5144 Castle Way · Portsmouth, VA 23703

$200,000

2 bd · 1.5 ba · 980 sqft · Townhouse public records · 10 Days on market

Built 1983 Est $198k · at est.

---

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 +13.1/30.0
• ARV discount +7.0/15.0
• DSCR +3.9/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover easy living in this end-unit townhome located in the heart of Churchland. Tucked away near the Western Branch of the Elizabeth River, this home offers a peaceful setting with easy access to shopping, dining, and major conveniences. The private backyard patio overlooks a wooded backdrop, creating an ideal space to enjoy your morning coffee or unwind at the end of the day. Recent improvements include a newer roof installed in 2022, providing added value and peace of mind. Whether you're looking for your first home, a smart investment opportunity, or a low-maintenance lifestyle, this property offers it all! Don't miss your chance to make it yours—schedule a showing today.

Key facts

• Wooded backdrop
• Newer roof
• End-unit townhome

Tags

• END-UNIT TOWNHOME
• PRIVATE BACKYARD PATIO
• WOODED BACKDROP
• NEWER ROOF

Property features AI

Finance

• HOA & community: No HOA/Condo fees indicated

Exterior

• Parking: 2 parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric service
• Home design: Attached townhouse; End unit; 2 stories; 2 living levels; Slab foundation
• Construction: Brick and vinyl siding; Asphalt shingle roof
• Exterior features: Corner lot; Patio; Wooded setting; Partial privacy wood fence; Storage shed

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; Dual-entry bath configuration
• Heating & cooling: Forced hot air heating; Heat pump; Central air conditioning
• Interior features: Ceiling fan; Cable hookup; Fireplace (wood); Dual-entry bath (between bedroom and hall); Walk-in closet; Attic; Breakfast area; Utility closet
• Laundry & utility: Washer (hookup provided); Dryer (hookup provided); Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $-9 ($-109/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (17.2% below list).
• Recommended offer: $166k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 Elementary (math 47% / reading 72%, grade B-, #536 of 1,108 statewide, top 51%, 767 students, 98% FRL); Churchland Middle (math 53% / reading 77%, grade A-, #120 of 342 statewide, top 35%, 890 students, 100% FRL); Churchland High (math 48% / reading 80%, grade B-, #220 of 319 statewide, top 70%, 1,435 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 63% at this address vs 46% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Portsmouth City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 124 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

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 $165,547 (17.2% 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. 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. 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?
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: 0.83% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $197,960
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4011 Reese Dr S	0.04mi	2/1.5	980 (0%)	7mo	$150,000	$153	92
5101 Radcliffe Cir	0.09mi	2/1.0	875 (-11%)	13mo	$199,500	$228	65
4051 S Reese Dr	0.11mi	2/1.5	1,100 (+12%)	12mo	$222,000	$202	64
5220 Clover Hill Dr	0.34mi	2/1.5	1,122 (+14%)	6mo	$203,000	$181	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-33,000
• Equity at exit: $29,821

10-year hold

• IRR: -8.4%
• Equity multiple: 0.47×
• Total profit: $-29,539
• Equity at exit: $17,292

Cash invested: $56,000 (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 23703

• Active inventory: 124
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,655 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$185 /mo · $2,216/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-9

Break-even live

Break-even rent $1,667

Max offer price $198,403

Occupancy floor 96%

Sensitivity live

Price	-10% $104	-5% $48	+0% $-9	+5% $-66	+10% $-122
Rent	-10% $-140	-5% $-74	+0% $-9	+5% $56	+10% $122
Rate	-1.0pp $92	-0.5pp $42	base $-9	+0.5pp $-61	+1.0pp $-114

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4016 Reese Dr S Portsmouth, VA	2.0	1.0	980	$1,600	$1.63	45d	1	0.06mi
3117 Sterling Point Dr Unit A Portsmouth, VA	2.0	1.0	900	$1,450	$1.61	4d	1	0.27mi
5020 Fable Ave Portsmouth, VA	3.0	1.0	1075	$2,000	$1.86	45d	1	0.62mi

Listing history 7 events

1. 2026-06-21
   days on market $200,000 Active 10 DOM
2. 2026-06-18
   days on market $200,000 Active 7 DOM
3. 2026-06-17
   days on market $200,000 Active 6 DOM
4. 2026-06-16
   days on market $200,000 Active 5 DOM
5. 2026-06-15
   days on market $200,000 Active 4 DOM
6. 2026-06-13
   remarks 686-char remark
7. 2026-06-13
   listed $200,000 Active 2 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: $2,216 · $185/mo
• Projected year-2 tax: $2,216 · $185/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) · 47% 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: $19,866
• − Mortgage interest: −$11,203
• − Property taxes: −$2,216
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − Depreciation: −$5,818
• Taxable loss: −$3,551
• Est. tax savings @ 24.0%: +$852
• After-tax cash flow: $744/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): 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

+122.2% since first listed

7 events — show timeline

• 2026-06-11 Listed $200,000 REINMLS
• 2024-02-20 Sold (Public Records) $185,000 Public Records
• 2024-01-25 Pending — REINMLS
• 2024-01-15 Contingent — REINMLS
• 2024-01-11 Listed $185,000 REINMLS
• 2015-04-29 Sold (Public Records) $89,999 Public Records
• 2014-08-18 Price Changed $89,999 REINMLS

Property tax history

+25.9%/yr

Latest (2025): $2,216 · +5.9% YoY. Source: county tax records.