228 Forsythe St · Norfolk, VA 23505

$165,000

3 bd · 1.0 ba · 934 sqft · SingleFamily public records · 5 Days on market

Built 1953 Est $250k · 34% 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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• Rent growth +5.0/5.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special in Norfolk, VA. This 3-bedroom, 1-bath home is located on a tree-lined street and features a generous front yard, extended driveway, and additional parking behind the home. A separate workshop and a detached 2-car garage provide excellent functional space for storage or projects. Hardwood floors are believed to be under the carpet, and the home includes a separate utility room. The property offers low-maintenance outdoor space, with most of the usable yard in the front and side. The rear of the property backs to tidal wetlands, offering additional privacy. This is a strong value-add opportunity in an established Norfolk neighborhood with ongoing renovations and solid invest

Key facts

• Additional parking
• Generous front yard
• Extended driveway

Tags

• GENEROUS FRONT YARD
• EXTENDED DRIVEWAY
• ADDITIONAL PARKING
• SEPARATE WORKSHOP
• DETACHED 2 CAR GARAGE
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Fixer upper
• HOA & community: No HOA

Exterior

• Parking: Detached 2-car garage; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch-style home; Single-story
• Construction: Asphalt shingle roof; Crawl foundation
• Exterior features: Shingle siding; Detached workshop

Interior

• Kitchen: Kitchen
• Bedrooms: Master bedroom on the first floor; Additional bedroom; First-floor bedroom with full bathroom
• Flooring: Carpet; Ceramic; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Pull-down attic stairs; Attic
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $126 ($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 $160k (2.7% below list).
• Recommended offer: $160k (2.7% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Suburban Park Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 452 students, 98% FRL); Northside Middle (math 25% / reading 58%, grade F, #299 of 342 statewide, top 88%, 763 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.1%/yr); 108 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 33% of the median local income ($59k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $160,473 (2.7% below list)

Questions for the listing agent

1. Built in 1953 — 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 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?
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: 0.97% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $250,312
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
228 Forsythe St	0.00mi	3/1.0	934 (0%)	1mo	$175,000	$187	100
6428 Garland Cir	0.58mi	3/1.0	967 (+4%)	3mo	$260,000	$269	65
7524 Virginian Dr	0.48mi	2/1.0 (-1)	909 (-3%)	10mo	$256,000	$282	59
6424 Tappahannock Dr	0.75mi	3/1.0	967 (+4%)	0mo	$251,200	$260	59
549 Summers Dr	0.59mi	3/1.0	967 (+4%)	10mo	$217,500	$225	59
215 Burleigh Ave	0.63mi	2/1.0 (-1)	923 (-1%)	6mo	$259,900	$282	58
6424 Garland Cir	0.59mi	3/1.0	967 (+4%)	10mo	$250,000	$259	58
7526 Yorktown Dr	0.53mi	2/1.0 (-1)	868 (-7%)	6mo	$219,000	$252	54
410 N Shore Rd	0.72mi	3/1.0	1,000 (+7%)	2mo	$273,000	$273	53
561 Garren Ave	0.69mi	3/1.0	987 (+6%)	8mo	$265,000	$268	51
6449 Tappahannock Dr	0.68mi	3/2.0	967 (+4%)	9mo	$260,000	$269	51
401 Biltmore Rd	0.73mi	2/1.0 (-1)	855 (-8%)	5mo	$151,000	$177	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.78×
• Total profit: $-10,191
• Equity at exit: $24,602

10-year hold

• IRR: 9.2%
• Equity multiple: 1.87×
• Total profit: $40,178
• Equity at exit: $14,266

Cash invested: $46,200 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 108
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,605 high
• Mortgage (P&I): −$865
• Tax from tax record: −$207 /mo · $2,490/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $126

