1814 Bracey St · Norfolk, VA 23504

$259,000

5 bd · 3.0 ba · 1,900 sqft · SingleFamily public records · 5 Days on market

Built 2023 2,456 sqft lot Est $348k · 26% under

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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 +17.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.6/10.0
• 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

Come see this charming 5 bedroom Colonial built in 2023 and waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is open with electric range, dishwasher and refrigerator. There is a first floor bedroom and full bath down the hall. The primary bedroom upstairs is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

Key facts

• 2,456 sq ft lot
• Built 2023
• Listed 4 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached colonial; 2 stories; Crawl foundation
• Construction: Fiber cement siding; Asphalt shingle roof
• Exterior features: Back fenced yard; City view

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom and full bathroom on first floor; 7 total rooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Ceiling fan; Carpet, laminate, and vinyl flooring
• Laundry & utility: Washer and dryer

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $259k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (3.6% below list).
• Recommended offer: $250k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Lindenwood Elementary (math 8% / reading 32%, grade F, #1,082 of 1,108 statewide, top 98%, 262 students, 98% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 96% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 123 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,496/mo this rent would consume 67% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 6y 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 $16k; list at $259k implies a 1571% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $249,551 (3.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $347,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
746 A Ave	0.25mi	5/3.0	2,000 (+5%)	1mo	$315,000	$158	79
934 Pollard St	0.17mi	4/3.0 (-1)	1,790 (-6%)	4mo	$322,000	$180	74
1311 Cary Ave	0.54mi	5/3.0	1,900 (0%)	2mo	$310,000	$163	73
1347 Marshall Ave	0.60mi	5/3.0	1,900 (0%)	2mo	$359,000	$189	70
857 A Ave	0.12mi	4/2.5 (-1)	2,100 (+10%)	2mo	$315,000	$150	68
1256 Maltby Ave	0.60mi	5/3.0	1,900 (0%)	5mo	$347,300	$183	67
2222 Hanson Ave	0.42mi	4/3.5 (-1)	1,980 (+4%)	1mo	$345,000	$174	65
1740 Hancock Ave	0.57mi	4/2.0 (-1)	1,908 (+0%)	4mo	$370,000	$194	60
823 Lexington St	0.20mi	4/2.5 (-1)	1,616 (-15%)	2mo	$300,000	$186	58
2529 Carona Ave	0.35mi	4/2.5 (-1)	1,673 (-12%)	5mo	$333,000	$199	52
2729 Vimy Ridge Ave	0.66mi	4/2.0 (-1)	2,086 (+10%)	4mo	$255,000	$122	41
2811 Dunkirk Ave	0.74mi	4/2.5 (-1)	1,644 (-14%)	5mo	$340,000	$207	32

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: -8.0%
• Equity multiple: 0.70×
• Total profit: $-22,118
• Equity at exit: $38,618

10-year hold

• IRR: 5.1%
• Equity multiple: 1.43×
• Total profit: $31,346
• Equity at exit: $22,394

Cash invested: $72,520 (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: 123
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,496 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$321 /mo · $3,852/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $184

Break-even live

Break-even rent $2,262

Max offer price $259,000

Occupancy floor 88%

Sensitivity live

Price	-10% $331	-5% $258	+0% $184	+5% $111	+10% $38
Rent	-10% $-13	-5% $86	+0% $184	+5% $283	+10% $381
Rate	-1.0pp $315	-0.5pp $250	base $184	+0.5pp $117	+1.0pp $49

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	44d	1	0.20mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	44d	1	0.67mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	24d	1	0.85mi
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	24d	1	0.89mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	24d	1	0.92mi
2537 McKann Ave Norfolk, VA	4.0	2.5	2321	$2,695	$1.16	15d	1	1.00mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	13d	1	1.01mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	18d	1	1.03mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	18d	1	1.03mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	15d	1	1.03mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	44d	1	1.05mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	15d	1	1.12mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	5d	1	1.25mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	44d	1	1.25mi
507 Westover Ave Norfolk, VA	4.0	2.5	2414	$3,495	$1.45	44d	1	1.26mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	44d	1	1.41mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	44d	1	1.42mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	44d	1	1.45mi
630 W 36th St Norfolk, VA	4.0	1.5	1650	$2,200	$1.33	24d	1	1.47mi

Listing history 4 events

1. 2026-06-21
   days on market $259,000 Active 5 DOM
2. 2026-06-18
   days on market $259,000 Active 2 DOM
3. 2026-06-17
   remarks 596-char remark
4. 2026-06-17
   listed $259,000 Active 1 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: $3,852 · $321/mo
• Projected year-2 tax: $3,852 · $321/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) · 22% 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: $29,946
• − Mortgage interest: −$14,508
• − Property taxes: −$3,852
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,396
• − Management: −$2,396
• − Depreciation: −$7,535
• Taxable loss: −$2,035
• Est. tax savings @ 24.0%: +$488
• After-tax cash flow: $2,700/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

+1571.0% since first listed

11 events — show timeline

• 2026-06-16 Listed $259,000 REINMLS
• 2025-12-10 Listing Removed — REINMLS
• 2025-11-06 Price Changed $299,990 REINMLS
• 2025-10-01 Listed $324,990 REINMLS
• 2023-08-25 Pending — REINMLS
• 2023-08-10 Contingent — REINMLS
• 2023-07-26 Listed $298,000 REINMLS
• 2020-01-15 Pending — REINMLS
• 2020-01-10 Price Changed $10,000 REINMLS
• 2020-01-06 Listed $14,000 REINMLS
• 1978-03-29 Sold (Public Records) $15,500 Public Records

Property tax history

+26.1%/yr

Latest (2025): $3,852 · +7.6% YoY. Source: county tax records.