816 Lexington St · Norfolk, VA 23504

$185,000

4 bd · 3.0 ba · 1,715 sqft · SingleFamily public records · 23 Days on market

Built 1914 2,578 sqft lot $108/sqft · 35% below area Est $287k · 35% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.2/10.0
• 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 MLS

Bring your vision and make it your own! Conveniently located in the heart of Norfolk, this 4-bedroom, 3-bath home offers around 1,700 square feet of potential-filled living space. The functional layout provides a great start for customization, whether you're looking to update, renovate, or create your dream home from the ground up. The possibilities here are endless. A little TLC will truly make this home shine! Call today for more information and to schedule your tour!

Key facts

• 2,578 sq ft lot
• Built 1914
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% 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.
• Market conditions: Rents rising fast (+6.1%/yr); 120 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,065/mo this rent would consume 55% of the median local household income ($45k/yr) (locally 1531% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $182,225 (1.5% below list)

Questions for the listing agent

1. Built in 1914 — 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: 1.12% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.75%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (median comp): $286,520
• List price: $185,000
• Delta: -35.43%
• 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
823 Lexington St	0.03mi	4/2.5	1,616 (-6%)	2mo	$300,000	$186	86
738 Fremont St	0.09mi	3/2.5 (-1)	1,780 (+4%)	0mo	$315,000	$177	82
1815 Tidewater Dr	0.27mi	3/2.5 (-1)	1,666 (-3%)	1mo	$285,000	$171	74
942 Sutton St	0.18mi	4/3.0	1,552 (-10%)	3mo	$299,000	$193	74
896 A Ave	0.16mi	3/2.5 (-1)	1,589 (-7%)	4mo	$266,500	$168	70
1891 Barre St	0.22mi	4/3.0	1,520 (-11%)	1mo	$325,000	$214	70
714 Fremont St	0.12mi	3/2.5 (-1)	1,520 (-11%)	2mo	$295,000	$194	67
912 Lindenwood Ave	0.40mi	3/2.5 (-1)	1,628 (-5%)	2mo	$301,500	$185	64
822 Pollard St	0.33mi	3/2.0 (-1)	1,494 (-13%)	0mo	$290,600	$195	54
1311 Cary Ave	0.62mi	5/3.0 (+1)	1,900 (+11%)	2mo	$310,000	$163	46
2216 Courtney Ave	0.51mi	3/2.5 (-1)	1,500 (-12%)	4mo	$340,000	$227	46
1347 Marshall Ave	0.68mi	5/3.0 (+1)	1,900 (+11%)	2mo	$359,000	$189	43

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,940
• Equity at exit: $27,584

10-year hold

• IRR: 11.8%
• Equity multiple: 2.07×
• Total profit: $55,177
• Equity at exit: $15,995

Cash invested: $51,800 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,065 high
• Mortgage (P&I): −$970
• Tax from tax record: −$250 /mo · $2,998/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $335

Break-even live

Break-even rent $1,642

Max offer price $185,000

Occupancy floor 79%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	43d	1	0.03mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	43d	1	0.07mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	20d	1	0.13mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	23d	1	0.18mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	43d	1	0.30mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	23d	1	0.31mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	23d	1	0.51mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	7d	1	0.75mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	43d	1	0.77mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	43d	1	0.77mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	14d	1	0.82mi
820 Maltby Cres Norfolk, VA	3.0	2.5	1850	$2,395	$1.29	23d	1	0.93mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.98mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	0.99mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	14d	1	1.00mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	21d	1	1.00mi
817 Botetourt Gdns Norfolk, VA	3.0	2.5	1900	$3,150	$1.66	14d	1	1.01mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	14d	1	1.05mi
1009 Colonial Ave #3 Norfolk, VA	3.0	2.0	1276	$2,400	$1.88	23d	1	1.05mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	23d	1	1.06mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	43d	1	1.06mi
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	17d	1	1.06mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	1.09mi
819 Colonial Ave Norfolk, VA	1.0–3.0	1.0–2.0	1092	$2,450	$2.24	1d	11	1.10mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	43d	1	1.12mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	1.14mi
625 W Princess Anne Rd Unit 6 Norfolk, VA	3.0	1.5	1650	$1,995	$1.21	20d	1	1.15mi
622 Graydon Ave Unit 5 Norfolk, VA	3.0	2.0	1500	$1,700	$1.13	16d	1	1.15mi
731 Shirley Ave Unit 1 Norfolk, VA	3.0	1.0	1200	$1,950	$1.62	43d	1	1.20mi
726 W Princess Anne Rd Unit 2 Norfolk, VA	3.0	2.0	1265	$1,695	$1.34	3d	1	1.23mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	1.24mi
200 College Pl Norfolk, VA	1.0–3.0	1.0–2.0	1047	$2,533	$2.42	1d	12	1.25mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	43d	1	1.27mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	23d	1	1.28mi
810 Brandon Ave Norfolk, VA	3.0	1.0	1420	$2,350	$1.65	14d	1	1.28mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	43d	1	1.30mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	43d	1	1.32mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	3d	1	1.33mi
829 Spotswood Ave Unit B Norfolk, VA	3.0	2.0	1250	$2,150	$1.72	14d	1	1.33mi
810 W Princess Anne Rd #303 Norfolk, VA	3.0	2.0	1483	$2,300	$1.55	23d	1	1.33mi

Listing history 8 events

1. 2026-05-06
   status Under Contract 474-char remark

   Show marketing remark (474 chars)

   Bring your vision and make it your own! Conveniently located in the heart of Norfolk, this 4-bedroom, 3-bath home offers around 1,700 square feet of potential-filled living space. The functional layout provides a great start for customization, whether you're looking to update, renovate, or create your dream home from the ground up. The possibilities here are endless. A little TLC will truly make this home shine! Call today for more information and to schedule your tour!

2. 2026-04-10
   listed $185,000 Active 474-char remark

   Show marketing remark (474 chars)

   Bring your vision and make it your own! Conveniently located in the heart of Norfolk, this 4-bedroom, 3-bath home offers around 1,700 square feet of potential-filled living space. The functional layout provides a great start for customization, whether you're looking to update, renovate, or create your dream home from the ground up. The possibilities here are endless. A little TLC will truly make this home shine! Call today for more information and to schedule your tour!

3. 2019-10-01
   status Under Contract
4. 2019-09-17
   historical Active Under Contract
5. 2019-06-28
   price $199,900
6. 2019-01-07
   listed $210,000 Active
7. 2016-11-16
   status Under Contract
8. 2016-10-11
   listed $35,000 Active

ⓘ 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: $2,998 · $250/mo
• Projected year-2 tax: $2,998 · $250/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) · 10% 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: $24,784
• − Mortgage interest: −$10,363
• − Property taxes: −$2,998
• − Insurance: −$925
• − Repairs & maintenance: −$1,983
• − Management: −$1,983
• − Depreciation: −$5,382
• Taxable income: $1,151
• Est. tax owed @ 24.0%: −$276
• After-tax cash flow: $3,739/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): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

+428.6% since first listed

8 events — show timeline

• 2026-05-06 Pending — REINMLS
• 2026-04-10 Listed $185,000 REINMLS
• 2019-10-01 Pending — REINMLS
• 2019-09-17 Contingent — REINMLS
• 2019-06-28 Price Changed $199,900 REINMLS
• 2019-01-07 Listed $210,000 REINMLS
• 2016-11-16 Pending — REINMLS
• 2016-10-11 Listed $35,000 REINMLS

Property tax history

+9.0%/yr

Latest (2025): $2,998 · +4.9% YoY. Source: county tax records.