3012 Elliott Ave · Portsmouth, VA 23702

$179,900

3 bd · 1.5 ba · 1,153 sqft · SingleFamily public records · 5 Days on market

Built 1948 0.26 ac lot $156/sqft · 17% below area Est $252k · 29% 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 +18.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.8/10.0
• 1% rule +4.8/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Owner Agent. CBS code required. Home sold as is where is.

Key facts

• 0.26 acre lot
• Garage
• Built 1948

Property features AI

Finance

• HOA & community: No HOA / no association fees

Exterior

• Parking: Detached 1-car garage; Off-street parking; Driveway parking
• Utilities: City/County sewer; Gas water heater; Electric service (implied)
• Home design: Detached property; Ranch / Traditional style; Single-story (1 living level)
• Construction: Slab foundation
• Exterior features: Vinyl siding; Back fenced yard; Asphalt shingle roof

Interior

• Kitchen: Electric range
• Bedrooms: Master bedroom on first floor; Additional bedroom
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Cable hookup; Attic; Master bedroom with bath; First-floor master bedroom
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/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 $177k (1.9% below list).
• Recommended offer: $177k (1.9% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: Victory Elementary (math 37% / reading 57%, grade D-, #794 of 1,108 statewide, top 74%, 589 students, 117% FRL) — zoned schools average 117% FRL vs 60% district-wide (57 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 64 active listings in the ZIP; 32 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).
• This rent runs 43% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1948 — 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 $176,513 (1.9% below list)

Questions for the listing agent

1. Built in 1948 — 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 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?
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 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: 0.98% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• GRM: 8.5

CMA / ARV

• ARV (median comp): $252,303
• List price: $179,900
• Delta: -28.70%
• 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
118 Dekalb Ave	0.22mi	2/1.0 (-1)	1,065 (-8%)	2mo	$175,500	$165	69
4320 Deep Creek Blvd	0.68mi	3/1.0	1,150 (-0%)	1mo	$234,900	$204	65
173 Noble St	0.26mi	3/2.0	1,300 (+13%)	0mo	$325,000	$250	64
266 Hansen Ave	0.46mi	3/2.0	1,240 (+8%)	0mo	$293,000	$236	63
9 Shelby St	0.42mi	3/2.0	1,028 (-11%)	2mo	$239,000	$232	59
16 Neville St	0.55mi	3/2.0	1,260 (+9%)	3mo	$289,000	$229	54
3204 Gwin St	0.51mi	3/2.0	1,288 (+12%)	2mo	$265,000	$206	53
10 Dewey St	0.59mi	3/2.0	1,269 (+10%)	3mo	$225,000	$177	51
14 Fairview Cir S	0.59mi	3/1.0	1,300 (+13%)	2mo	$192,000	$148	48
312 Killian Ave	0.61mi	3/1.0	992 (-14%)	2mo	$255,000	$257	45
117 Edison Ave	0.53mi	2/1.0 (-1)	1,000 (-13%)	2mo	$227,500	$228	45
4109 Deep Creek Blvd	0.61mi	2/1.0 (-1)	1,000 (-13%)	3mo	$220,000	$220	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 3.20×
• Total profit: $110,730
• Equity at exit: $162,068

10-year hold

• IRR: 24.4%
• Equity multiple: 7.38×
• Total profit: $321,131
• Equity at exit: $349,506

Cash invested: $50,372 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,765 high
• Mortgage (P&I): −$943
• Tax from tax record: −$203 /mo · $2,441/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $173

Break-even live

Break-even rent $1,547

Max offer price $179,900

Occupancy floor 85%

Sensitivity live

Price	-10% $275	-5% $224	+0% $173	+5% $122	+10% $71
Rent	-10% $33	-5% $103	+0% $173	+5% $242	+10% $312
Rate	-1.0pp $263	-0.5pp $218	base $173	+0.5pp $126	+1.0pp $79

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	0.27mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	44d	1	0.29mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	17d	1	0.31mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	15d	1	0.31mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	0.33mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	44d	1	0.36mi
1 Shelby St Portsmouth, VA	2.0	1.0	700	$1,250	$1.79	24d	1	0.38mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.38mi
49 Carver Cir Portsmouth, VA	2.0	2.0	800	$1,450	$1.81	24d	1	0.39mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	13d	1	0.42mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	24d	1	0.42mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	0.44mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	0.44mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.58mi
3304 Killian Ave Portsmouth, VA	3.0	1.0	800	$2,000	$2.50	24d	1	0.62mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	20d	1	0.69mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	11d	1	0.69mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.89mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.91mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	15d	1	0.92mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	16d	1	0.92mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	0.94mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	3d	1	1.04mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	1.25mi
3717 Scott St Portsmouth, VA	3.0	1.0	1157	$1,400	$1.21	24d	1	1.26mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	1.26mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	1.26mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	1.30mi
3607 Bart St Portsmouth, VA	3.0	2.0	1326	$1,850	$1.40	11d	1	1.39mi
3626 Bart St Unit BAR3626-DF Portsmouth, VA	2.0	1.0	900	$1,000	$1.11	8d	1	1.42mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	1.42mi
1802 Atlanta Ave Unit 2 Portsmouth, VA	2.0	1.0	1200	$1,500	$1.25	24d	1	1.50mi

Listing history 7 events

1. 2026-05-11
   status Under Contract 58-char remark
2. 2026-05-05
   listed $179,900 Active 58-char remark
3. 2025-08-10
   historical
4. 2025-07-10
   listed $175,000 Active
5. 2006-09-14
   soldstatus $99,000
6. 2006-01-18
   soldstatus $79,500
7. 2003-01-24
   soldstatus $70,000

ⓘ 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: $2,441 · $203/mo
• Projected year-2 tax: $2,441 · $203/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) · 12% 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: $21,182
• − Mortgage interest: −$10,077
• − Property taxes: −$2,441
• − Insurance: −$900
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − Depreciation: −$5,233
• Taxable loss: −$858
• Est. tax savings @ 24.0%: +$206
• After-tax cash flow: $2,278/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+142.9% since first listed

8 events — show timeline

• 2026-06-05 Sold (MLS) $170,000 REINMLS
• 2026-05-11 Pending — REINMLS
• 2026-05-05 Listed $179,900 REINMLS
• 2025-08-10 Listing Removed — REINMLS
• 2025-07-10 Listed $175,000 REINMLS
• 2006-09-14 Sold (Public Records) $99,000 Public Records
• 2006-01-18 Sold (Public Records) $79,500 Public Records
• 2003-01-24 Sold (Public Records) $70,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,441 · +2.5% YoY. Source: county tax records.