1009 Nicklaus Dr #1009 · Suffolk, VA 23435

$235,000

2 bd · 2.5 ba · 1,770 sqft · Condo public records · 114 Days on market

Built 2000 $133/sqft · 36% below area Est $365k · 36% under $315/mo HOA · 13% of rent ↓ 10% 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).

• ARV discount +15.0/15.0
• Cash flow +14.1/30.0
• 1% rule +5.4/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

Key facts

• Lots of cabinets
• Large living room
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• LOTS OF CABINETS
• LARGE LIVING ROOM
• FIREPLACE
• LARGE ENSUITE BATH
• BACK DECK

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $35 ($415/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $235k).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 3.5% in Suffolk — 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 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+10.6%/yr); 507 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $54k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. 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 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?
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: 1.04% ✓
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 8.0

CMA / ARV

• ARV (median comp): $365,140
• List price: $235,000
• Delta: -35.64%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.65×
• Total profit: $-22,725
• Equity at exit: $35,039

10-year hold

• IRR: 6.9%
• Equity multiple: 1.65×
• Total profit: $42,815
• Equity at exit: $20,319

Cash invested: $65,800 (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 23435

• Rents YoY: 10.6%
• Active inventory: 507
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,450 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$256 /mo · $3,068/yr
• Insurance: −$98
• HOA: −$315
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $35

Break-even live

Break-even rent $2,406

Max offer price $235,000

Occupancy floor 94%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5103 S Links Cir Suffolk, VA	3.0	2.5	2053	$2,545	$1.24	4d	1	0.48mi
7190 Harbour Towne Pkwy Suffolk, VA	1.0–2.0	1.0–2.0	1054	$2,108	$2.00	1d	1	0.57mi
1005 Bay Breeze Dr Unit 1 Suffolk, VA	3.0	2.0	2013	$3,150	$1.56	23d	1	1.08mi
1001 Beringer Rd Suffolk, VA	2.0	2.5	1747	$2,899	$1.66	43d	1	1.38mi

HOA detail condo

• Monthly dues: $315 · $3,780/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-14
   status Under Contract 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

2. 2026-05-07
   status Active 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

3. 2026-02-12
   status Under Contract 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

4. 2026-01-10
   price $235,000 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

5. 2025-12-05
   price $269,000 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

6. 2025-10-27
   listed $289,000 Active 619-char remark

   Show marketing remark (619 chars)

   BACK ON MARKET-NO FAULT OF SELLER-Come see this 2 bedroom 2.5 bath condo in Harbour View waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is cozy with lots of cabinets and storage-the dining room is open to the large living room with fireplace. The primary bedroom is well proportioned with a large ensuite bath-the remaining bedroom is also good sized-bathrooms feature tub/shower combinations-the back deck also has a storage closet. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

7. 2023-05-18
   historical
8. 2023-05-18
   soldstatus $292,600
9. 2023-05-12
   status Under Contract
10. 2023-04-14
    historical Active Under Contract
11. 2023-04-12
    listed $289,900 Active
12. 2023-04-10
    historical
13. 2023-01-25
    price $289,000
14. 2023-01-10
    listed $299,000 Active
15. 2008-07-08
    soldstatus $235,000
16. 2005-12-02
    soldstatus $260,000

ⓘ 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: $3,068 · $256/mo
• Projected year-2 tax: $3,068 · $256/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°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 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,400
• − Mortgage interest: −$13,164
• − Property taxes: −$3,068
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − HOA: −$3,780
• − Depreciation: −$6,836
• Taxable loss: −$3,327
• Est. tax savings @ 24.0%: +$799
• After-tax cash flow: $1,213/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

Amenities C+ Commute F Cost of living C Crime C- Employment A- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 33,721
• Household income: $111,700
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1074.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Black 36% Two or more races 9% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 91% English-only · Spanish 4% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.93%
• Current HPI: 162.3775
• Rent YoY: ▲ 10.61%
• 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

-9.6% since first listed

16 events — show timeline

• 2026-05-14 Pending — REINMLS
• 2026-05-07 Relisted — REINMLS
• 2026-02-12 Pending — REINMLS
• 2026-01-10 Price Changed $235,000 REINMLS
• 2025-12-05 Price Changed $269,000 REINMLS
• 2025-10-27 Listed $289,000 REINMLS
• 2023-05-18 Listing Removed — REINMLS
• 2023-05-18 Sold (Public Records) $292,600 Public Records
• 2023-05-12 Pending — REINMLS
• 2023-04-14 Contingent — REINMLS
• 2023-04-12 Listed $289,900 REINMLS
• 2023-04-10 Listing Removed — REINMLS
• 2023-01-25 Price Changed $289,000 REINMLS
• 2023-01-10 Listed $299,000 REINMLS
• 2008-07-08 Sold (Public Records) $235,000 Public Records
• 2005-12-02 Sold (Public Records) $260,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $3,068 · +1.8% YoY. Source: county tax records.