1125 Logan St · Norfolk, VA 23501

$125,500

3 bd · 2.0 ba · 1,035 sqft · MultiFamily public records · 118 Days on market

Built 1917 2,639 sqft lot $121/sqft · 53% below area ↓ 20% since listing

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

DUE TO THE CONDITION OF THE HOME, PLEASE BE SURE TO USE EXTREME CAUTION IN AND ON THE PROPERTY. HOLD HARMLESS FORM MUST FORM MUST BE SIGNED BY ALL PARTIES ENTERING THE HOME AND APPROVAL WILL BE GIVEN AFTER IT IS RETURNED TO LISTING AGENT. SELLER TO MAKE NO REPAIRS. PROPERTY BEING SOLD-AS , WHERE-IS. COURT APPROVAL IS REQUIRED SINCE IT IS CHURCH-OWNED PERFECT FOR AN INVESTOR

Key facts

• 2,639 sq ft lot
• Built 1917
• Listed 118 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $126k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $126k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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.
• Market conditions: 1 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($868 loan paydown + $4k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $32k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $114,205 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.33% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.31%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $266,711
• List price: $125,500
• Delta: -52.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.9%
• Equity multiple: 2.24×
• Total profit: $43,708
• Equity at exit: $56,430

10-year hold

• IRR: 22.9%
• Equity multiple: 4.29×
• Total profit: $115,627
• Equity at exit: $86,966

Cash invested: $35,140 (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 23501

• Active inventory: 1
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,671 high
• Mortgage (P&I): −$658
• Tax from tax record: −$161 /mo · $1,935/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $448

Break-even live

Break-even rent $1,103

Max offer price $125,500

Occupancy floor 68%

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: $31,375
• Closing costs: $3,765
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1111 Charleston St Norfolk, VA	2.0	1.0	822	$1,425	$1.73	43d	1	0.08mi
7472 Major Ave Norfolk, VA	4.0	1.5	1400	$2,600	$1.86	17d	1	0.20mi
7704 Enfield Ave Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	0.26mi
7304 Major Ave Norfolk, VA	3.0	2.0	944	$2,100	$2.22	43d	1	0.36mi
7872 Ogden Ave Norfolk, VA	1.0–3.0	1.0–2.0	963	$1,515	$1.57	43d	1	0.54mi
7730 Ruthven Rd Norfolk, VA	3.0	1.0	1056	$1,750	$1.66	23d	1	0.62mi
7715 Harrisons Rd Norfolk, VA	2.0	1.0	1004	$1,645	$1.64	23d	1	0.73mi
7715 Harrisons Rd Norfolk, VA	2.0	1.0	862	$1,620	$1.88	16d	8	0.73mi
7715 Harrison Rd Unit 7720-5 Norfolk, VA	2.0	1.0	1004	$1,645	$1.64	43d	1	0.73mi
502 Grantham Rd Norfolk, VA	1.0–2.0	1.0	740	$1,128	$1.52	43d	3	0.74mi
307 W Little Creek Rd Unit C Norfolk, VA	2.0	1.0	830	$1,395	$1.68	10d	1	0.97mi
1226 Richmond Cres Norfolk, VA	2.0	2.0	1000	$2,000	$2.00	17d	1	1.13mi
1226 Richmond Cres Norfolk, VA	2.0	2.0	1000	$2,000	$2.00	2d	1	1.13mi
412 Forrest Ave Unit 2 Norfolk, VA	2.0	1.0	1003	$1,145	$1.14	14d	1	1.36mi
412 Forrest Ave Unit 2 Norfolk, VA	2.0	1.0	1003	$1,145	$1.14	4d	1	1.36mi
223 Woodview Ave Unit B Norfolk, VA	2.0	1.0	751	$1,250	$1.66	7d	1	1.40mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	4d	1	1.41mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	3d	1	1.41mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	12d	1	1.41mi
8600 Glen Myrtle Ave Norfolk, VA	1.0–2.0	1.0	820	$1,589	$1.94	2d	18	1.47mi

