3604 Bosun Dr · Chesapeake, VA 23321

$249,000

4 bd · 2.0 ba · 1,528 sqft · SingleFamily public records · 30 Days on market

Built 1964 7,448 sqft lot Est $339k · 27% 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 +16.9/30.0
• ARV discount +15.0/15.0
• Schools +5.8/10.0
• DSCR +5.2/10.0
• Rent growth +4.4/5.0
• 1% rule +4.1/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4-bedroom, 2-bathroom single-family home at 3604 Bosun Dr, Chesapeake, VA 23321, is a prime opportunity for investors looking for steady rental income or a value-add project in the highly desirable Western Branch submarket. Situated in Western Branch, a neighborhood known for its low turnover and reliable tenant base. It is conveniently close to major military hubs like the Portsmouth Naval Hospital and Norfolk Naval Shipyard. Area is 33, subdivision is 232

Key facts

• 7,448 sq ft lot
• Built 1964
• Listed 30 days

Property features AI

Finance

• Other: Approximately 0.17 acre lot (approx. dimensions 82.61' x 100'); Listed as a fixer upper
• HOA & community: No HOA

Exterior

• Parking: Driveway spaces; On-street parking
• Utilities: City/County water; City/County sewer; Electric service
• Home design: Detached ranch; Single-story; Crawl foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back yard fenced

Interior

• Bedrooms: Master bedroom on the first floor; One bedroom with ensuite
• Flooring: Carpet; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Baseboard heating; Electric heating; Electric water heater
• Interior features: One fireplace; Carpet and wood flooring

🏷️ Possibly a rental listed for sale. The $249,000 price doesn't fit this home's estimated sale value (~$339,216) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $163 ($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 $226k (9.1% below list).
• Recommended offer: $226k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Western Branch Primary (813 students, 41% FRL); Western Branch High (math 71% / reading 84%, grade A-, #83 of 319 statewide, top 28%, 2,121 students, 37% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 234 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 2 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 $50k; list at $249k implies a 399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $226,267 (9.1% below list)

Questions for the listing agent

1. Built in 1964 — 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: 0.91% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $339,216
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3725 Bosun Dr	0.16mi	4/2.0	1,476 (-3%)	5mo	$320,000	$217	83
3980 Port Rd	0.60mi	3/2.0 (-1)	1,485 (-3%)	1mo	$330,000	$222	62
243 Jarman Ave	0.24mi	3/2.0 (-1)	1,391 (-9%)	9mo	$280,000	$201	61
1628 Gaff Rd	0.58mi	3/2.0 (-1)	1,557 (+2%)	5mo	$182,200	$117	60
4029 Sea Cliff Rd	0.67mi	3/2.0 (-1)	1,485 (-3%)	2mo	$375,000	$253	58
4020 Sea Cliff Rd	0.64mi	3/2.0 (-1)	1,500 (-2%)	7mo	$350,000	$233	56
800 Arnold Palmer Dr	0.45mi	3/2.0 (-1)	1,685 (+10%)	1mo	$435,000	$258	56
1704 Sandy Pines Ct	0.74mi	3/2.0 (-1)	1,459 (-4%)	4mo	$355,900	$244	50
3917 Sextant St	0.51mi	4/2.0	1,350 (-12%)	9mo	$315,000	$233	49
4200 Airline Blvd	0.69mi	3/2.5 (-1)	1,592 (+4%)	9mo	$345,000	$217	46
717 Berkshire Rd	0.56mi	3/2.0 (-1)	1,700 (+11%)	9mo	$280,000	$165	42
4019 Sea Cliff Rd	0.65mi	4/2.0	1,751 (+15%)	7mo	$350,000	$200	39

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 · 7.59% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.73×
• Total profit: $-19,053
• Equity at exit: $37,127

10-year hold

• IRR: 7.3%
• Equity multiple: 1.66×
• Total profit: $46,015
• Equity at exit: $21,529

Cash invested: $69,720 (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 23321

• Rents YoY: 7.6%
• Active inventory: 234
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,263 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$215 /mo · $2,579/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $163

Break-even live

Break-even rent $2,056

Max offer price $249,000

Occupancy floor 88%

Sensitivity live

Price	-10% $304	-5% $234	+0% $163	+5% $93	+10% $22
Rent	-10% $-16	-5% $74	+0% $163	+5% $252	+10% $342
Rate	-1.0pp $288	-0.5pp $226	base $163	+0.5pp $99	+1.0pp $33

