540 Michael Irvin Dr · Newport News, VA 23602

$249,900

4 bd · 2.0 ba · 1,653 sqft · SingleFamily public records · 54 Days on market

Built 1994 $151/sqft · 19% below area Est $307k · 19% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.4/30.0
• Rent growth +5.0/5.0
• DSCR +4.0/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently reduced and priced to sell — best value in the area. Great opportunity for homeowner or investor. Great home in a great location! Welcome to 540 Michael Irvin Dr- a super cute spacious and cozy 4 bedroom/2bath home offering space, potential and a strong upside for the right buyer. Located just minutes from Ft Eustis, this home is ideal for a quick commute. Features include a functional and versatile layout that includes a spacious living area with a semi open floor plan and generous sized bedrooms. Priced with built in equity to make it your own so it won't last long. Just minutes to interstates, schools, restaurants and shopping and other bases. Schedule your showing and submit your best offer before it's gone.

Key facts

• Versatile layout
• Great location
• Semi open floor plan

Tags

• GREAT LOCATION
• FUNCTIONAL LAYOUT
• VERSATILE LAYOUT
• SEMI OPEN FLOOR PLAN
• NICE SIZED BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $4 ($46/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 $212k (15.0% below list).
• Recommended offer: $212k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.2% in Newport News — 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 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+13.2%/yr); 178 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).
• This rent runs 32% of the median local income ($79k/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.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $77k; list at $250k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $212,444 (15.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 9.8

CMA / ARV

• ARV (median comp): $307,283
• List price: $249,900
• Delta: -18.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
552 Michael Irvin Dr	0.04mi	4/2.0	1,653 (0%)	4mo	$260,000	$157	95
408 Joel Ct	0.09mi	4/2.0	1,825 (+10%)	3mo	$310,000	$170	76
508 Cambertree Way	0.48mi	4/2.0	1,634 (-1%)	0mo	$309,900	$190	75
13025 Green Grove Ln	0.44mi	4/2.0	1,634 (-1%)	6mo	$317,500	$194	72
433 Ashton Green Blvd	0.57mi	3/2.5 (-1)	1,650 (-0%)	3mo	$339,000	$205	64
496 Ashton Green Blvd	0.22mi	3/2.5 (-1)	1,476 (-11%)	2mo	$328,000	$222	63
475 Ashton Green Blvd	0.33mi	4/2.5	1,800 (+9%)	10mo	$330,000	$183	60
478 Michael Irvin Dr	0.28mi	3/2.0 (-1)	1,416 (-14%)	10mo	$295,000	$208	50
705 Princess Ct	0.72mi	3/2.5 (-1)	1,530 (-7%)	3mo	$328,000	$214	44
713 Princess Ct	0.75mi	3/2.5 (-1)	1,536 (-7%)	3mo	$325,000	$212	44
304 Jacks Pl	0.62mi	3/2.5 (-1)	1,525 (-8%)	9mo	$316,000	$207	44
16 Rexford Dr	0.72mi	4/1.0	1,448 (-12%)	4mo	$293,000	$202	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.59×
• Total profit: $-29,024
• Equity at exit: $37,261

10-year hold

• IRR: 4.2%
• Equity multiple: 1.37×
• Total profit: $26,139
• Equity at exit: $21,607

Cash invested: $69,972 (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 23602

• Home prices YoY: -19.2%
• Rents YoY: 13.2%
• Active inventory: 178
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$260 /mo · $3,118/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $4

