403 Craig St · Norfolk, VA 23523

$185,000

4 bd · 1.0 ba · 1,626 sqft · SingleFamily public records · 29 Days on market

Built 1915 2,692 sqft lot Est $315k · 41% 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SPACIOUS 4-BEDROOM, 1.5 BATH VICTORIAN HOME OFFERING TONS OF POTENTIAL. THIS PROPERTY IS PERFECT FOR INVESTORS LOOKING TO RENOVATE, RENT, OR FLIP FOR PROFIT. UNDERSTRUCTURE REQUIRES REPAIRS & INTERIOR REQUIRES TLC. PROPERTY SOLD AS IS, WHERE IS, WITH NO WARRANTIES.

Key facts

• 2,692 sq ft lot
• Built 1915
• Listed 29 days

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached Victorian-style home; 2 stories; Crawl foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back yard fenced with wood fence; City view

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: No bedroom with full bath on the first floor
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet and vinyl flooring; 8 total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Southside Stem Academy At Campostella (math 11% / reading 37%, grade F, #1,064 of 1,108 statewide, top 96%, 737 students, 95% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 94% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $185k implies a 469% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1915 — 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $182,225 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.24% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.51%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $315,444
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E Liberty St	0.39mi	4/2.5	1,600 (-2%)	4mo	$260,000	$163	70
808 Joyce St	0.26mi	3/2.5 (-1)	1,656 (+2%)	7mo	$275,000	$166	68
910 Fairfield St	0.10mi	4/1.5	1,406 (-14%)	4mo	$234,700	$167	68
123 Hardy Ave	0.43mi	4/1.5	1,556 (-4%)	4mo	$260,000	$167	67
1302 Hatton St	0.47mi	3/2.0 (-1)	1,600 (-2%)	2mo	$310,000	$194	65
511 Appomattox Ave	0.15mi	3/1.5 (-1)	1,400 (-14%)	1mo	$249,700	$178	62
1623 Conoga St	0.53mi	4/3.5	1,648 (+1%)	5mo	$370,000	$225	59
1300 Cass St	0.49mi	4/2.5	1,500 (-8%)	2mo	$315,000	$210	57
1608 Selden Ave	0.47mi	3/2.5 (-1)	1,519 (-7%)	1mo	$315,000	$207	56
1510 Landsworth St	0.71mi	3/2.0 (-1)	1,722 (+6%)	1mo	$357,000	$207	47
1001 Grayson St	0.49mi	3/2.5 (-1)	1,458 (-10%)	2mo	$291,000	$200	47
1608 Colon Ave	0.70mi	3/1.0 (-1)	1,500 (-8%)	4mo	$115,500	$77	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $2,970
• Equity at exit: $27,584

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $45,126
• Equity at exit: $15,995

Cash invested: $51,800 (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 23523

• Home prices YoY: -16.6%
• Active inventory: 24
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,286 high
• Mortgage (P&I): −$970
• Tax from tax record: −$175 /mo · $2,105/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $517

