3900 Pleasant Ave · Norfolk, VA 23518

$575,000

2 bd · 1.0 ba · 720 sqft · MultiFamily public records · 38 Days on market

Built 1950

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Why this score? — see what drove the D+ 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 +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

A uniquely zoned triplex in the highly desirable East Ocean View neighborhood featuring an over/under duplex and a separate single family cottage, talk about a house hacking dream! Investors, prepare for low CapEx. Each unit has been fully renovated with no expense spared, including updated LVP flooring, full kitchens, appliances, bathrooms, and added washer and dryer setups in every unit. Major improvements include a roof replacement in 2025 with warranty in place, new plumbing completed in 2024, sealed crawlspaces, and a newly constructed driveway. The property also offers a common space with a fenced yard and a shed that conveys as-is. Conveniently located near the beach, Naval Station N

Key facts

• Fully renovated
• Updated lvp flooring
• Full kitchens

Tags

• ZONED TRIPLEX
• OVER UNDER DUPLEX
• SEPARATE SINGLE FAMILY COTTAGE
• FULLY RENOVATED
• UPDATED LVP FLOORING
• FULL KITCHENS

Property features AI

Finance

• Financial info: Unit A rent $1,425 (lease through 2/15/2027); Unit B rent $1,395 (lease through 6/7/2027); Unit C rent $1,555 (lease through 8/31/2026)

Exterior

• Parking: Driveway parking; Off-street parking
• Utilities: Separate meters for all units and gas; City/County sewer; City/County water; Electric water heater
• Home design: Triplex; Over/Under style; Basement foundation; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Full fence; Corner lot

Interior

• Kitchen: Dishwasher (units A and C); Disposal (units A and C); Electric range in all units; Microwave in all units; Refrigerator in all units
• Bedrooms: Each unit has 2 bedrooms
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Heat pump heating in all units; 16+ SEER air conditioning in all units
• Interior features: Ceiling fans in units
• Laundry & utility: Washer and dryer in all units

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $20 ($237/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 $519k (9.7% below list).
• Recommended offer: $519k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.
• Zoned schools: Little Creek Elementary (math 20% / reading 49%, grade F, #966 of 1,108 statewide, top 89%, 631 students, 97% FRL); Azalea Gardens Middle (math 21% / reading 54%, grade F, #315 of 342 statewide, top 93%, 848 students, 84% FRL); Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% FRL) — zoned schools average 91% FRL vs 59% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 210 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $5,194/mo this rent would consume 80% of the median local household income ($78k/yr) (locally 1143% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $406k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1950 — 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $519,400 (9.7% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.90% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-91,404
• Equity at exit: $85,734

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-75,875
• Equity at exit: $49,715

Cash invested: $161,000 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 210
• Price-to-rent: 27.7×

Monthly cashflow live

• Estimated rent: $5,194 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$402 /mo · $4,824/yr
• Insurance: −$240
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,091
• Net cashflow: $20

Break-even live

Break-even rent $5,169

Max offer price $575,000

Occupancy floor 95%

Sensitivity live

Price	-10% $345	-5% $183	+0% $20	+5% $-143	+10% $-306
Rent	-10% $-391	-5% $-185	+0% $20	+5% $225	+10% $430
Rate	-1.0pp $309	-0.5pp $166	base $20	+0.5pp $-129	+1.0pp $-281

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$5,193
Total (3 units)			$5,194

