8239 Redwood Cir · Norfolk, VA 23518

$259,900

4 bd · 1.0 ba · 1,563 sqft · SingleFamily public records · 46 Days on market

Built 1953 7,501 sqft lot $166/sqft · 23% below area Est $336k · 23% 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 +18.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bankruptcy Court Approval Required. Charming Cape Cod-style fixer upper. Has original solid hardwood floors downstairs and new carpet upstairs. Updated granite counters in the kitchen and the bathroom. Gas heat and AC in working condition. Refrigerator, Washer and Dryer convey in As-IS condition.

Key facts

• Refrigerator conveys
• Gas heat
• 7,501 sq ft lot

Tags

• ORIGINAL SOLID HARDWOOD FLOORS
• UPDATED GRANITE COUNTERS
• GAS HEAT
• AC IN WORKING CONDITION
• REFRIGERATOR CONVEYS
• WASHER AND DRYER CONVEY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway spaces and street parking
• Utilities: City/County water; City/County sewer; Gas water heater; Natural gas available
• Home design: Detached Cape Cod; 2 stories; Crawl foundation
• Construction: Vinyl exterior; Asphalt shingle roof; Crawlspace foundation
• Exterior features: Vinyl siding; Asphalt shingle roof; Approximately 0.172 acre lot

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: First-floor bedroom with full bath
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning
• Interior features: Carpet, vinyl, and wood flooring; Bedroom with full bathroom on the first floor; 6 total rooms
• Laundry & utility: Washer and dryer with hookups; 220 V electrical outlet

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/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 $249k (4.0% below list).
• Recommended offer: $249k (4.0% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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: Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 97% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 42% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.1%/yr); 210 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 39% of the median local income ($78k/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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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.
• Current owner paid $137k; list at $260k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $249,423 (4.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.96% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.68%
• DSCR: 1.16
• GRM: 8.7

CMA / ARV

• ARV (median comp): $335,727
• List price: $259,900
• Delta: -22.59%
• 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
1221 Winston St	0.06mi	3/2.5 (-1)	1,676 (+7%)	2mo	$387,000	$231	73
8256 Chesapeake Blvd	0.23mi	3/2.0 (-1)	1,500 (-4%)	2mo	$358,000	$239	72
1116 Newell Ave	0.21mi	4/2.0	1,700 (+9%)	1mo	$355,000	$209	71
1122 Noble St	0.32mi	3/2.0 (-1)	1,600 (+2%)	2mo	$400,000	$250	71
7816 Caribou Ave	0.54mi	4/2.0	1,575 (+1%)	1mo	$280,000	$178	69
1351 Sunset Dr	0.43mi	3/1.0 (-1)	1,656 (+6%)	2mo	$330,000	$199	63
1332 Carlton Ct	0.70mi	4/2.0	1,561 (-0%)	1mo	$324,000	$208	62
8483 Old Ocean View Rd	0.60mi	3/2.0 (-1)	1,600 (+2%)	2mo	$346,500	$217	57
8431 Old Ocean View Rd	0.53mi	3/2.0 (-1)	1,443 (-8%)	0mo	$334,950	$232	53
8113 Colin Dr	0.72mi	3/3.0 (-1)	1,559 (-0%)	2mo	$350,000	$225	51
1622 Wapiti Ave	0.46mi	3/2.0 (-1)	1,737 (+11%)	1mo	$353,000	$203	50
8455 Capeview Ave	0.74mi	3/1.5 (-1)	1,328 (-15%)	1mo	$365,000	$275	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 · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.62×
• Total profit: $-27,724
• Equity at exit: $38,752

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-5,094
• Equity at exit: $22,471

Cash invested: $72,772 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 210
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$276 /mo · $3,314/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $223

Break-even live

Break-even rent $2,212

Max offer price $259,900

Occupancy floor 86%

Sensitivity live

Price	-10% $370	-5% $297	+0% $223	+5% $150	+10% $76
Rent	-10% $26	-5% $125	+0% $223	+5% $322	+10% $420
Rate	-1.0pp $354	-0.5pp $289	base $223	+0.5pp $156	+1.0pp $87

