357 Fort Worth Ave #209 · Norfolk, VA 23505

$139,900

2 bd · 2.0 ba · 1,085 sqft · Condo public records · 4 Days on market

Built 1986 $350/mo HOA · 23% of rent

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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 +10.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great start home, close to shop & interstate

Key facts

• $350 HOA
• Built 1986
• Listed 4 days

Property features AI

Finance

• HOA & community: Has HOA (The Willows code association); HOA fees billed monthly

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County sewer; City/County water; Electric water heater
• Home design: Attached property; 2 unit condo; Condo on level 2; Single-story
• Construction: Slab foundation
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Refrigerator
• Bedrooms: Bedroom and full bathroom on first floor
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fan; One fireplace; Balcony

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-65 ($-775/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (8.2% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $128k (8.2% below list) — sets the bar for cash-flow.
• Cap rate 5.7% 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: Suburban Park Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 452 students, 98% FRL); Northside Middle (math 25% / reading 58%, grade F, #299 of 342 statewide, top 88%, 763 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.1%/yr); 108 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 31% of the median local income ($59k/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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $50k; list at $140k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• 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 $128,487 (8.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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?
8. 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.
9. 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.
10. 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: 1.09% ✓
• Cap rate: 5.74%
• Cash-on-cash: -1.98%
• DSCR: 0.91
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.53×
• Total profit: $-18,517
• Equity at exit: $20,860

10-year hold

• IRR: 4.4%
• Equity multiple: 1.41×
• Total profit: $16,107
• 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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 108
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,525 high
• Mortgage (P&I): −$734
• Tax from tax record: −$127 /mo · $1,529/yr
• Insurance: −$58
• HOA: −$350
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $-65

Break-even live

Break-even rent $1,607

Max offer price $128,487

Occupancy floor 99%

Sensitivity live

Price	-10% $15	-5% $-25	+0% $-65	+5% $-104	+10% $-144
Rent	-10% $-185	-5% $-125	+0% $-65	+5% $-4	+10% $56
Rate	-1.0pp $6	-0.5pp $-29	base $-65	+0.5pp $-101	+1.0pp $-138

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 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 Ashlawn Dr Unit 3 Norfolk, VA	2.0	1.0	800	$1,195	$1.49	46d	1	0.14mi
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	45d	1	0.15mi
440 San Antonio Blvd Norfolk, VA	2.0	1.0	800	$1,535	$1.92	25d	1	0.16mi
417 E Little Creek Rd Apt 4 Norfolk, VA	2.0	1.0	700	$1,050	$1.50	9d	1	0.17mi
312 Ashlawn Dr Norfolk, VA	2.0	1.0	720	$1,200	$1.67	45d	1	0.17mi
310 Naval Base Rd Norfolk, VA	3.0	1.0	1000	$1,850	$1.85	25d	1	0.27mi
507 Ashlawn Dr Norfolk, VA	2.0	1.0	750	$1,395	$1.86	45d	1	0.27mi
504 Ashlawn Dr Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	0.28mi
504 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	25d	1	0.28mi
508 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	0.29mi
7474 Pennington Rd Unit 7474 Norfolk, VA	2.0	1.0	1000	$1,525	$1.52	3d	1	0.48mi
7996 Diggs Rd Unit D Norfolk, VA	3.0	2.0	950	$1,375	$1.45	45d	1	0.50mi
7465 Fenner St Unit 7468-2-A8 Norfolk, VA	2.0	1.0	900	$1,399	$1.55	22d	1	0.65mi
8231 Andrew Ln Norfolk, VA	3.0	1.0	720	$1,800	$2.50	25d	1	0.66mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,250	$1.40	3d	3	0.66mi
7433 Fenner St Norfolk, VA	1.0–2.0	1.0	715	$1,399	$1.96	16d	7	0.68mi
715 Easy St Unit 2 Norfolk, VA	2.0	1.0	750	$1,200	$1.60	16d	1	0.70mi
7427 Tyndale Ct Unit 1 Norfolk, VA	2.0	1.0	786	$995	$1.27	45d	1	0.74mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	5d	1	0.74mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	4d	1	0.74mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	14d	1	0.74mi
307 W Little Creek Rd Unit C Norfolk, VA	2.0	1.0	830	$1,395	$1.68	12d	1	0.83mi
869 Bancker Rd Norfolk, VA	2.0	1.0–1.5	910	$1,142	$1.26	45d	1	0.85mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	23d	1	1.02mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	25d	1	1.02mi
502 Grantham Rd Norfolk, VA	1.0–2.0	1.0	740	$1,128	$1.52	45d	3	1.08mi
7128 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,800	$2.50	45d	1	1.14mi
845 Norman Ave Norfolk, VA	2.0	1.0	862	$2,000	$2.32	25d	1	1.17mi
7108 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,400	$1.94	45d	1	1.19mi
609 Summers Dr Norfolk, VA	3.0	1.0	998	$1,995	$2.00	5d	1	1.22mi
8634 Granby St Norfolk, VA	3.0	2.0	1500	$1,950	$1.30	19d	1	1.27mi
7730 Ruthven Rd Norfolk, VA	3.0	1.0	1056	$1,750	$1.66	25d	1	1.27mi
7872 Ogden Ave Norfolk, VA	1.0–3.0	1.0–2.0	963	$1,285	$1.33	45d	1	1.41mi
1201 Tallwood St Unit 2 Norfolk, VA	1.0	1.0	750	$1,200	$1.60	3d	1	1.41mi
1201 Tallwood St Unit 1 Norfolk, VA	1.0	1.0	750	$1,100	$1.47	19d	1	1.41mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	14d	1	1.43mi
719 E Bayview Blvd Norfolk, VA	2.0	1.0	850	$1,537	$1.81	5d	2	1.49mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $139,900 Active 4 DOM
2. 2026-06-17
   remarks 46-char remark
3. 2026-06-17
   listed $139,900 Active 1 DOM

ⓘ 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: $1,529 · $127/mo
• Projected year-2 tax: $1,529 · $127/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $18,300
• − Mortgage interest: −$7,837
• − Property taxes: −$1,529
• − Insurance: −$700
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − HOA: −$4,200
• − Depreciation: −$4,070
• Taxable loss: −$2,963
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $-64/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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

+131.2% since first listed

4 events — show timeline

• 2026-06-17 Listed $139,900 REINMLS
• 2004-06-14 Sold (Public Records) $50,000 Public Records
• 1986-04-25 Sold (Public Records) $59,900 Public Records
• 1985-04-22 Sold (Public Records) $60,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,529 · +4.7% YoY. Source: county tax records.