Listing history 16 events

1. 2026-06-18
   days on market $125,500 Active 118 DOM
2. 2026-06-17
   days on market $125,500 Active 117 DOM
3. 2026-06-16
   days on market $125,500 Active 116 DOM
4. 2026-06-15
   days on market $125,500 Active 115 DOM
5. 2026-06-13
   days on market $125,500 Active 113 DOM
6. 2026-06-09
   days on market $125,500 Active 109 DOM
7. 2026-06-08
   days on market $125,500 Active 108 DOM
8. 2026-06-07
   days on market $125,500 Active 107 DOM
9. 2026-06-03
   days on market $125,500 Active 103 DOM
10. 2026-06-02
    days on market $125,500 Active 102 DOM
11. 2026-06-01
    days on market $125,500 Active 101 DOM
12. 2026-05-31
    days on market $125,500 Active 100 DOM
13. 2026-05-06
    price $125,500 376-char remark

    Show marketing remark (376 chars)

    DUE TO THE CONDITION OF THE HOME, PLEASE BE SURE TO USE EXTREME CAUTION IN AND ON THE PROPERTY. HOLD HARMLESS FORM MUST FORM MUST BE SIGNED BY ALL PARTIES ENTERING THE HOME AND APPROVAL WILL BE GIVEN AFTER IT IS RETURNED TO LISTING AGENT. SELLER TO MAKE NO REPAIRS. PROPERTY BEING SOLD-AS , WHERE-IS. COURT APPROVAL IS REQUIRED SINCE IT IS CHURCH-OWNED PERFECT FOR AN INVESTOR

14. 2026-03-19
    status Active 376-char remark

    Show marketing remark (376 chars)

    DUE TO THE CONDITION OF THE HOME, PLEASE BE SURE TO USE EXTREME CAUTION IN AND ON THE PROPERTY. HOLD HARMLESS FORM MUST FORM MUST BE SIGNED BY ALL PARTIES ENTERING THE HOME AND APPROVAL WILL BE GIVEN AFTER IT IS RETURNED TO LISTING AGENT. SELLER TO MAKE NO REPAIRS. PROPERTY BEING SOLD-AS , WHERE-IS. COURT APPROVAL IS REQUIRED SINCE IT IS CHURCH-OWNED PERFECT FOR AN INVESTOR

15. 2026-03-09
    historical Active Under Contract 376-char remark

    Show marketing remark (376 chars)

    DUE TO THE CONDITION OF THE HOME, PLEASE BE SURE TO USE EXTREME CAUTION IN AND ON THE PROPERTY. HOLD HARMLESS FORM MUST FORM MUST BE SIGNED BY ALL PARTIES ENTERING THE HOME AND APPROVAL WILL BE GIVEN AFTER IT IS RETURNED TO LISTING AGENT. SELLER TO MAKE NO REPAIRS. PROPERTY BEING SOLD-AS , WHERE-IS. COURT APPROVAL IS REQUIRED SINCE IT IS CHURCH-OWNED PERFECT FOR AN INVESTOR

16. 2026-02-20
    listed $157,300 Active 376-char remark

    Show marketing remark (376 chars)

    DUE TO THE CONDITION OF THE HOME, PLEASE BE SURE TO USE EXTREME CAUTION IN AND ON THE PROPERTY. HOLD HARMLESS FORM MUST FORM MUST BE SIGNED BY ALL PARTIES ENTERING THE HOME AND APPROVAL WILL BE GIVEN AFTER IT IS RETURNED TO LISTING AGENT. SELLER TO MAKE NO REPAIRS. PROPERTY BEING SOLD-AS , WHERE-IS. COURT APPROVAL IS REQUIRED SINCE IT IS CHURCH-OWNED PERFECT FOR AN INVESTOR

ⓘ 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: $1,935 · $161/mo
• Projected year-2 tax: $1,935 · $161/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 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $20,052
• − Mortgage interest: −$7,030
• − Property taxes: −$1,935
• − Insurance: −$628
• − Repairs & maintenance: −$1,604
• − Management: −$1,604
• − Depreciation: −$3,651
• Taxable income: $3,601
• Est. tax owed @ 24.0%: −$864
• After-tax cash flow: $4,517/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

-20.2% since first listed

4 events — show timeline

• 2026-05-06 Price Changed $125,500 REINMLS
• 2026-03-19 Relisted — REINMLS
• 2026-03-09 Contingent — REINMLS
• 2026-02-20 Listed $157,300 REINMLS

Property tax history

+5.5%/yr

Latest (2025): $1,935 · +13.5% YoY. Source: county tax records.