1305 W Norcova Dr · Norfolk, VA 23502

$250,000

4 bd · 2.0 ba · 1,552 sqft · MultiFamily public records · 61 Days on market

Built 1942 7,840 sqft lot $161/sqft · 17% below area Est $301k · 17% under

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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 +16.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Detached home located on a cul-de-dac Norfolk offering 4 bedrooms and 2 full bathrooms across approximately 1,552 square feet. The layout includes multiple living areas and two kitchens, creating strong potential for income-producing use or flexible living arrangements. Separate access to upper and lower levels allows for variety of configurations. Features include central air, heat pump, electric hot water, and a mix of carpet, ceramic, and wood flooring. The property sits on a spacious lot with large backyard, detached one-car garage, and extended driveway for additional parking. Conveniently located near major roadways, shopping, and local amenities.

Key facts

• Two kitchens
• Large backyard
• Spacious lot

Tags

• MULTIPLE LIVING AREAS
• TWO KITCHENS
• SEPARATE ACCESS
• SPACIOUS LOT
• LARGE BACKYARD
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (6.5% below list).
• Recommended offer: $234k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+15.1%/yr); 76 active listings in the ZIP; 11 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).
• This rent runs 44% of the median local income ($63k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $233,669 (6.5% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — 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 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: 0.93% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $301,416
• List price: $250,000
• Delta: -17.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4669 Kincaid Ave	0.47mi	4/1.0	1,600 (+3%)	9mo	$228,000	$143	62
1552 Birch St	0.67mi	4/2.0	1,600 (+3%)	8mo	$260,000	$163	57
1553 Hemlock St	0.72mi	4/2.0	1,590 (+2%)	10mo	$295,000	$186	54
1557 Hemlock St	0.73mi	4/2.0	1,590 (+2%)	10mo	$295,000	$186	54

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: -7.3%
• Equity multiple: 0.72×
• Total profit: $-19,812
• Equity at exit: $37,276

10-year hold

• IRR: 7.7%
• Equity multiple: 1.71×
• Total profit: $49,782
• Equity at exit: $21,615

Cash invested: $70,000 (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 23502

• Home prices YoY: -20.7%
• Rents YoY: 15.1%
• Active inventory: 76
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,337 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$300 /mo · $3,601/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $131

Break-even live

Break-even rent $2,171

Max offer price $250,000

Occupancy floor 89%

Sensitivity live

Price	-10% $272	-5% $201	+0% $131	+5% $60	+10% $-11
Rent	-10% $-54	-5% $38	+0% $131	+5% $223	+10% $315
Rate	-1.0pp $257	-0.5pp $194	base $131	+0.5pp $66	+1.0pp $0

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	44d	1	0.07mi
1320 Gabriel Dr Norfolk, VA	4.0	1.5	1812	$2,495	$1.38	44d	1	0.44mi
1225 River Oaks Dr Norfolk, VA	3.0	1.5	1529	$1,335	$0.87	24d	1	0.49mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	17d	1	0.53mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	24d	1	0.63mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	44d	1	0.63mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	0.86mi
1544 Kilmer Ln Norfolk, VA	4.0	2.0	1874	$2,495	$1.33	11d	1	1.08mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	44d	1	1.25mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	24d	1	1.37mi
3556 Riverside Dr Norfolk, VA	3.0	1.0	1084	$1,950	$1.80	17d	1	1.43mi

Listing history 26 events

1. 2026-06-16
   pricestatusdays on market $250,000 Under Contract 61 DOM
2. 2026-06-15
   days on market $240,000 Active Under Contract 60 DOM
3. 2026-06-13
   days on market $240,000 Active Under Contract 58 DOM
4. 2026-06-10
   status $240,000 Active Under Contract 54 DOM
5. 2026-06-09
   days on market $240,000 Active 54 DOM
6. 2026-06-08
   days on market $240,000 Active 53 DOM
7. 2026-06-07
   days on market $240,000 Active 52 DOM
8. 2026-06-03
   days on market $240,000 Active 48 DOM
9. 2026-06-02
   days on market $240,000 Active 47 DOM
10. 2026-06-01
    days on market $240,000 Active 46 DOM
11. 2026-05-31
    days on market $240,000 Active 45 DOM
12. 2026-05-08
    price $265,000 661-char remark

