9513 6th Bay St · Norfolk, VA 23518

$375,000

4 bd · 2.0 ba · 1,525 sqft · MultiFamily public records · 62 Days on market

Built 1963 $246/sqft · 5% below area Est $395k · 5% under

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Why this score? — see what drove the D+ 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 +16.1/30.0
• ARV discount +9.8/15.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Schools +3.5/10.0
• 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 MLS

Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

Key facts

• Updated roofing
• Updated siding
• Quiet cul-de-sac

Tags

• MAINTAINED DUPLEX
• IDYLLIC VIEWS
• QUIET CUL-DE-SAC
• SPACIOUS LOT
• UPDATED SIDING
• UPDATED ROOFING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $-233 ($-3k/yr) — negative. Per door: $-116/mo.
• To cash-flow at today's rent, offer at most $334k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (12.1% below list).
• Recommended offer: $330k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Market conditions: Rents rising (+3.1%/yr); 210 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $3,295/mo this rent would consume 51% of the median local household income ($78k/yr) (locally 1143% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $170k; list at $375k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,500 (12.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
12. 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.
13. 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.
14. 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: 0.88% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.22%
• DSCR: 1.10
• GRM: 9.5

CMA / ARV

• ARV (median comp): $395,000
• List price: $375,000
• Delta: -5.06%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9513 6th Bay St	0.00mi	4/2.0	1,524 (-0%)	0mo	$375,000	$246	100
2707 Pretty Lake Ave	0.13mi	3/3.0 (-1)	1,300 (-15%)	5mo	$283,000	$218	56

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: -20.6%
• Equity multiple: 0.28×
• Total profit: $-75,146
• Equity at exit: $55,914

10-year hold

• IRR: -13.5%
• Equity multiple: 0.21×
• Total profit: $-82,744
• Equity at exit: $32,423

Cash invested: $105,000 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 210
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $3,295 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$286 /mo · $3,435/yr
• Insurance: −$156
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $-233

Break-even live

Break-even rent $3,589

Max offer price $333,916

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-126	+0% $-233	+5% $-339	+10% $-445
Rent	-10% $-493	-5% $-363	+0% $-233	+5% $-102	+10% $28
Rate	-1.0pp $-44	-0.5pp $-137	base $-233	+0.5pp $-330	+1.0pp $-429

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,294
Total (2 units)			$3,295

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	9d	1	0.18mi
9518 3rd Bay St Norfolk, VA	3.0	3.5	2111	$3,000	$1.42	9d	1	0.21mi
2221 Pretty Lake Ave Norfolk, VA	3.0	2.0	1800	$2,640	$1.47	3d	2	0.30mi
2100 E Ocean View Ave Norfolk, VA	3.0	3.0	1836	$2,295	$1.25	45d	1	0.43mi
2020 E Ocean View Ave Unit 5 Norfolk, VA	3.0	2.0	1350	$2,350	$1.74	45d	1	0.60mi
9563 15th Bay St Unit 4 Norfolk, VA	3.0	2.0	1100	$1,695	$1.54	45d	1	0.63mi
8212 Mona Ave Norfolk, VA	4.0	2.0	1600	$2,895	$1.81	21d	1	0.71mi
8125 Redmon Rd Unit B Norfolk, VA	3.0	3.5	1977	$2,500	$1.26	45d	1	0.85mi
8125 Redmon Rd Unit B Norfolk, VA	3.0	3.5	1977	$2,375	$1.20	25d	1	0.85mi
8125 Redmon Rd Norfolk, VA	3.0	3.5	1977	$2,375	$1.20	16d	1	0.85mi
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	16d	1	0.93mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	9d	1	0.94mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	25d	1	0.94mi
8011 Woodall Rd Unit B Norfolk, VA	3.0	2.5	2053	$2,950	$1.44	45d	1	1.01mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,200	$1.42	25d	1	1.03mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,250	$1.45	45d	1	1.03mi
1611 Modoc Ave Norfolk, VA	4.0	2.0	1917	$2,295	$1.20	25d	1	1.08mi
1635 E Ocean View Ave Norfolk, VA	3.0	2.0	1800	$2,300	$1.28	16d	1	1.10mi
1618 Kingston Ave Norfolk, VA	3.0	2.5	1640	$2,395	$1.46	18d	1	1.13mi
7710 Nancy Dr Norfolk, VA	3.0	1.5	1644	$2,000	$1.22	45d	1	1.14mi
2750 Heutte Dr Norfolk, VA	3.0	2.0	1628	$2,150	$1.32	22d	1	1.19mi
1622 Bill St Norfolk, VA	4.0	2.0	1528	$2,350	$1.54	4d	1	1.21mi
3857 Flowerfield Rd Norfolk, VA	1.0–3.0	1.0–1.5	931	$1,790	$1.92	3d	17	1.29mi
8455 Radnor Rd Norfolk, VA	3.0	2.0	1650	$2,195	$1.33	25d	1	1.31mi
9408 Willow Ct Norfolk, VA	3.0	2.0	2000	$2,950	$1.48	45d	1	1.37mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	5d	1	1.37mi
4319 Pinter Ln Unit 1 Norfolk, VA	4.0	3.5	1833	$2,600	$1.42	45d	1	1.38mi
1420 E Ocean View Ave Norfolk, VA	3.0	2.5	1465	$2,300	$1.57	25d	1	1.38mi
7906 Turner Rd Norfolk, VA	3.0	1.5	1400	$1,925	$1.38	45d	1	1.43mi

