1603 Seaboard Ave · Chesapeake, VA 23324

$244,900

3 bd · 2.0 ba · 1,360 sqft · SingleFamily public records · 45 Days on market

Built 1964 2,962 sqft lot Est $271k · 10% under

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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).

• Cash flow +13.9/30.0
• ARV discount +11.8/15.0
• Schools +5.8/10.0
• DSCR +4.2/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Cozy two-story traditional home in the Quincy Place neighborhood of Chesapeake. Three bedrooms, one and a half bathrooms, approximately 1,360 square feet. New roof. Updated light fixtures. Two-space driveway. Central air conditioning with forced hot air heating. Partially finished attic. Outside of Flood zone. Convenient access to Interstate 464.

Key facts

• New roof
• 2,962 sq ft lot
• 2 parking spots

Tags

• NEW ROOF
• UPDATED LIGHT FIXTURES
• PARTIALLY FINISHED ATTIC
• OUTSIDE OF FLOOD ZONE

Property features AI

Finance

• Other: Lot approximately 0.068 acres; Directions: I-464 to Campostella Rd, L Liberty, R Seaboard; Neighborhood: QUINCY PLACE
• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway spaces (2 total)
• Security: Security system
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached property; Traditional style; 2 stories; Simple ownership
• Construction: Asphalt shingle roof; Slab foundation
• Exterior features: Brick and vinyl siding; Chain link fence; Storage shed

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: No bedroom and full bathroom on first floor
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Ceiling fan; Security system; Attic; Utility closet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $28 ($342/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (17.9% below list).
• Recommended offer: $201k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Portlock Primary (541 students, 93% FRL); Oscar Smith Middle (math 24% / reading 54%, grade F, #309 of 342 statewide, top 91%, 958 students, 90% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 84% FRL vs 28% district-wide (57 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 66% district-wide (-12 pts) — the specific schools serving this property underperform the Chesapeake City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 118 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($57k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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.
• Current owner paid $200k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $200,993 (17.9% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $270,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1530 Atlantic Ave	0.33mi	3/1.5	1,368 (+1%)	5mo	$170,000	$124	78
1322 Hoover Ave	0.29mi	3/1.5	1,300 (-4%)	3mo	$224,000	$172	74
806 Wright Ave	0.43mi	3/2.0	1,394 (+2%)	5mo	$277,500	$199	72
1531 Rodgers St	0.21mi	2/1.0 (-1)	1,273 (-6%)	2mo	$241,500	$190	69
1239 Seaboard Ave	0.33mi	3/1.0	1,276 (-6%)	2mo	$115,000	$90	69
838 Wilbur Ave	0.36mi	4/2.0 (+1)	1,500 (+10%)	2mo	$325,500	$217	59
1536 Bainbridge Blvd	0.46mi	3/1.0	1,233 (-9%)	2mo	$268,000	$217	57
1232 Stewart St	0.49mi	3/2.0	1,188 (-13%)	2mo	$190,000	$160	55
2611 Abingdon St	0.72mi	3/2.5	1,428 (+5%)	2mo	$320,000	$224	54
1314 Perry St	0.59mi	3/2.5	1,524 (+12%)	1mo	$280,000	$184	50
2114 Mclain St	0.59mi	3/1.5	1,196 (-12%)	4mo	$238,000	$199	47
1133 Oldwood St	0.71mi	4/2.5 (+1)	1,486 (+9%)	3mo	$311,000	$209	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.45×
• Total profit: $-37,922
• Equity at exit: $36,515

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-30,896
• Equity at exit: $21,174

Cash invested: $68,572 (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 23324

• Home prices YoY: -17.3%
• Active inventory: 118
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,010 high
• Mortgage (P&I): −$1,284
• Tax from tax record: −$173 /mo · $2,077/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $28

Break-even live

Break-even rent $1,974

Max offer price $244,900

Occupancy floor 94%

Sensitivity live

Price	-10% $167	-5% $98	+0% $28	+5% $-41	+10% $-110
Rent	-10% $-130	-5% $-51	+0% $28	+5% $108	+10% $187
Rate	-1.0pp $152	-0.5pp $91	base $28	+0.5pp $-35	+1.0pp $-100

