7454 Diven St · Norfolk, VA 23505

$285,000

5 bd · 4.0 ba · 2,693 sqft · SingleFamily public records · 124 Days on market

Built 1907 $106/sqft · 35% below area Est $440k · 35% 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity in Norfolk for owner occupants or investors seeking a solid home with a few cosmetic improvements needed! This property offers three large bedrooms, including a first floor primary and two large bedrooms, each with its own full bath. This home is ideal for roommates, multi-generational living, or rental potential. Major systems have already been updated, including newer kitchen appliances (approx. 2 years old), a 1-year-old water heater, furnace replaced 3 years ago, and dual HVAC systems updated in 2021 and 2018 for reliable, efficient comfort. The structure and core systems are solid, making this a smart value-add opportunity without the burden of major mechanical expenses. Conveniently located near shopping, dining, military bases, and major interstates, this property combines location, layout, and upside potential.

Key facts

• Furnace replaced
• Dual hvac systems
• First floor primary

Tags

• FIRST FLOOR PRIMARY
• NEWER KITCHEN APPLIANCES
• 1 YEAR OLD WATER HEATER
• FURNACE REPLACED
• DUAL HVAC SYSTEMS

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $285k).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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.
• Market conditions: Rents rising fast (+12.1%/yr); 106 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,157/mo this rent would consume 65% of the median local household income ($59k/yr) (locally 2299% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $80k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 10y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $223k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1907 — 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 $250,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.90%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (median comp): $439,950
• List price: $285,000
• Delta: -35.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7508 Diven St	0.13mi	4/2.5 (-1)	2,468 (-8%)	1mo	$450,000	$182	68
1043 Algonquin Rd	0.33mi	4/3.0 (-1)	2,850 (+6%)	0mo	$795,000	$279	65
1034 Hannah St	0.40mi	4/3.5 (-1)	2,460 (-9%)	2mo	$434,900	$177	58
404 Hariton Ct	0.73mi	4/3.0 (-1)	2,724 (+1%)	8mo	$522,500	$192	49
7409 Gleneagles Rd	0.75mi	4/3.5 (-1)	2,641 (-2%)	10mo	$695,000	$263	47
605 Maycox Ave	0.41mi	5/3.0	2,340 (-13%)	10mo	$449,000	$192	46
7308 Colony Point Rd	0.33mi	4/2.5 (-1)	3,047 (+13%)	10mo	$605,000	$199	44
1500 Trouville Ave	0.60mi	4/3.5 (-1)	3,074 (+14%)	3mo	$600,000	$195	39
6700 Talbot Hall Cres	0.68mi	4/3.0 (-1)	2,997 (+11%)	11mo	$930,000	$310	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.16×
• Total profit: $12,402
• Equity at exit: $42,494

10-year hold

• IRR: 17.4%
• Equity multiple: 2.76×
• Total profit: $140,585
• Equity at exit: $24,642

Cash invested: $79,800 (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: 106
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,157 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$222 /mo · $2,663/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $658

Break-even live

Break-even rent $2,323

Max offer price $285,000

Occupancy floor 74%

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1057 S Lexan Cres Norfolk, VA	4.0	2.0	2368	$3,495	$1.48	17d	1	0.89mi
7511 Cedar Level Ave Norfolk, VA	4.0	2.5	2368	$2,995	$1.26	17d	1	0.89mi
6037 River Road Pt Norfolk, VA	4.0	3.5	3631	$4,200	$1.16	23d	1	1.09mi
6010 Upper Brandon Pl Norfolk, VA	4.0	2.0	2086	$2,695	$1.29	43d	1	1.25mi

Listing history 50 events

1. 2026-06-09
   days on market $285,000 Active 124 DOM
2. 2026-06-08
   days on market $285,000 Active 123 DOM
3. 2026-06-07
   days on market $285,000 Active 122 DOM
4. 2026-06-03
   days on market $285,000 Active 118 DOM
5. 2026-06-02
   days on market $285,000 Active 117 DOM
6. 2026-06-01
   days on market $285,000 Active 116 DOM
7. 2026-05-31
   days on market $285,000 Active 115 DOM
8. 2026-03-16
   price $285,000 848-char remark

   Show marketing remark (848 chars)

   Great opportunity in Norfolk for owner occupants or investors seeking a solid home with a few cosmetic improvements needed! This property offers three large bedrooms, including a first floor primary and two large bedrooms, each with its own full bath. This home is ideal for roommates, multi-generational living, or rental potential. Major systems have already been updated, including newer kitchen appliances (approx. 2 years old), a 1-year-old water heater, furnace replaced 3 years ago, and dual HVAC systems updated in 2021 and 2018 for reliable, efficient comfort. The structure and core systems are solid, making this a smart value-add opportunity without the burden of major mechanical expenses. Conveniently located near shopping, dining, military bases, and major interstates, this property combines location, layout, and upside potential.

9. 2026-03-03
   price $299,000 848-char remark

   Show marketing remark (848 chars)

   Great opportunity in Norfolk for owner occupants or investors seeking a solid home with a few cosmetic improvements needed! This property offers three large bedrooms, including a first floor primary and two large bedrooms, each with its own full bath. This home is ideal for roommates, multi-generational living, or rental potential. Major systems have already been updated, including newer kitchen appliances (approx. 2 years old), a 1-year-old water heater, furnace replaced 3 years ago, and dual HVAC systems updated in 2021 and 2018 for reliable, efficient comfort. The structure and core systems are solid, making this a smart value-add opportunity without the burden of major mechanical expenses. Conveniently located near shopping, dining, military bases, and major interstates, this property combines location, layout, and upside potential.

