624 Georgia Ave · Norfolk, VA 23508

$469,000

5 bd · 2.0 ba · 2,956 sqft · MultiFamily public records · 8 Days on market

Built 1921 4,255 sqft lot Est $358k · 31% over

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Why this score? — see what drove the F 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 +12.9/30.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• DSCR +3.9/10.0
• Schools +3.5/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Beautifully maintained duplex with close proximity to shopping, restaurants interstate, beaches, naval bases, and the Mayflower Rd. waterfront. Lg. front porch, Unit A has refinished floors '21, tall ceilings, painted 2021. Hot water heater '19. windows '07 and '21, back door '21, kitchen floor '25, tiled bathroom flooring 21. Fireplace decorative. washer/dryer. Unit B has open living space, lovely wood floors. Renovated kitchen, maple cabinets, granite countertops, stainless steel appliances, recessed lighting that lead to a large deck for entertaining. New kitchen floor 2026 Gas hot water heater 2023. Gas fireplace serviced 2024. second floor mini split 2024. Third floor primary suite wit

Key facts

• Decorative fireplace
• Refinished floors
• Tall ceilings

Tags

• REFINISHED FLOORS
• TALL CEILINGS
• HOT WATER HEATER
• TILED BATHROOM FLOORING
• DECORATIVE FIREPLACE
• OPEN LIVING SPACE

Property features AI

Exterior

• Parking: Street parking (Unit A); Driveway and off-street parking (Unit B); Unit B: 1 dedicated parking space
• Utilities: Separate electric meters; Separate gas meters; City/County sewer; City/County water
• Home design: Duplex; Converted single-family / Over/Under style; Simple ownership
• Construction: Basement and crawl foundation; Asphalt shingle roof
• Exterior features: Aluminum and brick siding; Deck; Back fenced with chain link

Interior

• Kitchen: Unit A: Electric range, Refrigerator; Unit B: Dishwasher, Electric range, Microwave, Refrigerator
• Bedrooms: Unit A: 2 bedrooms (includes 1st floor master bedroom); Unit B: 3 bedrooms (master bedroom with bath)
• Flooring: Ceramic; Vinyl; Wood
• Bathrooms: Unit A: 1 bathroom; Unit B: 2 bathrooms
• Heating & cooling: Forced hot air heating (Unit A); Natural gas heating (Units A and B); Other heating (Unit B); Central air (Unit A); Other cooling (Unit B)
• Interior features: Window treatments; Cable TV hookup; Sump pump; Gas fireplace; Ceiling fan
• Laundry & utility: Unit A: Washer, Washer hookup; Unit B: Washer, Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $469k.

Deal economics

• At list price, monthly cash flow is $-35 ($-426/yr) — negative. Per door: $-18/mo.
• To cash-flow at today's rent, offer at most $463k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $385k (17.8% below list).
• Recommended offer: $385k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Granby Elementary (math 21% / reading 41%, grade F, #1,004 of 1,108 statewide, top 91%, 464 students, 99% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 100 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,853/mo this rent would consume 62% of the median local household income ($75k/yr) (locally 861% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $125k; list at $469k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — 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 $385,300 (17.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $357,676
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3223 Omohundro Ave	0.54mi	5/2.5	2,628 (-11%)	6mo	$319,000	$121	49
4815 Colonial Ave	0.48mi	5/2.5	3,268 (+11%)	12mo	$590,000	$181	48
233 W 27th St	0.68mi	5/3.0	2,600 (-12%)	8mo	$310,305	$119	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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.49×
• Total profit: $-66,403
• Equity at exit: $69,929

10-year hold

• IRR: -0.9%
• Equity multiple: 0.93×
• Total profit: $-8,999
• Equity at exit: $40,551

Cash invested: $131,320 (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 23508

• Rents YoY: 6.0%
• Active inventory: 100
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $3,853 high
• Mortgage (P&I): −$2,459
• Tax from tax record: −$424 /mo · $5,093/yr
• Insurance: −$195
• HOA: −$0
• Vacancy / Maint / Mgmt: −$809
• Net cashflow: $-35

