2432 Barre St · Norfolk, VA 23504

$32,250

4 bd · 3.0 ba · 1,701 sqft · SingleFamily public records · 30 Days on market

Built 1916 2,570 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

EXTERIOR VIEW ONLY – NO ACCESS – FIRE/STRUCTURAL DAMAGE. Highest and best use may be redevelopment. Great opportunity for builders, investors, or developers. Conveniently located in the heart of Norfolk near dining, shopping, and more! Case#544-011179 UI (Uninsured) Subject to Appraisal. Property is Owned by the US Dept. of HUD. Seller makes no representations or warranties as to the property condition. HUD Homes are Sold "AS IS". Equal Housing Opportunity. Seller may contribute up to 3% for buyers closing costs upon, upon bid submission.

Key facts

• Conveniently located
• 2,570 sq ft lot
• Built 1916

Tags

• OPPORTUNITY FOR BUILDERS
• CONVENIENTLY LOCATED

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached traditional-style home; 2 stories; Crawlspace foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Lot depth approximately 100 feet; Approximately 0.059 acre lot

Interior

• Bedrooms: First-floor bedroom with full bathroom
• Bathrooms: 2 full bathrooms
• Interior features: Bedroom and full bathroom on the first floor; 6 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $32k (1.5% below list) — sets the bar for market timing.
• Cap rate 64.1% 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.
• Zoned schools: Lindenwood Elementary (math 8% / reading 32%, grade F, #1,082 of 1,108 statewide, top 98%, 262 students, 98% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 96% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 120 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,250/mo this rent would consume 60% of the median local household income ($45k/yr) (locally 1531% 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 $222 of loan paydown is wiped out by about $968 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($32k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — 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 $31,766 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — 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 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?
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. 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?
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 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: 6.98% ✓
• Cap rate: 64.14%
• Cash-on-cash: 206.60%
• DSCR: 10.19
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $329,994
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 Lindenwood Ave	0.05mi	3/2.5 (-1)	1,628 (-4%)	2mo	$301,500	$185	82
1891 Barre St	0.17mi	4/3.0	1,520 (-11%)	1mo	$325,000	$214	74
1815 Tidewater Dr	0.31mi	3/2.5 (-1)	1,666 (-2%)	1mo	$285,000	$171	74
823 Lexington St	0.39mi	4/2.5	1,616 (-5%)	2mo	$300,000	$186	70
738 Fremont St	0.40mi	3/2.5 (-1)	1,780 (+5%)	0mo	$315,000	$177	66
822 Pollard St	0.16mi	3/2.0 (-1)	1,494 (-12%)	0mo	$290,600	$195	63
3022 Lorraine Ave	0.69mi	4/2.0	1,667 (-2%)	1mo	$425,000	$255	60
2721 Argonne Ave	0.68mi	3/2.5 (-1)	1,680 (-1%)	1mo	$365,000	$217	58
3018 Lorraine Ave	0.68mi	5/2.0 (+1)	1,709 (+0%)	0mo	$325,000	$190	58
714 Fremont St	0.43mi	3/2.5 (-1)	1,520 (-11%)	2mo	$295,000	$194	53
2629 Bapaume Ave	0.52mi	3/2.0 (-1)	1,500 (-12%)	2mo	$320,000	$213	46
1311 Cary Ave	0.72mi	5/3.0 (+1)	1,900 (+12%)	2mo	$310,000	$163	40

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.20×
• Total profit: $101,108
• Equity at exit: $4,809

10-year hold

• IRR: —
• Equity multiple: 28.41×
• Total profit: $247,549
• Equity at exit: $2,788

Cash invested: $9,030 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $2,250 high
• Mortgage (P&I): −$169
• Tax est. 1.5%: −$40 /mo · $484/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $1,555

Break-even live

Break-even rent $282

Max offer price $32,250

Occupancy floor 26%

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: $8,062
• Closing costs: $968
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	43d	1	0.11mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	23d	1	0.14mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	23d	1	0.18mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	20d	1	0.32mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	43d	1	0.33mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	43d	1	0.36mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	23d	1	0.39mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	43d	1	0.47mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	14d	1	0.47mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	0.64mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.71mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	0.75mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	43d	1	0.77mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	43d	1	0.77mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	0.89mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	43d	1	0.93mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	23d	1	1.01mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	1.01mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	43d	1	1.02mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	14d	1	1.03mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	21d	1	1.03mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	14d	1	1.04mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	1.04mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	1.04mi
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	17d	1	1.06mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	43d	1	1.08mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	7d	1	1.09mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	43d	1	1.09mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	23d	1	1.12mi
820 Maltby Cres Norfolk, VA	3.0	2.5	1850	$2,395	$1.29	23d	1	1.17mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	1.18mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	43d	1	1.22mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	43d	1	1.26mi
817 Botetourt Gdns Norfolk, VA	3.0	2.5	1900	$3,150	$1.66	14d	1	1.30mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	43d	1	1.30mi
1009 Colonial Ave #3 Norfolk, VA	3.0	2.0	1276	$2,400	$1.88	23d	1	1.31mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	43d	1	1.34mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	43d	1	1.34mi
819 Colonial Ave Norfolk, VA	1.0–3.0	1.0–2.0	1092	$2,450	$2.24	2d	11	1.37mi
625 W Princess Anne Rd Unit 6 Norfolk, VA	3.0	1.5	1650	$1,995	$1.21	20d	1	1.38mi

Listing history 14 events

1. 2026-06-18
   days on market $32,250 Active 30 DOM
2. 2026-06-17
   days on market $32,250 Active 29 DOM
3. 2026-06-16
   days on market $32,250 Active 28 DOM
4. 2026-06-15
   days on market $32,250 Active 27 DOM
5. 2026-06-13
   days on market $32,250 Active 25 DOM
6. 2026-06-09
   days on market $32,250 Active 21 DOM
7. 2026-06-08
   days on market $32,250 Active 20 DOM
8. 2026-06-07
   days on market $32,250 Active 19 DOM
9. 2026-06-03
   days on market $32,250 Active 15 DOM
10. 2026-06-02
    days on market $32,250 Active 14 DOM
11. 2026-06-01
    days on market $32,250 Active 13 DOM
12. 2026-05-31
    days on market $32,250 Active 12 DOM
13. 2026-05-19
    listed $32,250 Active
14. 2025-08-20
    soldstatus $167,493

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,000
• − Mortgage interest: −$1,807
• − Property taxes: −$484
• − Insurance: −$161
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$938
• Taxable income: $19,291
• Est. tax owed @ 24.0%: −$4,630
• After-tax cash flow: $14,026/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
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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 (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

-80.7% since first listed

2 events — show timeline

• 2026-05-19 Listed $32,250 REINMLS
• 2025-08-20 Sold (Public Records) $167,493 Public Records

Property tax history

+5.0%/yr

Latest (2025): $2,342 · +16.8% YoY. Source: county tax records.