121 Abilene Ave · Norfolk, VA 23502

$189,900

4 bd · 3.0 ba · 2,408 sqft · MultiFamily public records · 6 Days on market

Built 1952 0.34 ac lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 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

Listing remarks

Rehab or new construction. AS-IS cash or rehab funding will not qualify for any traditional financing. All possessions on property convey with the sale of the property

Key facts

• 0.34 acre lot
• 2 garage spots
• Built 1952

Property features AI

Finance

• Other: Property listed as a fixer upper
• HOA & community: No HOA (no association fees)

Exterior

• Parking: Detached 2-car garage (approximately 604 sq ft)
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch-style home; Single-story
• Construction: Crawl foundation; Asphalt shingle roof
• Exterior features: Asbestos siding; Approx. 0.34-acre lot; Lot roughly 100' front by 100' depth

Interior

• Bedrooms: At least one bedroom on the first floor
• Flooring: Wood floors
• Bathrooms: Three full bathrooms
• Interior features: One fireplace; Wood flooring; Bedroom and full bathroom on the first floor; 12 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $771 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 11.2% 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.
• Zoned schools: Lake Taylor (math 22% / reading 45%, grade F, #984 of 1,108 statewide, top 89%, 626 students, 96% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+15.1%/yr); 76 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,685/mo this rent would consume 51% of the median local household income ($63k/yr) (locally 1255% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $86k; list at $190k implies a 122% 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 $189,900

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.41% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.41%
• DSCR: 1.77
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.61×
• Total profit: $32,616
• Equity at exit: $28,315

10-year hold

• IRR: 26.8%
• Equity multiple: 3.94×
• Total profit: $156,518
• Equity at exit: $16,419

Cash invested: $53,172 (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 23502

• Home prices YoY: -20.7%
• Rents YoY: 15.1%
• Active inventory: 76
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,685 high
• Mortgage (P&I): −$996
• Tax from tax record: −$275 /mo · $3,301/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $771

Break-even live

Break-even rent $1,709

Max offer price $189,900

Occupancy floor 66%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6114 Lyndhurst Ave Norfolk, VA	3.0	2.0	1600	$2,395	$1.50	43d	1	0.32mi
5828 Susquehanna Dr Virginia Beach, VA	4.0	3.5	1710	$2,750	$1.61	1d	1	0.45mi
5931 Sellger Dr Norfolk, VA	3.0	2.0	1650	$2,550	$1.55	43d	1	0.60mi
323 Honaker Ave Norfolk, VA	3.0	2.0	2000	$2,600	$1.30	11d	1	0.64mi
6333 Tuttle Ave Norfolk, VA	3.0	2.5	1800	$2,695	$1.50	4d	1	1.26mi
368 Gainsborough Rd Virginia Beach, VA	4.0	3.0	2495	$2,800	$1.12	10d	1	1.29mi
345 W Palmyra Dr Virginia Beach, VA	3.0	2.0	1927	$2,450	$1.27	21d	1	1.34mi
113 S Parliament Dr Virginia Beach, VA	3.0	2.0	1770	$2,600	$1.47	23d	1	1.41mi

Listing history 6 events

1. 2026-05-19
   status Under Contract
2. 2026-05-15
   historical Active Under Contract
3. 2026-05-12
   listed $189,900 Active
4. 1993-03-30
   soldstatus $85,500
5. 1983-03-16
   soldstatus $67,000
6. 1976-08-17
   soldstatus $38,000

ⓘ 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: $3,301 · $275/mo
• Projected year-2 tax: $3,301 · $275/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 · 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: $32,225
• − Mortgage interest: −$10,637
• − Property taxes: −$3,301
• − Insurance: −$950
• − Repairs & maintenance: −$2,578
• − Management: −$2,578
• − Depreciation: −$5,524
• Taxable income: $6,657
• Est. tax owed @ 24.0%: −$1,598
• After-tax cash flow: $7,659/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

+399.7% since first listed

6 events — show timeline

• 2026-05-19 Pending — REINMLS
• 2026-05-15 Contingent — REINMLS
• 2026-05-12 Listed $189,900 REINMLS
• 1993-03-30 Sold (Public Records) $85,500 Public Records
• 1983-03-16 Sold (Public Records) $67,000 Public Records
• 1976-08-17 Sold (Public Records) $38,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,301 · +8.2% YoY. Source: county tax records.