1808 Aft Way · Chesapeake, VA 23323

$400,000

3 bd · 3.0 ba · 2,036 sqft · Condo public records · 31 Days on market

Built 2021 $180/mo HOA · 6% of rent

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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 +8.1/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

This beautiful tri-level 2-car garage condo in the sought-after Grassfield district offers luxurious and maintenance-free living! The first floor features a huge flex room that leads out to the backyard with a wooded view- great for a 4th bedroom, in-law suite, den, or office. The second floor features an open floor plan with a spacious living room, dining area, and the kitchen with an island, granite countertops, pantry, half bath/powder room, and access to an 8'x18' composite deck overlooking the private, tree-lined side of the community. The third floor features 3 bedrooms, 2 full bathrooms, and a convenient laundry room. The primary bedroom has tray ceilings, a walk-in closet, and its o

Key facts

• Open floor plan
• Clubhouse
• Large pool

Tags

• WOODED VIEW
• OPEN FLOOR PLAN
• COMPOSITE DECK
• PRIVATE TREE LINED
• LARGE POOL
• CLUBHOUSE

Property features AI

Finance

• HOA & community: Bryan's Cove Residential Condominium Association; Managed by myStreet Community Management; Condo association fee $180 monthly; Community amenities include clubhouse, dock, exercise room, grounds maintenance, playgrounds, pool, private beach, and trash pickup

Exterior

• Parking: Attached 2-car garage; Additional unit garage/2 spaces; Driveway parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Natural gas available
• Home design: Attached condo (townhouse, tri-level); Three stories with three living levels; Condo unit on level 1; Slab foundation; Stone and vinyl siding; Asphalt shingle roof
• Construction: Stone and vinyl exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Deck; Wooded view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Gas range; Refrigerator; Pantry; Energy Star appliances
• Bedrooms: One bedroom with ensuite; Bedroom and full bathroom on first floor
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Natural gas heating; Programmable thermostat; Central air conditioning; Electric water heater
• Interior features: Built-in bar; Double sink in primary bath; Attic access (scuttle); Walk-in closet; Window treatments; Cable hookup; Ceiling fans; Garage door opener
• Laundry & utility: Washer and dryer; Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $-394 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $330k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $301k (24.7% below list).
• Recommended offer: $301k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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: Grassfield Elementary (math 74% / reading 78%, grade A, #202 of 1,108 statewide, top 19%, 1,352 students, 18% FRL); Hugo A. Owens Middle (math 57% / reading 76%, grade A-, #107 of 342 statewide, top 33%, 1,315 students, 30% FRL); Grassfield High (math 77% / reading 92%, grade A, #23 of 319 statewide, top 8%, 2,314 students, 15% FRL).
• Market conditions: Rents rising fast (+6.1%/yr); 184 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• This rent runs 33% of the median local income ($109k/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 $3k of loan paydown is wiped out by about $12k 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 31 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago 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.

Risks & watch-outs

• Climate carrying-cost: 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 $301,266 (24.7% 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 31 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.22%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.29×
• Total profit: $-80,048
• Equity at exit: $59,641

10-year hold

• IRR: -7.3%
• Equity multiple: 0.47×
• Total profit: $-58,953
• Equity at exit: $34,585

Cash invested: $112,000 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 184
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,013 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$329 /mo · $3,951/yr
• Insurance: −$167
• HOA: −$180
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $-394

Break-even live

Break-even rent $3,511

Max offer price $330,474

Occupancy floor —

Sensitivity live

Price	-10% $-167	-5% $-280	+0% $-394	+5% $-507	+10% $-620
Rent	-10% $-632	-5% $-513	+0% $-394	+5% $-275	+10% $-156
Rate	-1.0pp $-192	-0.5pp $-292	base $-394	+0.5pp $-497	+1.0pp $-603

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1757 Shipyard Rd Chesapeake, VA	4.0	2.5	2905	$3,695	$1.27	16d	1	0.14mi
1751 Fortune Ter Unit 1 Chesapeake, VA	3.0	2.5	2036	$2,795	$1.37	6d	1	0.32mi
1751 Fortune Ter Chesapeake, VA	3.0	3.0	2036	$2,795	$1.37	5d	1	0.32mi
1736 Defiance Dr Chesapeake, VA	3.0	2.5	1720	$2,500	$1.45	25d	1	0.34mi
2164 Shipyard Rd Chesapeake, VA	4.0	2.0	1459	$2,750	$1.88	9d	1	1.14mi
721 Albertine Ct Chesapeake, VA	3.0	2.5	1750	$2,795	$1.60	19d	1	1.48mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $400,000 Active 31 DOM
2. 2026-06-18
   days on market $400,000 Active 28 DOM
3. 2026-06-17
   days on market $400,000 Active 27 DOM
4. 2026-06-16
   days on market $400,000 Active 26 DOM
5. 2026-06-15
   days on market $400,000 Active 25 DOM
6. 2026-06-13
   days on market $400,000 Active 23 DOM
7. 2026-06-09
   days on market $400,000 Active 19 DOM
8. 2026-06-08
   days on market $400,000 Active 18 DOM
9. 2026-06-07
   days on market $400,000 Active 17 DOM
10. 2026-06-03
    days on market $400,000 Active 13 DOM
11. 2026-06-02
    days on market $400,000 Active 12 DOM
12. 2026-06-01
    days on market $400,000 Active 11 DOM
13. 2026-05-31
    days on market $400,000 Active 10 DOM
14. 2026-05-21
    listed $400,000 Active
15. 2026-05-21
    historical
16. 2026-04-09
    price $400,000
17. 2026-03-12
    price $412,000
18. 2026-02-19
    listed $412,500 Active
19. 2026-02-03
    historical
20. 2025-10-24
    price $419,000
21. 2025-09-24
    listed $420,000 Active
22. 2020-12-23
    status Under Contract
23. 2020-12-23
    listed $336,355 Active

ⓘ 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: $3,951 · $329/mo
• Projected year-2 tax: $3,951 · $329/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°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: $36,152
• − Mortgage interest: −$22,406
• − Property taxes: −$3,951
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,892
• − Management: −$2,892
• − HOA: −$2,160
• − Depreciation: −$11,636
• Taxable loss: −$11,786
• Est. tax savings @ 24.0%: +$2,829
• After-tax cash flow: $-1,894/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): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

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 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 1% Other Indo-European 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: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

+18.9% since first listed

10 events — show timeline

• 2026-05-21 Listing Removed — REINMLS
• 2026-05-21 Listed $400,000 REINMLS
• 2026-04-09 Price Changed $400,000 REINMLS
• 2026-03-12 Price Changed $412,000 REINMLS
• 2026-02-19 Listed $412,500 REINMLS
• 2026-02-03 Listing Removed — REINMLS
• 2025-10-24 Price Changed $419,000 REINMLS
• 2025-09-24 Listed $420,000 REINMLS
• 2020-12-23 Pending — REINMLS
• 2020-12-23 Listed $336,355 REINMLS

Property tax history

+3.8%/yr

Latest (2025): $3,951 · +6.6% YoY. Source: county tax records.