1232 Corkwood Cir · Chesapeake, VA 23320

$235,000

3 bd · 3.0 ba · 1,192 sqft · Townhouse public records · 16 Days on market

Built 1990 1,916 sqft lot Est $265k · 11% 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 +16.2/30.0
• ARV discount +12.5/15.0
• Schools +5.8/10.0
• DSCR +5.0/10.0
• Rent growth +4.4/5.0
• 1% rule +4.0/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful three bedroom two and one-half home that is ready for a new owner. Spacious great room area with connected kitchen area for entertainment. Private garage, patio and three generously sized bedrooms. Close to just about everything, whether driving or just taking a stroll. Price to sell and ready for your personal touch!!

Key facts

• Garage
• Built 1990
• Listed 16 days

Property features AI

Finance

• HOA & community: No HOA/Condo fees

Exterior

• Parking: Attached 1-car garage
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; 2 stories; Slab foundation; Simple ownership
• Construction: Vinyl exterior; Slab foundation; Asphalt shingle roof
• Exterior features: Vinyl siding; Back fenced yard; Asphalt shingle roof

Interior

• Bedrooms: No bedroom and full bathroom on first floor
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $127 ($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 $212k (9.7% below list).
• Recommended offer: $212k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: B.M. Williams Primary (897 students, 91% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 81% FRL vs 28% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.8%/yr); 282 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($84k/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 $7k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• 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 $212,165 (9.7% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.90% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.31%
• DSCR: 1.10
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $264,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1239 Basswood Ct	0.09mi	3/2.0	1,200 (+1%)	7mo	$275,000	$229	85
1209 Alder Ct	0.13mi	3/2.5	1,218 (+2%)	7mo	$250,000	$205	82
1236 Basswood Ct	0.06mi	3/2.5	1,260 (+6%)	8mo	$260,000	$206	79
1296 Damyien Arch	0.07mi	3/1.5	1,300 (+9%)	6mo	$280,000	$215	71
1224 Damyien Arch	0.06mi	3/2.0	1,340 (+12%)	3mo	$320,000	$239	70
1217 Alder Ct	0.14mi	3/2.0	1,280 (+7%)	11mo	$267,000	$209	68
1326 Damyien Arch	0.07mi	2/2.0 (-1)	1,364 (+14%)	1mo	$281,000	$206	63
1501 Waitsel Dr #304	0.71mi	2/2.0 (-1)	1,293 (+8%)	3mo	$309,000	$239	41
809 Huntly Dr	0.73mi	2/1.5 (-1)	1,080 (-9%)	2mo	$239,230	$222	38
1501 Waitsel Dr #104	0.71mi	2/2.0 (-1)	1,327 (+11%)	2mo	$345,000	$260	37
1509 Waitsel Dr #303	0.75mi	2/2.0 (-1)	1,293 (+8%)	8mo	$311,000	$241	35
1509 Waitsel Dr #204	0.75mi	2/2.0 (-1)	1,327 (+11%)	6mo	$290,000	$219	32

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 · 7.78% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.71×
• Total profit: $-19,321
• Equity at exit: $35,039

10-year hold

• IRR: 7.0%
• Equity multiple: 1.64×
• Total profit: $41,975
• Equity at exit: $20,319

Cash invested: $65,800 (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 23320

• Rents YoY: 7.8%
• Active inventory: 282
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,122 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$219 /mo · $2,628/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $127

Break-even live

Break-even rent $1,961

Max offer price $235,000

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Corkwood Cir Chesapeake, VA	3.0	2.5	1185	$2,200	$1.86	24d	1	0.02mi
1240 Basswood Ct Chesapeake, VA	3.0	1.5	1296	$1,925	$1.49	15d	1	0.07mi
208 Crosswinds Dr Chesapeake, VA	1.0–2.0	1.0–2.0	819	$1,910	$2.33	8d	2	0.10mi
208 Crosswinds Dr Unit 00 217104 Chesapeake, VA	2.0	2.0	971	$1,910	$1.97	3d	1	0.17mi
1314 Kingston Way Chesapeake, VA	1.0–3.0	1.0–2.0	979	$2,045	$2.09	11d	1	0.64mi
824 Huntly Dr Chesapeake, VA	3.0	1.5	1268	$1,750	$1.38	16d	1	0.76mi
906 Wickford Dr Chesapeake, VA	3.0	1.5	1300	$1,950	$1.50	17d	1	0.83mi
651 Ridge Cir Chesapeake, VA	2.0	2.5	1254	$1,900	$1.52	24d	1	0.94mi
103 Duffield Pl Chesapeake, VA	3.0	2.0	1372	$2,200	$1.60	24d	1	1.08mi
301 Oak Lake Way Chesapeake, VA	1.0–2.0	1.0–2.0	1007	$2,019	$2.00	3d	11	1.12mi
218 Fireweed Ct Chesapeake, VA	2.0	2.5	1144	$1,850	$1.62	20d	1	1.19mi
627 Creekside Ct Chesapeake, VA	2.0	2.5	1334	$1,995	$1.50	2d	1	1.26mi
767 Creekside Cres Unit 1 Chesapeake, VA	2.0	2.5	1188	$2,200	$1.85	24d	1	1.36mi
1212 Triple Crown Cir Chesapeake, VA	1.0–2.0	1.0–2.0	965	$2,180	$2.26	2d	24	1.37mi

