73 Decatur St · Portsmouth, VA 23702

$285,000

12 bd · 4.0 ba · 3,988 sqft · MultiFamily public records · 31 Days on market

Built 1928 $71/sqft · 38% below area Est $460k · 38% under ↓ 5% since listing

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fantastic Cash-flow Opportunity. Quadplex featuring two 3BR/1BA units and two 2BR/1BA units. Property needs repairs and updates, which is reflected in the price. Once improved and fully occupied, projected rent is $4,000+/month. Priced well below market—recent comparable quadplex sales in similar condition have closed at $360,000 and $375,000. Convenient location: 6 minutes to Rivers Casino, and under 20 minutes to ODU and NSU.

Key facts

• Built 1928
• Listed 31 days

Property features AI

Exterior

• Parking: Street parking for all units
• Utilities: Separate meters for all units; City/County water; City/County sewer; Electric water heaters
• Home design: Quadruplex; Side-by-side style; Crawl foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms; Unit 4: 3 bedrooms
• Flooring: Vinyl and wood flooring in all units
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 1 bathroom; Unit 4: 1 bathroom
• Heating & cooling: Electric heating in all units; Window/wall air conditioning in all units
• Interior features: Fixer upper

🏷️ Possibly a rental listed for sale. The $285,000 price doesn't fit this home's estimated sale value (~$460,023) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 3.0-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $727/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $285k).
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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 (+4.0%/yr); 64 active listings in the ZIP; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $5,909/mo this rent would consume 145% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $80k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $276,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.07% ✓
• Cap rate: 18.54%
• Cash-on-cash: 43.75%
• DSCR: 2.95
• GRM: 4.0

CMA / ARV

• ARV (median comp): $460,023
• List price: $285,000
• Delta: -38.05%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
37 Farragut St	0.30mi	12/5.0	4,400 (+10%)	11mo	$540,100	$123	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 59.0%
• Equity multiple: 5.34×
• Total profit: $346,280
• Equity at exit: $256,751

10-year hold

• IRR: 52.9%
• Equity multiple: 12.11×
• Total profit: $886,249
• Equity at exit: $553,692

Cash invested: $79,800 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $5,909 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$146 /mo · $1,749/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,241
• Net cashflow: $2,909

Break-even live

Break-even rent $2,227

Max offer price $285,000

Occupancy floor 46%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3.0	1	$5,908
Total (4 units)			$5,909

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-02
   status $285,000 Under Contract 31 DOM
2. 2026-06-01
   days on market $285,000 Active 31 DOM
3. 2026-05-31
   days on market $285,000 Active 30 DOM
4. 2026-05-01
   listed $300,000 Active 439-char remark

ⓘ 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: $1,749 · $146/mo
• Projected year-2 tax: $2,337 · $195/mo
• Expected delta: +$588/yr (+$49/mo · 33.6%)

ⓘ 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) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,908
• − Mortgage interest: −$15,964
• − Property taxes: −$1,749
• − Insurance: −$1,425
• − Repairs & maintenance: −$5,673
• − Management: −$5,673
• − Depreciation: −$8,291
• Taxable income: $32,134
• Est. tax owed @ 24.0%: −$7,712
• After-tax cash flow: $27,197/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

-5.0% since first listed

5 events — show timeline

• 2026-06-01 Pending — REINMLS
• 2026-05-27 Price Changed $285,000 REINMLS
• 2026-05-27 Relisted — REINMLS
• 2026-05-22 Contingent — REINMLS
• 2026-05-01 Listed $300,000 REINMLS

Property tax history

-2.0%/yr

Latest (2025): $1,749 · +2.3% YoY. Source: county tax records.