224 W 26th St · Norfolk, VA 23517

$170,000

5 bd · 2.0 ba · 1,911 sqft · MultiFamily public records · 213 Days on market

Built 1905 $89/sqft · 44% below area Est $305k · 44% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

Key facts

• Spacious layouts
• Income potential
• Natural light

Tags

• DUPLEX OPPORTUNITY
• SPACIOUS LAYOUTS
• NATURAL LIGHT
• COMFORTABLE LIVING AREAS
• STRONG RENTAL POTENTIAL
• INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 1×4bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $872/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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 (+3.4%/yr); 30 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,626/mo this rent would consume 65% of the median local household income ($67k/yr) (locally 463% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.13% ✓
• Cap rate: 18.60%
• Cash-on-cash: 43.96%
• DSCR: 2.96
• GRM: 3.9

CMA / ARV

• ARV (median comp): $305,000
• List price: $170,000
• Delta: -44.26%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2911 Omohundro Ave	0.18mi	4/4.0 (-1)	1,944 (+2%)	4mo	$450,000	$231	73
904 Pollard St	0.73mi	4/2.0 (-1)	1,960 (+3%)	1mo	$305,000	$156	56
115 E 39th St	0.73mi	4/3.0 (-1)	1,850 (-3%)	13mo	$365,000	$197	41

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 · 3.44% rent growth · sell at horizon

5-year hold

• IRR: 41.4%
• Equity multiple: 2.79×
• Total profit: $85,141
• Equity at exit: $25,348

10-year hold

• IRR: 47.8%
• Equity multiple: 5.70×
• Total profit: $223,903
• Equity at exit: $14,698

Cash invested: $47,600 (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 23517

• Home prices YoY: -20.0%
• Rents YoY: 3.4%
• Active inventory: 30
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,626 high
• Mortgage (P&I): −$891
• Tax from tax record: −$159 /mo · $1,903/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $1,744

Break-even live

Break-even rent $1,419

Max offer price $170,000

Occupancy floor 47%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	1	$1,960
1× unit	3	1	$1,666
Total (2 units)			$3,626

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	23d	1	0.03mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	14d	1	0.23mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	43d	1	0.34mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	14d	1	0.34mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	17d	1	0.34mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	12d	1	0.40mi
630 W 36th St Norfolk, VA	4.0	1.5	1650	$2,200	$1.33	23d	1	0.58mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	43d	1	0.73mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	43d	1	0.76mi
4013 Colley Ave Norfolk, VA	4.0	2.0	1450	$2,600	$1.79	43d	1	0.85mi
507 Westover Ave Norfolk, VA	4.0	2.5	2414	$3,495	$1.45	43d	1	0.86mi
4511 Newport Ave Unit 4511 -A Norfolk, VA	4.0	3.0	2068	$2,600	$1.26	43d	1	0.91mi
829 43rd St Norfolk, VA	4.0	1.5	1500	$2,695	$1.80	23d	1	0.97mi
4608 Gosnold Ave Norfolk, VA	4.0	2.5	2600	$4,700	$1.81	23d	1	0.99mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	43d	1	1.01mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	17d	1	1.02mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	1.13mi
1110 Old Brandon Ave Norfolk, VA	4.0	2.5	2461	$3,500	$1.42	2d	1	1.18mi
1336 W 38th St Unit A Norfolk, VA	4.0	1.5	1474	$2,200	$1.49	4d	1	1.27mi
4220 Bowdens Ferry Rd Unit A Norfolk, VA	6.0	3.0	1800	$2,574	$1.43	43d	1	1.28mi
1350 W 38th St Unit A Norfolk, VA	4.0	2.0	2600	$3,200	$1.23	7d	1	1.30mi
1324 W 40th St Norfolk, VA	4.0	2.0	1360	$2,284	$1.68	43d	1	1.32mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	1.41mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	1.46mi

Listing history 10 events

1. 2026-05-14
   historical Active Under Contract 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

2. 2026-03-25
   price $170,000 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

3. 2026-02-18
   price $180,000 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

4. 2026-01-22
   status Active 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

5. 2026-01-20
   historical 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

6. 2025-12-12
   price $190,000 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

7. 2025-10-22
   listed $200,000 Active 603-char remark

   Show marketing remark (603 chars)

   Fantastic duplex opportunity in Norfolk! The first-floor unit offers 3 bedrooms and 1 bath, while the upstairs unit includes 4 bedrooms and 1 bath. Both apartments feature spacious layouts, natural light, and comfortable living areas. Great for investors seeking strong rental potential or buyers who want to live in one unit and rent the other. Conveniently located near Downtown Norfolk, Ghent, ODU, the naval base, shopping, and restaurants, this property offers flexibility, income potential, and long-term value. Please share the 3D True Immersive Virtual tours with your client. It is non branded!

8. 2004-02-06
   soldstatus $120,000
9. 2001-06-12
   soldstatus $60,000
10. 1987-10-06
    soldstatus $15,000

ⓘ 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: $1,903 · $159/mo
• Projected year-2 tax: $1,903 · $159/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 ≥106°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: $43,512
• − Mortgage interest: −$9,523
• − Property taxes: −$1,903
• − Insurance: −$850
• − Repairs & maintenance: −$3,481
• − Management: −$3,481
• − Depreciation: −$4,945
• Taxable income: $19,329
• Est. tax owed @ 24.0%: −$4,639
• After-tax cash flow: $16,285/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): 4,932
• Household income: $67,375
• Rent vs Own: 68.1% rent · 31.9% own
• Severe rent burden: 463.0

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 0.56)
• Race & ethnicity: White 62% Black 21% Hispanic / Latino 9% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 4% Romanian 4% Portuguese 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 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: ▼ -68.26%
• Current HPI: 273.4702
• Rent YoY: ▲ 3.44%
• 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

+1033.3% since first listed

10 events — show timeline

• 2026-05-14 Contingent — REINMLS
• 2026-03-25 Price Changed $170,000 REINMLS
• 2026-02-18 Price Changed $180,000 REINMLS
• 2026-01-22 Relisted — REINMLS
• 2026-01-20 Listing Removed — REINMLS
• 2025-12-12 Price Changed $190,000 REINMLS
• 2025-10-22 Listed $200,000 REINMLS
• 2004-02-06 Sold (Public Records) $120,000 Public Records
• 2001-06-12 Sold (Public Records) $60,000 Public Records
• 1987-10-06 Sold (Public Records) $15,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,903 · -17.9% YoY. Source: county tax records.