822 Berkley Avenue Ext · Norfolk, VA 23523

$185,000

2 bd · 1.0 ba · 1,596 sqft · SingleFamily public records · 135 Days on market

Built 1925 4,791 sqft lot $116/sqft · 33% below area Est $278k · 33% under

---

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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity in Norfolk! This 3-bedroom, 1-bath home is full of charm and character with great curb appeal and tons of potential. The property needs updating and a complete renovation and is being sold as-is, making it ideal for investors or buyers looking to add value. Conveniently located near military bases, shopping, and major highways.

Key facts

• Complete renovation
• Curb appeal
• Conveniently located

Tags

• CURB APPEAL
• COMPLETE RENOVATION
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.0% in Norfolk — 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 83/100 on livability (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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 A-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: 1.13% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.38%
• DSCR: 1.42
• GRM: 7.4

CMA / ARV

• ARV (median comp): $277,810
• List price: $185,000
• Delta: -33.41%
• 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
511 Appomattox Ave	0.07mi	3/1.5 (+1)	1,400 (-12%)	1mo	$249,700	$178	69
805 Whitehead Ave	0.05mi	3/2.0 (+1)	1,480 (-7%)	13mo	$280,000	$189	66
1302 Hatton St	0.52mi	3/2.0 (+1)	1,600 (+0%)	2mo	$310,000	$194	65
808 Joyce St	0.30mi	3/2.5 (+1)	1,656 (+4%)	7mo	$275,000	$166	63
1608 Selden Ave	0.49mi	3/2.5 (+1)	1,519 (-5%)	1mo	$315,000	$207	57
916 Joyce St	0.36mi	3/2.5 (+1)	1,500 (-6%)	8mo	$270,000	$180	56
1001 Grayson St	0.37mi	3/2.5 (+1)	1,458 (-9%)	2mo	$291,000	$200	55
204 Patrick St	0.57mi	3/2.5 (+1)	1,560 (-2%)	11mo	$257,500	$165	49
125 Irving St	0.40mi	3/2.5 (+1)	1,710 (+7%)	11mo	$300,000	$175	49
912 S Main St	0.43mi	3/2.5 (+1)	1,732 (+8%)	8mo	$342,000	$197	48
1510 Landsworth St	0.65mi	3/2.0 (+1)	1,722 (+8%)	1mo	$357,000	$207	47
638 Quail Ave	0.73mi	3/2.0 (+1)	1,646 (+3%)	12mo	$324,000	$197	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-4,178
• Equity at exit: $27,584

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $29,615
• Equity at exit: $15,995

Cash invested: $51,800 (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 23523

• Home prices YoY: -16.6%
• Active inventory: 24
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,090 high
• Mortgage (P&I): −$970
• Tax from tax record: −$199 /mo · $2,391/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $405

Break-even live

Break-even rent $1,578

Max offer price $185,000

Occupancy floor 76%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	44d	1	0.28mi
1008 Grayson St Norfolk, VA	3.0	2.0	2200	$2,495	$1.13	44d	1	0.35mi
127 Poplar Ave Unit 1 Norfolk, VA	3.0	2.0	1700	$2,199	$1.29	24d	1	0.39mi
1729 Todd St Norfolk, VA	3.0	2.5	2000	$2,450	$1.23	24d	1	0.40mi
701 S Main St Norfolk, VA	3.0	2.0	1076	$1,349	$1.25	2d	2	0.46mi
329 S Main St Norfolk, VA	3.0	3.0	1652	$3,000	$1.82	44d	1	0.55mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	44d	1	0.60mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	20d	1	0.60mi
1510 Wilson Rd Unit 1 Norfolk, VA	3.0	1.0	1100	$1,325	$1.20	24d	1	0.60mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	4d	1	0.86mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	17d	1	0.97mi
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	24d	1	1.16mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	15d	1	1.16mi
111 High St #409 Portsmouth, VA	2.0	2.5	1078	$2,500	$2.32	7d	1	1.21mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$3,847	$3.35	2d	15	1.33mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	44d	1	1.40mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	15d	1	1.40mi
2800 Chesterfield Blvd Norfolk, VA	3.0	2.5	1760	$2,400	$1.36	4d	1	1.44mi
415 Saint Pauls Blvd Norfolk, VA	1.0–2.0	2.0	1186	$2,200	$1.85	4d	3	1.45mi
415 Saint Pauls Blvd Norfolk, VA	2.0	2.0	1185	$2,348	$1.98	12d	4	1.45mi
533 Columbia St Portsmouth, VA	2.0	2.0	1110	$1,495	$1.35	44d	1	1.48mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.48mi
820 Maltby Cres Norfolk, VA	3.0	2.5	1850	$2,395	$1.29	24d	1	1.49mi

Listing history 13 events

1. 2026-06-18
   days on market $185,000 Active 135 DOM
2. 2026-06-17
   days on market $185,000 Active 134 DOM
3. 2026-06-16
   days on market $185,000 Active 133 DOM
4. 2026-06-15
   days on market $185,000 Active 132 DOM
5. 2026-06-13
   days on market $185,000 Active 130 DOM
6. 2026-06-09
   days on market $185,000 Active 126 DOM
7. 2026-06-08
   days on market $185,000 Active 125 DOM
8. 2026-06-07
   days on market $185,000 Active 124 DOM
9. 2026-06-03
   days on market $185,000 Active 120 DOM
10. 2026-06-02
    days on market $185,000 Active 119 DOM
11. 2026-06-01
    days on market $185,000 Active 118 DOM
12. 2026-05-31
    days on market $185,000 Active 117 DOM
13. 2026-02-02
    listed $185,000 Active 358-char remark

    Show marketing remark (358 chars)

    Great investment opportunity in Norfolk! This 3-bedroom, 1-bath home is full of charm and character with great curb appeal and tons of potential. The property needs updating and a complete renovation and is being sold as-is, making it ideal for investors or buyers looking to add value. Conveniently located near military bases, shopping, and major highways.

ⓘ 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: $2,391 · $199/mo
• Projected year-2 tax: $2,391 · $199/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 (unshaded) · 23% 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: $25,084
• − Mortgage interest: −$10,363
• − Property taxes: −$2,391
• − Insurance: −$925
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$5,382
• Taxable income: $2,010
• Est. tax owed @ 24.0%: −$482
• After-tax cash flow: $4,376/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: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ 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: Norfolk, VA
• City population: 214,042
• Population (ZIP): 7,698

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (87%)
• Race & ethnicity: Black 87% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.73%
• Current HPI: 269.0309
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-02-02 Listed $185,000 REINMLS

Property tax history

+5.3%/yr

Latest (2025): $2,391 · +4.9% YoY. Source: county tax records.