222 Charles Ave · Portsmouth, VA 23702

$219,900

2 bd · 1.0 ba · 822 sqft · SingleFamily public records · 64 Days on market

Built 1950 $268/sqft · at area comps Est $219k · at est.

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.3/15.0
• Cash flow +7.1/30.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.3/10.0
• DSCR +1.3/10.0

Listing remarks MLS

Come and see this one first! This charming 2 bedroom home is fully updated with modern finishings, an updated kitchen, baths, and living area. It has an oversized backyard with a detached 1 car garage / workshop, and it in close proximity to food, shopping, and the interstate. Boasting tons of natural light, this super clean move in ready home is perfect.

Key facts

• Updated kitchen
• Move in ready
• Oversized backyard

Tags

• UPDATED KITCHEN
• OVERSIZED BACKYARD
• DETACHED GARAGE
• TONS OF NATURAL LIGHT
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-317 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (36.8% below list).
• Recommended offer: $139k (36.8% below list) — sets the bar for 1% rule.

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; 25 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 34% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $138,868 (36.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.63% ✗
• Cap rate: 4.56%
• Cash-on-cash: -6.17%
• DSCR: 0.73
• GRM: 13.2

CMA / ARV

• ARV (median comp): $218,853
• List price: $219,900
• Delta: 0.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 Charles Ave	0.00mi	2/1.0	822 (0%)	0mo	$219,900	$268	100
321 Beacon Rd	0.26mi	3/1.0 (+1)	864 (+5%)	1mo	$155,000	$179	73
521 Beacon Rd	0.42mi	3/1.0 (+1)	864 (+5%)	1mo	$135,000	$156	66
3302 Elliott Ave	0.49mi	2/1.0	772 (-6%)	6mo	$185,000	$240	62
30 Manly St	0.31mi	2/1.0	918 (+12%)	8mo	$140,000	$153	60
3312 Knox St	0.56mi	2/1.0	770 (-6%)	5mo	$210,000	$273	59
4004 Deep Creek Blvd	0.36mi	2/1.0	720 (-12%)	5mo	$190,000	$264	58
218 Castlewood Rd	0.68mi	3/1.0 (+1)	864 (+5%)	3mo	$136,000	$157	53
801 Finchley Rd	0.71mi	2/1.0	755 (-8%)	1mo	$195,000	$258	52
4409 Deep Creek Blvd	0.61mi	3/1.5 (+1)	864 (+5%)	7mo	$230,000	$266	50
2707 Arcadia Ave	0.60mi	2/1.0	700 (-15%)	4mo	$205,000	$293	44
18 Neville St	0.72mi	2/1.0	698 (-15%)	0mo	$198,000	$284	41

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: 20.1%
• Equity multiple: 2.64×
• Total profit: $100,910
• Equity at exit: $198,103

10-year hold

• IRR: 18.6%
• Equity multiple: 6.13×
• Total profit: $315,832
• Equity at exit: $427,217

Cash invested: $61,572 (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: 13.2×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$169 /mo · $2,029/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-317

Break-even live

Break-even rent $1,790

Max offer price $163,934

Occupancy floor —

Sensitivity live

Price	-10% $-192	-5% $-255	+0% $-317	+5% $-379	+10% $-441
Rent	-10% $-427	-5% $-372	+0% $-317	+5% $-262	+10% $-207
Rate	-1.0pp $-206	-0.5pp $-261	base $-317	+0.5pp $-374	+1.0pp $-432

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	44d	1	0.17mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	13d	1	0.19mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	24d	1	0.19mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	44d	1	0.29mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	20d	1	0.49mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	11d	1	0.49mi
11 Carver Cir Portsmouth, VA	2.0	1.0	695	$1,395	$2.01	44d	1	0.52mi
1 Shelby St Portsmouth, VA	2.0	1.0	700	$1,250	$1.79	24d	1	0.56mi
49 Carver Cir Portsmouth, VA	2.0	2.0	800	$1,450	$1.81	24d	1	0.61mi
3304 Killian Ave Portsmouth, VA	3.0	1.0	800	$2,000	$2.50	24d	1	0.66mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.77mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	15d	1	0.95mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	17d	1	0.95mi
104 Cushing St Unit 104 Portsmouth, VA	1.0	1.0	700	$1,095	$1.56	21d	1	1.00mi
104 Cushing St Portsmouth, VA	1.0	1.0	700	$1,200	$1.71	21d	1	1.00mi
9 Seminole Dr Portsmouth, VA	1.0–2.0	1.0	545	$1,155	$2.12	45d	5	1.06mi
9 Seminole Dr Unit SEB08-N Portsmouth, VA	2.0	1.0	610	$1,050	$1.72	44d	1	1.10mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	1.15mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	17d	1	1.15mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	4d	1	1.18mi
18 Cooper Dr Portsmouth, VA	2.0	1.0	920	$1,400	$1.52	18d	1	1.33mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	24d	1	1.34mi
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	21d	1	1.40mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	8d	1	1.41mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	44d	1	1.45mi

