3214 Lens Ave · Norfolk, VA 23509

$230,000

3 bd · 2.0 ba · 1,098 sqft · SingleFamily public records · 87 Days on market

Built 1912 3,049 sqft lot $209/sqft · 10% below area Est $255k · 10% 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).

• Cash flow +15.4/30.0
• ARV discount +11.9/15.0
• Rent growth +5.0/5.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Schools +3.5/10.0
• Appreciation +2.9/10.0
• Condition / age +2.5/5.0

Key facts

• 3,049 sq ft lot
• Built 1912
• Listed 87 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/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 $200k (13.0% below list).
• Recommended offer: $200k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.
• Market conditions: Rents rising fast (+14.0%/yr); 77 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 33% of the median local income ($73k/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.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 3 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 $175k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — 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 $200,165 (13.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.87% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

• ARV (median comp): $255,145
• List price: $230,000
• Delta: -9.86%
• 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
2946 Argonne Ave	0.24mi	3/1.5	1,080 (-2%)	3mo	$265,000	$245	81
3220 Lens Ave	0.01mi	3/1.0	1,254 (+14%)	0mo	$257,000	$205	72
3105 Marne Ave	0.17mi	3/1.0	1,218 (+11%)	2mo	$270,000	$222	68
2719 Overbrook Ave	0.69mi	3/2.0	1,100 (+0%)	2mo	$290,000	$264	66
2949 Verdun Ave	0.23mi	3/2.0	950 (-14%)	4mo	$230,500	$243	64
3317 Vimy Ridge Ave	0.37mi	3/1.0	1,000 (-9%)	2mo	$250,000	$250	62
2541 Grandy Ave	0.70mi	2/1.5 (-1)	1,077 (-2%)	3mo	$247,000	$229	54
2814 Glen Ave	0.72mi	3/1.0	1,056 (-4%)	4mo	$196,000	$186	53
2609 Harrell Ave	0.62mi	3/1.5	1,194 (+9%)	3mo	$269,900	$226	52
2211 Abbey Rd	0.47mi	3/1.0	1,223 (+11%)	3mo	$200,000	$164	52
2534 Keller Ave	0.69mi	3/2.0	1,200 (+9%)	1mo	$290,000	$242	52
3305 Dunkirk Ave	0.30mi	2/1.0 (-1)	937 (-15%)	2mo	$165,000	$176	51

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: -8.5%
• Equity multiple: 0.67×
• Total profit: $-21,028
• Equity at exit: $34,294

10-year hold

• IRR: 6.4%
• Equity multiple: 1.58×
• Total profit: $37,046
• Equity at exit: $19,886

Cash invested: $64,400 (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 23509

• Home prices YoY: -1.3%
• Rents YoY: 14.0%
• Active inventory: 77
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,002 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$190 /mo · $2,279/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $89

