869 W 35th St #4 · Norfolk, VA 23508

$140,000

2 bd · 1.0 ba · 1,168 sqft · Condo public records · 2 Days on market

Built 1919 $275/mo HOA · 16% of rent

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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 +20.1/30.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 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

Listing remarks

Move in ready/Turn key!! Fully renovated and converted to Condominiums in 2005. This spacious 2bdrm, 1bath, 2nd floor unit, has 7'x12' balcony off living room. Open and bright floor plan, huge Eat-In-Kitchen with updated cabinets, glass top stove and dishwasher, gorgeous hardwood flooring. Situated in rapidly upward transitioning neighborhood between Colley Ave. and Hampton Blvd. Convenient to ODU, EVMS, CHKD and Sentara Hospitals, military bases. Close to Norfolk International Airport, restaurants & downtown entertainment venues. Great for Owner Occupant or income producing property. Front Livingroom with balcony could be 3rd bedroom.

Key facts

• Hardwood flooring
• Fully renovated
• Close to restaurants

Tags

• FULLY RENOVATED
• 7X12 BALCONY
• EAT-IN KITCHEN
• HARDWOOD FLOORING
• CLOSE TO RESTAURANTS

Property features AI

Finance

• Other: Directions: Southwest corner of 35th & Killam Ave.
• HOA & community: Condo association: 869 Kensington Condominium Association; Association is self-managed; Condo fee $275 per month; Ground maintenance handled by the association

Exterior

• Parking: Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric service
• Home design: Attached condo; Tri-level style; Condo unit on level 2 (one living level); Crawl foundation; Shingle roof; Brick siding
• Construction: Brick exterior; Asphalt shingle roof; Crawlspace foundation
• Exterior features: Corner lot; Lot dimensions approximately 50 x 100

Interior

• Kitchen: Electric range; Refrigerator; Dishwasher
• Bedrooms: Master bedroom on the first floor; Additional bedroom on the first floor
• Flooring: Carpet; Ceramic; Vinyl; Wood
• Bathrooms: One full bathroom; Full bathroom on the first floor
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Cable hookup; Ceiling fan; Intercom; Dual entry bath (between bedroom and hall); Window treatments; Balcony; Breakfast area; Utility room; First-floor master bedroom
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 7.8% 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); 104 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

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 $140,000

Questions for the listing agent

1. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.25% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-5,975
• Equity at exit: $20,874

10-year hold

• IRR: 9.5%
• Equity multiple: 1.85×
• Total profit: $33,447
• Equity at exit: $12,105

Cash invested: $39,200 (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: 104
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,753 high
• Mortgage (P&I): −$734
• Tax from tax record: −$143 /mo · $1,713/yr
• Insurance: −$58
• HOA: −$275
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $175

Break-even live

Break-even rent $1,532

Max offer price $140,000

Occupancy floor 85%

Sensitivity live

Price	-10% $254	-5% $214	+0% $175	+5% $135	+10% $95
Rent	-10% $36	-5% $105	+0% $175	+5% $244	+10% $313
Rate	-1.0pp $245	-0.5pp $210	base $175	+0.5pp $138	+1.0pp $101

