22 Dewey St · Portsmouth, VA 23704

$88,990

2 bd · 1.0 ba · 806 sqft · SingleFamily public records · 51 Days on market

Built 1919 2,613 sqft lot $110/sqft · 59% below area ↓ 1% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with major improvements already underway! This property has been expanded to add valuable square footage, offering the potential to convert beyond its original 2-bedroom, 1-bath layout—great for adding an additional bathroom or reconfiguring the space to maximize returns. Key updates include a new roof, new siding, new insulation (already inspected and approved), a new meter in place, completed electrical rough-in, and some updated windows. With much of the heavy lifting started, this is a prime opportunity for investors or rehab buyers to step in and bring their vision to life. Great potential for resale or rental income!

Key facts

• New siding
• Updated windows
• New meter

Tags

• NEW ROOF
• NEW SIDING
• NEW INSULATION
• NEW METER
• COMPLETED ELECTRICAL ROUGH-IN
• UPDATED WINDOWS

Property features AI

Finance

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

Exterior

• Parking: Street parking
• Utilities: City/County sewer; City/County water
• Home design: Detached traditional property; Two stories; Crawl foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Privacy fence; 100 x 28 lot dimensions

Interior

• Bathrooms: One full bathroom
• Interior features: No bedroom and full bathroom on the first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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: Douglass Park Elementary (math 12% / reading 37%, grade F, #1,051 of 1,108 statewide, top 96%, 550 students, 98% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 134 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 35% of the median local income ($50k/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 $616 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — 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 $86,320 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.65% ✓
• Cap rate: 13.85%
• Cash-on-cash: 26.98%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

• ARV (median comp): $218,853
• List price: $88,990
• Delta: -59.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3312 Knox St	0.25mi	2/1.0	770 (-4%)	5mo	$210,000	$273	76
1921 Nashville Ave	0.48mi	2/1.0	800 (-1%)	1mo	$194,000	$243	76
222 Charles Ave	0.48mi	2/1.0	822 (+2%)	0mo	$219,900	$268	74
3304 Gwin St	0.20mi	3/1.0 (+1)	835 (+4%)	8mo	$205,000	$246	73
2200 Deep Creek Blvd	0.47mi	2/1.0	768 (-5%)	1mo	$200,000	$260	69
30 Manly St	0.17mi	2/1.0	918 (+14%)	8mo	$140,000	$153	62
321 Beacon Rd	0.43mi	3/1.0 (+1)	864 (+7%)	1mo	$155,000	$179	62
2707 Arcadia Ave	0.36mi	2/1.0	700 (-13%)	4mo	$205,000	$293	58
2600 Roanoke Ave	0.41mi	3/1.0 (+1)	900 (+12%)	2mo	$107,000	$119	55
253 Beacon Rd	0.33mi	3/1.0 (+1)	900 (+12%)	8mo	$225,000	$250	54
521 Beacon Rd	0.62mi	3/1.0 (+1)	864 (+7%)	1mo	$135,000	$156	53
18 Neville St	0.71mi	2/1.0	698 (-13%)	0mo	$198,000	$284	44

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 1.87×
• Total profit: $21,726
• Equity at exit: $13,269

10-year hold

• IRR: 29.6%
• Equity multiple: 3.68×
• Total profit: $66,800
• Equity at exit: $7,694

Cash invested: $24,917 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 134
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,466 high
• Mortgage (P&I): −$467
• Tax from tax record: −$95 /mo · $1,135/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $560

Break-even live

Break-even rent $757

Max offer price $88,990

Occupancy floor 57%

Sensitivity live

Price	-10% $611	-5% $585	+0% $560	+5% $535	+10% $510
Rent	-10% $444	-5% $502	+0% $560	+5% $618	+10% $676
Rate	-1.0pp $605	-0.5pp $583	base $560	+0.5pp $537	+1.0pp $514

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: $22,248
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3304 Killian Ave Portsmouth, VA	3.0	1.0	800	$2,000	$2.50	25d	1	0.27mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	45d	1	0.27mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	45d	1	0.41mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	21d	1	0.45mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	12d	1	0.45mi
1 Shelby St Portsmouth, VA	2.0	1.0	700	$1,250	$1.79	25d	1	0.55mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	13d	1	0.56mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	25d	1	0.56mi
11 Carver Cir Portsmouth, VA	2.0	1.0	695	$1,395	$2.01	45d	1	0.56mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	45d	1	0.64mi
49 Carver Cir Portsmouth, VA	2.0	2.0	800	$1,450	$1.81	25d	1	0.69mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	17d	1	0.70mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	25d	1	0.70mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	4d	1	0.74mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	45d	1	0.98mi
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	21d	1	1.01mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	25d	1	1.09mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	9d	1	1.19mi
923 Randolph St Portsmouth, VA	2.0	1.0	800	$1,062	$1.33	45d	1	1.28mi
3626 Bart St Unit BAR3626-DF Portsmouth, VA	2.0	1.0	900	$1,000	$1.11	9d	1	1.32mi
104 Cushing St Unit 104 Portsmouth, VA	1.0	1.0	700	$1,095	$1.56	21d	1	1.34mi
104 Cushing St Portsmouth, VA	1.0	1.0	700	$1,200	$1.71	21d	1	1.34mi
401 Constitution Ave Unit B Portsmouth, VA	1.0	1.0	600	$1,100	$1.83	45d	1	1.34mi
3310 Glasgow St Portsmouth, VA	2.0	1.0	1100	$1,600	$1.45	4d	1	1.45mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	16d	1	1.45mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	17d	1	1.45mi
18 Cooper Dr Portsmouth, VA	2.0	1.0	920	$1,400	$1.52	18d	1	1.49mi
811 Randolph St Unit A Portsmouth, VA	2.0	1.0	800	$1,150	$1.44	45d	1	1.50mi

Listing history 10 events

1. 2026-06-15
   statusdays on market $88,990 Under Contract 51 DOM
2. 2026-06-13
   days on market $88,990 Active 50 DOM
3. 2026-06-09
   days on market $88,990 Active 46 DOM
4. 2026-06-08
   days on market $88,990 Active 45 DOM
5. 2026-06-07
   days on market $88,990 Active 44 DOM
6. 2026-06-03
   days on market $88,990 Active 40 DOM
7. 2026-06-02
   days on market $88,990 Active 39 DOM
8. 2026-06-01
   days on market $88,990 Active 38 DOM
9. 2026-05-31
   days on market $88,990 Active 37 DOM
10. 2026-04-24
    listed $89,990 Active 653-char remark

ⓘ 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: $1,135 · $95/mo
• Projected year-2 tax: $1,135 · $95/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 3/10 Moderate FEMA zone X (unshaded) · 9% 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: $17,597
• − Mortgage interest: −$4,985
• − Property taxes: −$1,135
• − Insurance: −$445
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$2,589
• Taxable income: $5,628
• Est. tax owed @ 24.0%: −$1,351
• After-tax cash flow: $5,371/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): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

-1.1% since first listed

3 events — show timeline

• 2026-06-14 Pending — REINMLS
• 2026-05-21 Price Changed $88,990 REINMLS
• 2026-04-24 Listed $89,990 REINMLS

Property tax history

-4.1%/yr

Latest (2025): $1,135 · +1.9% YoY. Source: county tax records.