208 W 37th St · Norfolk, VA 23504

$249,999

3 bd · 1.0 ba · 2,175 sqft · SingleFamily public records · 41 Days on market

Built 1910 $115/sqft · 34% below area Est $379k · 34% under ↓ 9% since listing

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a wonderful opportunity for an investment property or a place to call your own after some TLC. Property being sold as is. Newer roof and HVAC.

Key facts

• 3 parking spots
• Built 1910
• Listed 41 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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.
• Market conditions: Rents rising fast (+6.1%/yr); 120 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); lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,531/mo this rent would consume 68% of the median local household income ($45k/yr) (locally 1531% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $242,499 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.17%
• DSCR: 1.32
• GRM: 8.2

CMA / ARV

• ARV (median comp): $379,428
• List price: $249,999
• Delta: -34.11%
• 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
205 W 36th St	0.08mi	4/2.5 (+1)	2,199 (+1%)	1mo	$284,000	$129	83
436 W 34th St	0.30mi	3/2.0	2,225 (+2%)	0mo	$220,000	$99	78
3611 Debree Ave	0.17mi	4/2.5 (+1)	2,236 (+3%)	1mo	$405,000	$181	76
526 W 36th St	0.34mi	4/2.5 (+1)	2,200 (+1%)	4mo	$374,900	$170	68
408 W 29th St	0.43mi	4/2.0 (+1)	2,153 (-1%)	2mo	$342,000	$159	68
221 E 40th St	0.33mi	4/2.5 (+1)	2,128 (-2%)	4mo	$375,000	$176	67
1411 Huntington Cres	0.68mi	3/1.5	2,261 (+4%)	3mo	$475,000	$210	57
108 E 41st St	0.32mi	4/3.0 (+1)	2,341 (+8%)	4mo	$502,500	$215	56
624 W 28th St	0.59mi	4/2.5 (+1)	2,225 (+2%)	3mo	$380,000	$171	55
2611 Ruffin Way	0.71mi	3/1.5	2,345 (+8%)	2mo	$275,000	$117	50
737 Pennsylvania Ave	0.59mi	3/1.5	1,920 (-12%)	1mo	$426,500	$222	50
111 E 29th St	0.51mi	4/3.0 (+1)	2,332 (+7%)	3mo	$445,000	$191	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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-5,741
• Equity at exit: $37,276

10-year hold

• IRR: 10.5%
• Equity multiple: 1.93×
• Total profit: $64,928
• Equity at exit: $21,615

Cash invested: $70,000 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,531 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$166 /mo · $1,995/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $418

Break-even live

Break-even rent $2,002

Max offer price $249,999

Occupancy floor 78%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	24d	1	0.11mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	44d	1	0.19mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	44d	1	0.24mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	12d	1	0.25mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	17d	1	0.25mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	15d	1	0.25mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	24d	1	0.33mi
623 Virginia Ave Norfolk, VA	3.0	1.5	1600	$2,200	$1.38	17d	1	0.41mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	15d	1	0.42mi
4511 Newport Ave Unit 4511 -A Norfolk, VA	4.0	3.0	2068	$2,600	$1.26	44d	1	0.44mi
630 W 36th St Norfolk, VA	4.0	1.5	1650	$2,200	$1.33	24d	1	0.45mi
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	17d	1	0.48mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	44d	1	0.50mi
4608 Gosnold Ave Norfolk, VA	4.0	2.5	2600	$4,700	$1.81	24d	1	0.54mi
3611 Colley Ave Apt 106 Norfolk, VA	3.0	2.0	2686	$2,550	$0.95	17d	1	0.62mi
4013 Colley Ave Norfolk, VA	4.0	2.0	1450	$2,600	$1.79	44d	1	0.63mi
829 43rd St Norfolk, VA	4.0	1.5	1500	$2,695	$1.80	24d	1	0.72mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	17d	1	0.80mi
824 50th St Norfolk, VA	3.0	1.5	1516	$2,400	$1.58	24d	1	0.92mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	24d	1	1.02mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	44d	1	1.05mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	44d	1	1.05mi
810 Brandon Ave Norfolk, VA	3.0	1.0	1420	$2,350	$1.65	15d	1	1.05mi
1215 W 27th St Norfolk, VA	3.0	3.0	1700	$2,700	$1.59	44d	1	1.05mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	24d	1	1.06mi
1218 W 26th St Norfolk, VA	3.0	2.5	1524	$2,250	$1.48	8d	1	1.09mi
937 Bolling Ave Norfolk, VA	3.0	3.5	2034	$2,995	$1.47	21d	1	1.10mi
823 Shirley Ave Norfolk, VA	3.0	2.5	2740	$3,775	$1.38	11d	1	1.17mi
901 Shirley Ave Unit A2 Norfolk, VA	3.0	2.0	1800	$2,195	$1.22	20d	1	1.19mi
901 Shirley Ave Unit A2 Norfolk, VA	3.0	2.0	1800	$2,195	$1.22	44d	1	1.19mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	24d	1	1.20mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	15d	1	1.20mi
1009 Brandon Ave Unit 6 Norfolk, VA	2.0	1.0	1400	$1,500	$1.07	12d	1	1.22mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	44d	1	1.26mi
736 W Princess Anne Rd #102 Norfolk, VA	2.0	2.0	1500	$2,400	$1.60	44d	1	1.27mi
736 W Princess Anne Rd #102 Norfolk, VA	2.0	2.0	1513	$2,400	$1.59	2d	1	1.27mi
1336 W 38th St Unit A Norfolk, VA	4.0	1.5	1474	$2,200	$1.49	4d	1	1.27mi
621 W Princess Anne Rd Norfolk, VA	2.0	1.0	1535	$1,950	$1.27	11d	1	1.28mi
625 W Princess Anne Rd Unit 6 Norfolk, VA	3.0	1.5	1650	$1,995	$1.21	20d	1	1.28mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	44d	1	1.28mi

Listing history 2 events

1. 2026-05-08
   price $249,999 150-char remark

   Show marketing remark (150 chars)

   This is a wonderful opportunity for an investment property or a place to call your own after some TLC. Property being sold as is. Newer roof and HVAC.

2. 2026-04-15
   listed $275,000 Active 150-char remark

   Show marketing remark (150 chars)

   This is a wonderful opportunity for an investment property or a place to call your own after some TLC. Property being sold as is. Newer roof and HVAC.

ⓘ 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: $1,995 · $166/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$55/yr (+$5/mo · 2.8%)

ⓘ 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 (shaded) · 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: $30,372
• − Mortgage interest: −$14,004
• − Property taxes: −$1,995
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,430
• − Management: −$2,430
• − Depreciation: −$7,273
• Taxable income: $991
• Est. tax owed @ 24.0%: −$238
• After-tax cash flow: $4,779/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): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

-9.1% since first listed

2 events — show timeline

• 2026-05-08 Price Changed $249,999 REINMLS
• 2026-04-15 Listed $275,000 REINMLS

Property tax history

+4.8%/yr

Latest (2018): $1,995 · +9.7% YoY. Source: county tax records.