3647 Mississippi Ave · Norfolk, VA 23502

$264,000

4 bd · 1.0 ba · 1,323 sqft · SingleFamily public records · 65 Days on market

Built 1952 6,577 sqft lot $200/sqft · 15% below area Est $310k · 15% 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 +16.3/30.0
• ARV discount +14.1/15.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your new home is located on a quiet cul-de-sac with a large, shaded lot and partially fenced yard. Fresh paint throughout and brand-new carpet add a clean, move-in-ready feel. Updated bathroom features a new floor, vanity, and light fixture. Spacious kitchen offers plenty of room to cook and gather. Washer and dryer convey as-is. Home is being sold as-is.

Key facts

• Shaded lot
• New vanity
• Cul-de-sac

Tags

• CUL-DE-SAC
• SHADED LOT
• PARTIALLY FENCED YARD
• UPDATED BATHROOM
• NEW FLOOR
• NEW VANITY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/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 $230k (12.9% below list).
• Recommended offer: $230k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+15.1%/yr); 76 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 44% of the median local income ($63k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($248k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $64k; list at $264k implies a 316% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $229,916 (12.9% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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: 0.87% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.34%
• DSCR: 1.10
• GRM: 9.6

CMA / ARV

• ARV (median comp): $309,540
• List price: $264,000
• Delta: -14.71%
• 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
3572 Westminster Ave	0.19mi	4/2.0	1,350 (+2%)	11mo	$315,000	$233	75
805 Wakefield Ave	0.43mi	3/1.5 (-1)	1,288 (-3%)	3mo	$305,000	$237	66
3664 Kentucky Ave	0.10mi	3/2.0 (-1)	1,485 (+12%)	4mo	$285,000	$192	63
113 Commonwealth Ave	0.58mi	3/2.0 (-1)	1,300 (-2%)	2mo	$345,000	$265	59
3639 Wedgefield Ave	0.29mi	3/2.0 (-1)	1,214 (-8%)	11mo	$310,000	$255	55
115 Ridgewood Rd	0.57mi	3/2.0 (-1)	1,350 (+2%)	10mo	$350,000	$259	53
913 Ingleside Rd	0.51mi	3/2.0 (-1)	1,259 (-5%)	10mo	$328,900	$261	51
116 Goldcrest Dr	0.54mi	3/1.5 (-1)	1,473 (+11%)	1mo	$350,000	$238	48
3806 Wedgefield Ave	0.46mi	3/2.0 (-1)	1,465 (+11%)	11mo	$316,000	$216	43
833 Scott St	0.59mi	3/2.0 (-1)	1,160 (-12%)	2mo	$269,900	$233	41
966 Elm St	0.73mi	3/2.5 (-1)	1,238 (-6%)	9mo	$305,000	$246	36
135 Goldcrest Dr	0.66mi	3/1.5 (-1)	1,188 (-10%)	11mo	$319,500	$269	36

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: -7.5%
• Equity multiple: 0.71×
• Total profit: $-21,513
• Equity at exit: $39,363

10-year hold

• IRR: 7.2%
• Equity multiple: 1.65×
• Total profit: $48,144
• Equity at exit: $22,826

Cash invested: $73,920 (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 23502

• Home prices YoY: -20.7%
• Rents YoY: 15.1%
• Active inventory: 76
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,299 high
• Mortgage (P&I): −$1,384
• Tax from tax record: −$178 /mo · $2,134/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $144

Break-even live

Break-even rent $2,117

Max offer price $264,000

Occupancy floor 89%

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: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3556 Riverside Dr Norfolk, VA	3.0	1.0	1084	$1,950	$1.80	17d	1	0.37mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	3d	1	1.13mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	2d	1	1.13mi
2806 Kimball Ter Norfolk, VA	3.0	2.5	1700	$2,100	$1.24	44d	1	1.22mi
2800 Chesterfield Blvd Norfolk, VA	3.0	2.5	1760	$2,400	$1.36	4d	1	1.26mi
2624 Chesterfield Blvd Norfolk, VA	4.0	1.5	1512	$2,000	$1.32	44d	1	1.44mi

Listing history 16 events

1. 2026-06-18
   days on market $264,000 Active 65 DOM
2. 2026-06-17
   days on market $264,000 Active 64 DOM
3. 2026-06-16
   days on market $264,000 Active 63 DOM
4. 2026-06-15
   days on market $264,000 Active 62 DOM
5. 2026-06-13
   days on market $264,000 Active 60 DOM
6. 2026-06-09
   days on market $264,000 Active 56 DOM
7. 2026-06-08
   days on market $264,000 Active 55 DOM
8. 2026-06-07
   days on market $264,000 Active 54 DOM
9. 2026-06-03
   days on market $264,000 Active 50 DOM
10. 2026-06-02
    days on market $264,000 Active 49 DOM
11. 2026-06-01
    days on market $264,000 Active 48 DOM
12. 2026-05-31
    days on market $264,000 Active 47 DOM
13. 2026-04-30
    price $264,000 357-char remark

    Show marketing remark (357 chars)

    Your new home is located on a quiet cul-de-sac with a large, shaded lot and partially fenced yard. Fresh paint throughout and brand-new carpet add a clean, move-in-ready feel. Updated bathroom features a new floor, vanity, and light fixture. Spacious kitchen offers plenty of room to cook and gather. Washer and dryer convey as-is. Home is being sold as-is.

14. 2026-04-14
    listed $279,000 Active 357-char remark

    Show marketing remark (357 chars)

    Your new home is located on a quiet cul-de-sac with a large, shaded lot and partially fenced yard. Fresh paint throughout and brand-new carpet add a clean, move-in-ready feel. Updated bathroom features a new floor, vanity, and light fixture. Spacious kitchen offers plenty of room to cook and gather. Washer and dryer convey as-is. Home is being sold as-is.

15. 1989-08-04
    soldstatus $63,500
16. 1987-11-12
    soldstatus $36,800

ⓘ 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: $2,134 · $178/mo
• Projected year-2 tax: $2,165 · $180/mo
• Expected delta: +$31/yr (+$3/mo · 1.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,590
• − Mortgage interest: −$14,788
• − Property taxes: −$2,134
• − Insurance: −$1,320
• − Repairs & maintenance: −$2,207
• − Management: −$2,207
• − Depreciation: −$7,680
• Taxable loss: −$2,747
• Est. tax savings @ 24.0%: +$659
• After-tax cash flow: $2,388/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): 20,399
• Household income: $63,208
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1255.0

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: Black 46% White 31% Hispanic / Latino 12% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 2%
• Common ancestry: Portuguese 1% Romanian 1% Slovak 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 3% 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: ▼ -83.50%
• Current HPI: 320.4522
• Rent YoY: ▲ 15.10%
• 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

+617.4% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $264,000 REINMLS
• 2026-04-14 Listed $279,000 REINMLS
• 1989-08-04 Sold (Public Records) $63,500 Public Records
• 1987-11-12 Sold (Public Records) $36,800 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,134 · +2.7% YoY. Source: county tax records.