921 Martin Ave · Portsmouth, VA 23701

$79,900

2 bd · 1.0 ba · 904 sqft · SingleFamily public records · 142 Days on market

Built 1940 7,405 sqft lot $88/sqft · 67% below area

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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
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

Key facts

• 7,405 sq ft lot
• Built 1940
• Listed 142 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.6% 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.
• Market conditions: Rents rising fast (+11.9%/yr); 167 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/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 $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1940 — 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 $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 2.09% ✓
• Cap rate: 16.56%
• Cash-on-cash: 36.65%
• DSCR: 2.63
• GRM: 4.0

CMA / ARV

• ARV (median comp): $245,029
• List price: $79,900
• Delta: -67.39%
• 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
119 Green Meadow Dr	0.36mi	2/1.0	928 (+3%)	1mo	$250,000	$269	78
20 S Colin Dr	0.30mi	3/1.0 (+1)	924 (+2%)	1mo	$252,500	$273	77
5106 Johnson Ave	0.43mi	3/1.0 (+1)	900 (-0%)	1mo	$138,000	$153	74
206 Park Manor Rd	0.64mi	2/1.0	898 (-1%)	3mo	$168,000	$187	67
45 Pollux Cir E	0.65mi	3/1.0 (+1)	922 (+2%)	1mo	$225,000	$244	61
55 Greeneland Blvd	0.73mi	3/2.0 (+1)	909 (+1%)	3mo	$240,000	$264	54
200 Sequoia Rd	0.50mi	3/1.0 (+1)	1,002 (+11%)	2mo	$253,000	$252	52
104 Cypress Rd	0.72mi	2/1.0	975 (+8%)	2mo	$254,900	$261	51
15 Chowan Dr	0.72mi	3/1.0 (+1)	986 (+9%)	1mo	$230,000	$233	46
223 Deal Dr	0.62mi	3/1.0 (+1)	1,025 (+13%)	3mo	$240,000	$234	41
209 Deal Dr	0.65mi	3/1.0 (+1)	1,025 (+13%)	2mo	$260,000	$254	41
206 Jacquelyn Dr	0.64mi	3/2.0 (+1)	1,021 (+13%)	1mo	$290,000	$284	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 38.5%
• Equity multiple: 2.77×
• Total profit: $39,500
• Equity at exit: $11,913

10-year hold

• IRR: 47.5%
• Equity multiple: 6.86×
• Total profit: $131,015
• Equity at exit: $6,908

Cash invested: $22,372 (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 23701

• Rents YoY: 11.9%
• Active inventory: 167
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,674 high
• Mortgage (P&I): −$419
• Tax from tax record: −$187 /mo · $2,238/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $683

Break-even live

Break-even rent $809

Max offer price $79,900

Occupancy floor 54%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 Martin Ave Portsmouth, VA	3.0	1.0	1100	$2,195	$2.00	3d	1	0.09mi
6 Harrower Ct Portsmouth, VA	2.0	2.0	800	$1,550	$1.94	44d	1	0.23mi
804 City Park Ave Portsmouth, VA	1.0	1.0	650	$1,350	$2.08	23d	1	0.25mi
26 Byers Ave Portsmouth, VA	2.0	1.0	1008	$1,575	$1.56	44d	1	0.31mi
1008 Cherokee Rd Portsmouth, VA	1.0–2.0	1.0	835	$1,345	$1.61	44d	1	0.35mi
13 Hedge Ln Unit I Portsmouth, VA	2.0	1.5	816	$1,275	$1.56	7d	1	0.67mi
940 Chumley Rd Portsmouth, VA	1.0	1.0	760	$1,165	$1.53	44d	1	0.76mi
1017 Hodges Ferry Rd Portsmouth, VA	2.0	1.5	880	$1,350	$1.53	44d	1	0.78mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	23d	1	0.81mi
200 Chowan Dr Portsmouth, VA	1.0–2.0	1.0–2.0	737	$1,600	$2.17	2d	8	0.83mi
4642 Greenwood Dr Portsmouth, VA	2.0	1.0	946	$1,550	$1.64	44d	1	1.28mi

Listing history 28 events

1. 2026-06-18
   days on market $79,900 Active 142 DOM
2. 2026-06-17
   days on market $79,900 Active 141 DOM
3. 2026-06-16
   days on market $79,900 Active 140 DOM
4. 2026-06-15
   days on market $79,900 Active 139 DOM
5. 2026-06-13
   days on market $79,900 Active 137 DOM
6. 2026-06-09
   days on market $79,900 Active 133 DOM
7. 2026-06-08
   days on market $79,900 Active 132 DOM
8. 2026-06-07
   days on market $79,900 Active 131 DOM
9. 2026-06-03
   days on market $79,900 Active 127 DOM
10. 2026-05-31
    days on market $79,900 Active 126 DOM
11. 2026-05-13
    status Active 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

12. 2026-04-17
    status Under Contract 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

13. 2026-04-04
    status Active 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

14. 2026-04-03
    historical 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

15. 2026-03-16
    status Active 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

16. 2026-03-15
    historical 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

17. 2026-03-10
    status Active 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

18. 2026-02-25
    status Under Contract 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

19. 2026-01-23
    price $79,900 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

20. 2025-12-15
    listed $93,600 Active 252-char remark

    Show marketing remark (252 chars)

    This property is to be considered as a lot sale. The value is in the land. Potential for tear down for new construction property. Home on lot is not considered to be eligible for rehab. Do not enter the physical property. Wonderful Simonsdale location.

21. 2025-04-03
    status Under Contract
22. 2025-04-03
    historical
23. 2025-04-02
    listed $63,000 Active
24. 2024-05-22
    status Under Contract
25. 2024-05-22
    listed Active Under Contract
26. 2024-05-22
    historical
27. 2024-05-22
    listed $50,000
28. 2001-05-31
    soldstatus $71,000

ⓘ 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: $2,238 · $187/mo
• Projected year-2 tax: $2,238 · $187/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) · 12% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,084
• − Mortgage interest: −$4,476
• − Property taxes: −$2,238
• − Insurance: −$400
• − Repairs & maintenance: −$1,607
• − Management: −$1,607
• − Depreciation: −$2,324
• Taxable income: $7,433
• Est. tax owed @ 24.0%: −$1,784
• After-tax cash flow: $6,416/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): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 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: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

+12.5% since first listed

18 events — show timeline

• 2026-05-13 Relisted — REINMLS
• 2026-04-17 Pending — REINMLS
• 2026-04-04 Relisted — REINMLS
• 2026-04-03 Listing Removed — REINMLS
• 2026-03-16 Relisted — REINMLS
• 2026-03-15 Listing Removed — REINMLS
• 2026-03-10 Relisted — REINMLS
• 2026-02-25 Pending — REINMLS
• 2026-01-23 Price Changed $79,900 REINMLS
• 2025-12-15 Listed $93,600 REINMLS
• 2025-04-03 Pending — REINMLS
• 2025-04-03 Listing Removed — REINMLS
• 2025-04-02 Listed $63,000 REINMLS
• 2024-05-22 Pending — REINMLS
• 2024-05-22 Listed — REINMLS
• 2024-05-22 Listed $50,000 REINMLS
• 2024-05-22 Listing Removed — REINMLS
• 2001-05-31 Sold (Public Records) $71,000 Public Records

Property tax history

-3.6%/yr

Latest (2025): $2,238 · +2.3% YoY. Source: county tax records.