23 Farragut St · Portsmouth, VA 23702

$525,000

None bd · 4.0 ba · 4,188 sqft · MultiFamily public records · 9 Days on market

Built 1918 Est $515k · at est.

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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 +21.1/30.0
• Appreciation +10.0/10.0
• DSCR +6.7/10.0
• ARV discount +6.6/15.0
• 1% rule +5.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

You will love this updated multi-unit property! All units are currently rented, making it a great income-producing opportunity. Each unit has been updated with newer windows and flooring, and tenants pay their own utilities. All the units have washer and dryer hookups. The property also offers plenty of parking behind the building. Conveniently located near the Naval Hospital, this property provides easy access to major employment centers, shopping, dining, and commuter routes.

Key facts

• Newer flooring
• Plenty of parking
• Newer windows

Tags

• UPDATED MULTI-UNIT PROPERTY
• NEWER WINDOWS
• NEWER FLOORING
• WASHER AND DRYER HOOKUPS
• PLENTY OF PARKING

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: City water; City sewer; Electric service available; Electric water heater
• Home design: 2-story home; Simple ownership
• Construction: Crawl foundation
• Exterior features: Vinyl siding; Asphalt shingle roof

Interior

• Flooring: Carpet; Vinyl
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a ?-bed/4.0-bath multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $525k).
• Cap rate 8.0% 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 (+4.0%/yr); 65 active listings in the ZIP; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $5,265/mo this rent would consume 129% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $147k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 8y ago 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 $300k; list at $525k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• 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 $525,000

Questions for the listing agent

1. Built in 1918 — 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 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: 1.00% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.10%
• DSCR: 1.27
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $515,124
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Emmons Pl	0.05mi	—/—	4,188 (0%)	5mo	$360,000	$86	94
37 Farragut St	0.03mi	12/5.0	4,400 (+5%)	11mo	$540,100	$123	77

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 29.1%
• Equity multiple: 3.30×
• Total profit: $338,659
• Equity at exit: $472,962

10-year hold

• IRR: 25.5%
• Equity multiple: 7.60×
• Total profit: $970,713
• Equity at exit: $1,019,960

Cash invested: $147,000 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 65
• Price-to-rent: 24.9×

Monthly cashflow live

• Estimated rent: $5,265 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$440 /mo · $5,282/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,106
• Net cashflow: $747

Break-even live

Break-even rent $4,319

Max offer price $525,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,044	-5% $896	+0% $747	+5% $599	+10% $450
Rent	-10% $331	-5% $539	+0% $747	+5% $955	+10% $1,163
Rate	-1.0pp $1,012	-0.5pp $881	base $747	+0.5pp $611	+1.0pp $473

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,265
Total (3 units)			$5,265

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-05-19
   listed $525,000 Active
2. 2024-07-22
   historical $1,100
3. 2024-07-16
   listed $1,100
4. 2024-06-25
   historical $1,100
5. 2024-06-25
   listed $1,100
6. 2024-05-31
   historical $1,100
7. 2024-05-23
   listed $1,100
8. 2024-04-02
   historical $1,225
9. 2024-03-31
   listed $1,225
10. 2024-03-25
    historical $1,225
11. 2024-03-23
    listed $1,225
12. 2022-08-04
    status Under Contract
13. 2022-07-17
    historical Active Under Contract
14. 2022-07-11
    price $446,000
15. 2022-06-22
    listed $449,000 Active
16. 2020-02-28
    soldstatus $300,000
17. 2020-01-21
    status Under Contract
18. 2020-01-15
    historical Active Under Contract
19. 2019-12-31
    status Active
20. 2019-12-15
    historical Active Under Contract
21. 2019-12-01
    status Active
22. 2019-11-28
    historical Active Under Contract
23. 2019-11-23
    listed $314,900 Active
24. 2018-09-26
    soldstatus $295,000
25. 2018-08-27
    price $314,000
26. 2018-07-20
    listed $320,000 Active
27. 2018-04-05
    soldstatus $140,000
28. 2010-05-10
    soldstatus $120,000
29. 2005-11-02
    soldstatus $130,000
30. 2003-06-16
    soldstatus $200,000

ⓘ 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: $5,282 · $440/mo
• Projected year-2 tax: $5,282 · $440/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 4/10 Moderate FEMA zone X (shaded) · 13% 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: $63,180
• − Mortgage interest: −$29,408
• − Property taxes: −$5,282
• − Insurance: −$2,625
• − Repairs & maintenance: −$5,054
• − Management: −$5,054
• − Depreciation: −$15,273
• Taxable income: $484
• Est. tax owed @ 24.0%: −$116
• After-tax cash flow: $8,851/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+162.5% since first listed

30 events — show timeline

• 2026-05-19 Listed $525,000 REINMLS
• 2024-07-22 Rental Removed $1,100 REINMLS
• 2024-07-16 Listed for Rent $1,100 REINMLS
• 2024-06-25 Rental Removed $1,100 REINMLS
• 2024-06-25 Listed for Rent $1,100 REINMLS
• 2024-05-31 Rental Removed $1,100 REINMLS
• 2024-05-23 Listed for Rent $1,100 REINMLS
• 2024-04-02 Rental Removed $1,225 REINMLS
• 2024-03-31 Listed for Rent $1,225 REINMLS
• 2024-03-25 Rental Removed $1,225 REINMLS
• 2024-03-23 Listed for Rent $1,225 REINMLS
• 2022-08-04 Pending — REINMLS
• 2022-07-17 Contingent — REINMLS
• 2022-07-11 Price Changed $446,000 REINMLS
• 2022-06-22 Listed $449,000 REINMLS
• 2020-02-28 Sold (Public Records) $300,000 Public Records
• 2020-01-21 Pending — REINMLS
• 2020-01-15 Contingent — REINMLS
• 2019-12-31 Relisted — REINMLS
• 2019-12-15 Contingent — REINMLS
• 2019-12-01 Relisted — REINMLS
• 2019-11-28 Contingent — REINMLS
• 2019-11-23 Listed $314,900 REINMLS
• 2018-09-26 Sold (Public Records) $295,000 Public Records
• 2018-08-27 Price Changed $314,000 REINMLS
• 2018-07-20 Listed $320,000 REINMLS
• 2018-04-05 Sold (Public Records) $140,000 Public Records
• 2010-05-10 Sold (Public Records) $120,000 Public Records
• 2005-11-02 Sold (Public Records) $130,000 Public Records
• 2003-06-16 Sold (Public Records) $200,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $5,282 · +3.3% YoY. Source: county tax records.