901 Grayson St · Norfolk, VA 23523

$230,000

3 bd · 1.5 ba · 1,767 sqft · SingleFamily public records · 103 Days on market

Built 1915 $130/sqft · 21% below area Est $338k · 32% under

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Why this score? — see what drove the C 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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• 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

Charming Victorian style home in Berkley neighborhood of Norfolk boasting a grand stairway and wide open foyer. Ready for you to make your own by finishing the renovations. Five bedrooms. Hardwood floors, finished attic is third floor suitable for bedroom, office, exercise, crafts or flex room. Wide welcoming front porch.

Key facts

• Built 1915
• Listed 103 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (0.2% below list).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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.
• Current owner paid $118k; list at $230k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $209,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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: 1.00% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.56%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $337,500
• List price: $230,000
• Delta: -31.85%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 S Main St	0.10mi	3/2.5	1,732 (-2%)	8mo	$342,000	$197	82
520 Nelson St	0.12mi	3/2.0	1,900 (+8%)	1mo	$303,000	$159	79
125 Irving St	0.07mi	3/2.5	1,710 (-3%)	11mo	$300,000	$175	78
304 E Liberty St	0.07mi	4/2.5 (+1)	1,600 (-10%)	4mo	$260,000	$163	69
123 Hardy Ave	0.33mi	4/1.5 (+1)	1,556 (-12%)	4mo	$260,000	$167	56
229 E Indian River Rd	0.38mi	3/2.5	1,628 (-8%)	13mo	$305,000	$187	54
204 Patrick St	0.33mi	3/2.5	1,560 (-12%)	11mo	$257,500	$165	52
808 Joyce St	0.63mi	3/2.5	1,656 (-6%)	7mo	$275,000	$166	50
1009 Joyce St	0.73mi	3/2.5	1,992 (+13%)	2mo	$359,900	$181	39
1219 Hibie St	0.65mi	4/3.0 (+1)	2,005 (+14%)	5mo	$420,000	$209	32

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: -9.2%
• Equity multiple: 0.66×
• Total profit: $-21,645
• Equity at exit: $34,294

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,332
• Equity at exit: $19,886

Cash invested: $64,400 (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 23523

• Home prices YoY: -16.6%
• Active inventory: 24
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,296 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$267 /mo · $3,202/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $245

Break-even live

Break-even rent $1,986

Max offer price $230,000

Occupancy floor 84%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 Grayson St Norfolk, VA	3.0	2.0	2200	$2,495	$1.13	44d	1	0.12mi
127 Poplar Ave Unit 1 Norfolk, VA	3.0	2.0	1700	$2,199	$1.29	23d	1	0.24mi
329 S Main St Norfolk, VA	3.0	3.0	1652	$3,000	$1.82	44d	1	0.40mi
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	44d	1	0.56mi
1729 Todd St Norfolk, VA	3.0	2.5	2000	$2,450	$1.23	23d	1	0.68mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	44d	1	0.88mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	20d	1	0.88mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	4d	1	1.02mi
1009 Elkin St Norfolk, VA	4.0	2.5	1914	$2,500	$1.31	12d	1	1.04mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	17d	1	1.04mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$4,929	$4.30	2d	15	1.14mi
1231 Stewart St Chesapeake, VA	4.0	2.5	2159	$2,550	$1.18	3d	1	1.15mi
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	23d	1	1.16mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	23d	1	1.20mi
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	23d	1	1.29mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	15d	1	1.29mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	1.31mi
415 Saint Pauls Blvd Norfolk, VA	1.0–2.0	2.0	1186	$2,200	$1.85	4d	3	1.33mi
415 Saint Pauls Blvd Norfolk, VA	2.0	2.0	1185	$2,348	$1.98	12d	4	1.33mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	17d	1	1.35mi
219 Granby St #20 Norfolk, VA	2.0	2.0	1233	$2,050	$1.66	7d	1	1.39mi
111 W Tazewell St #303 Norfolk, VA	2.0	2.5	1651	$2,200	$1.33	17d	1	1.43mi

Listing history 23 events

1. 2026-05-06
   status Under Contract 328-char remark

   Show marketing remark (328 chars)

   Charming Victorian style home in Berkley neighborhood of Norfolk boasting a grand stairway and wide open foyer. Ready for you to make your own by finishing the renovations. Five bedrooms. Hardwood floors, finished attic is third floor suitable for bedroom, office, exercise, crafts or flex room. Wide welcoming front porch.

2. 2026-01-22
   listed $230,000 Active 328-char remark

   Show marketing remark (328 chars)

   Charming Victorian style home in Berkley neighborhood of Norfolk boasting a grand stairway and wide open foyer. Ready for you to make your own by finishing the renovations. Five bedrooms. Hardwood floors, finished attic is third floor suitable for bedroom, office, exercise, crafts or flex room. Wide welcoming front porch.

3. 2025-11-21
   historical
4. 2025-10-19
   price $268,000
5. 2025-10-17
   price $265,000
6. 2025-10-04
   price $250,000
7. 2025-09-29
   price $350,000
8. 2025-09-21
   listed $375,000 Active
9. 2025-05-12
   historical
10. 2025-02-13
    listed $265,000 Active
11. 2025-01-15
    historical
12. 2024-11-20
    price $269,900
13. 2024-10-15
    listed $279,900 Active
14. 2024-10-15
    historical
15. 2024-08-15
    historical
16. 2024-08-15
    listed $295,000 Active
17. 2024-08-06
    price $299,900
18. 2024-06-07
    listed $310,000 Active
19. 2023-06-04
    status Under Contract
20. 2023-06-02
    listed $225,000 Active
21. 2004-10-01
    soldstatus $117,500
22. 2004-03-30
    soldstatus $50,000
23. 1994-12-20
    soldstatus $25,000

ⓘ 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: $3,202 · $267/mo
• Projected year-2 tax: $3,202 · $267/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) · 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,551
• − Mortgage interest: −$12,884
• − Property taxes: −$3,202
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,204
• − Management: −$2,204
• − Depreciation: −$6,691
• Taxable loss: −$783
• Est. tax savings @ 24.0%: +$188
• After-tax cash flow: $3,128/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

+820.0% since first listed

23 events — show timeline

• 2026-05-06 Pending — REINMLS
• 2026-01-22 Listed $230,000 REINMLS
• 2025-11-21 Listing Removed — REINMLS
• 2025-10-19 Price Changed $268,000 REINMLS
• 2025-10-17 Price Changed $265,000 REINMLS
• 2025-10-04 Price Changed $250,000 REINMLS
• 2025-09-29 Price Changed $350,000 REINMLS
• 2025-09-21 Listed $375,000 REINMLS
• 2025-05-12 Listing Removed — REINMLS
• 2025-02-13 Listed $265,000 REINMLS
• 2025-01-15 Listing Removed — REINMLS
• 2024-11-20 Price Changed $269,900 REINMLS
• 2024-10-15 Listing Removed — REINMLS
• 2024-10-15 Listed $279,900 REINMLS
• 2024-08-15 Listing Removed — REINMLS
• 2024-08-15 Listed $295,000 REINMLS
• 2024-08-06 Price Changed $299,900 REINMLS
• 2024-06-07 Listed $310,000 REINMLS
• 2023-06-04 Pending — REINMLS
• 2023-06-02 Listed $225,000 REINMLS
• 2004-10-01 Sold (Public Records) $117,500 Public Records
• 2004-03-30 Sold (Public Records) $50,000 Public Records
• 1994-12-20 Sold (Public Records) $25,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $3,202 · +0.6% YoY. Source: county tax records.