535 Kenosha Ave · Norfolk, VA 23509

$199,999

4 bd · 2.0 ba · 1,585 sqft · SingleFamily public records · 11 Days on market

Built 1951 Est $366k · 45% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +6.0/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Appreciation +2.9/10.0
• Condition / age +2.5/5.0

Listing remarks

CASH. AS-IS. Seller to make no repairs.

Key facts

• 2 parking spots
• Built 1951
• Listed 11 days

Property features AI

Finance

• HOA & community: No HOA (fees listed as 0)

Exterior

• Parking: Off-street parking for 2 cars (driveway spaces)
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached property; Cape Cod / Traditional style; 2 stories (2 living levels); Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Brick siding; Back yard fenced with chain link; Storage shed; On waterfront with marsh and river views

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom and full bathroom on first floor; No bedrooms with ensuite
• Flooring: Ceramic; Vinyl; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Walk-in attic; Porch
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 8.2% 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: Willard Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 506 students, 98% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 97% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 42% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+14.0%/yr); 77 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 36% of the median local income ($73k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $199,999

Questions for the listing agent

1. Built in 1951 — 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. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.83%
• DSCR: 1.30
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $366,135
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
535 Kenosha Ave	0.00mi	4/2.0	1,585 (0%)	1mo	$215,000	$136	99
6344 Sangamon Ave	0.13mi	4/2.0	1,443 (-9%)	7mo	$280,000	$194	73
6336 Sangamon Ave	0.12mi	4/2.0	1,400 (-12%)	3mo	$322,000	$230	72
5612 Lakewood Dr	0.41mi	3/2.0 (-1)	1,514 (-4%)	2mo	$470,000	$310	67
826 Norview Ave	0.61mi	4/2.0	1,550 (-2%)	4mo	$325,000	$210	65
1430 Sweet Briar Ave	0.55mi	3/2.0 (-1)	1,672 (+6%)	6mo	$500,000	$299	55
209 S Blake Rd	0.67mi	3/2.0 (-1)	1,650 (+4%)	7mo	$400,000	$242	51
5640 Lakewood Dr	0.38mi	3/2.0 (-1)	1,781 (+12%)	8mo	$416,000	$234	50
6360 Avon Rd	0.64mi	3/2.0 (-1)	1,700 (+7%)	7mo	$349,000	$205	47
1700 Tarrall Ave	0.70mi	4/1.0	1,444 (-9%)	2mo	$250,000	$173	47
1722 Cromwell Dr	0.69mi	4/2.0	1,440 (-9%)	8mo	$332,000	$231	46
521 Suburban Pkwy	0.73mi	3/2.0 (-1)	1,431 (-10%)	6mo	$380,000	$266	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-382
• Equity at exit: $29,821

10-year hold

• IRR: 14.2%
• Equity multiple: 2.41×
• Total profit: $79,162
• Equity at exit: $17,292

Cash invested: $56,000 (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 23509

• Home prices YoY: -1.3%
• Rents YoY: 14.0%
• Active inventory: 77
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,208 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$294 /mo · $3,525/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $319

Break-even live

Break-even rent $1,805

Max offer price $199,999

Occupancy floor 81%

Sensitivity live

Price	-10% $432	-5% $375	+0% $319	+5% $262	+10% $205
Rent	-10% $144	-5% $231	+0% $319	+5% $406	+10% $493
Rate	-1.0pp $419	-0.5pp $370	base $319	+0.5pp $267	+1.0pp $214

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	3d	1	0.83mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	4d	1	0.83mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	13d	1	0.83mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	24d	1	0.83mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	44d	1	1.02mi
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	17d	1	1.03mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	44d	1	1.12mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	44d	1	1.12mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	13d	1	1.22mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	1.22mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	44d	1	1.22mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	13d	1	1.26mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	1.27mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	45d	1	1.28mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	3d	1	1.35mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	8d	1	1.35mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	44d	1	1.39mi
314 N Shore Rd Unit A Norfolk, VA	3.0	2.5	1600	$2,000	$1.25	44d	1	1.40mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	44d	1	1.43mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	24d	1	1.43mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	44d	1	1.43mi
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	44d	1	1.47mi

Listing history 3 events

1. 2026-05-01
   status Under Contract
2. 2026-04-30
   historical Active Under Contract
3. 2026-04-20
   listed $199,999 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: $3,525 · $294/mo
• Projected year-2 tax: $3,525 · $294/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 6/10 Major FEMA zone X (shaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 15 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: $26,500
• − Mortgage interest: −$11,203
• − Property taxes: −$3,525
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$5,818
• Taxable income: $713
• Est. tax owed @ 24.0%: −$171
• After-tax cash flow: $3,653/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): 13,105
• Household income: $72,816
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 575.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 44% Black 39% Hispanic / Latino 9% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Serbian 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 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: ▼ -4.16%
• Current HPI: 321.56
• Rent YoY: ▲ 13.99%
• 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

3 events — show timeline

• 2026-05-01 Pending — REINMLS
• 2026-04-30 Contingent — REINMLS
• 2026-04-20 Listed $199,999 REINMLS

Property tax history

+3.7%/yr

Latest (2025): $3,525 · +6.4% YoY. Source: county tax records.