7845 Tarpon Pl · Norfolk, VA 23518

$290,000

3 bd · 1.5 ba · 1,436 sqft · SingleFamily public records · 9 Days on market

Built 1957 8,712 sqft lot Est $322k · 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 +13.2/30.0
• ARV discount +11.9/15.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• Schools +3.5/10.0
• 1% rule +3.3/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come check out this 3 bed ranch with garage in desirable Camelia Acres neigborhood in Norfolk. Great layout with large den and primary bedroom. Located near military bases, restaurants, shopping and bay. Priced to sell. Lowest home listed in the neighborhood. Home in good shape overall. Some instant sweat equity in this one or do a few updates if you'd like or move right in and do them over time. Home sold as is where is. Kitchen was updated more than 5 years ago and electrical system too. Come check it out before it's gone.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1957

Property features AI

Finance

• HOA & community: No HOA fees reported

Exterior

• Parking: Attached 1-car garage; Additional multi-car parking; Off-street parking; Driveway parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch-style home; Single-story
• Construction: Brick siding; Asphalt shingle roof; Slab foundation; Storm doors
• Exterior features: Deck; Back yard with chain-link fence; Storage shed

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: First-floor master bedroom; Bedroom and full bathroom on first floor
• Flooring: Ceramic flooring; Wood flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Fireplace (wood-burning); Ceiling fan; Cable hookup; Scuttle access
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-4 ($-52/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (17.4% below list).
• Recommended offer: $240k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Zoned schools: Little Creek Elementary (math 20% / reading 49%, grade F, #966 of 1,108 statewide, top 89%, 631 students, 97% FRL); Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 206 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 37% of the median local income ($78k/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 $9k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,544 (17.4% 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. Built in 1957 — 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. 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?
6. 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?
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 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: 0.83% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $321,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2430 Tullibee Dr	0.34mi	3/1.5	1,463 (+2%)	2mo	$327,000	$224	79
2538 Heutte Dr	0.21mi	4/2.0 (+1)	1,500 (+4%)	1mo	$387,500	$258	75
2904 Dominion Ave	0.34mi	3/1.0	1,378 (-4%)	2mo	$342,500	$249	74
8220 Jolima Ave	0.49mi	3/1.0	1,472 (+2%)	4mo	$310,000	$211	68
7616 Azalea Garden Rd	0.37mi	3/1.0	1,526 (+6%)	4mo	$342,000	$224	67
2324 Calvin Ave	0.46mi	4/1.5 (+1)	1,380 (-4%)	2mo	$285,000	$207	66
2934 E Little Creek Rd	0.32mi	3/2.0	1,577 (+10%)	2mo	$345,000	$219	66
8309 Nathan Ave	0.58mi	3/1.0	1,513 (+5%)	4mo	$280,000	$185	59
7822 Camellia Rd	0.46mi	3/—	1,272 (-11%)	4mo	$130,000	$102	56
8320 Mona Ave	0.44mi	4/2.0 (+1)	1,582 (+10%)	1mo	$430,000	$272	55
7917 Walters Dr	0.41mi	3/2.0	1,646 (+15%)	4mo	$384,000	$233	51
3332 Ridgefield Ct	0.63mi	4/2.0 (+1)	1,566 (+9%)	0mo	$360,000	$230	48

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 · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-47,131
• Equity at exit: $43,240

10-year hold

• IRR: -8.0%
• Equity multiple: 0.50×
• Total profit: $-40,825
• Equity at exit: $25,074

Cash invested: $81,200 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 206
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,395 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$255 /mo · $3,061/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $-4