Break-even live

Break-even rent $1,632

Max offer price $185,000

Occupancy floor 72%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	44d	1	0.22mi
722 Culpepper St Norfolk, VA	5.0	4.0	1742	$2,550	$1.46	44d	1	0.30mi
413 Walker Ave Norfolk, VA	5.0	3.5	2200	$3,500	$1.59	44d	1	0.33mi
127 Poplar Ave Unit 1 Norfolk, VA	3.0	2.0	1700	$2,199	$1.29	24d	1	0.39mi
1729 Todd St Norfolk, VA	3.0	2.5	2000	$2,450	$1.23	24d	1	0.39mi
201 Bellamy Ave Norfolk, VA	5.0	2.5	2200	$2,750	$1.25	44d	1	0.44mi
1008 Grayson St Norfolk, VA	3.0	2.0	2200	$2,495	$1.13	44d	1	0.49mi
701 S Main St Norfolk, VA	3.0	2.0	1076	$1,349	$1.25	2d	2	0.52mi
329 S Main St Norfolk, VA	3.0	3.0	1652	$3,000	$1.82	44d	1	0.52mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	20d	1	0.52mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	44d	1	0.52mi
1510 Wilson Rd Unit 1 Norfolk, VA	3.0	1.0	1100	$1,325	$1.20	24d	1	0.52mi
1009 Elkin St Norfolk, VA	4.0	2.5	1914	$2,500	$1.31	12d	1	0.65mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	4d	1	0.98mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	17d	1	1.13mi
2624 Chesterfield Blvd Norfolk, VA	4.0	1.5	1512	$2,000	$1.32	44d	1	1.15mi
1231 Stewart St Chesapeake, VA	4.0	2.5	2159	$2,550	$1.18	3d	1	1.18mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	44d	1	1.23mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	15d	1	1.23mi
2800 Chesterfield Blvd Norfolk, VA	3.0	2.5	1760	$2,400	$1.36	4d	1	1.27mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$4,929	$4.30	2d	15	1.28mi
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	24d	1	1.29mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	15d	1	1.29mi
820 Maltby Cres Norfolk, VA	3.0	2.5	1850	$2,395	$1.29	24d	1	1.34mi
2806 Kimball Ter Norfolk, VA	3.0	2.5	1700	$2,100	$1.24	44d	1	1.37mi
2808 Westminster Ave Norfolk, VA	4.0	2.0	1988	$2,295	$1.15	24d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $185,000 Active 29 DOM
2. 2026-06-17
   days on market $185,000 Active 28 DOM
3. 2026-06-16
   days on market $185,000 Active 27 DOM
4. 2026-06-15
   days on market $185,000 Active 26 DOM
5. 2026-06-13
   days on market $185,000 Active 24 DOM
6. 2026-06-09
   days on market $185,000 Active 20 DOM
7. 2026-06-08
   days on market $185,000 Active 19 DOM
8. 2026-06-07
   days on market $185,000 Active 18 DOM
9. 2026-06-03
   days on market $185,000 Active 14 DOM
10. 2026-06-02
    days on market $185,000 Active 13 DOM
11. 2026-06-01
    days on market $185,000 Active 12 DOM
12. 2026-05-31
    days on market $185,000 Active 11 DOM
13. 2026-05-20
    listed $185,000 Active
14. 2015-04-15
    price $39,900
15. 2014-03-24
    price $54,900 Active
16. 2014-02-08
    price $64,900 Active
17. 2013-09-18
    price $74,900 Active
18. 2001-04-16
    soldstatus $32,500
19. 1979-10-02
    soldstatus $15,000

ⓘ 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: $2,105 · $175/mo
• Projected year-2 tax: $2,105 · $175/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 7/10 Severe FEMA zone X (shaded) · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,429
• − Mortgage interest: −$10,363
• − Property taxes: −$2,105
• − Insurance: −$1,722
• − Repairs & maintenance: −$2,194
• − Management: −$2,194
• − Depreciation: −$5,382
• Taxable income: $3,469
• Est. tax owed @ 24.0%: −$832
• After-tax cash flow: $5,368/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
• City population: 214,042
• Population (ZIP): 7,698

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 (87%)
• Race & ethnicity: Black 87% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% 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: ▼ -53.73%
• Current HPI: 269.0309
• Rent YoY: —
• Metro: —
• 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

+1133.3% since first listed

7 events — show timeline

• 2026-05-20 Listed $185,000 REINMLS
• 2015-04-15 Price Changed $39,900 REINMLS
• 2014-03-24 Price Changed $54,900 REINMLS
• 2014-02-08 Price Changed $64,900 REINMLS
• 2013-09-18 Price Changed $74,900 REINMLS
• 2001-04-16 Sold (Public Records) $32,500 Public Records
• 1979-10-02 Sold (Public Records) $15,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $2,105 · +1.1% YoY. Source: county tax records.