+13%)	1mo	$234,900	$204	40
11 Aylwin Rd	0.67mi	2/1.0 (-1)	1,165 (+14%)	4mo	$129,900	$112	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: 22.4%
• Equity multiple: 2.81×
• Total profit: $118,926
• Equity at exit: $211,617

10-year hold

• IRR: 20.3%
• Equity multiple: 6.51×
• Total profit: $362,160
• Equity at exit: $456,359

Cash invested: $65,772 (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: 11.3×

Monthly cashflow live

• Estimated rent: $1,730 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$205 /mo · $2,458/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-168

Break-even live

Break-even rent $1,942

Max offer price $205,268

Occupancy floor —

Sensitivity live

Price	-10% $-35	-5% $-101	+0% $-168	+5% $-234	+10% $-301
Rent	-10% $-304	-5% $-236	+0% $-168	+5% $-99	+10% $-31
Rate	-1.0pp $-49	-0.5pp $-108	base $-168	+0.5pp $-229	+1.0pp $-291

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	45d	1	0.54mi
18 Cooper Dr Portsmouth, VA	2.0	1.0	920	$1,400	$1.52	19d	1	0.67mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	14d	1	0.93mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	45d	1	1.07mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	14d	1	1.08mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	25d	1	1.08mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	25d	1	1.09mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	12d	1	1.20mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	21d	1	1.20mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	18d	1	1.20mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	16d	1	1.20mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	1.22mi
1114 Woodland Terrace Dr Chesapeake, VA	3.0	1.0	1223	$2,000	$1.64	25d	1	1.34mi
908 Lake Village Dr Chesapeake, VA	2.0–3.0	1.0	972	$1,508	$1.55	4d	7	1.34mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	1.36mi
940 Willis St Chesapeake, VA	3.0	2.0	1150	$1,795	$1.56	18d	1	1.49mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	45d	1	1.50mi

Listing history 23 events

1. 2026-06-21
   days on market $234,900 Active 28 DOM
2. 2026-06-18
   days on market $234,900 Active 25 DOM
3. 2026-06-17
   days on market $234,900 Active 24 DOM
4. 2026-06-16
   days on market $234,900 Active 23 DOM
5. 2026-06-15
   days on market $234,900 Active 22 DOM
6. 2026-06-13
   days on market $234,900 Active 20 DOM
7. 2026-06-09
   days on market $234,900 Active 16 DOM
8. 2026-06-08
   days on market $234,900 Active 15 DOM
9. 2026-06-07
   days on market $234,900 Active 14 DOM
10. 2026-06-03
    days on market $234,900 Active 10 DOM
11. 2026-06-02
    days on market $234,900 Active 9 DOM
12. 2026-06-01
    days on market $234,900 Active 8 DOM
13. 2026-05-31
    days on market $234,900 Active 7 DOM
14. 2026-05-25
    listed $234,900 Active
15. 2026-05-19
    listed $234,900
16. 2024-02-28
    soldstatus $212,000
17. 2024-02-08
    status Under Contract
18. 2024-01-25
    historical Active Under Contract
19. 2023-12-29
    listed $214,000 Active
20. 2022-06-27
    soldstatus $185,000
21. 2022-05-13
    status Under Contract
22. 2022-05-11
    listed $180,000 Active
23. 2007-08-06
    soldstatus $167,000

ⓘ 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: $2,458 · $205/mo
• Projected year-2 tax: $2,458 · $205/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 · 15 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: $20,762
• − Mortgage interest: −$13,158
• − Property taxes: −$2,458
• − Insurance: −$1,174
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$6,833
• Taxable loss: −$6,184
• Est. tax savings @ 24.0%: +$1,484
• After-tax cash flow: $-529/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

+40.7% since first listed

10 events — show timeline

• 2026-05-25 Listed $234,900 REINMLS
• 2026-05-19 Listed $234,900 REINMLS
• 2024-02-28 Sold (Public Records) $212,000 Public Records
• 2024-02-08 Pending — REINMLS
• 2024-01-25 Contingent — REINMLS
• 2023-12-29 Listed $214,000 REINMLS
• 2022-06-27 Sold (Public Records) $185,000 Public Records
• 2022-05-13 Pending — REINMLS
• 2022-05-11 Listed $180,000 REINMLS
• 2007-08-06 Sold (Public Records) $167,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,458 · +1.3% YoY. Source: county tax records.