1002 Dunbar St · Norfolk, VA 23504

$139,900

4 bd · 1.0 ba · 1,738 sqft · SingleFamily public records · 101 Days on market

Built 1940 4,930 sqft lot $80/sqft · 45% below area Est $252k · 45% under ↓ 36% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

Many renovations completed, new water heater, new roof, new appliances and flooring.

Key facts

• New flooring
• New water heater
• New appliances

Tags

• NEW WATER HEATER
• NEW ROOF
• NEW APPLIANCES
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,170/mo this rent would consume 58% 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 $967 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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

• Watch-outs: built in 1940 — 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 $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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: 1.55% ✓
• Cap rate: 12.67%
• Cash-on-cash: 22.79%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $252,277
• List price: $139,900
• Delta: -44.55%
• 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
1815 Tidewater Dr	0.28mi	3/2.5 (-1)	1,666 (-4%)	1mo	$285,000	$171	68
823 Lexington St	0.31mi	4/2.5	1,616 (-7%)	2mo	$300,000	$186	67
738 Fremont St	0.41mi	3/2.5 (-1)	1,780 (+2%)	0mo	$315,000	$177	65
942 Sutton St	0.37mi	4/3.0	1,552 (-11%)	3mo	$299,000	$193	55
1311 Cary Ave	0.32mi	5/3.0 (+1)	1,900 (+9%)	2mo	$310,000	$163	55
1347 Marshall Ave	0.38mi	5/3.0 (+1)	1,900 (+9%)	2mo	$359,000	$189	52
2222 Hanson Ave	0.37mi	4/3.5	1,980 (+14%)	1mo	$345,000	$174	49
1891 Barre St	0.48mi	4/3.0	1,520 (-12%)	1mo	$325,000	$214	48
912 Lindenwood Ave	0.62mi	3/2.5 (-1)	1,628 (-6%)	2mo	$301,500	$185	48
714 Fremont St	0.44mi	3/2.5 (-1)	1,520 (-12%)	2mo	$295,000	$194	46
1019 Tunstall Ave	0.56mi	4/2.5	1,518 (-13%)	2mo	$186,000	$123	45
822 Pollard St	0.61mi	3/2.0 (-1)	1,494 (-14%)	0mo	$290,600	$195	38

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: 19.2%
• Equity multiple: 1.81×
• Total profit: $31,773
• Equity at exit: $20,860

10-year hold

• IRR: 29.6%
• Equity multiple: 4.05×
• Total profit: $119,556
• Equity at exit: $12,096

Cash invested: $39,172 (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: 5.4×

Monthly cashflow live

• Estimated rent: $2,170 high
• Mortgage (P&I): −$734
• Tax from tax record: −$178 /mo · $2,139/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $744

Break-even live

Break-even rent $1,228

Max offer price $139,900

Occupancy floor 61%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	23d	1	0.19mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	43d	1	0.32mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	43d	1	0.42mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	43d	1	0.48mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	20d	1	0.48mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	43d	1	0.57mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	23d	1	0.59mi
820 Maltby Cres Norfolk, VA	3.0	2.5	1850	$2,395	$1.29	23d	1	0.62mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	23d	1	0.62mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	7d	1	0.64mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	43d	1	0.79mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	0.80mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	14d	1	0.92mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.93mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	43d	1	0.96mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	1.14mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	1.14mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	43d	1	1.20mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	43d	1	1.22mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	14d	1	1.22mi
817 Botetourt Gdns Norfolk, VA	3.0	2.5	1900	$3,150	$1.66	14d	1	1.22mi
200 College Pl Norfolk, VA	1.0–3.0	1.0–2.0	1047	$2,533	$2.42	2d	12	1.27mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	43d	1	1.28mi
1009 Colonial Ave #3 Norfolk, VA	3.0	2.0	1276	$2,400	$1.88	23d	1	1.30mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	1.30mi
819 Colonial Ave Norfolk, VA	1.0–3.0	1.0–2.0	1092	$2,450	$2.24	2d	11	1.32mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$4,929	$4.30	2d	15	1.35mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	14d	1	1.35mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	21d	1	1.35mi
2808 Westminster Ave Norfolk, VA	4.0	2.0	1988	$2,295	$1.15	23d	1	1.37mi
2624 Chesterfield Blvd Norfolk, VA	4.0	1.5	1512	$2,000	$1.32	43d	1	1.40mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	1.40mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	14d	1	1.41mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	23d	1	1.41mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	43d	1	1.41mi
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	17d	1	1.41mi
622 Graydon Ave Unit 5 Norfolk, VA	3.0	2.0	1500	$1,700	$1.13	16d	1	1.41mi
625 W Princess Anne Rd Unit 6 Norfolk, VA	3.0	1.5	1650	$1,995	$1.21	20d	1	1.42mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	43d	1	1.45mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	43d	1	1.45mi