Break-even live

Break-even rent $1,445

Max offer price $165,000

Occupancy floor 87%

Sensitivity live

Price	-10% $220	-5% $173	+0% $126	+5% $80	+10% $33
Rent	-10% $-1	-5% $63	+0% $126	+5% $190	+10% $253
Rate	-1.0pp $209	-0.5pp $168	base $126	+0.5pp $83	+1.0pp $40

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Naval Base Rd Norfolk, VA	3.0	1.0	1000	$1,850	$1.85	25d	1	0.64mi
307 W Little Creek Rd Unit C Norfolk, VA	2.0	1.0	830	$1,395	$1.68	12d	1	0.70mi
609 Summers Dr Norfolk, VA	3.0	1.0	998	$1,995	$2.00	5d	1	0.74mi
351 San Antonio Blvd Unit 8 Norfolk, VA	2.0	1.0	675	$1,250	$1.85	14d	1	0.77mi
7474 Pennington Rd Unit 7474 Norfolk, VA	2.0	1.0	1000	$1,525	$1.52	3d	1	0.91mi
440 San Antonio Blvd Norfolk, VA	2.0	1.0	800	$1,535	$1.92	25d	1	0.93mi
502 Grantham Rd Norfolk, VA	1.0–2.0	1.0	740	$1,128	$1.52	45d	3	0.93mi
715 Easy St Unit 2 Norfolk, VA	2.0	1.0	750	$1,200	$1.60	16d	1	0.94mi
7433 Fenner St Norfolk, VA	1.0–2.0	1.0	715	$1,399	$1.96	16d	7	0.97mi
311 Ashlawn Dr Unit 3 Norfolk, VA	2.0	1.0	800	$1,195	$1.49	46d	1	0.98mi
312 Ashlawn Dr Norfolk, VA	2.0	1.0	720	$1,200	$1.67	45d	1	1.00mi
7427 Tyndale Ct Unit 1 Norfolk, VA	2.0	1.0	786	$995	$1.27	45d	1	1.01mi
417 E Little Creek Rd Apt 4 Norfolk, VA	2.0	1.0	700	$1,050	$1.50	9d	1	1.03mi
7465 Fenner St Unit 7468-2-A8 Norfolk, VA	2.0	1.0	900	$1,399	$1.55	22d	1	1.04mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	25d	1	1.08mi
739 Waukesha Ave Norfolk, VA	2.0	1.0	860	$1,800	$2.09	25d	1	1.11mi
507 Ashlawn Dr Norfolk, VA	2.0	1.0	750	$1,395	$1.86	45d	1	1.13mi
7730 Ruthven Rd Norfolk, VA	3.0	1.0	1056	$1,750	$1.66	25d	1	1.15mi
504 Ashlawn Dr Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	1.15mi
504 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	25d	1	1.15mi
508 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	23d	1	1.16mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	3d	8	1.17mi
7872 Ogden Ave Norfolk, VA	1.0–3.0	1.0–2.0	963	$1,515	$1.57	45d	1	1.27mi
7996 Diggs Rd Unit D Norfolk, VA	3.0	2.0	950	$1,375	$1.45	45d	1	1.28mi
1111 Charleston St Norfolk, VA	2.0	1.0	822	$1,425	$1.73	45d	1	1.35mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	3d	3	1.37mi
7128 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,800	$2.50	45d	1	1.46mi
7108 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,400	$1.94	45d	1	1.48mi

Listing history 1 events

1. 2026-05-21
   listed $165,000 Active

ⓘ 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: $2,490 · $207/mo
• Projected year-2 tax: $2,490 · $207/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 6/10 Major FEMA zone X (shaded) · 54% 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,257
• − Mortgage interest: −$9,243
• − Property taxes: −$2,490
• − Insurance: −$825
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − Depreciation: −$4,800
• Taxable loss: −$1,182
• Est. tax savings @ 24.0%: +$284
• After-tax cash flow: $1,798/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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

1 event — show timeline

• 2026-05-21 Listed $165,000 REINMLS

Property tax history

+16.7%/yr

Latest (2025): $2,490 · +16.3% YoY. Source: county tax records.