2103 Elm Ave · Portsmouth, VA 23704

$200,000

4 bd · 2.5 ba · 1,320 sqft · SingleFamily public records · 12 Days on market

Built 1934 Est $239k · 16% 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 +21.8/30.0
• ARV discount +14.8/15.0
• DSCR +7.0/10.0
• 1% rule +5.3/10.0
• 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

This is a lot of house for the money! Situated on a corner lot with a fenced yard, this 4-bedroom, 2.5-bath home is move-in ready and waiting for its next owner. Freshly repainted interior, all new carpet upstairs and in the downstairs bedroom, plus new LVP flooring in the kitchen and living room give the home a clean, updated feel. Spacious layout offers flexibility for living, working, and entertaining. HVAC system has just been serviced for added peace of mind. Don’t miss this opportunity to get space, updates, and value all in one—schedule your showing today! Some photos were virtually staged using AI.

Key facts

• Fenced yard
• New carpet
• New lvp flooring

Tags

• CORNER LOT
• FENCED YARD
• FRESHLY REPAINTED INTERIOR
• NEW CARPET
• NEW LVP FLOORING
• SPACIOUS LAYOUT

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking for 2 vehicles
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached traditional home; Two stories; Crawl foundation; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Corner lot; Back and full wood fencing

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: First-floor master bedroom; One bedroom with ensuite
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan; Breakfast area; Pantry; Porch; Utility closet
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $311 ($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 4.6% 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; 30 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).
• At $2,058/mo this rent would consume 50% of the median local household income ($50k/yr) (locally 1727% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $107k; list at $200k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1934 — 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 $200,000

Questions for the listing agent

1. Built in 1934 — 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 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?
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: 1.03% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $238,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2103 Elm Ave	0.00mi	4/2.5	1,320 (0%)	1mo	$200,000	$152	99
2008 Elm Ave	0.05mi	4/2.0	1,260 (-4%)	2mo	$260,000	$206	87
1902 Camden Ave	0.13mi	3/2.0 (-1)	1,290 (-2%)	1mo	$219,000	$170	82
1918 Prentis Ave	0.07mi	3/1.5 (-1)	1,380 (+4%)	2mo	$246,500	$179	78
1803 Lansing Ave	0.34mi	3/2.0 (-1)	1,312 (-1%)	2mo	$270,000	$206	74
918 Centre Ave	0.43mi	3/2.0 (-1)	1,330 (+1%)	1mo	$297,000	$223	71
1022 Palmer St	0.11mi	3/1.0 (-1)	1,135 (-14%)	3mo	$205,000	$181	58
2214 Deep Creek Blvd	0.58mi	3/2.5 (-1)	1,205 (-9%)	1mo	$272,000	$226	52
564 Portsmouth Blvd	0.68mi	3/2.0 (-1)	1,220 (-8%)	0mo	$189,000	$155	48
2317 Azalea Ave	0.47mi	3/2.0 (-1)	1,131 (-14%)	3mo	$260,000	$230	45
1912 Deep Creek Blvd	0.54mi	3/1.0 (-1)	1,496 (+13%)	2mo	$240,000	$160	40
2713 Roanoke Ave	0.58mi	3/1.0 (-1)	1,160 (-12%)	3mo	$105,000	$91	39

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: -5.7%
• Equity multiple: 0.79×
• Total profit: $-11,952
• Equity at exit: $29,821

10-year hold

• IRR: 4.3%
• Equity multiple: 1.32×
• Total profit: $17,734
• 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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 131
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$182 /mo · $2,185/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $311

Break-even live

Break-even rent $1,664

Max offer price $200,000

Occupancy floor 80%

Sensitivity live

Price	-10% $424	-5% $368	+0% $311	+5% $255	+10% $198
Rent	-10% $149	-5% $230	+0% $311	+5% $393	+10% $474
Rate	-1.0pp $412	-0.5pp $362	base $311	+0.5pp $259	+1.0pp $207

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 30 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	0.03mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	0.11mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	0.14mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.31mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	0.36mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.36mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	0.36mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	3d	1	0.36mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	0.39mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.51mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.62mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.67mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.70mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.70mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.73mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	24d	2	0.82mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	3d	5	0.85mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	0.99mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.12mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	1.21mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	17d	1	1.22mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.22mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	1.22mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	24d	1	1.27mi
303 Effingham St Portsmouth, VA	1.0–3.0	1.0–2.0	863	$1,950	$2.26	16d	11	1.27mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	16d	1	1.32mi
129 Elm Ave Portsmouth, VA	3.0	1.5	1160	$2,600	$2.24	44d	1	1.34mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	1.38mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	1.39mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	17d	1	1.45mi

Listing history 10 events

1. 2026-05-06
   status Under Contract
2. 2026-04-30
   historical Active Under Contract
3. 2026-04-24
   listed $200,000 Active
4. 2025-09-30
   historical
5. 2025-07-22
   price $179,000
6. 2025-07-10
   price $199,500
7. 2025-05-19
   listed $206,000 Active
8. 2015-07-02
   soldstatus $107,000
9. 2015-07-02
   soldstatus $107,000
10. 2015-04-08
    price $107,000

ⓘ 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: $2,185 · $182/mo
• Projected year-2 tax: $2,185 · $182/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) · 50% 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: $24,691
• − Mortgage interest: −$11,203
• − Property taxes: −$2,185
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,975
• − Management: −$1,975
• − Depreciation: −$5,818
• Taxable income: $534
• Est. tax owed @ 24.0%: −$128
• After-tax cash flow: $3,607/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

+86.9% since first listed

10 events — show timeline

• 2026-05-06 Pending — REINMLS
• 2026-04-30 Contingent — REINMLS
• 2026-04-24 Listed $200,000 REINMLS
• 2025-09-30 Listing Removed — REINMLS
• 2025-07-22 Price Changed $179,000 REINMLS
• 2025-07-10 Price Changed $199,500 REINMLS
• 2025-05-19 Listed $206,000 REINMLS
• 2015-07-02 Sold (Public Records) $107,000 Public Records
• 2015-07-02 Sold (Public Records) $107,000 Public Records
• 2015-04-08 Price Changed $107,000 REINMLS

Property tax history

+4.9%/yr

Latest (2025): $2,185 · +0.8% YoY. Source: county tax records.