Listing history 11 events

1. 2026-05-13
   status Active 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

2. 2026-05-04
   historical Active Under Contract 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

3. 2026-04-21
   status Active 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

4. 2026-04-10
   historical Active Under Contract 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

5. 2026-04-07
   status Active 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

6. 2026-03-30
   historical Active Under Contract 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

7. 2026-03-26
   listed $375,000 Active 863-char remark

   Show marketing remark (863 chars)

   Discover this beautifully maintained duplex perfectly positioned between East Beach & Ocean View! Just blocks from the beach, it offers its own idyllic views of Little Creek at the end of a quiet cul-de-sac. Situated on a spacious lot, each unit features a 2-bedroom, 1-bathroom layout. Recent improvements over the last few years include updated siding, roofing, & patio, along with additional upgrades in Unit 9513 such as a renovated bathroom, flooring, modern light fixtures, & more. Enjoy a scenic backyard that backs up to the creek—perfect for relaxing or entertaining. Conveniently located near JEB, the airport, & I-64. 2 car driveway for each unit as well. Whether you're seeking an owner-occupant opportunity or a strong investment property, this duplex checks all the boxes. Don’t miss your chance to own this coastal gem!

8. 2013-06-06
   soldstatus $170,000
9. 1989-10-02
   soldstatus $86,500
10. 1987-04-01
    soldstatus $74,500
11. 1963-08-19
    soldstatus $16,300

ⓘ 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: $3,435 · $286/mo
• Projected year-2 tax: $3,435 · $286/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 17 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: $39,540
• − Mortgage interest: −$21,006
• − Property taxes: −$3,435
• − Insurance: −$6,994
• − Repairs & maintenance: −$3,163
• − Management: −$3,163
• − Depreciation: −$10,909
• Taxable loss: −$9,130
• Est. tax savings @ 24.0%: +$2,191
• After-tax cash flow: $-600/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

+2200.6% since first listed

11 events — show timeline

• 2026-05-13 Relisted — REINMLS
• 2026-05-04 Contingent — REINMLS
• 2026-04-21 Relisted — REINMLS
• 2026-04-10 Contingent — REINMLS
• 2026-04-07 Relisted — REINMLS
• 2026-03-30 Contingent — REINMLS
• 2026-03-26 Listed $375,000 REINMLS
• 2013-06-06 Sold (Public Records) $170,000 Public Records
• 1989-10-02 Sold (Public Records) $86,500 Public Records
• 1987-04-01 Sold (Public Records) $74,500 Public Records
• 1963-08-19 Sold (Public Records) $16,300 Public Records

Property tax history

+5.0%/yr

Latest (2025): $3,435 · +2.4% YoY. Source: county tax records.