Listing history 25 events

1. 2026-06-13
   statusdays on market $219,900 Under Contract 64 DOM
2. 2026-06-09
   days on market $219,900 Active Under Contract 63 DOM
3. 2026-06-08
   days on market $219,900 Active Under Contract 62 DOM
4. 2026-06-07
   days on market $219,900 Active Under Contract 61 DOM
5. 2026-06-03
   days on market $219,900 Active Under Contract 57 DOM
6. 2026-06-02
   days on market $219,900 Active Under Contract 56 DOM
7. 2026-06-01
   days on market $219,900 Active Under Contract 55 DOM
8. 2026-05-31
   days on market $219,900 Active Under Contract 54 DOM
9. 2026-05-15
   historical Active Under Contract 357-char remark

   Show marketing remark (357 chars)

   Come and see this one first! This charming 2 bedroom home is fully updated with modern finishings, an updated kitchen, baths, and living area. It has an oversized backyard with a detached 1 car garage / workshop, and it in close proximity to food, shopping, and the interstate. Boasting tons of natural light, this super clean move in ready home is perfect.

10. 2026-04-30
    status Active 357-char remark

    Show marketing remark (357 chars)

    Come and see this one first! This charming 2 bedroom home is fully updated with modern finishings, an updated kitchen, baths, and living area. It has an oversized backyard with a detached 1 car garage / workshop, and it in close proximity to food, shopping, and the interstate. Boasting tons of natural light, this super clean move in ready home is perfect.

11. 2026-04-16
    historical Active Under Contract 357-char remark

    Show marketing remark (357 chars)

    Come and see this one first! This charming 2 bedroom home is fully updated with modern finishings, an updated kitchen, baths, and living area. It has an oversized backyard with a detached 1 car garage / workshop, and it in close proximity to food, shopping, and the interstate. Boasting tons of natural light, this super clean move in ready home is perfect.

12. 2026-04-07
    listed $219,900 Active 357-char remark

    Show marketing remark (357 chars)

    Come and see this one first! This charming 2 bedroom home is fully updated with modern finishings, an updated kitchen, baths, and living area. It has an oversized backyard with a detached 1 car garage / workshop, and it in close proximity to food, shopping, and the interstate. Boasting tons of natural light, this super clean move in ready home is perfect.

13. 2026-03-31
    historical
14. 2026-02-28
    status Active
15. 2026-01-25
    historical Active Under Contract
16. 2025-10-21
    price $219,900
17. 2025-09-02
    listed $224,900 Active
18. 2025-08-29
    historical $2,000
19. 2025-07-25
    listed $2,000
20. 2023-09-13
    soldstatus $200,000
21. 2023-08-07
    status Under Contract
22. 2023-07-31
    historical Active Under Contract
23. 2023-07-25
    listed $195,000 Active
24. 2010-06-22
    soldstatus $83,500
25. 2005-03-09
    soldstatus $112,000

ⓘ 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: $2,029 · $169/mo
• Projected year-2 tax: $2,029 · $169/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) · 13% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,664
• − Mortgage interest: −$12,318
• − Property taxes: −$2,029
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$6,397
• Taxable loss: −$7,845
• Est. tax savings @ 24.0%: +$1,883
• After-tax cash flow: $-1,919/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

+96.3% since first listed

17 events — show timeline

• 2026-05-15 Contingent — REINMLS
• 2026-04-30 Relisted — REINMLS
• 2026-04-16 Contingent — REINMLS
• 2026-04-07 Listed $219,900 REINMLS
• 2026-03-31 Listing Removed — REINMLS
• 2026-02-28 Relisted — REINMLS
• 2026-01-25 Contingent — REINMLS
• 2025-10-21 Price Changed $219,900 REINMLS
• 2025-09-02 Listed $224,900 REINMLS
• 2025-08-29 Rental Removed $2,000 REINMLS
• 2025-07-25 Listed for Rent $2,000 REINMLS
• 2023-09-13 Sold (Public Records) $200,000 Public Records
• 2023-08-07 Pending — REINMLS
• 2023-07-31 Contingent — REINMLS
• 2023-07-25 Listed $195,000 REINMLS
• 2010-06-22 Sold (Public Records) $83,500 Public Records
• 2005-03-09 Sold (Public Records) $112,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,029 · +2.5% YoY. Source: county tax records.