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1321 Chesapeake Ave Unit B Chesapeake, VA	3.0	1.0	1000	$1,695	$1.70	25d	1	0.29mi
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	25d	1	0.34mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	16d	1	0.34mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	6d	1	0.54mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,525	$1.46	25d	1	0.56mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,495	$1.43	16d	1	0.56mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	19d	1	0.67mi
900 Partridge Ave Chesapeake, VA	3.0	1.5	1000	$1,900	$1.90	6d	1	0.72mi
2620 Sunrise Ave Chesapeake, VA	3.0	1.5	1462	$1,850	$1.27	25d	1	0.77mi
2638 King Ct Chesapeake, VA	3.0	1.5	1462	$2,000	$1.37	22d	1	0.80mi
924 Avalon Ave Chesapeake, VA	3.0	1.0	1150	$1,650	$1.43	0d	1	0.87mi
2540 Holly Point Blvd Chesapeake, VA	1.0–3.0	1.0–2.0	1250	$2,680	$2.14	0d	21	1.00mi
1535 Vine St Norfolk, VA	3.0	1.5	992	$2,100	$2.12	45d	1	1.10mi
1407 Kay Ave Chesapeake, VA	3.0	1.0	1200	$2,250	$1.88	25d	1	1.16mi
1407 Kay Ave Chesapeake, VA	3.0	1.0	1200	$2,250	$1.88	4d	1	1.16mi
903 Sherman Ln Norfolk, VA	3.0	1.0	1031	$1,850	$1.79	45d	1	1.19mi
1510 Wilson Rd Unit 1 Norfolk, VA	3.0	1.0	1100	$1,325	$1.20	25d	1	1.24mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	45d	1	1.24mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	22d	1	1.24mi
1510 Wilson Rd #5 Norfolk, VA	2.0	1.0	900	$1,200	$1.33	25d	1	1.24mi
909 E Liberty St Norfolk, VA	3.0	1.0	1030	$1,495	$1.45	45d	1	1.30mi
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	45d	1	1.32mi
1100 Wilson Rd Unit 7 Norfolk, VA	3.0	1.5	900	$1,550	$1.72	9d	1	1.44mi
1100 Wilson Rd Norfolk, VA	3.0	1.0	900	$1,550	$1.72	6d	1	1.44mi
3406 Bainbridge Blvd Chesapeake, VA	4.0	2.5	1792	$2,700	$1.51	25d	1	1.47mi

Listing history 27 events

1. 2026-06-21
   days on market $244,900 Active 45 DOM
2. 2026-06-18
   days on market $244,900 Active 42 DOM
3. 2026-06-17
   days on market $244,900 Active 41 DOM
4. 2026-06-16
   days on market $244,900 Active 40 DOM
5. 2026-06-15
   days on market $244,900 Active 39 DOM
6. 2026-06-13
   days on market $244,900 Active 37 DOM
7. 2026-06-09
   days on market $244,900 Active 33 DOM
8. 2026-06-08
   days on market $244,900 Active 32 DOM
9. 2026-06-07
   days on market $244,900 Active 31 DOM
10. 2026-06-03
    days on market $244,900 Active 27 DOM
11. 2026-06-02
    days on market $244,900 Active 26 DOM
12. 2026-06-01
    days on market $244,900 Active 25 DOM
13. 2026-05-31
    days on market $244,900 Active 24 DOM
14. 2026-05-14
    price $244,900
15. 2026-05-07
    listed $249,900 Active
16. 2023-04-27
    soldstatus $200,000
17. 2023-04-01
    status Under Contract
18. 2023-03-27
    historical Active Under Contract
19. 2023-03-24
    listed $180,000 Active
20. 2019-04-02
    soldstatus $136,965
21. 2019-03-11
    status Under Contract
22. 2019-02-07
    listed $143,000 Active
23. 2018-12-04
    historical
24. 2018-10-04
    price $149,900
25. 2018-08-30
    listed $155,000 Active
26. 2004-04-22
    soldstatus $100,000
27. 2004-03-23
    soldstatus $64,000

ⓘ 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: $2,077 · $173/mo
• Projected year-2 tax: $2,077 · $173/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 · 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: $24,119
• − Mortgage interest: −$13,718
• − Property taxes: −$2,077
• − Insurance: −$1,224
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − Depreciation: −$7,124
• Taxable loss: −$3,884
• Est. tax savings @ 24.0%: +$932
• After-tax cash flow: $1,274/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• 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

+282.7% since first listed

14 events — show timeline

• 2026-05-14 Price Changed $244,900 REINMLS
• 2026-05-07 Listed $249,900 REINMLS
• 2023-04-27 Sold (Public Records) $200,000 Public Records
• 2023-04-01 Pending — REINMLS
• 2023-03-27 Contingent — REINMLS
• 2023-03-24 Listed $180,000 REINMLS
• 2019-04-02 Sold (Public Records) $136,965 Public Records
• 2019-03-11 Pending — REINMLS
• 2019-02-07 Listed $143,000 REINMLS
• 2018-12-04 Listing Removed — REINMLS
• 2018-10-04 Price Changed $149,900 REINMLS
• 2018-08-30 Listed $155,000 REINMLS
• 2004-04-22 Sold (Public Records) $100,000 Public Records
• 2004-03-23 Sold (Public Records) $64,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,077 · +12.2% YoY. Source: county tax records.