    Show marketing remark (661 chars)

    Detached home located on a cul-de-dac Norfolk offering 4 bedrooms and 2 full bathrooms across approximately 1,552 square feet. The layout includes multiple living areas and two kitchens, creating strong potential for income-producing use or flexible living arrangements. Separate access to upper and lower levels allows for variety of configurations. Features include central air, heat pump, electric hot water, and a mix of carpet, ceramic, and wood flooring. The property sits on a spacious lot with large backyard, detached one-car garage, and extended driveway for additional parking. Conveniently located near major roadways, shopping, and local amenities.

13. 2026-04-16
    listed $300,000 Active 661-char remark

    Show marketing remark (661 chars)

    Detached home located on a cul-de-dac Norfolk offering 4 bedrooms and 2 full bathrooms across approximately 1,552 square feet. The layout includes multiple living areas and two kitchens, creating strong potential for income-producing use or flexible living arrangements. Separate access to upper and lower levels allows for variety of configurations. Features include central air, heat pump, electric hot water, and a mix of carpet, ceramic, and wood flooring. The property sits on a spacious lot with large backyard, detached one-car garage, and extended driveway for additional parking. Conveniently located near major roadways, shopping, and local amenities.

14. 2019-12-30
    soldstatus $225,000
15. 2019-11-11
    status Under Contract
16. 2019-10-31
    historical Active Under Contract
17. 2019-10-25
    listed $220,000 Active
18. 2019-10-24
    historical
19. 2019-09-05
    price $214,998
20. 2019-08-19
    listed $220,000 Active
21. 2016-03-23
    soldstatus $185,500
22. 2016-02-17
    status Under Contract
23. 2016-02-12
    historical
24. 2015-07-10
    listed $185,500 Active
25. 2015-01-19
    price $194,900
26. 1977-11-04
    soldstatus $16,000

ⓘ 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: $3,601 · $300/mo
• Projected year-2 tax: $3,601 · $300/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) · 28% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,040
• − Mortgage interest: −$14,004
• − Property taxes: −$3,601
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,243
• − Management: −$2,243
• − Depreciation: −$7,273
• Taxable loss: −$2,574
• Est. tax savings @ 24.0%: +$618
• After-tax cash flow: $2,186/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): 20,399
• Household income: $63,208
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1255.0

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: Black 46% White 31% Hispanic / Latino 12% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 2%
• Common ancestry: Portuguese 1% Romanian 1% Slovak 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 3% Other Indo-European 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: ▼ -83.50%
• Current HPI: 320.4522
• Rent YoY: ▲ 15.10%
• 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

+1556.2% since first listed

15 events — show timeline

• 2026-05-08 Price Changed $265,000 REINMLS
• 2026-04-16 Listed $300,000 REINMLS
• 2019-12-30 Sold (Public Records) $225,000 Public Records
• 2019-11-11 Pending — REINMLS
• 2019-10-31 Contingent — REINMLS
• 2019-10-25 Listed $220,000 REINMLS
• 2019-10-24 Listing Removed — REINMLS
• 2019-09-05 Price Changed $214,998 REINMLS
• 2019-08-19 Listed $220,000 REINMLS
• 2016-03-23 Sold (Public Records) $185,500 Public Records
• 2016-02-17 Pending — REINMLS
• 2016-02-12 Listing Removed — REINMLS
• 2015-07-10 Listed $185,500 REINMLS
• 2015-01-19 Price Changed $194,900 REINMLS
• 1977-11-04 Sold (Public Records) $16,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $3,601 · +0.4% YoY. Source: county tax records.