Break-even live

Break-even rent $1,888

Max offer price $230,000

Occupancy floor 91%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	14d	1	0.18mi
2949 Verdun Ave Norfolk, VA	3.0	2.0	950	$3,000	$3.16	44d	1	0.26mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	0.26mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	0.33mi
2111 Bellevue Ave Unit 1 Norfolk, VA	2.0	1.0	950	$1,300	$1.37	44d	1	0.34mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	0.34mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	44d	1	0.34mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	0.38mi
2900 Verdun Ave Norfolk, VA	3.0	1.0	867	$1,800	$2.08	44d	1	0.39mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	0.47mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	0.47mi
2928 Tidewater Dr Norfolk, VA	2.0	1.0	740	$1,350	$1.82	23d	1	0.50mi
1822 Saint Denis Ave Apt 4 Norfolk, VA	2.0	1.0	750	$995	$1.33	44d	1	0.50mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	23d	1	0.51mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	44d	1	0.53mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	44d	1	0.53mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	0.57mi
1607 Lasalle Ave Unit 3 Norfolk, VA	2.0	1.0	816	$1,400	$1.72	44d	1	0.65mi
5404 Douglas St Norfolk, VA	3.0	1.0	981	$1,950	$1.99	44d	1	0.65mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.65mi
1439 Moultrie Ave #3 Norfolk, VA	2.0	1.0	1300	$1,900	$1.46	7d	1	0.66mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	7d	1	0.79mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	23d	1	0.80mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	44d	1	0.88mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	3d	1	0.88mi
2421 Arkansas Ave Unit A Norfolk, VA	2.0	1.0	870	$1,225	$1.41	14d	1	0.91mi
4566 Hampshire Ave Unit A Norfolk, VA	2.0	1.0	870	$1,350	$1.55	44d	1	0.92mi
2400 Ballentine Blvd Unit A Norfolk, VA	2.0	1.0	879	$1,550	$1.76	44d	1	0.93mi
2421 Bolton St Unit F Norfolk, VA	2.0	1.0	725	$1,275	$1.76	44d	1	1.03mi
3507 Cape Henry Ave Unit A Norfolk, VA	2.0	1.0	755	$1,200	$1.59	21d	1	1.05mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	12d	1	1.05mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	2d	8	1.10mi
3820 Essex Cir Unit A Norfolk, VA	2.0	1.0	1000	$2,200	$2.20	21d	1	1.11mi
3820 Essex Cir #1 Norfolk, VA	2.0	1.0	1000	$2,250	$2.25	17d	1	1.11mi
3820 Essex Cir Unit B 1 Norfolk, VA	2.0	1.0	900	$1,700	$1.89	21d	1	1.11mi
2315 Bolton St Norfolk, VA	3.0	1.0	1000	$1,800	$1.80	44d	1	1.12mi
1525 Nevada Ave Unit B Norfolk, VA	2.0	1.5	1134	$1,445	$1.27	44d	1	1.13mi
2804 Waverly Way Norfolk, VA	2.0	1.0	850	$1,270	$1.49	44d	5	1.14mi
2401 Ruffin St Norfolk, VA	2.0	1.0	900	$1,350	$1.50	44d	1	1.14mi
912 Druid Cir Unit B Norfolk, VA	2.0	1.0	960	$1,535	$1.60	23d	1	1.16mi

Listing history 22 events

1. 2026-06-18
   days on market $230,000 Active 87 DOM
2. 2026-06-17
   days on market $230,000 Active 86 DOM
3. 2026-06-16
   days on market $230,000 Active 85 DOM
4. 2026-06-15
   days on market $230,000 Active 84 DOM
5. 2026-06-13
   days on market $230,000 Active 82 DOM
6. 2026-06-09
   days on market $230,000 Active 78 DOM
7. 2026-06-08
   days on market $230,000 Active 77 DOM
8. 2026-06-07
   days on market $230,000 Active 76 DOM
9. 2026-06-03
   days on market $230,000 Active 72 DOM
10. 2026-06-02
    days on market $230,000 Active 71 DOM
11. 2026-06-01
    days on market $230,000 Active 70 DOM
12. 2026-05-31
    days on market $230,000 Active 69 DOM
13. 2026-03-23
    listed $230,000 Active
14. 2022-12-28
    soldstatus $175,000
15. 2022-12-09
    status Under Contract
16. 2022-11-28
    listed $175,000 Active
17. 2018-12-31
    status Under Contract
18. 2018-12-21
    price $55,000
19. 2018-12-04
    price $62,900
20. 2018-11-20
    price $69,300
21. 2018-10-31
    listed $79,500 Active
22. 2003-07-24
    soldstatus $48,000

ⓘ 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: $2,279 · $190/mo
• Projected year-2 tax: $2,279 · $190/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 ≥105°F today · 16 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,020
• − Mortgage interest: −$12,884
• − Property taxes: −$2,279
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,922
• − Management: −$1,922
• − Depreciation: −$6,691
• Taxable loss: −$2,827
• Est. tax savings @ 24.0%: +$678
• After-tax cash flow: $1,751/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): 13,105
• Household income: $72,816
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 575.0

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 0.64)
• Race & ethnicity: White 44% Black 39% Hispanic / Latino 9% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Serbian 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 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: ▼ -4.16%
• Current HPI: 321.56
• Rent YoY: ▲ 13.99%
• 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

+379.2% since first listed

10 events — show timeline

• 2026-03-23 Listed $230,000 REINMLS
• 2022-12-28 Sold (Public Records) $175,000 Public Records
• 2022-12-09 Pending — REINMLS
• 2022-11-28 Listed $175,000 REINMLS
• 2018-12-31 Pending — REINMLS
• 2018-12-21 Price Changed $55,000 REINMLS
• 2018-12-04 Price Changed $62,900 REINMLS
• 2018-11-20 Price Changed $69,300 REINMLS
• 2018-10-31 Listed $79,500 REINMLS
• 2003-07-24 Sold (Public Records) $48,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,279 · +0.4% YoY. Source: county tax records.