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3914 Pleasant Ave Unit 2 Norfolk, VA	2.0	1.0	552	$1,399	$2.53	45d	1	0.02mi
3914 Pleasant Ave Unit 96211--1D Norfolk, VA	1.0	1.0	414	$1,249	$3.02	45d	1	0.02mi
3914 Pleasant Ave Norfolk, VA	1.0	1.0	414	$1,249	$3.02	9d	4	0.02mi
9607 20th Bay St Unit 5 Norfolk, VA	2.0	1.0	750	$1,595	$2.13	45d	1	0.03mi
9617 20th Bay St #22 Norfolk, VA	2.0	1.0	750	$1,395	$1.86	45d	1	0.05mi
9559 19th Bay St Norfolk, VA	2.0	1.0	744	$1,595	$2.14	25d	1	0.07mi
9537 20th Bay St Unit A Norfolk, VA	2.0	1.0	725	$1,400	$1.93	25d	1	0.13mi
3601 Pleasant Ave Norfolk, VA	2.0	1.0	750	$1,562	$2.08	23d	1	0.21mi
9554 14th Bay St Norfolk, VA	1.0	1.0	750	$895	$1.19	45d	1	0.36mi
4314 Dunning Rd Unit 4 Norfolk, VA	2.0	1.0	701	$1,195	$1.70	25d	1	0.57mi
9603 11th Bay St #3 Norfolk, VA	1.0	1.0	600	$1,225	$2.04	9d	1	0.59mi
9558 8th Bay St Norfolk, VA	1.0	1.0	525	$1,600	$3.05	22d	1	0.76mi
2642 E Ocean View Ave Unit A1 Norfolk, VA	1.0	1.0	460	$1,025	$2.23	45d	1	0.86mi
3857 Flowerfield Rd Norfolk, VA	1.0–3.0	1.0–1.5	931	$1,590	$1.71	3d	17	0.89mi
9544 5th Bay St Unit 6 Norfolk, VA	2.0	1.0	750	$1,650	$2.20	25d	1	0.96mi
9523 5th Bay St Unit B Norfolk, VA	1.0	1.0	550	$1,350	$2.45	25d	1	0.99mi
9523 5th Bay St Unit F Norfolk, VA	1.0	1.0	600	$1,350	$2.25	46d	1	0.99mi
9628 1st Bay St Norfolk, VA	2.0	1.0	750	$1,500	$2.00	5d	1	1.20mi
9627 1st Bay St Norfolk, VA	2.0	1.0	750	$1,475	$1.97	45d	1	1.24mi
2065 E Ocean View Ave Norfolk, VA	1.0	1.0	600	$1,295	$2.16	45d	1	1.28mi
2037 E Ocean View Ave Unit 1 Norfolk, VA	1.0	1.0	650	$1,125	$1.73	25d	1	1.35mi
2016 E Ocean View Ave Unit 8 Norfolk, VA	1.0	1.0	675	$1,450	$2.15	45d	1	1.40mi

Listing history 15 events

1. 2026-05-04
   status Under Contract
2. 2026-04-05
   historical Active Under Contract
3. 2026-03-27
   listed $575,000 Active
4. 2022-02-10
   soldstatus $406,000
5. 2022-01-10
   status Under Contract
6. 2021-12-14
   historical Active Under Contract
7. 2021-12-07
   listed $385,000 Active
8. 2017-02-15
   soldstatus $215,000
9. 2017-01-17
   status Under Contract
10. 2016-12-01
    price $215,000
11. 2016-10-07
    listed $259,000 Active
12. 2013-08-27
    soldstatus $142,000
13. 2008-05-28
    soldstatus $180,000
14. 1995-03-29
    soldstatus $75,900
15. 1978-11-20
    soldstatus $7,800

ⓘ 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: $4,824 · $402/mo
• Projected year-2 tax: $4,824 · $402/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,328
• − Mortgage interest: −$32,209
• − Property taxes: −$4,824
• − Insurance: −$7,994
• − Repairs & maintenance: −$4,986
• − Management: −$4,986
• − Depreciation: −$16,727
• Taxable loss: −$9,398
• Est. tax savings @ 24.0%: +$2,256
• After-tax cash flow: $2,493/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): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Indo-European 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: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

+7271.8% since first listed

15 events — show timeline

• 2026-05-04 Pending — REINMLS
• 2026-04-05 Contingent — REINMLS
• 2026-03-27 Listed $575,000 REINMLS
• 2022-02-10 Sold (Public Records) $406,000 Public Records
• 2022-01-10 Pending — REINMLS
• 2021-12-14 Contingent — REINMLS
• 2021-12-07 Listed $385,000 REINMLS
• 2017-02-15 Sold (Public Records) $215,000 Public Records
• 2017-01-17 Pending — REINMLS
• 2016-12-01 Price Changed $215,000 REINMLS
• 2016-10-07 Listed $259,000 REINMLS
• 2013-08-27 Sold (Public Records) $142,000 Public Records
• 2008-05-28 Sold (Public Records) $180,000 Public Records
• 1995-03-29 Sold (Public Records) $75,900 Public Records
• 1978-11-20 Sold (Public Records) $7,800 Public Records

Property tax history

+7.4%/yr

Latest (2025): $4,824 · +1.9% YoY. Source: county tax records.