6224 Geneva Way · Norfolk, VA 23513

$249,999

4 bd · 3.0 ba · 1,904 sqft · MultiFamily public records · 11 Days on market

Built 1988 $131/sqft · 17% below area Est $299k · 17% under ↓ 16% since listing

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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 +25.1/30.0
• ARV discount +14.9/15.0
• DSCR +8.2/10.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• 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

This exceptional duplex is situated on a spacious lot. This side-by-side two-unit home presents limitless potential for a rehab or rental income. With solid bones, it’s time to bring your contractor and unleash your imagination—the rewards are substantial! The after-repair value (ARV) ranges from $350K to $390K. This unique "INVESTOR SPECIAL" opportunity is strictly sold AS-IS, where is, everything inside the property conveys. This place needs a major overhaul and TLC! The seller will not make any repairs, and no loan will be accepted due to the current condition. CASH OFFERS ONLY! Submit all offers with a proof-of-funds letter from your bank. BEST AND HIGHEST by Sunda

Key facts

• Solid bones
• Rehab potential
• Spacious lot

Tags

• SPACIOUS LOT
• REHAB POTENTIAL
• RENTAL INCOME
• SOLID BONES
• INVESTOR SPECIAL
• MAJOR OVERHAUL

Property features AI

Finance

• Other: Listed as a fixer upper
• Financial info:
• HOA & community:

Exterior

• Parking: Driveway parking; Off-street parking
• Security:
• Utilities: Separate meters for all units; City/County water and sewer; Electric power
• Home design: Duplex (side-by-side layout); Simple ownership; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Brick and vinyl siding; Wood fence; Shed on lot; Property on a cul-de-sac

Interior

• Kitchen: Refrigerator in each unit; Electric range in Unit B
• Bedrooms: Unit A: 2 bedrooms; Unit B: 2 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: Unit A: 1.5 bathrooms; Unit B: 1.5 bathrooms
• Heating & cooling: Electric heating in both units; Central air conditioning in both units
• Interior features: Ceiling fan in each unit; Carpet and vinyl flooring throughout units
• Laundry & utility: Washer hookup in each unit; Dryer hookup and 220 V electric outlet in each unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive. Per door: $276/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.9% 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: Tanners Creek Elementary (math 15% / reading 38%, grade F, #1,041 of 1,108 statewide, top 94%, 530 students, 98% FRL); 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 (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 134 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,835/mo this rent would consume 50% of the median local household income ($68k/yr) (locally 1342% 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $98k; list at $250k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $249,999

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. 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 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: 1.13% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $299,429
• List price: $249,999
• Delta: -16.51%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6262 Alexander St	0.27mi	4/2.0	1,715 (-10%)	7mo	$190,000	$111	61
4860 Elmhurst Ave	0.71mi	4/2.0	1,750 (-8%)	3mo	$390,000	$223	47

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-4,189
• Equity at exit: $37,276

10-year hold

• IRR: 8.6%
• Equity multiple: 1.67×
• Total profit: $46,603
• Equity at exit: $21,615

Cash invested: $70,000 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 134
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $2,835 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$273 /mo · $3,280/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $551

Break-even live

Break-even rent $2,137

Max offer price $249,999

Occupancy floor 76%

Sensitivity live

Price	-10% $693	-5% $622	+0% $551	+5% $480	+10% $410
Rent	-10% $327	-5% $439	+0% $551	+5% $663	+10% $775
Rate	-1.0pp $677	-0.5pp $615	base $551	+0.5pp $486	+1.0pp $420

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,836
Total (2 units)			$2,835

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6451 Edward St Norfolk, VA	3.0	2.5	1400	$2,000	$1.43	8d	1	0.32mi
6261 Alexander St Norfolk, VA	5.0	2.0	2166	$2,495	$1.15	44d	1	0.32mi
6430 Faraday Ct Norfolk, VA	4.0	1.5	1319	$1,995	$1.51	44d	1	0.37mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	3d	23	0.42mi
6419 Grimes Ave Norfolk, VA	3.0	2.0	1225	$2,150	$1.76	44d	1	0.72mi
6324 Grimes Ave Norfolk, VA	4.0	3.0	2300	$2,800	$1.22	22d	1	0.72mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	13d	1	0.81mi
3461 Gamage Dr Norfolk, VA	3.0	2.0	1300	$2,300	$1.77	44d	1	0.84mi
3776 Wayne Cir Norfolk, VA	4.0	3.0	2301	$2,795	$1.21	44d	1	0.99mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	44d	1	1.10mi
1831 Banning Rd Norfolk, VA	3.0	2.0	1853	$2,500	$1.35	5d	1	1.16mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	8d	1	1.19mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	24d	1	1.22mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	44d	1	1.25mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	24d	1	1.25mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	4d	1	1.32mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	18d	1	1.34mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	18d	1	1.42mi
1544 Kilmer Ln Norfolk, VA	4.0	2.0	1874	$2,495	$1.33	11d	1	1.46mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	44d	1	1.47mi

Listing history 5 events

1. 2026-05-18
   historical Active Under Contract 1025-char remark
2. 2026-05-12
   listed $249,999 Active 1025-char remark
3. 2014-10-03
   price $187,000
4. 1988-08-02
   soldstatus $97,500
5. 1987-11-05
   soldstatus $297,000

ⓘ 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: $3,280 · $273/mo
• Projected year-2 tax: $3,280 · $273/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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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: $34,020
• − Mortgage interest: −$14,004
• − Property taxes: −$3,280
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,722
• − Management: −$2,722
• − Depreciation: −$7,273
• Taxable income: $2,770
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $5,948/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): 28,628
• Household income: $68,380
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1342.0

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 0.63)
• Race & ethnicity: Black 55% White 23% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 0%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 4% 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: ▼ -33.67%
• Current HPI: 329.2241
• Rent YoY: ▲ 3.42%
• 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

-15.8% since first listed

6 events — show timeline

• 2026-05-23 Pending — REINMLS
• 2026-05-18 Contingent — REINMLS
• 2026-05-12 Listed $249,999 REINMLS
• 2014-10-03 Price Changed $187,000 REINMLS
• 1988-08-02 Sold (Public Records) $97,500 Public Records
• 1987-11-05 Sold (Public Records) $297,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $3,280 · +4.1% YoY. Source: county tax records.