2107 Pearl St · Portsmouth, VA 23704

$122,900

2 bd · 2.0 ba · 863 sqft · SingleFamily public records · 81 Days on market

Built 1939 5,227 sqft lot Est $166k · 26% 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• 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

PRICE REDUCED-Come see this charming 2 bedroom 2 full bath Bungalow/ Ranch home waiting for you to update and revitalize-located near shopping and main roads. The kitchen is open to eat-in area and living room with electric range, dishwasher and microwave. The primary bedroom is well proportioned with carpeting-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the shed is there for extra storage. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

Key facts

• Bungalow ranch home
• Electric range
• Dishwasher

Tags

• BUNGALOW RANCH HOME
• OPEN TO EAT-IN AREA
• ELECTRIC RANGE
• DISHWASHER
• MICROWAVE
• TUB SHOWER COMBINATIONS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $116k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.
• Zoned schools: Brighton Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 411 students, 97% FRL) — zoned schools average 97% FRL vs 60% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 46% district-wide (-24 pts) — the specific schools serving this property underperform the Portsmouth City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.3%/yr); 131 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 34% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $115,526 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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 1939 — 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 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?
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: 1.15% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $165,696
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1211 Fayette St	0.14mi	2/1.0	881 (+2%)	10mo	$169,000	$192	78
1111 Fayette St	0.06mi	3/1.0 (+1)	905 (+5%)	9mo	$72,000	$80	73
1200 Fayette St	0.11mi	3/1.0 (+1)	814 (-6%)	9mo	$133,500	$164	69
2918 Mulberry St	0.49mi	2/1.0	884 (+2%)	3mo	$210,000	$238	67
1432 Lasalle Ave	0.37mi	3/1.5 (+1)	882 (+2%)	9mo	$195,600	$222	64
2220 Camden Ave	0.17mi	3/1.0 (+1)	780 (-10%)	4mo	$100,000	$128	64
2016 Parker Ave	0.26mi	2/1.0	978 (+13%)	12mo	$98,000	$100	51
2600 Roanoke Ave	0.66mi	3/1.0 (+1)	900 (+4%)	2mo	$107,000	$119	51
1216 Summit Ave	0.36mi	2/1.0	760 (-12%)	12mo	$175,000	$230	50
1921 Nashville Ave	0.74mi	2/1.0	800 (-7%)	1mo	$194,000	$243	49
2200 Deep Creek Blvd	0.65mi	2/1.0	768 (-11%)	1mo	$200,000	$260	46
1536 Centre Ave	0.55mi	3/1.5 (+1)	975 (+13%)	1mo	$110,000	$113	45

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: -1.2%
• Equity multiple: 0.96×
• Total profit: $-1,508
• Equity at exit: $18,325

10-year hold

• IRR: 8.9%
• Equity multiple: 1.69×
• Total profit: $23,684
• Equity at exit: $10,626

Cash invested: $34,412 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,415 high
• Mortgage (P&I): −$645
• Tax from tax record: −$140 /mo · $1,683/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $282

