729 W 28th St · Norfolk, VA 23508

$365,000

6 bd · 2.0 ba · 2,239 sqft · MultiFamily public records · 33 Days on market

Built 1921 Est $575k · 37% under ↓ 12% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• 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: 2 units. confirmed

Listing remarks

Fully renovated duplex located in the historic Park Place neighborhood, offering strong investment appeal with both units currently leased. Each unit features updated flooring, fresh paint, and a modern kitchen with stainless steel appliances, granite countertops, white cabinetry, and in-unit washer and dryer. The property offers functional layouts and is positioned in a high-demand rental area with convenient access to major employment centers, shopping, and dining. This duplex is part of a six-property investment portfolio, presenting a rare opportunity to acquire multiple income-producing assets to be sold as a package

Key facts

• Renovated duplex
• Updated flooring
• Modern kitchen

Tags

• RENOVATED DUPLEX
• UPDATED FLOORING
• MODERN KITCHEN
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• WHITE CABINETRY

Property features AI

Finance

• Financial info: Shows existing leases: Unit 1 lease expires 10/26/2026; Unit 2 lease expires 04/20/2026

Exterior

• Parking: Off-street parking
• Utilities: Separate electric meters; City/county water; City/county sewer; Electric water heater
• Home design: Duplex (over/under configuration); Simple ownership; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Off-street parking for each unit

Interior

• Kitchen: Each unit with a kitchen; Dishwasher in each unit
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Flooring: Carpet in both units
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Forced hot air heating in both units; Central air conditioning in both units
• Interior features: Window treatments; Utility closet
• Laundry & utility: Washer hookup in each unit; Dryer hookup in each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $678 ($8k/yr) — positive. Per door: $339/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $354k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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: James Monroe Elementary (math 8% / reading 22%, grade F, #1,098 of 1,108 statewide, top 100%, 270 students, 100% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 100 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $3,761/mo this rent would consume 60% of the median local household income ($75k/yr) (locally 861% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $102k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $150k; list at $365k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — 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 $354,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $575,423
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
858 W 37th St	0.34mi	6/3.0	2,200 (-2%)	4mo	$435,000	$198	74
825 Spotswood Ave	0.53mi	5/2.0 (-1)	2,100 (-6%)	8mo	$540,000	$257	53

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-4,456
• Equity at exit: $54,423

10-year hold

• IRR: 11.3%
• Equity multiple: 2.00×
• Total profit: $102,017
• Equity at exit: $31,559

Cash invested: $102,200 (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 23508

• Rents YoY: 6.0%
• Active inventory: 100
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $3,761 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$227 /mo · $2,728/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $678

Break-even live

Break-even rent $2,903

Max offer price $365,000

Occupancy floor 77%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,760
Total (2 units)			$3,761

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	24d	1	0.52mi
4220 Bowdens Ferry Rd Unit A Norfolk, VA	6.0	3.0	1800	$2,574	$1.43	44d	1	0.81mi
632 Redgate Ave Norfolk, VA	5.0	3.5	2943	$3,300	$1.12	24d	1	0.88mi
1530 W 40th St Norfolk, VA	6.0	2.5	2640	$3,100	$1.17	11d	1	1.06mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	44d	1	1.23mi

Listing history 16 events

1. 2026-04-22
   status Under Contract
2. 2026-03-26
   status Active
3. 2026-03-25
   historical
4. 2026-03-18
   listed $365,000 Active
5. 2025-11-10
   historical $1,475
6. 2025-09-25
   listed $1,475
7. 2025-09-21
   historical $1,475
8. 2025-09-12
   listed $1,475
9. 2025-03-03
   historical $1,475
10. 2025-02-05
    price $1,475
11. 2025-01-04
    price $1,500
12. 2024-12-21
    listed $1,550
13. 2017-10-27
    soldstatus $150,000
14. 2001-08-24
    soldstatus $50,000
15. 2001-08-24
    soldstatus $90,000
16. 1991-08-30
    soldstatus $415,200

ⓘ 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: $2,728 · $227/mo
• Projected year-2 tax: $2,993 · $249/mo
• Expected delta: +$265/yr (+$22/mo · 9.7%)

ⓘ 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 (unshaded) · 13% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,132
• − Mortgage interest: −$20,446
• − Property taxes: −$2,728
• − Insurance: −$1,825
• − Repairs & maintenance: −$3,611
• − Management: −$3,611
• − Depreciation: −$10,618
• Taxable income: $2,294
• Est. tax owed @ 24.0%: −$551
• After-tax cash flow: $7,581/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): 19,432
• Household income: $74,885
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 861.0

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 0.64)
• Race & ethnicity: White 49% Black 33% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% 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: ▼ -401.24%
• Current HPI: 312.9923
• Rent YoY: ▲ 5.98%
• 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

-12.1% since first listed

16 events — show timeline

• 2026-04-22 Pending — REINMLS
• 2026-03-26 Relisted — REINMLS
• 2026-03-25 Listing Removed — REINMLS
• 2026-03-18 Listed $365,000 REINMLS
• 2025-11-10 Rental Removed $1,475 APPFOLIO
• 2025-09-25 Listed for Rent $1,475 APPFOLIO
• 2025-09-21 Rental Removed $1,475 APPFOLIO
• 2025-09-12 Listed for Rent $1,475 APPFOLIO
• 2025-03-03 Rental Removed $1,475 APPFOLIO
• 2025-02-05 Price Changed $1,475 APPFOLIO
• 2025-01-04 Price Changed $1,500 APPFOLIO
• 2024-12-21 Listed for Rent $1,550 APPFOLIO
• 2017-10-27 Sold (Public Records) $150,000 Public Records
• 2001-08-24 Sold (Public Records) $90,000 Public Records
• 2001-08-24 Sold (Public Records) $50,000 Public Records
• 1991-08-30 Sold (Public Records) $415,200 Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,728 · +2.8% YoY. Source: county tax records.