231 Lenox Ave · Norfolk, VA 23503

$294,990

4 bd · 2.0 ba · 1,852 sqft · SingleFamily public records · 6 Days on market

Built 1951 5,214 sqft lot Est $385k · 23% 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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located just minutes from the base, this spacious 4-bedroom, 2-bath home offers comfort, value, and potential. The kitchen and bathrooms have been tastefully updated within the last five years, providing modern touches where they matter most. With solid construction, generous living spaces, and great bones, this home is ready for its next owner to add personal style and make it their own. Enjoyed your privacy in a fenced back yard with ample room to stay out of doors. Whether you’re a first-time buyer, military family, or investor, you’ll appreciate the functional layout, convenient location, and opportunity to build equity in a well maintained home. Don’t mis

Key facts

• 5,214 sq ft lot
• Garage
• Built 1951

Property features AI

Finance

• HOA & community: No HOA (fees listed as $0)

Exterior

• Parking: Detached garage (multi-car, 2-car typical description); Approximately 320 sq ft garage
• Utilities: City/County water; City/County sewer; Electric power
• Home design: Detached Cape Cod; Single-story
• Construction: Crawl space foundation; Asphalt shingle roof
• Exterior features: Aluminum siding; Back yard fenced with chain link

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: First-floor bedroom with full bathroom
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning; Electric water heater
• Interior features: Carpet and laminate flooring; Bedroom and full bathroom on the first floor; 7 total rooms
• Laundry & utility: Washer and dryer; Washer and dryer hookups; 220V electrical

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $295k.

Deal economics

• At list price, monthly cash flow is $66 ($788/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 $254k (13.8% below list).
• Recommended offer: $254k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Oceanair Elementary (math 17% / reading 43%, grade F, #1,008 of 1,108 statewide, top 91%, 435 students, 97% FRL); Northside Middle (math 25% / reading 58%, grade F, #299 of 342 statewide, top 88%, 763 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.8%/yr); 198 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,544/mo this rent would consume 45% of the median local household income ($68k/yr) (locally 1948% 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $156k; list at $295k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — 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 $254,391 (13.8% below list)

Questions for the listing agent

1. Built in 1951 — 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 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?
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 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: 0.86% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.95%
• DSCR: 1.04
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $385,216
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 E Randall Ave	0.24mi	4/2.0	1,805 (-2%)	4mo	$349,900	$194	82
9516 Hammett Pkwy	0.37mi	4/2.0	1,813 (-2%)	2mo	$440,000	$243	77
145 Maple Ave	0.33mi	3/2.0 (-1)	1,900 (+3%)	2mo	$383,340	$202	74
339 E Gilpin Ave	0.14mi	4/2.0	1,650 (-11%)	3mo	$349,900	$212	73
110 E Bay Ave	0.31mi	4/2.0	1,700 (-8%)	1mo	$305,000	$179	71
400 E Leicester Ave	0.22mi	4/1.5	1,600 (-14%)	1mo	$265,000	$166	64
9546 1st View St	0.61mi	3/2.5 (-1)	1,900 (+3%)	1mo	$460,000	$242	60
227 Farrell St	0.49mi	4/2.0	1,647 (-11%)	3mo	$334,500	$203	56
235 E Evans St	0.73mi	3/1.5 (-1)	1,800 (-3%)	2mo	$360,000	$200	53
409 E Westmont Ave	0.58mi	4/2.0	1,638 (-12%)	2mo	$340,000	$208	52
9607 Sherwood Pl	0.49mi	3/3.0 (-1)	1,629 (-12%)	3mo	$350,000	$215	46
8701 Hammett Ave	0.70mi	3/2.0 (-1)	1,608 (-13%)	2mo	$360,000	$224	39

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 · 4.76% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.53×
• Total profit: $-39,057
• Equity at exit: $43,984

10-year hold

• IRR: -1.5%
• Equity multiple: 0.89×
• Total profit: $-9,210
• Equity at exit: $25,505

Cash invested: $82,597 (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 23503

• Home prices YoY: -19.9%
• Rents YoY: 4.8%
• Active inventory: 198
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,544 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$274 /mo · $3,290/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $66

Break-even live

Break-even rent $2,461

Max offer price $294,990

Occupancy floor 92%

Sensitivity live

Price	-10% $233	-5% $149	+0% $66	+5% $-18	+10% $-101
Rent	-10% $-135	-5% $-35	+0% $66	+5% $166	+10% $267
Rate	-1.0pp $214	-0.5pp $141	base $66	+0.5pp $-11	+1.0pp $-89

