3770-B Towne Point Rd · Portsmouth, VA 23703

$139,900

2 bd · 1.0 ba · 745 sqft · Condo · 11 Days on market

Built 1986 Good condition $225/mo HOA · 14% of rent

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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 +17.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• DSCR +5.6/10.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nestled in the heart of Churchland. This freshly painted 2-bedroom, 1-bath second-level condo offers a spacious, but cozy open floor plan great for both relaxing and entertaining. Prep meals while enjoying your family and guest in the open living room. Enjoy cozy evenings near the fireplace or unwind outdoors on one of two decks. Numerous updates make this home turn-key, just move-in, personalize and ENJOY! You'll be near Interstates, Tunnels, Shipyards, Joint Force Command, Medical Facilities, Shopping, Restaurants, Parks, Ballfields, Golf, Boat Ramps, Schools and much more. Don't miss the chance to make this home yours! Call today to schedule your tour!

Key facts

• Open floor plan
• Turn-key
• Two decks

Tags

• OPEN FLOOR PLAN
• TWO DECKS
• FIREPLACE
• TURN-KEY

Property features AI

Finance

• Other: Pet restrictions
• HOA & community: HOA (Huntington Park Condos Association Inc.) with monthly fee of $225; Association managed by Community Group; Condo/POA services include ground maintenance and trash pickup

Exterior

• Parking: 1 assigned/reserved parking space
• Utilities: City/County water; City/County sewer; Electric power
• Home design: Attached condo; Cottage / Traditional style; Single-story living level (1 living level); Condo unit on level 2; Slab foundation; Asphalt shingle roof
• Construction: Vinyl and wood siding
• Exterior features: Deck; Back, partial privacy fence; Storage shed

Interior

• Kitchen: Electric range; Refrigerator; Pantry; Breakfast area
• Bedrooms: First-floor bedroom with full bathroom (first floor master bedroom / master bedroom with bath); Additional bedroom
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Electric forced hot air heating; Electric water heater
• Interior features: Ceiling fan; Bar; Cathedral ceiling; Dual-entry bathroom (between bedroom and hall); Wood-burning fireplace; Skylights
• Laundry & utility: Washer; Dryer; Utility closet; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 7.3% 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: Churchland Academy Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 585 students, 118% FRL); Churchland High (math 48% / reading 80%, grade B-, #220 of 319 statewide, top 70%, 1,435 students, 100% FRL) — zoned schools average 109% FRL vs 60% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 120 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 11 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.

Risks & watch-outs

• 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 $139,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 7.30%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-15,003
• Equity at exit: $20,860

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-2,739
• Equity at exit: $12,096

Cash invested: $39,172 (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 23703

• Active inventory: 120
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,658 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$225
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $118

Break-even live

Break-even rent $1,509

Max offer price $139,900

Occupancy floor 88%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2019 Barclay Pl Suffolk, VA	1.0–2.0	1.0–2.0	893	$2,101	$2.35	1d	10	0.88mi

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-05-19
   status Under Contract
2. 2026-05-12
   historical Active Under Contract
3. 2026-05-08
   listed $139,900 Active
4. 2026-04-11
   historical $1,350
5. 2026-02-14
   listed $1,350

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,893
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,591
• − Management: −$1,591
• − HOA: −$2,700
• − Depreciation: −$4,070
• Taxable loss: −$694
• Est. tax savings @ 24.0%: +$167
• After-tax cash flow: $1,580/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained 2-bedroom, 1-bath condo is in good condition with minimal repairs needed. It offers a spacious floor plan and is conveniently located near various amenities. Painting and minor updates can further enhance its value.

Value-add opportunities

• Both Paint exterior and interior — Painting enhances curb appeal and interior aesthetics, increasing both resale and rental value.
• Both Replace worn-out flooring — Replacing worn-out flooring improves the home's appearance and can increase both resale and rental value.
• Both Upgrade kitchen appliances — Upgrading kitchen appliances can increase the home's appeal and value for both resale and rental purposes.
• Both Install new windows — New windows can improve energy efficiency and increase the home's curb appeal, boosting both resale and rental value.
• Both Add landscaping features — Adding landscaping features can enhance the home's curb appeal and increase its value for both resale and rental purposes.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Painting enhances curb appeal and interior aesthetics, increasing both resale and rental value. ↑
• Both Replace worn-out flooring — Replacing worn-out flooring improves the home's appearance and can increase both resale and rental value. ↑
• Both Upgrade kitchen appliances — Upgrading kitchen appliances can increase the home's appeal and value for both resale and rental purposes. ↑
• Both Install new windows — New windows can improve energy efficiency and increase the home's curb appeal, boosting both resale and rental value. ↑
• Both Add landscaping features — Adding landscaping features can enhance the home's curb appeal and increase its value for both resale and rental purposes. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 25,610
• Household income: $78,707
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 705.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 47% White 38% Two or more races 9% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 0%

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: ▼ -228.63%
• Current HPI: 278.3968
• Rent YoY: —
• 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

+10263.0% since first listed

5 events — show timeline

• 2026-05-19 Pending — REINMLS
• 2026-05-12 Contingent — REINMLS
• 2026-05-08 Listed $139,900 REINMLS
• 2026-04-11 Rental Removed $1,350 APPFOLIO
• 2026-02-14 Listed for Rent $1,350 APPFOLIO