10. 2026-02-05
    listed $310,000 Active 848-char remark

    Show marketing remark (848 chars)

    Great opportunity in Norfolk for owner occupants or investors seeking a solid home with a few cosmetic improvements needed! This property offers three large bedrooms, including a first floor primary and two large bedrooms, each with its own full bath. This home is ideal for roommates, multi-generational living, or rental potential. Major systems have already been updated, including newer kitchen appliances (approx. 2 years old), a 1-year-old water heater, furnace replaced 3 years ago, and dual HVAC systems updated in 2021 and 2018 for reliable, efficient comfort. The structure and core systems are solid, making this a smart value-add opportunity without the burden of major mechanical expenses. Conveniently located near shopping, dining, military bases, and major interstates, this property combines location, layout, and upside potential.

11. 2025-12-03
    historical
12. 2025-11-25
    historical Active Under Contract
13. 2025-11-18
    status Active
14. 2025-11-13
    historical Active Under Contract
15. 2025-10-07
    status Active
16. 2025-09-26
    price $259,900
17. 2025-08-19
    historical Active Under Contract
18. 2025-08-13
    price $229,900
19. 2025-07-14
    price $299,900
20. 2025-07-03
    historical
21. 2025-07-03
    listed $309,900 Active
22. 2025-06-10
    price $319,900
23. 2025-05-07
    price $329,900
24. 2025-04-09
    listed $359,900 Active
25. 2025-04-06
    historical
26. 2025-03-11
    listed $415,000 Active
27. 2022-03-22
    historical
28. 2022-02-09
    listed $329,900 Active
29. 2021-01-15
    historical
30. 2021-01-07
    listed $320,000 Active
31. 2018-08-16
    soldstatus $223,100
32. 2018-05-07
    status Under Contract
33. 2018-05-07
    status Active
34. 2018-03-20
    historical
35. 2018-03-01
    status Active
36. 2018-02-28
    historical
37. 2018-02-11
    price $249,500
38. 2018-01-25
    status Active
39. 2018-01-25
    historical
40. 2018-01-22
    status Active
41. 2018-01-19
    historical
42. 2017-12-28
    listed $257,500 Active
43. 2017-12-14
    historical
44. 2017-11-28
    listed $258,000 Active
45. 2017-09-11
    historical
46. 2017-07-11
    listed $246,000 Active
47. 2016-10-11
    status Under Contract
48. 2016-09-28
    price $121,400
49. 2016-08-25
    price $134,910
50. 2016-07-28
    price $149,900

ⓘ 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: $2,663 · $222/mo
• Projected year-2 tax: $2,663 · $222/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 (unshaded) · 44% 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: $37,879
• − Mortgage interest: −$15,964
• − Property taxes: −$2,663
• − Insurance: −$1,425
• − Repairs & maintenance: −$3,030
• − Management: −$3,030
• − Depreciation: −$8,291
• Taxable income: $3,475
• Est. tax owed @ 24.0%: −$834
• After-tax cash flow: $7,067/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

+52.2% since first listed

45 events — show timeline

• 2026-03-16 Price Changed $285,000 REINMLS
• 2026-03-03 Price Changed $299,000 REINMLS
• 2026-02-05 Listed $310,000 REINMLS
• 2025-12-03 Listing Removed — REINMLS
• 2025-11-25 Contingent — REINMLS
• 2025-11-18 Relisted — REINMLS
• 2025-11-13 Contingent — REINMLS
• 2025-10-07 Relisted — REINMLS
• 2025-09-26 Price Changed $259,900 REINMLS
• 2025-08-19 Contingent — REINMLS
• 2025-08-13 Price Changed $229,900 REINMLS
• 2025-07-14 Price Changed $299,900 REINMLS
• 2025-07-03 Listing Removed — REINMLS
• 2025-07-03 Listed $309,900 REINMLS
• 2025-06-10 Price Changed $319,900 REINMLS
• 2025-05-07 Price Changed $329,900 REINMLS
• 2025-04-09 Listed $359,900 REINMLS
• 2025-04-06 Listing Removed — REINMLS
• 2025-03-11 Listed $415,000 REINMLS
• 2022-03-22 Listing Removed — REINMLS
• 2022-02-09 Listed $329,900 REINMLS
• 2021-01-15 Listing Removed — REINMLS
• 2021-01-07 Listed $320,000 REINMLS
• 2018-08-16 Sold (Public Records) $223,100 Public Records
• 2018-05-07 Pending — REINMLS
• 2018-05-07 Relisted — REINMLS
• 2018-03-20 Listing Removed — REINMLS
• 2018-03-01 Relisted — REINMLS
• 2018-02-28 Listing Removed — REINMLS
• 2018-02-11 Price Changed $249,500 REINMLS
• 2018-01-25 Relisted — REINMLS
• 2018-01-25 Listing Removed — REINMLS
• 2018-01-22 Relisted — REINMLS
• 2018-01-19 Listing Removed — REINMLS
• 2017-12-28 Listed $257,500 REINMLS
• 2017-12-14 Listing Removed — REINMLS
• 2017-11-28 Listed $258,000 REINMLS
• 2017-09-11 Listing Removed — REINMLS
• 2017-07-11 Listed $246,000 REINMLS
• 2016-10-11 Pending — REINMLS
• 2016-09-28 Price Changed $121,400 REINMLS
• 2016-08-25 Price Changed $134,910 REINMLS
• 2016-07-28 Price Changed $149,900 REINMLS
• 2016-07-01 Price Changed $168,500 REINMLS
• 2016-06-03 Listed $187,200 REINMLS

Property tax history

+1.7%/yr

Latest (2018): $2,663 · +4.5% YoY. Source: county tax records.