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	13d	1	0.37mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	5d	1	0.40mi
1622 Bill St Norfolk, VA	4.0	2.0	1528	$2,350	$1.54	4d	1	0.41mi
8028 Glade Rd Norfolk, VA	4.0	2.5	2061	$2,900	$1.41	44d	1	0.46mi
845 Burksdale Rd Norfolk, VA	5.0	2.0	1680	$1,895	$1.13	24d	1	0.51mi
8504 Chesapeake Blvd Norfolk, VA	3.0	4.0	2053	$2,800	$1.36	44d	1	0.63mi
8455 Radnor Rd Norfolk, VA	3.0	2.0	1650	$2,195	$1.33	24d	1	0.65mi
8107 Old Ocean View Rd Norfolk, VA	4.0	1.0	1562	$2,095	$1.34	18d	1	0.67mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	22d	1	0.79mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	2d	3	0.82mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	44d	1	0.83mi
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	15d	1	0.87mi
8507 Chapin St Norfolk, VA	4.0	2.0	1550	$2,400	$1.55	44d	1	0.95mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	4d	1	0.95mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	8d	1	1.03mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	24d	1	1.03mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	44d	1	1.05mi
619 Earl St Norfolk, VA	4.0	2.0	1428	$2,395	$1.68	44d	1	1.05mi
1611 Modoc Ave Norfolk, VA	4.0	2.0	1917	$2,295	$1.20	24d	1	1.08mi
9408 Willow Ct Norfolk, VA	3.0	2.0	2000	$2,950	$1.48	44d	1	1.11mi
1831 Banning Rd Norfolk, VA	3.0	2.0	1853	$2,500	$1.35	5d	1	1.18mi
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	18d	1	1.21mi
1233 Oak Park Ave Norfolk, VA	3.0	2.0	1200	$2,050	$1.71	44d	1	1.26mi
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	44d	1	1.29mi
1618 Kingston Ave Norfolk, VA	3.0	2.5	1640	$2,395	$1.46	18d	1	1.32mi
1635 E Ocean View Ave Norfolk, VA	3.0	2.0	1800	$2,300	$1.28	15d	1	1.35mi
8065 W Glen Rd Norfolk, VA	4.0	2.0	1519	$2,350	$1.55	3d	1	1.37mi
8212 Mona Ave Norfolk, VA	4.0	2.0	1600	$2,895	$1.81	21d	1	1.38mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	13d	1	1.39mi
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	8d	1	1.42mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	24d	1	1.43mi
1420 E Ocean View Ave Norfolk, VA	3.0	2.5	1465	$2,300	$1.57	24d	1	1.46mi
2221 Pretty Lake Ave Norfolk, VA	3.0	2.0	1800	$2,640	$1.47	2d	2	1.46mi
9518 3rd Bay St Norfolk, VA	3.0	3.5	2111	$3,000	$1.42	8d	1	1.50mi

Listing history 22 events

1. 2026-06-21
   days on market $259,900 Active 46 DOM
2. 2026-06-18
   days on market $259,900 Active 43 DOM
3. 2026-06-17
   days on market $259,900 Active 42 DOM
4. 2026-06-16
   days on market $259,900 Active 41 DOM
5. 2026-06-15
   days on market $259,900 Active 40 DOM
6. 2026-06-13
   days on market $259,900 Active 38 DOM
7. 2026-06-09
   days on market $259,900 Active 34 DOM
8. 2026-06-08
   days on market $259,900 Active 33 DOM
9. 2026-06-07
   days on market $259,900 Active 32 DOM
10. 2026-06-03
    days on market $259,900 Active 28 DOM
11. 2026-06-02
    days on market $259,900 Active 27 DOM
12. 2026-06-01
    days on market $259,900 Active 26 DOM
13. 2026-05-31
    days on market $259,900 Active 25 DOM
14. 2026-05-06
    listed $259,900 Active 300-char remark
15. 2017-07-27
    soldstatus $137,050
16. 2017-06-26
    status Under Contract
17. 2017-06-20
    listed $134,900 Active
18. 2014-07-07
    price $174,900 Active
19. 2014-05-21
    price $179,900 Active
20. 2014-04-25
    price $184,900 Active
21. 2005-07-20
    soldstatus $200,000
22. 1977-09-01
    soldstatus $29,800

ⓘ 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: $3,314 · $276/mo
• Projected year-2 tax: $3,314 · $276/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) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,931
• − Mortgage interest: −$14,558
• − Property taxes: −$3,314
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,394
• − Management: −$2,394
• − Depreciation: −$7,561
• Taxable loss: −$1,590
• Est. tax savings @ 24.0%: +$382
• After-tax cash flow: $3,059/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): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% 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: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

+772.1% since first listed

9 events — show timeline

• 2026-05-06 Listed $259,900 REINMLS
• 2017-07-27 Sold (Public Records) $137,050 Public Records
• 2017-06-26 Pending — REINMLS
• 2017-06-20 Listed $134,900 REINMLS
• 2014-07-07 Price Changed $174,900 REINMLS
• 2014-05-21 Price Changed $179,900 REINMLS
• 2014-04-25 Price Changed $184,900 REINMLS
• 2005-07-20 Sold (Public Records) $200,000 Public Records
• 1977-09-01 Sold (Public Records) $29,800 Public Records

Property tax history

+4.5%/yr

Latest (2025): $3,314 · +8.6% YoY. Source: county tax records.