523 Nesbit Dr #101 · Chesapeake, VA 23323

$272,500

2 bd · 2.5 ba · 1,471 sqft · Condo · 73 Days on market

Built 2012 Fair condition $210/mo HOA · 8% of rent ↓ 2% since listing

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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 +10.9/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• 1% rule +4.2/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• DSCR +3.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Want WALK IN EQUITY? This is it, identical unit next door listed for 309,900. This one needs some elbow grease for cosmetics but the seller is offering generous allowances on full price offer for paint, flooring and anything you see that needs to be taken care of. A little work on your part earns you instant equity. 1$ down to VA buyer if qualified.

Key facts

• $210 HOA
• Garage
• Built 2012

Property features AI

Finance

• Other: Neighborhood: THE VILLAS
• HOA & community: Homeowners association in place; Monthly condo fee of 160; Monthly POA fee of 50; Association-managed amenities include clubhouse, exercise room, grounds maintenance, playgrounds, pool, and trash pickup; Association management: United Property Associates

Exterior

• Parking: Converted garage; One parking space
• Utilities: City/County water; City/County sewer; Gas water heater; Geothermal HVAC
• Home design: Attached condo; Quadraville style; Two stories with two living levels; Entry level: 1
• Construction: Fiber cement siding; Asphalt shingle roof; Slab foundation; Built as a condo (ownership type: Condo)
• Exterior features: Patio; Back fenced yard

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range; Pantry
• Bedrooms: Master bedroom with bath; Office/Study; No bedroom with a full bathroom on the 1st floor
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Geothermal heating; Geothermal cooling; Gas water heater
• Interior features: Cable hookup; Ceiling fan; Scuttle access; Walk-in closet
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $272k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (8.2% below list).
• Recommended offer: $250k (8.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Deep Creek Elementary (math 66% / reading 72%, grade A-, #351 of 1,108 statewide, top 32%, 763 students, 45% FRL); Hugo A. Owens Middle (math 57% / reading 76%, grade A-, #107 of 342 statewide, top 33%, 1,315 students, 30% FRL); Deep Creek High (math 70% / reading 82%, grade A-, #102 of 319 statewide, top 32%, 1,597 students, 49% FRL).
• Market conditions: Rents rising fast (+6.1%/yr); 184 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake 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 $8k 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 73 days — a 6% lower offer ($256k) is reasonable based on typical stale-listing flexibility.

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 $250,056 (8.2% 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 73 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.92% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.43×
• Total profit: $-43,367
• Equity at exit: $40,631

10-year hold

• IRR: -1.9%
• Equity multiple: 0.85×
• Total profit: $-11,200
• Equity at exit: $23,561

Cash invested: $76,300 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 184
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,501 medium
• Mortgage (P&I): −$1,429
• Tax est. 1.5%: −$341 /mo · $4,088/yr
• Insurance: −$114
• HOA: −$210
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $-118

Break-even live

Break-even rent $2,650

Max offer price $255,462

Occupancy floor 100%

Sensitivity live

Price	-10% $71	-5% $-24	+0% $-118	+5% $-212	+10% $-306
Rent	-10% $-315	-5% $-217	+0% $-118	+5% $-19	+10% $80
Rate	-1.0pp $19	-0.5pp $-48	base $-118	+0.5pp $-188	+1.0pp $-260

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: $68,125
• Closing costs: $8,175
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1831	$2,700	$1.47	25d	1	0.07mi
3135 Patrick Henry Dr Chesapeake, VA	3.0	2.5	1830	$2,700	$1.48	16d	1	0.07mi
3000 Conservancy Dr Chesapeake, VA	1.0–2.0	1.0–2.0	939	$2,335	$2.49	16d	6	0.16mi
102 Diamond Ave Unit B Chesapeake, VA	2.0	1.0	900	$1,350	$1.50	25d	1	1.10mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-21
   days on market $272,500 Active 73 DOM
2. 2026-06-18
   days on market $272,500 Active 70 DOM
3. 2026-06-17
   days on market $272,500 Active 69 DOM
4. 2026-06-16
   days on market $272,500 Active 68 DOM
5. 2026-06-15
   days on market $272,500 Active 67 DOM
6. 2026-06-13
   pricedays on market $272,500 Active 65 DOM
7. 2026-06-09
   days on market $279,500 Active 61 DOM
8. 2026-06-08
   days on market $279,500 Active 60 DOM
9. 2026-06-07
   pricedays on market $279,500 Active 59 DOM
10. 2026-06-03
    days on market $289,500 Active 55 DOM
11. 2026-06-02
    days on market $289,500 Active 54 DOM
12. 2026-06-01
    days on market $289,500 Active 53 DOM
13. 2026-05-31
    days on market $289,500 Active 52 DOM
14. 2026-04-30
    historical Active Under Contract
15. 2026-04-15
    price $289,500
16. 2026-04-09
    listed $294,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,007
• − Mortgage interest: −$15,264
• − Property taxes: −$4,088
• − Insurance: −$1,362
• − Repairs & maintenance: −$2,401
• − Management: −$2,401
• − HOA: −$2,520
• − Depreciation: −$7,927
• Taxable loss: −$5,956
• Est. tax savings @ 24.0%: +$1,429
• After-tax cash flow: $16/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.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

This condo requires cosmetic repairs, primarily focusing on painting and landscaping, to enhance its curb appeal and value.

Repairs flagged

• Major paint — Significant wear on exterior and interior walls
• Minor landscaping — Some overgrown areas

Value-add opportunities

• Both paint — Fresh paint enhances curb appeal and interior aesthetics
• Both landscaping — Well-maintained landscaping improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · Significant wear on exterior and interior walls	Major	$15,000–50,000
landscaping · Some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both landscaping — Well-maintained landscaping improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

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 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 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: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

-1.7% since first listed

3 events — show timeline

• 2026-04-30 Contingent — REINMLS
• 2026-04-15 Price Changed $289,500 REINMLS
• 2026-04-09 Listed $294,500 REINMLS