124 Wellons St · Suffolk, VA 23434

$199,900

5 bd · 2.0 ba · 2,692 sqft · SingleFamily public records · 29 Days on market

Built 1954 $74/sqft · 37% below area Est $330k · 39% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Schools +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

Key facts

• Suffolk duplex
• Flexible layout
• Updated kitchens

Tags

• SUFFOLK DUPLEX
• FLEXIBLE LAYOUT
• UPDATED KITCHENS
• LVP FLOORING
• INTERIOR HVAC COMPONENTS
• SEPARATELY METERED

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $953 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.5% in Suffolk — 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 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.8%/yr); 536 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($80k/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 $6k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $55k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $200k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $196,901 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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.
5. 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.
6. 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: 1.41% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

• ARV (median comp): $329,639
• List price: $199,900
• Delta: -39.36%
• 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
128 Wellons St	0.02mi	4/3.0 (-1)	2,700 (+0%)	7mo	$349,000	$129	84
205 Bosley Ave	0.31mi	4/2.5 (-1)	2,760 (+2%)	5mo	$349,500	$127	71
320 Western Ave	0.61mi	4/2.0 (-1)	2,670 (-1%)	1mo	$475,000	$178	64
301 Linden Ave	0.21mi	4/2.5 (-1)	2,424 (-10%)	8mo	$255,000	$105	60
215 N Saratoga St	0.41mi	4/3.0 (-1)	2,807 (+4%)	8mo	$290,000	$103	58
409 Forest Hill Cres	0.63mi	4/3.0 (-1)	2,638 (-2%)	4mo	$425,000	$161	55
227 N Saratoga St	0.44mi	4/2.5 (-1)	2,880 (+7%)	9mo	$399,000	$139	54
908 Virginia Ave	0.47mi	4/1.5 (-1)	2,976 (+10%)	0mo	$330,000	$111	54
416 N Broad St	0.56mi	4/2.5 (-1)	2,427 (-10%)	7mo	$339,900	$140	45
1018 Delaware Ave	0.68mi	5/2.0	2,428 (-10%)	8mo	$242,400	$100	45
407 Park Rd	0.59mi	5/2.5	2,362 (-12%)	8mo	$405,000	$171	44
1009 Pennsylvania Ave	0.62mi	4/3.0 (-1)	2,500 (-7%)	11mo	$440,000	$176	41

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 · 5.84% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.65×
• Total profit: $36,577
• Equity at exit: $29,806

10-year hold

• IRR: 26.3%
• Equity multiple: 3.61×
• Total profit: $145,938
• Equity at exit: $17,284

Cash invested: $55,972 (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 23434

• Rents YoY: 5.8%
• Active inventory: 536
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,817 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$140 /mo · $1,684/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $953

Break-even live

Break-even rent $1,610

Max offer price $199,900

Occupancy floor 61%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 Linden Ave Suffolk, VA	4.0	2.5	2568	$2,795	$1.09	43d	1	0.13mi
808 Gittings St Suffolk, VA	4.0	2.5	2187	$2,500	$1.14	23d	1	0.40mi

Listing history 28 events

1. 2026-05-13
   price $199,900 848-char remark

   Show marketing remark (848 chars)

   Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

2. 2026-05-06
   price $219,900 848-char remark

   Show marketing remark (848 chars)

   Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

3. 2026-05-01
   price $229,900 848-char remark

   Show marketing remark (848 chars)

   Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

4. 2026-04-24
   price $244,900 848-char remark

   Show marketing remark (848 chars)

   Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

5. 2026-04-21
   listed $255,000 Active 848-char remark

   Show marketing remark (848 chars)

   Unlock significant value with this versatile Suffolk duplex, ideal for an investor or owner occupant looking to generate income. This multi level property offers a flexible layout with a blend of modern updates and original character. Recent renovations include updated kitchens with sleek appliances and LVP flooring throughout. Interior HVAC components are already installed, with outdoor units still needed to complete the system. The property is being sold as is, presenting a strong value add opportunity for buyers ready to finish remaining improvements. Units are separately metered for added convenience and management. Located with easy access to major transit routes, shopping, and employment centers. A motivated seller and substantial progress already completed make this a solid opportunity to complete the vision and maximize returns.

6. 2026-03-12
   status Active
7. 2026-03-12
   historical
8. 2026-02-24
   historical Active Under Contract
9. 2026-02-23
   price $244,000
10. 2026-02-20
    price $269,000
11. 2026-02-18
    price $285,000
12. 2026-01-16
    listed $294,000 Active
13. 2026-01-16
    historical $1,700
14. 2026-01-15
    historical
15. 2026-01-01
    historical
16. 2026-01-01
    listed $300,000 Active
17. 2025-12-20
    price $300,000
18. 2025-12-06
    listed $1,700
19. 2025-11-25
    price $340,000
20. 2025-10-06
    price $349,000
21. 2025-09-12
    listed $365,000 Active
22. 2025-02-18
    soldstatus $95,000
23. 2025-01-15
    status Under Contract
24. 2025-01-12
    price $90,000
25. 2025-01-06
    listed $125,000 Active
26. 2024-10-07
    historical
27. 2024-10-07
    listed $120,000
28. 2024-07-31
    soldstatus $80,000

ⓘ 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: $1,684 · $140/mo
• Projected year-2 tax: $1,684 · $140/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,801
• − Mortgage interest: −$11,198
• − Property taxes: −$1,684
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,704
• − Management: −$2,704
• − Depreciation: −$5,815
• Taxable income: $8,697
• Est. tax owed @ 24.0%: −$2,087
• After-tax cash flow: $9,353/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

Amenities C+ Commute F Cost of living C Crime C- Employment A- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 54,387
• Household income: $79,877
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1934.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 49% White 41% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 1% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.80%
• Current HPI: 158.5866
• Rent YoY: ▲ 5.84%
• 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

+149.9% since first listed

28 events — show timeline

• 2026-05-13 Price Changed $199,900 REINMLS
• 2026-05-06 Price Changed $219,900 REINMLS
• 2026-05-01 Price Changed $229,900 REINMLS
• 2026-04-24 Price Changed $244,900 REINMLS
• 2026-04-21 Listed $255,000 REINMLS
• 2026-03-12 Relisted — REINMLS
• 2026-03-12 Listing Removed — REINMLS
• 2026-02-24 Contingent — REINMLS
• 2026-02-23 Price Changed $244,000 REINMLS
• 2026-02-20 Price Changed $269,000 REINMLS
• 2026-02-18 Price Changed $285,000 REINMLS
• 2026-01-16 Listed $294,000 REINMLS
• 2026-01-16 Rental Removed $1,700 REINMLS
• 2026-01-15 Listing Removed — REINMLS
• 2026-01-01 Listing Removed — REINMLS
• 2026-01-01 Listed $300,000 REINMLS
• 2025-12-20 Price Changed $300,000 REINMLS
• 2025-12-06 Listed for Rent $1,700 REINMLS
• 2025-11-25 Price Changed $340,000 REINMLS
• 2025-10-06 Price Changed $349,000 REINMLS
• 2025-09-12 Listed $365,000 REINMLS
• 2025-02-18 Sold (Public Records) $95,000 Public Records
• 2025-01-15 Pending — REINMLS
• 2025-01-12 Price Changed $90,000 REINMLS
• 2025-01-06 Listed $125,000 REINMLS
• 2024-10-07 Listed $120,000 REINMLS
• 2024-10-07 Listing Removed — REINMLS
• 2024-07-31 Sold (Public Records) $80,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,684 · +11.4% YoY. Source: county tax records.