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3605 Killam Ave Norfolk, VA	1.0	2.0	1275	$950	$0.75	24d	1	0.04mi
868 W 36th St Norfolk, VA	3.0	1.5	1300	$2,500	$1.92	13d	1	0.04mi
858 37th St Unit A Norfolk, VA	3.0	1.5	1150	$1,950	$1.70	18d	1	0.10mi
1037 37th St Apt B Norfolk, VA	2.0	1.0	803	$1,100	$1.37	44d	1	0.11mi
1045 37th St Unit A Norfolk, VA	3.0	1.0	950	$1,600	$1.68	44d	1	0.13mi
819 W 38th St Unit 5 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	20d	1	0.17mi
812 W 27th St Unit 1 Norfolk, VA	2.0	1.0	750	$1,295	$1.73	8d	1	0.21mi
1016 W 24th St Norfolk, VA	3.0	1.0–2.0	771	$1,432	$1.86	24d	20	0.27mi
3700 Gosnold Ave Unit A Norfolk, VA	2.0	1.0	700	$1,300	$1.86	24d	1	0.32mi
623 W 28th St Unit 3 Norfolk, VA	1.0	1.0	700	$1,050	$1.50	18d	1	0.38mi
1227 W 41st St Norfolk, VA	3.0	1.0	819	$1,600	$1.95	24d	1	0.38mi
628 Georgia Ave Norfolk, VA	3.0	2.0	1300	$2,495	$1.92	24d	1	0.42mi
834 W 44th St Apt 208 Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	44d	1	0.45mi
1309 W 27th St Norfolk, VA	2.0	1.0	875	$1,600	$1.83	44d	1	0.46mi
1262 W 40th St Norfolk, VA	2.0	2.0	1100	$1,595	$1.45	22d	1	0.46mi
721 Maryland Ave Unit A Norfolk, VA	1.0	1.0	1100	$1,800	$1.64	44d	1	0.48mi
2811 Colonial Ave Unit A4 Norfolk, VA	1.0	1.0	750	$999	$1.33	44d	1	0.52mi
601 W 24th St Norfolk, VA	1.0–2.0	1.0–2.0	722	$2,045	$2.83	2d	2	0.52mi
832 Brandon Ave Unit A5 Norfolk, VA	2.0	1.0	875	$1,650	$1.89	24d	1	0.57mi
4617 Colley Ave Norfolk, VA	1.0	1.0	700	$1,159	$1.66	44d	1	0.59mi
810 Brandon Ave Norfolk, VA	3.0	1.0	1420	$2,350	$1.65	15d	1	0.59mi
415 W 32nd St Unit 1 Norfolk, VA	2.0	1.0	850	$1,325	$1.56	44d	1	0.60mi
742 Washington Park Unit A5 Norfolk, VA	2.0	1.0	944	$1,450	$1.54	15d	1	0.60mi
742 Washington Park Unit A5 Norfolk, VA	2.0	1.0	994	$1,450	$1.46	18d	1	0.60mi
742 Washington Park Unit B4 Norfolk, VA	2.0	1.0	1054	$2,000	$1.90	13d	1	0.60mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	15d	1	0.60mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	22d	1	0.60mi
910 Spotswood Ave Unit 1C Norfolk, VA	1.0	1.0	750	$1,250	$1.67	44d	1	0.60mi
527 Maryland Ave Norfolk, VA	3.0	1.0	1200	$2,000	$1.67	44d	1	0.61mi
1009 Brandon Ave Unit 6 Norfolk, VA	2.0	1.0	1400	$1,500	$1.07	13d	1	0.62mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	44d	1	0.62mi
1419 W 40th St Norfolk, VA	3.0	1.5	825	$2,000	$2.42	18d	1	0.62mi
4719 Colley Ave Norfolk, VA	2.0	1.0	800	$1,589	$1.99	44d	1	0.64mi
829 Spotswood Ave Unit B Norfolk, VA	3.0	2.0	1250	$2,150	$1.72	15d	1	0.64mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	24d	1	0.65mi
783 48th St Norfolk, VA	2.0	1.0	950	$1,495	$1.57	15d	1	0.67mi
435 Virginia Ave Norfolk, VA	2.0	2.0	1012	$1,954	$1.93	5d	1	0.68mi
1444 W 41st St Unit 2A Norfolk, VA	2.0	1.0	700	$1,500	$2.14	15d	1	0.70mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	5d	1	0.71mi
309 W 26th St Unit A Norfolk, VA	2.0	1.0	900	$1,525	$1.69	18d	1	0.71mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-07
   remarks 645-char remark
2. 2026-06-07
   listed $140,000 Under Contract 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: $1,713 · $143/mo
• Projected year-2 tax: $1,713 · $143/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 (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: $21,037
• − Mortgage interest: −$7,842
• − Property taxes: −$1,713
• − Insurance: −$700
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − HOA: −$3,300
• − Depreciation: −$4,073
• Taxable income: $43
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $2,085/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

+3.8% since first listed

5 events — show timeline

• 2026-06-05 Pending — REINMLS
• 2026-06-03 Listed $140,000 REINMLS
• 2014-07-21 Price Changed $115,000 REINMLS
• 2014-05-27 Price Changed $119,000 REINMLS
• 2007-08-23 Sold (Public Records) $134,900 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,713 · +12.0% YoY. Source: county tax records.