Break-even live

Break-even rent $1,058

Max offer price $122,900

Occupancy floor 75%

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	20d	1	0.07mi
923 Randolph St Portsmouth, VA	2.0	1.0	800	$1,062	$1.33	43d	1	0.26mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	23d	1	0.36mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.37mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	23d	1	0.42mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.42mi
811 Randolph St Unit A Portsmouth, VA	2.0	1.0	800	$1,150	$1.44	43d	1	0.45mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	43d	1	0.45mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	7d	1	0.47mi
548 Madison St Portsmouth, VA	1.0	1.0	750	$1,249	$1.67	43d	1	0.58mi
548 Madison St Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	16d	3	0.58mi
548 Madison St Unit 54311--D Portsmouth, VA	1.0	1.0	750	$1,249	$1.67	23d	1	0.58mi
548 Madison St Unit 542-21-C Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	23d	1	0.58mi
1029 Green St Portsmouth, VA	2.0	1.5	802	$1,199	$1.50	17d	1	0.65mi
1003 Green St Unit 1003 Portsmouth, VA	2.0	1.5	837	$1,195	$1.43	23d	1	0.65mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	43d	1	0.67mi
915 Green St Portsmouth, VA	2.0	1.0	837	$1,195	$1.43	43d	1	0.70mi
533 Columbia St Portsmouth, VA	2.0	2.0	1110	$1,495	$1.35	43d	1	0.80mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$507	$0.49	23d	2	0.80mi
531 County St Unit 3 Portsmouth, VA	1.0	1.0	725	$900	$1.24	12d	1	0.84mi
531 County St Unit 3 Portsmouth, VA	1.0	1.0	725	$900	$1.24	7d	1	0.84mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,010	$1.01	2d	5	0.85mi
714 King St Portsmouth, VA	2.0	2.0	935	$1,899	$2.03	43d	1	0.86mi
714 King St Unit 00 714204 Portsmouth, VA	1.0	1.0	670	$1,499	$2.24	17d	1	0.86mi
710 Dinwiddie St Portsmouth, VA	1.0	1.0	850	$1,150	$1.35	3d	1	0.86mi
605 Dinwiddie St Unit B Portsmouth, VA	2.0	1.0	900	$1,650	$1.83	43d	1	0.92mi
800 Crawford St Portsmouth, VA	1.0	1.0	825	$1,599	$1.94	23d	1	0.95mi
507 High St Portsmouth, VA	1.0	1.0	686	$1,474	$2.15	3d	1	0.95mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	19d	1	0.97mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	10d	1	0.97mi
1140 London Blvd Portsmouth, VA	2.0	2.0	1016	$1,902	$1.87	3d	1	1.01mi
941 Holladay St Portsmouth, VA	1.0	1.0	720	$900	$1.25	43d	1	1.09mi
525 North St #1 Portsmouth, VA	1.0	1.0	630	$1,100	$1.75	43d	1	1.12mi
111 High St #409 Portsmouth, VA	2.0	2.5	1078	$2,500	$2.32	7d	1	1.13mi
412 North St Portsmouth, VA	2.0	1.0	850	$1,415	$1.66	23d	2	1.19mi
3304 Killian Ave Portsmouth, VA	3.0	1.0	800	$2,000	$2.50	23d	1	1.21mi
320 Dinwiddie St Portsmouth, VA	1.0	1.0	700	$1,150	$1.64	23d	1	1.22mi
303 North St #2 Portsmouth, VA	1.0	1.0	800	$1,224	$1.53	14d	1	1.22mi
359 Middle St Portsmouth, VA	1.0	1.0	700	$1,150	$1.64	43d	1	1.23mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	23d	1	1.25mi

Listing history 14 events

1. 2026-02-18
   status Under Contract
2. 2026-02-05
   price $122,900
3. 2026-01-07
   price $132,900
4. 2025-11-28
   listed $142,900 Active
5. 2023-02-28
   soldstatus $155,000
6. 2023-02-24
   historical
7. 2023-01-22
   status Under Contract
8. 2023-01-04
   listed $150,000 Active
9. 2017-12-22
   soldstatus $70,000
10. 2017-11-29
    status Under Contract
11. 2017-10-19
    listed $70,000 Active
12. 2016-04-08
    status Under Contract
13. 2016-03-14
    price $17,900
14. 2016-02-19
    listed $19,900 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: $1,683 · $140/mo
• Projected year-2 tax: $1,683 · $140/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 X (shaded) · 47% 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: $16,980
• − Mortgage interest: −$6,884
• − Property taxes: −$1,683
• − Insurance: −$614
• − Repairs & maintenance: −$1,358
• − Management: −$1,358
• − Depreciation: −$3,575
• Taxable income: $1,506
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $3,021/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

+517.6% since first listed

14 events — show timeline

• 2026-02-18 Pending — REINMLS
• 2026-02-05 Price Changed $122,900 REINMLS
• 2026-01-07 Price Changed $132,900 REINMLS
• 2025-11-28 Listed $142,900 REINMLS
• 2023-02-28 Sold (Public Records) $155,000 Public Records
• 2023-02-24 Listing Removed — REINMLS
• 2023-01-22 Pending — REINMLS
• 2023-01-04 Listed $150,000 REINMLS
• 2017-12-22 Sold (Public Records) $70,000 Public Records
• 2017-11-29 Pending — REINMLS
• 2017-10-19 Listed $70,000 REINMLS
• 2016-04-08 Pending — REINMLS
• 2016-03-14 Price Changed $17,900 REINMLS
• 2016-02-19 Listed $19,900 REINMLS

Property tax history

+4.0%/yr

Latest (2025): $1,683 · +2.1% YoY. Source: county tax records.