1121 Fayette St · Portsmouth, VA 23704

$170,000

3 bd · 1.5 ba · 1,320 sqft · Townhouse public records · 71 Days on market

Built 1990 2,178 sqft lot $129/sqft · 20% below area Est $212k · 20% under

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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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.0/10.0
• 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 MLS

Great investment with immediate income potential OR with a little TLC, this all-brick townhome could be the perfect place to call home. Offering 3 bedrooms, 1.5 bathrooms, and approx. 1320 sq ft. this townhome provides comfortable living space, and a nice sized-yard. Opportunity is knocking call to schedule your showing today.

Key facts

• 2 parking spots
• Built 1990
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $170k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Market conditions: Rents rising (+3.3%/yr); 131 active listings in the ZIP; 40 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 $1,875/mo this rent would consume 45% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 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 $115k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $159,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 9.29%
• Cash-on-cash: 10.72%
• DSCR: 1.48
• GRM: 7.6

CMA / ARV

• ARV (median comp): $211,862
• List price: $170,000
• Delta: -19.76%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $77
• Equity at exit: $25,348

10-year hold

• IRR: 10.0%
• Equity multiple: 1.78×
• Total profit: $37,181
• Equity at exit: $14,698

Cash invested: $47,600 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,875 high
• Mortgage (P&I): −$891
• Tax from tax record: −$94 /mo · $1,128/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $425

Break-even live

Break-even rent $1,337

Max offer price $170,000

Occupancy floor 72%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	0.10mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	7d	1	0.11mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	43d	1	0.11mi
1802 Atlanta Ave Unit 2 Portsmouth, VA	2.0	1.0	1200	$1,500	$1.25	23d	1	0.25mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	43d	1	0.29mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	23d	1	0.31mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	43d	1	0.32mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.33mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	23d	1	0.38mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.38mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	3d	1	0.42mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	23d	1	0.42mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	7d	1	0.43mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	43d	1	0.44mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	43d	1	0.48mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	43d	1	0.59mi
548 Madison St Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	16d	3	0.62mi
548 Madison St Unit 542-21-C Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	23d	1	0.62mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	43d	1	0.68mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	7d	1	0.74mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	23d	1	0.76mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	43d	1	0.79mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	10d	1	0.89mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	19d	1	0.89mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	23d	2	0.89mi
533 Columbia St Portsmouth, VA	2.0	2.0	1110	$1,495	$1.35	43d	1	0.89mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	3d	5	0.92mi
714 King St Portsmouth, VA	2.0	2.0	935	$1,899	$2.03	43d	1	0.94mi
605 Dinwiddie St Unit B Portsmouth, VA	2.0	1.0	900	$1,650	$1.83	43d	1	1.01mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	44d	1	1.05mi
1140 London Blvd Portsmouth, VA	2.0	2.0	1016	$1,902	$1.87	3d	1	1.07mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	23d	1	1.17mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	23d	1	1.18mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	10d	1	1.20mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.20mi
111 High St #409 Portsmouth, VA	2.0	2.5	1078	$2,500	$2.32	7d	1	1.22mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	43d	1	1.23mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	17d	1	1.25mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	14d	1	1.25mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	12d	1	1.25mi

Listing history 21 events

1. 2026-06-18
   days on market $170,000 Active 71 DOM
2. 2026-06-17
   days on market $170,000 Active 70 DOM
3. 2026-06-16
   days on market $170,000 Active 69 DOM
4. 2026-06-15
   days on market $170,000 Active 68 DOM
5. 2026-06-13
   days on market $170,000 Active 66 DOM
6. 2026-06-09
   days on market $170,000 Active 62 DOM
7. 2026-06-08
   days on market $170,000 Active 61 DOM
8. 2026-06-07
   days on market $170,000 Active 60 DOM
9. 2026-06-03
   days on market $170,000 Active 56 DOM
10. 2026-06-02
    days on market $170,000 Active 55 DOM
11. 2026-06-01
    days on market $170,000 Active 54 DOM
12. 2026-05-31
    days on market $170,000 Active 53 DOM
13. 2026-04-08
    listed $170,000 Active 329-char remark

    Show marketing remark (329 chars)

    Great investment with immediate income potential OR with a little TLC, this all-brick townhome could be the perfect place to call home. Offering 3 bedrooms, 1.5 bathrooms, and approx. 1320 sq ft. this townhome provides comfortable living space, and a nice sized-yard. Opportunity is knocking call to schedule your showing today.

14. 2025-12-31
    historical
15. 2025-09-29
    price $170,000
16. 2025-09-12
    price $175,000
17. 2025-08-14
    price $180,000
18. 2025-06-26
    listed $190,000 Active
19. 2022-05-27
    soldstatus $115,000
20. 2016-01-05
    soldstatus $60,000
21. 2005-07-29
    soldstatus $69,500

ⓘ 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: $1,128 · $94/mo
• Projected year-2 tax: $1,394 · $116/mo
• Expected delta: +$266/yr (+$22/mo · 23.6%)

ⓘ 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) · 29% 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: $22,505
• − Mortgage interest: −$9,523
• − Property taxes: −$1,128
• − Insurance: −$850
• − Repairs & maintenance: −$1,800
• − Management: −$1,800
• − Depreciation: −$4,945
• Taxable income: $2,458
• Est. tax owed @ 24.0%: −$590
• After-tax cash flow: $4,513/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

+144.6% since first listed

9 events — show timeline

• 2026-04-08 Listed $170,000 REINMLS
• 2025-12-31 Listing Removed — REINMLS
• 2025-09-29 Price Changed $170,000 REINMLS
• 2025-09-12 Price Changed $175,000 REINMLS
• 2025-08-14 Price Changed $180,000 REINMLS
• 2025-06-26 Listed $190,000 REINMLS
• 2022-05-27 Sold (Public Records) $115,000 Public Records
• 2016-01-05 Sold (Public Records) $60,000 Public Records
• 2005-07-29 Sold (Public Records) $69,500 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,128 · +0.8% YoY. Source: county tax records.