2814 Leo St · Norfolk, VA 23504

$139,000

2 bd · 1.0 ba · 868 sqft · SingleFamily public records · 70 Days on market

Built 1920 3,049 sqft lot $160/sqft · 36% below area Est $216k · 36% 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 +20.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity to acquire a tenant-ready 2BR/1BA with key system updates already in place. Recent improvements include a new sewer line (1 yr), interior and partial exterior paint, new carpet, updated kitchen flooring, and bath tile. The 12x20 detached garage (2 yrs) and new 8x12 shed, combined with a fully fenced yard and 6’ privacy fence with gate, create a rare setup for secure vehicle or equipment storage. Compact footprint keeps operating costs in check while still offering functional utility for tenants or trades. Property is in rentable condition but will not qualify for VA/FHA financing. Sold strictly AS-IS.

Key facts

• Bath tile
• Fully fenced yard
• New sewer line

Tags

• NEW SEWER LINE
• UPDATED KITCHEN FLOORING
• BATH TILE
• DETACHED GARAGE
• NEW SHED
• FULLY FENCED YARD

🏷️ Possibly a rental listed for sale. The $139,000 price doesn't fit this home's estimated sale value (~$216,287) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $175 ($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 $137k (1.5% below list).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 fast (+6.1%/yr); 120 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 37% of the median local income ($45k/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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $139k implies a 363% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $130,659 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (median comp): $216,287
• List price: $139,000
• Delta: -35.73%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2600 Middle Avenue Ave	0.37mi	3/1.0 (+1)	783 (-10%)	13mo	$150,045	$192	51
2916 Somme Ave	0.72mi	2/1.0	929 (+7%)	12mo	$230,000	$248	45

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-6,979
• Equity at exit: $20,725

10-year hold

• IRR: 8.2%
• Equity multiple: 1.71×
• Total profit: $27,585
• Equity at exit: $12,018

Cash invested: $38,920 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 120
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,369 high
• Mortgage (P&I): −$729
• Tax from tax record: −$120 /mo · $1,437/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $175

Break-even live

Break-even rent $1,148

Max offer price $139,000

Occupancy floor 82%

Sensitivity live

Price	-10% $253	-5% $214	+0% $175	+5% $135	+10% $96
Rent	-10% $67	-5% $121	+0% $175	+5% $229	+10% $283
Rate	-1.0pp $245	-0.5pp $210	base $175	+0.5pp $139	+1.0pp $102

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2804 Waverly Way Norfolk, VA	2.0	1.0	850	$1,270	$1.49	44d	5	0.06mi
912 Druid Cir Norfolk, VA	2.0	1.0	960	$1,535	$1.60	21d	1	0.09mi
912 Druid Cir Unit B Norfolk, VA	2.0	1.0	960	$1,535	$1.60	24d	1	0.09mi
805 E 27th St Norfolk, VA	1.0	1.0	600	$1,079	$1.80	44d	1	0.14mi
2506 Leo St Unit 4 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	44d	1	0.18mi
2504 Leo St Unit 3 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	4d	1	0.18mi
2500 Leo St Unit 2506 Leo Street-4 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	44d	1	0.20mi
905 Hayes St Unit 2 Norfolk, VA	1.0	1.0	700	$1,050	$1.50	44d	1	0.39mi
225 W 31st St Unit D Norfolk, VA	2.0	1.0	925	$975	$1.05	8d	1	0.43mi
201 W 34th St Unit 7 Norfolk, VA	2.0	1.0	750	$1,099	$1.47	20d	1	0.46mi
201 W 34th St Unit 3 Norfolk, VA	2.0	1.0	750	$995	$1.33	44d	1	0.46mi
3210 Llewellyn Ave Norfolk, VA	2.0	1.0	800	$975	$1.22	44d	1	0.50mi
842 C Ave Norfolk, VA	3.0	1.5	900	$1,095	$1.22	44d	1	0.52mi
1439 Moultrie Ave #1 Norfolk, VA	1.0	1.0	962	$1,400	$1.46	8d	1	0.53mi
3601 Omohundro Ave Unit 3 Norfolk, VA	2.0	1.0	800	$1,395	$1.74	44d	1	0.56mi
309 W 26th St Unit A Norfolk, VA	2.0	1.0	900	$1,525	$1.69	18d	1	0.59mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	44d	1	0.59mi
1801 Bower St Unit B1 Norfolk, VA	2.0	1.0	750	$950	$1.27	17d	1	0.59mi
204 W 22nd St Norfolk, VA	1.0–2.0	1.0–2.0	907	$2,065	$2.28	3d	3	0.59mi
415 W 32nd St Unit 1 Norfolk, VA	2.0	1.0	850	$1,325	$1.56	44d	1	0.62mi
2401 Ruffin St Norfolk, VA	2.0	1.0	900	$1,350	$1.50	44d	1	0.62mi
1801 Saint Denis Ave Unit 1 Norfolk, VA	1.0	1.0	750	$1,595	$2.13	24d	1	0.63mi
2202 Llewellyn Ave Norfolk, VA	2.0	2.0	980	$1,971	$2.01	8d	1	0.66mi
1607 Lasalle Ave Unit 3 Norfolk, VA	2.0	1.0	816	$1,400	$1.72	44d	1	0.67mi
754 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	3d	1	0.68mi
758 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	8d	1	0.68mi
201 W 21st St Norfolk, VA	1.0–2.0	1.0–2.0	992	$2,199	$2.22	2d	5	0.69mi
1822 Saint Denis Ave Apt 4 Norfolk, VA	2.0	1.0	750	$995	$1.33	44d	1	0.69mi
2928 Tidewater Dr Norfolk, VA	2.0	1.0	740	$1,350	$1.82	24d	1	0.70mi
2811 Colonial Ave Unit A4 Norfolk, VA	1.0	1.0	750	$999	$1.33	44d	1	0.70mi
432 W 26th St Unit 3-Freedom Suite Norfolk, VA	2.0	1.0	600	$1,200	$2.00	44d	1	0.71mi
742 Lexington St Unit A Norfolk, VA	2.0	1.0	780	$1,100	$1.41	21d	1	0.73mi
2421 Bolton St Unit F Norfolk, VA	2.0	1.0	725	$1,275	$1.76	44d	1	0.77mi
435 Virginia Ave Norfolk, VA	2.0	2.0	1012	$1,954	$1.93	4d	1	0.77mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	45d	1	0.79mi
2315 Bolton St Norfolk, VA	3.0	1.0	1000	$1,800	$1.80	44d	1	0.81mi
4101 Granby St Norfolk, VA	2.0	2.0	840	$1,899	$2.26	3d	1	0.81mi
623 W 28th St Unit 3 Norfolk, VA	1.0	1.0	700	$1,050	$1.50	18d	1	0.86mi
2111 Bellevue Ave Unit 1 Norfolk, VA	2.0	1.0	950	$1,300	$1.37	44d	1	0.86mi
414 Delaware Ave Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	44d	1	0.87mi