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: $73,748
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 E Randall Ave Norfolk, VA	3.0	1.5	1500	$2,300	$1.53	22d	1	0.16mi
432 E Gilpin Ave Norfolk, VA	4.0	2.5	2202	$3,200	$1.45	12d	1	0.21mi
324 E Leicester Ave Norfolk, VA	4.0	1.0	1600	$2,100	$1.31	45d	1	0.22mi
130 E Ocean Ave Norfolk, VA	3.0	2.0	1563	$2,500	$1.60	14d	1	0.28mi
9385 Pine Tree Rd Norfolk, VA	4.0	2.5	2200	$3,600	$1.64	25d	1	0.30mi
424 E Ocean Ave Norfolk, VA	4.0	2.0	1953	$2,650	$1.36	45d	1	0.31mi
121 Winshire St Norfolk, VA	3.0	2.0	1440	$2,200	$1.53	45d	1	0.43mi
9228 1st View St Norfolk, VA	4.0	2.5	2178	$3,250	$1.49	9d	1	0.56mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	19d	1	0.60mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	45d	1	0.60mi
9708 Ship Watch Rd Norfolk, VA	4.0	3.5	2112	$3,300	$1.56	25d	1	0.62mi
9429 Chesapeake St Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	45d	1	0.63mi
719 E Ocean View Ave Norfolk, VA	3.0	2.0	1503	$2,700	$1.80	45d	1	0.64mi
9414 Atlans St Norfolk, VA	4.0	2.5	2412	$3,300	$1.37	45d	1	0.71mi
1014 E Balview Ave Norfolk, VA	3.0	2.0	1325	$1,995	$1.51	46d	1	0.72mi
415 Fresh Meadow Rd Norfolk, VA	4.0	2.0	2273	$3,200	$1.41	45d	1	0.76mi
619 Earl St Norfolk, VA	4.0	2.0	1428	$2,395	$1.68	45d	1	0.79mi
937 E Ocean View Ave Norfolk, VA	4.0	2.5	2395	$3,500	$1.46	25d	1	0.80mi
8634 Granby St Norfolk, VA	3.0	2.0	1500	$1,950	$1.30	19d	1	0.81mi
362 Ridgewell Ave Norfolk, VA	4.0	1.0	1700	$1,850	$1.09	45d	1	0.86mi
8507 Chapin St Norfolk, VA	4.0	2.0	1550	$2,400	$1.55	45d	1	1.00mi
8504 Chesapeake Blvd Norfolk, VA	3.0	4.0	2053	$2,800	$1.36	45d	1	1.21mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	23d	1	1.21mi
9408 Willow Ct Norfolk, VA	3.0	2.0	2000	$2,950	$1.48	45d	1	1.22mi
1420 E Ocean View Ave Norfolk, VA	3.0	2.5	1465	$2,300	$1.57	25d	1	1.31mi
8455 Radnor Rd Norfolk, VA	3.0	2.0	1650	$2,195	$1.33	25d	1	1.43mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	14d	1	1.48mi

Listing history 5 events

1. 2026-06-21
   days on market $294,990 Active 6 DOM
2. 2026-06-18
   remarks 681-char remark
3. 2026-06-18
   days on market $294,990 Active 3 DOM
4. 2026-06-17
   days on market $294,990 Active 2 DOM
5. 2026-06-16
   listed $294,990 Active 1 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: $3,290 · $274/mo
• Projected year-2 tax: $3,290 · $274/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 2/10 Low FEMA zone X (unshaded) · 5% 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: $30,527
• − Mortgage interest: −$16,524
• − Property taxes: −$3,290
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,442
• − Management: −$2,442
• − Depreciation: −$8,582
• Taxable loss: −$4,228
• Est. tax savings @ 24.0%: +$1,015
• After-tax cash flow: $1,802/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): 30,216
• Household income: $67,649
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1948.0

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 0.63)
• Race & ethnicity: White 56% Black 20% Hispanic / Latino 13% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -78.48%
• Current HPI: 316.1563
• Rent YoY: ▲ 4.76%
• 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

+68.6% since first listed

8 events — show timeline

• 2026-06-15 Listed $294,990 REINMLS
• 2015-11-09 Sold (Public Records) $156,500 Public Records
• 2015-09-17 Pending — REINMLS
• 2015-09-02 Relisted — REINMLS
• 2015-08-31 Listing Removed — REINMLS
• 2015-07-31 Price Changed $159,900 REINMLS
• 2015-05-01 Price Changed $167,500 REINMLS
• 2015-04-10 Listed $175,000 REINMLS

Property tax history

+4.5%/yr

Latest (2025): $3,290 · +1.7% YoY. Source: county tax records.