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3711 Bay Cres Chesapeake, VA	4.0	2.5	1915	$2,300	$1.20	17d	1	0.30mi
113 Bedford Pl Portsmouth, VA	4.0	2.5	1939	$2,400	$1.24	44d	1	0.31mi
113 Bedford Pl Portsmouth, VA	4.0	2.5	1939	$2,400	$1.24	18d	1	0.31mi
4138 Riverside Dr Chesapeake, VA	3.0	2.5	1974	$2,850	$1.44	12d	1	0.58mi
4100 Sail Ct Unit 4124 Chesapeake, VA	3.0	2.0	1100	$1,595	$1.45	15d	1	0.61mi
4100 Sail Ct Unit 4105 Chesapeake, VA	3.0	2.0	1100	$1,495	$1.36	18d	1	0.61mi
4100 Sail Ct Unit 4118 Chesapeake, VA	3.0	2.0	1100	$1,500	$1.36	8d	1	0.61mi
1217 Lakeview Dr Portsmouth, VA	4.0	2.0	1425	$2,550	$1.79	8d	1	0.87mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	18d	1	0.88mi
1507 Hodges Ferry Rd Portsmouth, VA	3.0	1.5	1827	$1,650	$0.90	44d	1	0.90mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$2,300	$1.48	13d	1	1.10mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$900	$0.58	24d	1	1.10mi

Listing history 17 events

1. 2026-06-18
   status $249,000 Under Contract 30 DOM
2. 2026-06-17
   days on market $249,000 Active 30 DOM
3. 2026-06-16
   days on market $249,000 Active 29 DOM
4. 2026-06-15
   days on market $249,000 Active 28 DOM
5. 2026-06-13
   days on market $249,000 Active 26 DOM
6. 2026-06-09
   days on market $249,000 Active 22 DOM
7. 2026-06-08
   days on market $249,000 Active 21 DOM
8. 2026-06-07
   days on market $249,000 Active 20 DOM
9. 2026-06-03
   days on market $249,000 Active 16 DOM
10. 2026-06-02
    days on market $249,000 Active 15 DOM
11. 2026-06-01
    days on market $249,000 Active 14 DOM
12. 2026-05-31
    days on market $249,000 Active 13 DOM
13. 2026-05-18
    listed $249,000 Active
14. 2026-04-30
    listed $249,000 Active 466-char remark

    Show marketing remark (466 chars)

    This 4-bedroom, 2-bathroom single-family home at 3604 Bosun Dr, Chesapeake, VA 23321, is a prime opportunity for investors looking for steady rental income or a value-add project in the highly desirable Western Branch submarket. Situated in Western Branch, a neighborhood known for its low turnover and reliable tenant base. It is conveniently close to major military hubs like the Portsmouth Naval Hospital and Norfolk Naval Shipyard. Area is 33, subdivision is 232

15. 1983-07-01
    soldstatus $49,900
16. 1968-10-14
    soldstatus $13,500
17. 1968-09-05
    soldstatus $174,000

ⓘ 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: $2,579 · $215/mo
• Projected year-2 tax: $2,579 · $215/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 3/10 Moderate FEMA zone X (unshaded) · 9% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,152
• − Mortgage interest: −$13,948
• − Property taxes: −$2,579
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,172
• − Management: −$2,172
• − Depreciation: −$7,244
• Taxable loss: −$2,207
• Est. tax savings @ 24.0%: +$530
• After-tax cash flow: $2,487/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 40,176
• Household income: $101,568
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 839.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 37% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 92% English-only · Spanish 4% Vietnamese 1% Korean 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -256.23%
• Current HPI: 295.6473
• Rent YoY: ▲ 7.59%
• 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

+43.1% since first listed

5 events — show timeline

• 2026-05-18 Listed $249,000 REINMLS
• 2026-04-30 Listed $249,000 CVRMLS
• 1983-07-01 Sold (Public Records) $49,900 Public Records
• 1968-10-14 Sold (Public Records) $13,500 Public Records
• 1968-09-05 Sold (Public Records) $174,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,579 · +5.0% YoY. Source: county tax records.