Listing history 6 events

1. 2026-04-28
   status Active 626-char remark

   Show marketing remark (626 chars)

   Opportunity to acquire a tenant-ready 2BR/1BA with key system updates already in place. Recent improvements include a new sewer line (1 yr), interior and partial exterior paint, new carpet, updated kitchen flooring, and bath tile. The 12x20 detached garage (2 yrs) and new 8x12 shed, combined with a fully fenced yard and 6’ privacy fence with gate, create a rare setup for secure vehicle or equipment storage. Compact footprint keeps operating costs in check while still offering functional utility for tenants or trades. Property is in rentable condition but will not qualify for VA/FHA financing. Sold strictly AS-IS.

2. 2026-04-24
   price $139,000 626-char remark

   Show marketing remark (626 chars)

   Opportunity to acquire a tenant-ready 2BR/1BA with key system updates already in place. Recent improvements include a new sewer line (1 yr), interior and partial exterior paint, new carpet, updated kitchen flooring, and bath tile. The 12x20 detached garage (2 yrs) and new 8x12 shed, combined with a fully fenced yard and 6’ privacy fence with gate, create a rare setup for secure vehicle or equipment storage. Compact footprint keeps operating costs in check while still offering functional utility for tenants or trades. Property is in rentable condition but will not qualify for VA/FHA financing. Sold strictly AS-IS.

3. 2026-04-13
   historical Active Under Contract 626-char remark

   Show marketing remark (626 chars)

   Opportunity to acquire a tenant-ready 2BR/1BA with key system updates already in place. Recent improvements include a new sewer line (1 yr), interior and partial exterior paint, new carpet, updated kitchen flooring, and bath tile. The 12x20 detached garage (2 yrs) and new 8x12 shed, combined with a fully fenced yard and 6’ privacy fence with gate, create a rare setup for secure vehicle or equipment storage. Compact footprint keeps operating costs in check while still offering functional utility for tenants or trades. Property is in rentable condition but will not qualify for VA/FHA financing. Sold strictly AS-IS.

4. 2026-03-20
   listed $149,000 Active 626-char remark

   Show marketing remark (626 chars)

   Opportunity to acquire a tenant-ready 2BR/1BA with key system updates already in place. Recent improvements include a new sewer line (1 yr), interior and partial exterior paint, new carpet, updated kitchen flooring, and bath tile. The 12x20 detached garage (2 yrs) and new 8x12 shed, combined with a fully fenced yard and 6’ privacy fence with gate, create a rare setup for secure vehicle or equipment storage. Compact footprint keeps operating costs in check while still offering functional utility for tenants or trades. Property is in rentable condition but will not qualify for VA/FHA financing. Sold strictly AS-IS.

5. 2022-09-21
   soldstatus $30,000
6. 2022-08-31
   soldstatus $30,000

ⓘ 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: $1,437 · $120/mo
• Projected year-2 tax: $1,437 · $120/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 5/10 Major FEMA zone X (shaded) · 29% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,424
• − Mortgage interest: −$7,786
• − Property taxes: −$1,437
• − Insurance: −$695
• − Repairs & maintenance: −$1,314
• − Management: −$1,314
• − Depreciation: −$4,044
• Taxable loss: −$165
• Est. tax savings @ 24.0%: +$40
• After-tax cash flow: $2,136/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): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

+363.3% since first listed

6 events — show timeline

• 2026-04-28 Relisted — REINMLS
• 2026-04-24 Price Changed $139,000 REINMLS
• 2026-04-13 Contingent — REINMLS
• 2026-03-20 Listed $149,000 REINMLS
• 2022-09-21 Sold (Public Records) $30,000 Public Records
• 2022-08-31 Sold (Public Records) $30,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,437 · +0.1% YoY. Source: county tax records.