Listing history 19 events

1. 2026-04-29
   status Under Contract
2. 2026-04-10
   listed $235,000 Active
3. 2023-11-06
   soldstatus $250,000
4. 2023-11-03
   soldstatus $250,000 Closed 330-char remark

   Show marketing remark (330 chars)

   Beautiful three bedroom two and one-half home that is ready for a new owner. Spacious great room area with connected kitchen area for entertainment. Private garage, patio and three generously sized bedrooms. Close to just about everything, whether driving or just taking a stroll. Price to sell and ready for your personal touch!!

5. 2023-10-05
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Beautiful three bedroom two and one-half home that is ready for a new owner. Spacious great room area with connected kitchen area for entertainment. Private garage, patio and three generously sized bedrooms. Close to just about everything, whether driving or just taking a stroll. Price to sell and ready for your personal touch!!

6. 2023-09-25
   listed $248,000 Active 330-char remark

   Show marketing remark (330 chars)

   Beautiful three bedroom two and one-half home that is ready for a new owner. Spacious great room area with connected kitchen area for entertainment. Private garage, patio and three generously sized bedrooms. Close to just about everything, whether driving or just taking a stroll. Price to sell and ready for your personal touch!!

7. 2021-01-25
   soldstatus $200,531
8. 2020-12-11
   status Under Contract
9. 2020-11-25
   historical Active Under Contract
10. 2020-11-23
    listed $198,531 Active
11. 2014-12-10
    soldstatus $160,000
12. 2014-10-06
    price $155,000
13. 2014-09-16
    price $162,000 Active
14. 2014-09-04
    price $164,000 Active
15. 2014-07-08
    price $164,900 Active
16. 2014-06-10
    price $165,000 Active
17. 2014-05-20
    price $170,000 Active
18. 1998-08-27
    soldstatus $74,400
19. 1991-05-29
    soldstatus $68,000

ⓘ 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: $2,628 · $219/mo
• Projected year-2 tax: $2,628 · $219/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 1/10 Low FEMA zone X (unshaded) · 0% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,460
• − Mortgage interest: −$13,164
• − Property taxes: −$2,628
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,037
• − Management: −$2,037
• − Depreciation: −$6,836
• Taxable loss: −$2,417
• Est. tax savings @ 24.0%: +$580
• After-tax cash flow: $2,102/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

Amenities F Commute F Cost of living C- Crime C- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 59,108
• Household income: $84,305
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 2714.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 49% Black 29% Hispanic / Latino 10% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 89% English-only · Spanish 6% Tagalog/Filipino 2% French/Haitian/Cajun 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -241.43%
• Current HPI: 285.5792
• Rent YoY: ▲ 7.78%
• 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

+245.6% since first listed

19 events — show timeline

• 2026-04-29 Pending — REINMLS
• 2026-04-10 Listed $235,000 REINMLS
• 2023-11-06 Sold (Public Records) $250,000 Public Records
• 2023-11-03 Sold (MLS) $250,000 CVRMLS
• 2023-10-05 Pending — CVRMLS
• 2023-09-25 Listed $248,000 CVRMLS
• 2021-01-25 Sold (Public Records) $200,531 Public Records
• 2020-12-11 Pending — REINMLS
• 2020-11-25 Contingent — REINMLS
• 2020-11-23 Listed $198,531 REINMLS
• 2014-12-10 Sold (Public Records) $160,000 Public Records
• 2014-10-06 Price Changed $155,000 REINMLS
• 2014-09-16 Price Changed $162,000 REINMLS
• 2014-09-04 Price Changed $164,000 REINMLS
• 2014-07-08 Price Changed $164,900 REINMLS
• 2014-06-10 Price Changed $165,000 REINMLS
• 2014-05-20 Price Changed $170,000 REINMLS
• 1998-08-27 Sold (Public Records) $74,400 Public Records
• 1991-05-29 Sold (Public Records) $68,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,628 · +6.8% YoY. Source: county tax records.