8 Van Patton Pl · Portsmouth, VA 23701

$199,000

4 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 2 Days on market

Built 1940 0.28 ac lot Est $282k · 30% 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.3/10.0
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors and rehab enthusiasts! This property offers a value-add opportunity with significant renovation potential. One owner property. Large corner lot. Property to be sold strictly As-Is with seller making no repairs. Due diligence encouraged.

Key facts

• One owner property
• Large corner lot
• 0.28 acre lot

Tags

• LARGE CORNER LOT
• ONE OWNER PROPERTY

Property features AI

Finance

• HOA & community: No HOA/association fees

Exterior

• Parking: Carport; Driveway parking; Street parking
• Utilities: City water; City sewer; Gas water heater
• Home design: Detached Cape Cod-style home; 2 stories; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Aluminum siding

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Main-level bedroom with full bath
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet and vinyl flooring; Bedroom with full bathroom on the first floor; Six total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 8.9% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Simonsdale Elementary (math 32% / reading 57%, grade F, #827 of 1,108 statewide, top 77%, 612 students, 100% FRL) — zoned schools average 100% FRL vs 60% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+11.9%/yr); 167 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 43% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.13% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $282,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
801 Elmhurst Ln	0.17mi	4/2.0	1,350 (+2%)	1mo	$265,000	$196	84
817 Jewell Ave	0.12mi	3/1.0 (-1)	1,168 (-12%)	3mo	$250,000	$214	68
34 Pollux Cir W	0.52mi	3/2.0 (-1)	1,250 (-5%)	0mo	$260,000	$208	58
5 Kearney Way	0.46mi	4/1.0	1,512 (+14%)	3mo	$235,000	$155	52
604 City Park Ave	0.34mi	3/2.0 (-1)	1,153 (-13%)	3mo	$310,000	$269	52
39 Pollux Cir W	0.51mi	3/2.0 (-1)	1,446 (+10%)	0mo	$180,000	$124	51
7 N Colin Dr	0.45mi	3/2.0 (-1)	1,170 (-11%)	0mo	$306,000	$262	51
4801 Vick St	0.50mi	3/2.0 (-1)	1,200 (-9%)	2mo	$292,000	$243	50
224 Cypress Rd	0.45mi	3/2.0 (-1)	1,500 (+14%)	2mo	$385,000	$257	46
1212 Jewell Ave	0.73mi	5/2.0 (+1)	1,400 (+6%)	2mo	$300,000	$214	45
10 Rivercrest Ct	0.72mi	3/1.5 (-1)	1,198 (-9%)	0mo	$290,000	$242	44
4 Broda Ct	0.73mi	3/1.5 (-1)	1,491 (+13%)	3mo	$297,500	$200	35

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $6,957
• Equity at exit: $29,672

10-year hold

• IRR: 16.9%
• Equity multiple: 2.71×
• Total profit: $95,262
• Equity at exit: $17,206

Cash invested: $55,720 (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 23701

• Rents YoY: 11.9%
• Active inventory: 167
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,243 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$216 /mo · $2,594/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $429

Break-even live

Break-even rent $1,700

Max offer price $199,000

Occupancy floor 76%

Sensitivity live

Price	-10% $542	-5% $486	+0% $429	+5% $373	+10% $317
Rent	-10% $252	-5% $341	+0% $429	+5% $518	+10% $606
Rate	-1.0pp $529	-0.5pp $480	base $429	+0.5pp $378	+1.0pp $325

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 Martin Ave Portsmouth, VA	3.0	1.0	1100	$2,195	$2.00	4d	1	0.06mi
119 Jacquelyn Dr Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	24d	1	0.48mi
119 Jacquelyn Dr Portsmouth, VA	3.0	2.5	1800	$2,250	$1.25	4d	1	0.48mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$900	$0.58	24d	1	0.65mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$2,300	$1.48	13d	1	0.65mi
207 Robin Rd Portsmouth, VA	3.0	1.5	1250	$1,950	$1.56	8d	1	0.67mi
318 Edgewood Rd Portsmouth, VA	3.0	1.0	1421	$2,300	$1.62	44d	1	0.80mi
1507 Hodges Ferry Rd Portsmouth, VA	3.0	1.5	1827	$1,650	$0.90	44d	1	0.90mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	18d	1	0.94mi
2801 Leeds Ct Chesapeake, VA	3.0	2.0	1210	$1,995	$1.65	2d	1	1.47mi
5020 Fable Ave Portsmouth, VA	3.0	1.0	1075	$2,000	$1.86	44d	1	1.50mi

Listing history 4 events

1. 2026-06-07
   status $199,000 Under Contract 2 DOM
2. 2026-06-03
   days on market $199,000 Active 2 DOM
3. 2026-06-01
   remarks 256-char remark
4. 2026-06-01
   listed $199,000 Active 1 DOM

ⓘ 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: $2,594 · $216/mo
• Projected year-2 tax: $2,594 · $216/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 · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,915
• − Mortgage interest: −$11,147
• − Property taxes: −$2,594
• − Insurance: −$995
• − Repairs & maintenance: −$2,153
• − Management: −$2,153
• − Depreciation: −$5,789
• Taxable income: $2,083
• Est. tax owed @ 24.0%: −$500
• After-tax cash flow: $4,651/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

1 event — show timeline

• 2026-06-01 Listed $199,000 REINMLS

Property tax history

+2.8%/yr

Latest (2025): $2,594 · +2.4% YoY. Source: county tax records.