2312 Kimball Ter · Norfolk, VA 23504

$349,900

6 bd · 3.0 ba · 2,728 sqft · MultiFamily public records · 119 Days on market

Built 1894 $128/sqft · at area comps Est $364k · at est.

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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 +26.3/30.0
• ARV discount +9.3/15.0
• DSCR +8.9/10.0
• 1% rule +6.5/10.0
• 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

Multi-family units

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

Listing remarks MLS

Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

Key facts

• Shopping
• Generational living
• Local universities

Tags

• CENTRALLY LOCATED DUPLEX
• MINUTES FROM MAJOR INTERSTATES
• LOCAL UNIVERSITIES
• SHOPPING
• DINING
• GENERATIONAL LIVING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive. Per door: $239/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $4,017/mo this rent would consume 108% 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $30k; list at $350k implies a 1066% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $318,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.15% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.08%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (median comp): $364,360
• List price: $349,900
• Delta: -3.97%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-13,003
• Equity at exit: $52,171

10-year hold

• IRR: 9.8%
• Equity multiple: 1.88×
• Total profit: $85,734
• Equity at exit: $30,253

Cash invested: $97,972 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $4,017 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$288 /mo · $3,455/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$844
• Net cashflow: $478

Break-even live

Break-even rent $3,412

Max offer price $349,900

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,018
Total (2 units)			$4,017

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Bellamy Ave Norfolk, VA	5.0	2.5	2200	$2,750	$1.25	43d	1	1.09mi
1505 Delevan St Norfolk, VA	5.0	3.5	2800	$3,300	$1.18	17d	1	1.09mi
1021 Joyce St Norfolk, VA	5.0	3.0	2612	$4,000	$1.53	43d	1	1.12mi
413 Walker Ave Norfolk, VA	5.0	3.5	2200	$3,500	$1.59	43d	1	1.37mi

Listing history 19 events

1. 2026-06-18
   days on market $349,900 Active 119 DOM
2. 2026-06-17
   days on market $349,900 Active 118 DOM
3. 2026-06-16
   days on market $349,900 Active 117 DOM
4. 2026-06-15
   days on market $349,900 Active 116 DOM
5. 2026-06-13
   days on market $349,900 Active 114 DOM
6. 2026-06-09
   days on market $349,900 Active 110 DOM
7. 2026-06-08
   days on market $349,900 Active 109 DOM
8. 2026-06-07
   days on market $349,900 Active 108 DOM
9. 2026-06-03
   days on market $349,900 Active 104 DOM
10. 2026-06-02
    days on market $349,900 Active 103 DOM
11. 2026-06-01
    days on market $349,900 Active 102 DOM
12. 2026-05-31
    days on market $349,900 Active 101 DOM
13. 2026-03-28
    status Active 510-char remark

    Show marketing remark (510 chars)

    Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

14. 2026-03-22
    status Under Contract 510-char remark

    Show marketing remark (510 chars)

    Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

15. 2026-02-20
    status Active 510-char remark

    Show marketing remark (510 chars)

    Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

16. 2026-02-18
    historical 510-char remark

    Show marketing remark (510 chars)

    Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

17. 2026-02-10
    listed $349,900 Active 510-char remark

    Show marketing remark (510 chars)

    Centrally located duplex in the heart of Norfolk, just minutes from major interstates, local universities, shopping, and dining. This versatile property offers an excellent opportunity for generational living or rental income. Unit 1 features 4 spacious bedrooms and 2 full bathrooms, a comfortable living room, and an eat-in kitchen, providing plenty of space for a large household. Unit 2 offers 2 bedrooms and 2 full bathrooms, ideal for an additional family unit or tenant. Square footage per city records

18. 2001-08-20
    soldstatus $30,000
19. 1986-09-03
    soldstatus $23,000

ⓘ 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: $3,455 · $288/mo
• Projected year-2 tax: $3,455 · $288/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 7/10 Severe FEMA zone AE · 96% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,204
• − Mortgage interest: −$19,600
• − Property taxes: −$3,455
• − Insurance: −$6,868
• − Repairs & maintenance: −$3,856
• − Management: −$3,856
• − Depreciation: −$10,179
• Taxable income: $390
• Est. tax owed @ 24.0%: −$93
• After-tax cash flow: $5,646/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

+1421.3% since first listed

7 events — show timeline

• 2026-03-28 Relisted — REINMLS
• 2026-03-22 Pending — REINMLS
• 2026-02-20 Relisted — REINMLS
• 2026-02-18 Listing Removed — REINMLS
• 2026-02-10 Listed $349,900 REINMLS
• 2001-08-20 Sold (Public Records) $30,000 Public Records
• 1986-09-03 Sold (Public Records) $23,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $3,455 · +6.6% YoY. Source: county tax records.