2416 Hale St · Norfolk, VA 23504

$125,000

5 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 76 Days on market

Built 1923 $58/sqft · 54% below area ↓ 37% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Key facts

• Built 1923
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $2,726/mo this rent would consume 73% 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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $74k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — 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 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: 2.18% ✓
• Cap rate: 18.41%
• Cash-on-cash: 43.27%
• DSCR: 2.93
• GRM: 3.8

CMA / ARV

• ARV (median comp): $280,277
• List price: $125,000
• Delta: -55.40%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
904 Pollard St	0.14mi	4/2.0 (-1)	1,960 (-9%)	1mo	$305,000	$156	72
755 A Ave	0.37mi	6/2.0 (+1)	1,890 (-12%)	2mo	$243,000	$129	56
2401 Ruffin St	0.34mi	4/2.0 (-1)	1,900 (-12%)	8mo	$226,500	$119	53
2911 Omohundro Ave	0.60mi	4/4.0 (-1)	1,944 (-10%)	4mo	$450,000	$231	40

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: 43.7%
• Equity multiple: 2.97×
• Total profit: $69,014
• Equity at exit: $18,638

10-year hold

• IRR: 51.1%
• Equity multiple: 6.78×
• Total profit: $202,458
• Equity at exit: $10,808

Cash invested: $35,000 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,726 high
• Mortgage (P&I): −$656
• Tax from tax record: −$184 /mo · $2,209/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $1,262

Break-even live

Break-even rent $1,129

Max offer price $125,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,333	-5% $1,298	+0% $1,262	+5% $1,227	+10% $1,191
Rent	-10% $1,047	-5% $1,154	+0% $1,262	+5% $1,370	+10% $1,478
Rate	-1.0pp $1,325	-0.5pp $1,294	base $1,262	+0.5pp $1,230	+1.0pp $1,197

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	44d	1	0.36mi
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	24d	1	0.62mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	24d	1	0.65mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	12d	1	0.66mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	18d	1	0.69mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	15d	1	0.69mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	44d	1	0.71mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	18d	1	0.73mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	15d	1	0.82mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	24d	1	0.84mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	44d	1	0.98mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	44d	1	1.09mi
2537 McKann Ave Norfolk, VA	4.0	2.5	2321	$2,695	$1.16	15d	1	1.11mi
630 W 36th St Norfolk, VA	4.0	1.5	1650	$2,200	$1.33	24d	1	1.16mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	44d	1	1.18mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	44d	1	1.19mi
507 Westover Ave Norfolk, VA	4.0	2.5	2414	$3,495	$1.45	44d	1	1.23mi
4511 Newport Ave Unit 4511 -A Norfolk, VA	4.0	3.0	2068	$2,600	$1.26	44d	1	1.35mi
632 Redgate Ave Norfolk, VA	5.0	3.5	2943	$3,300	$1.12	24d	1	1.35mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	44d	1	1.39mi
4013 Colley Ave Norfolk, VA	4.0	2.0	1450	$2,600	$1.79	44d	1	1.43mi
4608 Gosnold Ave Norfolk, VA	4.0	2.5	2600	$4,700	$1.81	24d	1	1.45mi

Listing history 9 events

1. 2026-06-07
   status $125,000 Under Contract 76 DOM
2. 2026-06-03
   days on market $125,000 Active 76 DOM
3. 2026-06-02
   days on market $125,000 Active 75 DOM
4. 2026-06-01
   days on market $125,000 Active 74 DOM
5. 2026-05-31
   days on market $125,000 Active 73 DOM
6. 2026-05-18
   price $125,000
7. 2026-03-19
   listed $199,000 Active
8. 2026-01-26
   historical
9. 2026-01-15
   listed $199,000 Active

ⓘ 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: $2,209 · $184/mo
• Projected year-2 tax: $2,209 · $184/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $32,716
• − Mortgage interest: −$7,002
• − Property taxes: −$2,209
• − Insurance: −$625
• − Repairs & maintenance: −$2,617
• − Management: −$2,617
• − Depreciation: −$3,636
• Taxable income: $14,009
• Est. tax owed @ 24.0%: −$3,362
• After-tax cash flow: $11,783/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

-37.2% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $125,000 REINMLS
• 2026-03-19 Listed $199,000 REINMLS
• 2026-01-26 Listing Removed — REINMLS
• 2026-01-15 Listed $199,000 REINMLS

Property tax history

+4.7%/yr

Latest (2025): $2,209 · +11.9% YoY. Source: county tax records.