1053 Hannah St · Norfolk, VA 23505

$140,000

2 bd · 1.0 ba · 722 sqft · SingleFamily public records · 181 Days on market

Built 1960 $194/sqft · 30% below area Est $199k · 30% under

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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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Rent growth +5.0/5.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors — rental or flip potential- Anyone seeking a project — add your own updates and build equity! Inside this 722 sf home, you’ll find 2 BR, 1 BA. Home is being sold "As-Is, Where Is."

Key facts

• Built 1960
• Listed 181 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/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 $132k (5.7% below list).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• 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.
• Market conditions: Rents rising fast (+12.1%/yr); 106 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $9k; list at $140k implies a 1491% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (median comp): $199,000
• List price: $140,000
• Delta: -29.65%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1108 Hannah St	0.03mi	2/1.0	704 (-2%)	2mo	$162,000	$230	92
1113 Matthew Henson St	0.09mi	2/1.0	672 (-7%)	4mo	$195,000	$290	81
1112 Matthew Henson St	0.11mi	2/1.0	672 (-7%)	4mo	$199,000	$296	80
1029 Hannah St	0.04mi	2/2.0	750 (+4%)	10mo	$248,800	$332	79
1115 Matthew Henson St	0.09mi	2/1.0	672 (-7%)	9mo	$129,000	$192	76
7475 Diven St	0.32mi	2/1.0	760 (+5%)	10mo	$209,900	$276	68

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: -6.0%
• Equity multiple: 0.77×
• Total profit: $-9,121
• Equity at exit: $20,874

10-year hold

• IRR: 8.8%
• Equity multiple: 1.82×
• Total profit: $32,313
• Equity at exit: $12,105

Cash invested: $39,200 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 106
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,321 high
• Mortgage (P&I): −$734
• Tax from tax record: −$147 /mo · $1,770/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $103

Break-even live

Break-even rent $1,190

Max offer price $140,000

Occupancy floor 87%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7704 Enfield Ave Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	0.18mi
7872 Ogden Ave Norfolk, VA	1.0–3.0	1.0–2.0	963	$1,285	$1.33	43d	1	0.33mi
1482 Meads Rd Norfolk, VA	1.0	1.0	700	$1,209	$1.73	23d	1	0.49mi
502 Grantham Rd Norfolk, VA	1.0–2.0	1.0	740	$1,128	$1.52	43d	3	0.64mi
7715 Harrisons Rd Norfolk, VA	2.0	1.0	862	$1,620	$1.88	16d	8	0.74mi
7314 Hampton Blvd Norfolk, VA	1.0	1.0	650	$1,025	$1.58	43d	1	0.76mi
408 W Little Creek Rd Norfolk, VA	1.0	1.0	550	$1,075	$1.95	43d	2	0.78mi
8600 Glen Myrtle Ave Norfolk, VA	1.0–2.0	1.0	820	$1,589	$1.94	1d	18	1.28mi
201 Glendale Ave Unit B Norfolk, VA	1.0	1.0	650	$1,150	$1.77	10d	1	1.36mi
211 Rogers Ave Unit B Norfolk, VA	2.0	1.0	700	$1,300	$1.86	23d	1	1.44mi

Listing history 15 events

1. 2026-06-18
   days on market $140,000 Active 181 DOM
2. 2026-06-17
   days on market $140,000 Active 180 DOM
3. 2026-06-16
   days on market $140,000 Active 179 DOM
4. 2026-06-15
   days on market $140,000 Active 178 DOM
5. 2026-06-13
   days on market $140,000 Active 176 DOM
6. 2026-06-09
   days on market $140,000 Active 172 DOM
7. 2026-06-08
   days on market $140,000 Active 171 DOM
8. 2026-06-07
   days on market $140,000 Active 170 DOM
9. 2026-06-03
   days on market $140,000 Active 166 DOM
10. 2026-06-02
    days on market $140,000 Active 165 DOM
11. 2026-06-01
    days on market $140,000 Active 164 DOM
12. 2026-05-31
    days on market $140,000 Active 163 DOM
13. 2026-04-30
    price $140,000 218-char remark

    Show marketing remark (218 chars)

    Investors — rental or flip potential- Anyone seeking a project — add your own updates and build equity! Inside this 722 sf home, you’ll find 2 BR, 1 BA. Home is being sold "As-Is, Where Is."

14. 2025-12-19
    listed $150,000 Active 218-char remark

    Show marketing remark (218 chars)

    Investors — rental or flip potential- Anyone seeking a project — add your own updates and build equity! Inside this 722 sf home, you’ll find 2 BR, 1 BA. Home is being sold "As-Is, Where Is."

15. 1976-02-09
    soldstatus $8,800

ⓘ 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: $1,770 · $147/mo
• Projected year-2 tax: $1,770 · $147/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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $15,848
• − Mortgage interest: −$7,842
• − Property taxes: −$1,770
• − Insurance: −$700
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$4,073
• Taxable loss: −$1,072
• Est. tax savings @ 24.0%: +$257
• After-tax cash flow: $1,498/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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

+1490.9% since first listed

3 events — show timeline

• 2026-04-30 Price Changed $140,000 REINMLS
• 2025-12-19 Listed $150,000 REINMLS
• 1976-02-09 Sold (Public Records) $8,800 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,770 · +11.4% YoY. Source: county tax records.