1418 Richmond Ave · Portsmouth, VA 23704

$260,000

4 bd · 2.0 ba · 2,048 sqft · MultiFamily public records · 19 Days on market

Built 1962 Est $291k · 11% under

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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 +26.8/30.0
• ARV discount +12.3/15.0
• DSCR +9.2/10.0
• 1% rule +6.7/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 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: 2 units. confirmed

Listing remarks

Opportunity meets flexibility with this updated duplex in the heart of Portsmouth! Featuring two units, this property is perfect for an owner-occupant looking to live in one side while offsetting the mortgage by renting the other, or for an investor seeking a turnkey addition to their portfolio. Major updates include new siding and water heaters in 2023, plus a roof replacement in 2020. Both units have also been cosmetically updated within the last two years, giving the property a fresh, modern feel with less immediate maintenance to worry about. Whether you’re looking to house hack or expand your rental portfolio, this one offers strong potential and versatility! Some images have bee

Key facts

• Water heaters
• New siding
• Updated duplex

Tags

• UPDATED DUPLEX
• NEW SIDING
• WATER HEATERS
• ROOF REPLACEMENT
• COSMETICALLY UPDATED

Property features AI

Finance

• Other: Property rehabilitated
• Financial info: Unit 1 rent listed at $1,300; lease expires 09/30/2026 (year lease)

Exterior

• Parking: Driveway parking; Off-street parking
• Utilities: Separate meters for all utilities; City/county water; City/county sewer; Electric water heater
• Home design: Duplex (side-by-side units); Simple ownership; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Driveway and off-street parking for each unit

Interior

• Kitchen: Each unit includes an electric range and refrigerator
• Bedrooms: Each unit has 2 bedrooms
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating in each unit; Window/wall air conditioning in each unit
• Interior features: Family room in each unit; Dining room in each unit; Living room in each unit
• Laundry & utility: Washer hookup in each unit; Dryer hookup in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive. Per door: $354/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brighton Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 411 students, 97% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 98% FRL vs 60% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 131 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $3,042/mo this rent would consume 74% of the median local household income ($50k/yr) (locally 1727% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $190k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; 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 $256,100 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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 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: 1.17% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $290,816
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1621 Deep Creek Blvd	0.24mi	4/2.0	2,176 (+6%)	2mo	$309,320	$142	77

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $3,885
• Equity at exit: $38,767

10-year hold

• IRR: 11.3%
• Equity multiple: 1.90×
• Total profit: $65,296
• Equity at exit: $22,480

Cash invested: $72,800 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 131
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $3,042 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$224 /mo · $2,683/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $708

Break-even live

Break-even rent $2,146

Max offer price $260,000

Occupancy floor 72%

Sensitivity live

Price	-10% $855	-5% $781	+0% $708	+5% $634	+10% $561
Rent	-10% $467	-5% $588	+0% $708	+5% $828	+10% $948
Rate	-1.0pp $839	-0.5pp $774	base $708	+0.5pp $640	+1.0pp $572

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,042
Total (2 units)			$3,042

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	0.08mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.30mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.32mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	0.33mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	0.39mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.45mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	0.46mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	24d	1	0.62mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.84mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	17d	1	0.91mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.00mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	1.01mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	1.02mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	18d	1	1.04mi
511 Hampton Pl Unit B Portsmouth, VA	4.0	2.0	3000	$3,450	$1.15	44d	1	1.04mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	1.05mi
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	24d	1	1.07mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	21d	1	1.09mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	44d	1	1.21mi

Listing history 20 events

1. 2026-05-12
   historical Active Under Contract
2. 2026-05-08
   listed $260,000 Active
3. 2024-09-22
   historical $1,250
4. 2024-07-12
   listed $1,250
5. 2024-06-26
   historical $1,250
6. 2024-06-12
   listed $1,250
7. 2023-09-14
   historical $1,200
8. 2023-08-23
   listed $1,200
9. 2023-03-29
   soldstatus $190,000
10. 2023-03-08
    status Under Contract
11. 2023-02-18
    historical Active Under Contract
12. 2023-02-08
    listed $199,000 Active
13. 2020-07-16
    soldstatus $120,000
14. 2020-06-26
    status Under Contract
15. 2020-06-19
    historical Active Under Contract
16. 2020-03-10
    listed $130,000 Active
17. 2012-12-14
    soldstatus $30,000
18. 2004-08-20
    soldstatus $95,000
19. 2002-12-18
    soldstatus $86,000
20. 2002-06-21
    soldstatus $48,000

ⓘ 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: $2,683 · $224/mo
• Projected year-2 tax: $2,683 · $224/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 5/10 Major FEMA zone X (shaded) · 40% 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: $36,504
• − Mortgage interest: −$14,564
• − Property taxes: −$2,683
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,920
• − Management: −$2,920
• − Depreciation: −$7,564
• Taxable income: $4,553
• Est. tax owed @ 24.0%: −$1,093
• After-tax cash flow: $7,401/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

+441.7% since first listed

20 events — show timeline

• 2026-05-12 Contingent — REINMLS
• 2026-05-08 Listed $260,000 REINMLS
• 2024-09-22 Rental Removed $1,250 APPFOLIO
• 2024-07-12 Listed for Rent $1,250 APPFOLIO
• 2024-06-26 Rental Removed $1,250 APPFOLIO
• 2024-06-12 Listed for Rent $1,250 APPFOLIO
• 2023-09-14 Rental Removed $1,200 RENTEC
• 2023-08-23 Listed for Rent $1,200 RENTEC
• 2023-03-29 Sold (Public Records) $190,000 Public Records
• 2023-03-08 Pending — REINMLS
• 2023-02-18 Contingent — REINMLS
• 2023-02-08 Listed $199,000 REINMLS
• 2020-07-16 Sold (Public Records) $120,000 Public Records
• 2020-06-26 Pending — REINMLS
• 2020-06-19 Contingent — REINMLS
• 2020-03-10 Listed $130,000 REINMLS
• 2012-12-14 Sold (Public Records) $30,000 Public Records
• 2004-08-20 Sold (Public Records) $95,000 Public Records
• 2002-12-18 Sold (Public Records) $86,000 Public Records
• 2002-06-21 Sold (Public Records) $48,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,683 · +2.5% YoY. Source: county tax records.