Break-even live

Break-even rent $2,401

Max offer price $289,231

Occupancy floor 95%

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2750 Heutte Dr Norfolk, VA	3.0	2.0	1628	$2,150	$1.32	21d	1	0.26mi
7710 Nancy Dr Norfolk, VA	3.0	1.5	1644	$2,000	$1.22	43d	1	0.29mi
8212 Mona Ave Norfolk, VA	4.0	2.0	1600	$2,895	$1.81	20d	1	0.37mi
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	14d	1	0.77mi
3857 Flowerfield Rd Norfolk, VA	1.0–3.0	1.0–1.5	931	$1,790	$1.92	2d	17	0.77mi
1831 Banning Rd Norfolk, VA	3.0	2.0	1853	$2,500	$1.35	4d	1	0.82mi
2217 Helsley Ave Norfolk, VA	3.0	2.0	1039	$2,200	$2.12	3d	1	0.88mi
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	7d	1	0.90mi
4086 Lighthouse Cv Norfolk, VA	2.0	2.5	1550	$2,600	$1.68	43d	1	0.91mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,200	$1.42	23d	1	0.92mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,250	$1.45	43d	1	0.92mi
2204 Helsley Ave Norfolk, VA	3.0	1.0	1039	$2,000	$1.92	44d	1	0.93mi
4138 Seafarer Ave Norfolk, VA	2.0	2.0	1175	$1,995	$1.70	2d	1	0.96mi
4138 Seafarer Ave Unit 1 Norfolk, VA	2.0	2.0	1175	$1,995	$1.70	3d	1	0.97mi
4319 Pinter Ln Unit 1 Norfolk, VA	4.0	3.5	1833	$2,600	$1.42	43d	1	1.08mi
9512 18th Bay St Unit B Norfolk, VA	3.0	1.0	952	$2,650	$2.78	43d	1	1.12mi
9563 15th Bay St Unit 4 Norfolk, VA	3.0	2.0	1100	$1,695	$1.54	43d	1	1.14mi
7906 Turner Rd Norfolk, VA	3.0	1.5	1400	$1,925	$1.38	43d	1	1.14mi
6419 Grimes Ave Norfolk, VA	3.0	2.0	1225	$2,150	$1.76	43d	1	1.16mi
9617 11th Bay St Unit 2 Norfolk, VA	2.0	2.0	1200	$1,400	$1.17	43d	1	1.19mi
2221 Pretty Lake Ave Norfolk, VA	3.0	2.0	1800	$2,640	$1.47	1d	2	1.29mi
2111 Pretty Lake Ave Norfolk, VA	2.0	2.0	950	$1,730	$1.82	2d	1	1.32mi
9615 21st Bay St Norfolk, VA	2.0	2.5	1500	$2,995	$2.00	7d	1	1.35mi
9631 21st Bay St Norfolk, VA	2.0	2.5	1500	$2,995	$2.00	16d	1	1.37mi
9614 21st Bay St Norfolk, VA	2.0	2.5	1566	$3,100	$1.98	2d	1	1.39mi
9565 23rd Bay St Norfolk, VA	2.0	2.0	1420	$3,300	$2.32	17d	1	1.39mi
4500 Pretty Lake Ave Unit B2 Norfolk, VA	2.0	2.0	1360	$2,550	$1.88	4d	1	1.41mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	2d	23	1.45mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	43d	1	1.46mi
2100 E Ocean View Ave Norfolk, VA	3.0	3.0	1836	$2,295	$1.25	43d	1	1.46mi

Listing history 2 events

1. 2026-04-29
   status Under Contract
2. 2026-04-20
   listed $290,000 Active

ⓘ 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: $3,061 · $255/mo
• Projected year-2 tax: $3,061 · $255/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 ≥104°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,745
• − Mortgage interest: −$16,245
• − Property taxes: −$3,061
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,300
• − Management: −$2,300
• − Depreciation: −$8,436
• Taxable loss: −$5,046
• Est. tax savings @ 24.0%: +$1,211
• After-tax cash flow: $1,159/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
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Indo-European 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

2 events — show timeline

• 2026-04-29 Pending — REINMLS
• 2026-04-20 Listed $290,000 REINMLS

Property tax history

+3.5%/yr

Latest (2025): $3,061 · +2.9% YoY. Source: county tax records.