Break-even live

Break-even rent $3,898

Max offer price $462,731

Occupancy floor 96%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,854
Total (2 units)			$3,853

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4511 Newport Ave Unit 4511 -A Norfolk, VA	4.0	3.0	2068	$2,600	$1.26	43d	1	0.29mi
4608 Gosnold Ave Norfolk, VA	4.0	2.5	2600	$4,700	$1.81	23d	1	0.34mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	43d	1	0.35mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	14d	1	0.46mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	43d	1	0.50mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	14d	1	0.53mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	17d	1	0.53mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	12d	1	0.57mi
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	23d	1	0.69mi
1350 W 38th St Unit A Norfolk, VA	4.0	2.0	2600	$3,200	$1.23	7d	1	0.91mi
6037 River Road Pt Norfolk, VA	4.0	3.5	3631	$4,200	$1.16	23d	1	1.09mi
1530 W 40th St Norfolk, VA	6.0	2.5	2640	$3,100	$1.17	11d	1	1.14mi
1110 Old Brandon Ave Norfolk, VA	4.0	2.5	2461	$3,500	$1.42	2d	1	1.14mi
1423 N Veaux Loop Norfolk, VA	4.0	4.0	3800	$4,500	$1.18	10d	1	1.20mi
3114 Luxembourg Ave Norfolk, VA	4.0	2.5	2300	$3,100	$1.35	17d	1	1.20mi
6010 Upper Brandon Pl Norfolk, VA	4.0	2.0	2086	$2,695	$1.29	43d	1	1.29mi
472 Westover Mews Norfolk, VA	5.0	3.5	3584	$3,500	$0.98	4d	1	1.29mi
632 Redgate Ave Norfolk, VA	5.0	3.5	2943	$3,300	$1.12	23d	1	1.32mi
507 Westover Ave Norfolk, VA	4.0	2.5	2414	$3,495	$1.45	43d	1	1.33mi
1600 Cedar Ln Norfolk, VA	4.0	2.0	2500	$2,400	$0.96	2d	1	1.37mi
1057 S Lexan Cres Norfolk, VA	4.0	2.0	2368	$3,495	$1.48	17d	1	1.42mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	43d	1	1.43mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $469,000 Under Contract 8 DOM
2. 2026-06-03
   days on market $469,000 Active Under Contract 6 DOM
3. 2026-06-02
   days on market $469,000 Active Under Contract 5 DOM
4. 2026-06-02
   status $469,000 Active Under Contract 4 DOM
5. 2026-06-01
   days on market $469,000 Active 4 DOM
6. 2026-05-31
   days on market $469,000 Active 3 DOM
7. 2026-05-28
   listed $469,000 Active
8. 2000-06-27
   soldstatus $125,000
9. 1990-05-29
   soldstatus $84,000

ⓘ 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: $5,093 · $424/mo
• Projected year-2 tax: $5,093 · $424/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $46,236
• − Mortgage interest: −$26,271
• − Property taxes: −$5,093
• − Insurance: −$2,345
• − Repairs & maintenance: −$3,699
• − Management: −$3,699
• − Depreciation: −$13,644
• Taxable loss: −$8,515
• Est. tax savings @ 24.0%: +$2,044
• After-tax cash flow: $1,618/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): 19,432
• Household income: $74,885
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 861.0

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 0.64)
• Race & ethnicity: White 49% Black 33% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% 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: ▼ -401.24%
• Current HPI: 312.9923
• Rent YoY: ▲ 5.98%
• 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

+458.3% since first listed

3 events — show timeline

• 2026-05-28 Listed $469,000 REINMLS
• 2000-06-27 Sold (Public Records) $125,000 Public Records
• 1990-05-29 Sold (Public Records) $84,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $5,093 · +7.2% YoY. Source: county tax records.