Break-even live

Break-even rent $2,120

Max offer price $249,900

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
573 Old Colonial Way Newport News, VA	3.0	2.5	1580	$1,985	$1.26	43d	1	0.33mi
106 Woodhaven Rd Newport News, VA	3.0	1.0	1162	$1,450	$1.25	20d	1	0.37mi
418 Cox Lndg Newport News, VA	1.0–3.0	1.0–1.5	975	$1,625	$1.67	2d	9	0.49mi
581 Calla Ct Newport News, VA	1.0–3.0	1.0–2.0	990	$1,575	$1.59	1d	11	0.51mi
461 Revolution Ln Newport News, VA	3.0	2.0	1490	$2,000	$1.34	7d	1	0.61mi
55 Rexford Dr Newport News, VA	3.0	2.0	1428	$2,000	$1.40	43d	1	0.82mi
91 River Palms Rd Newport News, VA	1.0–3.0	1.0–2.5	871	$2,179	$2.50	1d	49	0.83mi
800 Skelton Way Newport News, VA	3.0	2.5	1710	$2,195	$1.28	43d	1	0.95mi
10 Warren Dr Newport News, VA	5.0	3.5	2057	$2,700	$1.31	12d	1	0.95mi
10 Warren Dr Newport News, VA	4.0	3.5	2057	$2,700	$1.31	23d	1	0.95mi
722 Emerald Ct Newport News, VA	3.0	2.5	1488	$2,400	$1.61	43d	1	1.01mi
26 Garfield Dr Newport News, VA	3.0	1.0	1090	$1,850	$1.70	23d	1	1.02mi
23 Williamson Park Dr Newport News, VA	3.0	1.0	1296	$1,990	$1.54	44d	1	1.04mi
376 Susan Constant Dr Newport News, VA	3.0	3.0	1584	$1,695	$1.07	23d	1	1.04mi
713 Emerald Ct Newport News, VA	3.0	2.5	1455	$2,300	$1.58	43d	1	1.05mi
718 Halyard Dr Newport News, VA	3.0	2.5	1472	$2,300	$1.56	43d	1	1.07mi
825 Chapin Wood Dr Newport News, VA	4.0	2.5	2171	$2,501	$1.15	1d	1	1.09mi
416 Hustings Ln Newport News, VA	3.0	3.0	1422	$1,850	$1.30	12d	1	1.17mi
416 Hustings Ln Unit F Newport News, VA	3.0	2.5	1422	$1,850	$1.30	14d	1	1.17mi
397 Deputy Ln Unit A Newport News, VA	3.0	2.5	1422	$1,925	$1.35	21d	1	1.19mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,250	$1.43	16d	1	1.27mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1600	$2,350	$1.47	23d	1	1.27mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	43d	1	1.27mi
259 Windsor Castle Dr Newport News, VA	3.0	2.5	1572	$2,300	$1.46	17d	1	1.27mi
7 Friedman Pl Newport News, VA	3.0	2.0	1537	$2,250	$1.46	10d	1	1.33mi
205 Orkney Pl Newport News, VA	3.0	1.5	2072	$2,300	$1.11	23d	1	1.33mi
108 Tazewell Rd Newport News, VA	3.0	2.0	1144	$1,900	$1.66	43d	1	1.35mi
381 Advocate Ct Unit F Newport News, VA	3.0	2.5	1400	$1,325	$0.95	43d	1	1.39mi
104 Landmark Ct Newport News, VA	1.0–3.0	1.0–2.0	1020	$1,802	$1.77	2d	1	1.41mi
100 Banbury Ct Unit 00 201302 Newport News, VA	3.0	2.0	1222	$1,799	$1.47	43d	1	1.49mi
100 Banbury Ct Unit 00 103308 Newport News, VA	3.0	2.0	1222	$1,799	$1.47	4d	1	1.49mi
100 Banbury Ct Unit 00 202207 Newport News, VA	3.0	2.0	1222	$1,909	$1.56	7d	1	1.49mi

Listing history 5 events

1. 2026-05-02
   price $249,900 736-char remark

   Show marketing remark (736 chars)

   Recently reduced and priced to sell — best value in the area. Great opportunity for homeowner or investor. Great home in a great location! Welcome to 540 Michael Irvin Dr- a super cute spacious and cozy 4 bedroom/2bath home offering space, potential and a strong upside for the right buyer. Located just minutes from Ft Eustis, this home is ideal for a quick commute. Features include a functional and versatile layout that includes a spacious living area with a semi open floor plan and generous sized bedrooms. Priced with built in equity to make it your own so it won't last long. Just minutes to interstates, schools, restaurants and shopping and other bases. Schedule your showing and submit your best offer before it's gone.

2. 2026-04-24
   price $255,000 736-char remark

   Show marketing remark (736 chars)

   Recently reduced and priced to sell — best value in the area. Great opportunity for homeowner or investor. Great home in a great location! Welcome to 540 Michael Irvin Dr- a super cute spacious and cozy 4 bedroom/2bath home offering space, potential and a strong upside for the right buyer. Located just minutes from Ft Eustis, this home is ideal for a quick commute. Features include a functional and versatile layout that includes a spacious living area with a semi open floor plan and generous sized bedrooms. Priced with built in equity to make it your own so it won't last long. Just minutes to interstates, schools, restaurants and shopping and other bases. Schedule your showing and submit your best offer before it's gone.

3. 2026-04-01
   listed $260,000 Active 736-char remark

   Show marketing remark (736 chars)

   Recently reduced and priced to sell — best value in the area. Great opportunity for homeowner or investor. Great home in a great location! Welcome to 540 Michael Irvin Dr- a super cute spacious and cozy 4 bedroom/2bath home offering space, potential and a strong upside for the right buyer. Located just minutes from Ft Eustis, this home is ideal for a quick commute. Features include a functional and versatile layout that includes a spacious living area with a semi open floor plan and generous sized bedrooms. Priced with built in equity to make it your own so it won't last long. Just minutes to interstates, schools, restaurants and shopping and other bases. Schedule your showing and submit your best offer before it's gone.

4. 1994-07-01
   soldstatus $76,990
5. 1994-05-04
   soldstatus $30,000

ⓘ 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: $3,118 · $260/mo
• Projected year-2 tax: $3,118 · $260/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) · 54% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 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: $25,493
• − Mortgage interest: −$13,998
• − Property taxes: −$3,118
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − Depreciation: −$7,270
• Taxable loss: −$4,221
• Est. tax savings @ 24.0%: +$1,013
• After-tax cash flow: $1,059/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: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 42,265
• Household income: $79,475
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1696.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 42% Black 34% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 6% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.28%
• Current HPI: 283.0889
• Rent YoY: ▲ 13.22%
• 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

+733.0% since first listed

5 events — show timeline

• 2026-05-02 Price Changed $249,900 REINMLS
• 2026-04-24 Price Changed $255,000 REINMLS
• 2026-04-01 Listed $260,000 REINMLS
• 1994-07-01 Sold (Public Records) $76,990 Public Records
• 1994-05-04 Sold (Public Records) $30,000 Public Records

Property tax history

+4.2%/yr

Latest (2026): $3,118 · +8.3% YoY. Source: county tax records.