1157 Carrington Cres N · Portsmouth, VA 23701

$172,500

2 bd · 1.0 ba · 1,125 sqft · SingleFamily public records · 15 Days on market

Built 1971 Est $256k · 33% under ↓ 17% since listing

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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 +21.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• 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 charming 2-bedroom, 1-bath home is being offered as a great opportunity for investors or future homeowners. Home is located in an established neighborhood. Property being sold as-is where is; seller to make no repairs. Cash or conventional financing preferred. Third party approval

Key facts

• Built 1971
• Listed 15 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $172k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Recommended offer: $170k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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); 171 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 36% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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

• 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 $169,912 (1.5% below list)

Questions for the listing agent

1. Built in 1971 — 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 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?
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: 1.07% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $256,500
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1157 Carrington Cres N	0.00mi	2/1.0	1,125 (0%)	1mo	$166,250	$148	99
1005 Liston Ln	0.26mi	3/1.0 (+1)	1,204 (+7%)	6mo	$150,000	$125	66
1409 Ekstine Dr	0.63mi	3/1.0 (+1)	1,116 (-1%)	11mo	$200,000	$179	55
1022 Basie Crst	0.50mi	3/1.0 (+1)	1,018 (-10%)	4mo	$245,000	$241	53
909 Ellington Sq	0.41mi	3/1.0 (+1)	1,275 (+13%)	3mo	$247,900	$194	51
7 Jamal Ct	0.30mi	3/1.0 (+1)	972 (-14%)	10mo	$221,400	$228	50
607 Warfield Dr	0.58mi	3/1.0 (+1)	1,000 (-11%)	5mo	$243,000	$243	45
3124 Gaston Dr	0.69mi	3/2.0 (+1)	1,230 (+9%)	6mo	$341,000	$277	38
501 Stratford St	0.63mi	3/1.0 (+1)	1,000 (-11%)	10mo	$216,000	$216	38
902 Basie Cres	0.64mi	3/2.0 (+1)	962 (-14%)	6mo	$250,000	$260	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,551
• Equity at exit: $25,720

10-year hold

• IRR: 13.6%
• Equity multiple: 2.34×
• Total profit: $64,584
• Equity at exit: $14,915

Cash invested: $48,300 (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: 171
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,847 high
• Mortgage (P&I): −$905
• Tax from tax record: −$222 /mo · $2,658/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $261

Break-even live

Break-even rent $1,516

Max offer price $172,500

Occupancy floor 81%

Sensitivity live

Price	-10% $358	-5% $310	+0% $261	+5% $212	+10% $163
Rent	-10% $115	-5% $188	+0% $261	+5% $334	+10% $407
Rate	-1.0pp $348	-0.5pp $305	base $261	+0.5pp $216	+1.0pp $171

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: $43,125
• Closing costs: $5,175
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 Liston Ln Portsmouth, VA	3.0	1.0	1039	$1,785	$1.72	24d	1	0.38mi
705 Warfield Dr Portsmouth, VA	3.0	1.5	1269	$2,100	$1.65	18d	1	0.53mi
4642 Greenwood Dr Portsmouth, VA	2.0	1.0	946	$1,550	$1.64	45d	1	0.93mi
3208 Sir Meliot Dr Chesapeake, VA	3.0	2.0	1400	$2,295	$1.64	24d	1	1.02mi
846 Drawbridge Dr Chesapeake, VA	3.0	2.0	1400	$2,600	$1.86	24d	1	1.02mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	24d	1	1.47mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	18d	1	1.47mi

Listing history 6 events

1. 2026-05-12
   historical Active Under Contract 286-char remark

   Show marketing remark (286 chars)

   This charming 2-bedroom, 1-bath home is being offered as a great opportunity for investors or future homeowners. Home is located in an established neighborhood. Property being sold as-is where is; seller to make no repairs. Cash or conventional financing preferred. Third party approval

2. 2026-05-12
   historical

   Show marketing remark (286 chars)

   This charming 2-bedroom, 1-bath home is being offered as a great opportunity for investors or future homeowners. Home is located in an established neighborhood. Property being sold as-is where is; seller to make no repairs. Cash or conventional financing preferred. Third party approval

3. 2026-05-11
   listed $172,500 Active 286-char remark

   Show marketing remark (286 chars)

   This charming 2-bedroom, 1-bath home is being offered as a great opportunity for investors or future homeowners. Home is located in an established neighborhood. Property being sold as-is where is; seller to make no repairs. Cash or conventional financing preferred. Third party approval

4. 2026-05-01
   status Active
5. 2025-11-05
   status Under Contract
6. 2025-09-15
   listed $208,599 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: $2,658 · $222/mo
• Projected year-2 tax: $2,658 · $222/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $22,159
• − Mortgage interest: −$9,663
• − Property taxes: −$2,658
• − Insurance: −$862
• − Repairs & maintenance: −$1,773
• − Management: −$1,773
• − Depreciation: −$5,018
• Taxable income: $412
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $3,031/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

-17.3% since first listed

6 events — show timeline

• 2026-05-12 Contingent — REINMLS
• 2026-05-12 Listing Removed — REINMLS
• 2026-05-11 Listed $172,500 REINMLS
• 2026-05-01 Relisted — REINMLS
• 2025-11-05 Pending — REINMLS
• 2025-09-15 Listed $208,599 REINMLS

Property tax history

+2.7%/yr

Latest (2025): $2,658 · +5.5% YoY. Source: county tax records.