Listing history 37 events

1. 2026-06-18
   days on market $139,900 Active 101 DOM
2. 2026-06-17
   days on market $139,900 Active 100 DOM
3. 2026-06-16
   days on market $139,900 Active 99 DOM
4. 2026-06-15
   days on market $139,900 Active 98 DOM
5. 2026-06-13
   days on market $139,900 Active 96 DOM
6. 2026-06-09
   days on market $139,900 Active 92 DOM
7. 2026-06-03
   days on market $139,900 Active 91 DOM
8. 2026-06-02
   days on market $139,900 Active 90 DOM
9. 2026-06-01
   days on market $139,900 Active 89 DOM
10. 2026-05-31
    days on market $139,900 Active 88 DOM
11. 2026-03-03
    listed $139,900 Active 84-char remark

    Show marketing remark (84 chars)

    Many renovations completed, new water heater, new roof, new appliances and flooring.

12. 2025-10-12
    historical
13. 2025-10-09
    status Active
14. 2025-08-20
    status Under Contract
15. 2025-07-01
    listed $124,900 Active
16. 2025-07-01
    historical
17. 2025-06-30
    status Active
18. 2025-06-16
    status Under Contract
19. 2025-06-03
    historical Active Under Contract
20. 2025-05-15
    price $124,900
21. 2025-01-08
    listed $155,000 Active
22. 2024-12-31
    historical
23. 2024-11-29
    price $155,000
24. 2024-11-27
    status Active
25. 2024-11-27
    historical Active Under Contract
26. 2024-11-13
    price $160,000
27. 2024-11-01
    price $165,000
28. 2024-10-08
    price $178,000
29. 2024-09-17
    price $179,999
30. 2024-08-31
    price $184,999
31. 2024-08-18
    price $185,000
32. 2024-08-04
    price $190,000
33. 2024-07-26
    price $195,000
34. 2024-07-22
    price $199,000
35. 2024-07-19
    price $200,000
36. 2024-07-13
    price $210,000
37. 2024-06-07
    listed $220,000 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: $2,139 · $178/mo
• Projected year-2 tax: $2,139 · $178/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) · 10% 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: $26,038
• − Mortgage interest: −$7,837
• − Property taxes: −$2,139
• − Insurance: −$700
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − Depreciation: −$4,070
• Taxable income: $7,127
• Est. tax owed @ 24.0%: −$1,710
• After-tax cash flow: $7,217/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

-36.4% since first listed

27 events — show timeline

• 2026-03-03 Listed $139,900 REINMLS
• 2025-10-12 Listing Removed — REINMLS
• 2025-10-09 Relisted — REINMLS
• 2025-08-20 Pending — REINMLS
• 2025-07-01 Listing Removed — REINMLS
• 2025-07-01 Listed $124,900 REINMLS
• 2025-06-30 Relisted — REINMLS
• 2025-06-16 Pending — REINMLS
• 2025-06-03 Contingent — REINMLS
• 2025-05-15 Price Changed $124,900 REINMLS
• 2025-01-08 Listed $155,000 REINMLS
• 2024-12-31 Listing Removed — REINMLS
• 2024-11-29 Price Changed $155,000 REINMLS
• 2024-11-27 Relisted — REINMLS
• 2024-11-27 Contingent — REINMLS
• 2024-11-13 Price Changed $160,000 REINMLS
• 2024-11-01 Price Changed $165,000 REINMLS
• 2024-10-08 Price Changed $178,000 REINMLS
• 2024-09-17 Price Changed $179,999 REINMLS
• 2024-08-31 Price Changed $184,999 REINMLS
• 2024-08-18 Price Changed $185,000 REINMLS
• 2024-08-04 Price Changed $190,000 REINMLS
• 2024-07-26 Price Changed $195,000 REINMLS
• 2024-07-22 Price Changed $199,000 REINMLS
• 2024-07-19 Price Changed $200,000 REINMLS
• 2024-07-13 Price Changed $210,000 REINMLS
• 2024-06-07 Listed $220,000 REINMLS

Property tax history

+4.8%/yr

Latest (2025): $2,139 · +7.2% YoY. Source: county tax records.