2104 Elm Ave · Portsmouth, VA 23704

$175,000

4 bd · 2.0 ba · 1,688 sqft · SingleFamily public records · 7 Days on market

Built 1910 $104/sqft · 33% below area Est $262k · 33% 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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FIXER UPPER!!!!! SELLING AS IS WHERE IS This home has lots of potential. NEEDS WORK , Anderson windows, some laminate flooring, upgraded electrical box, new heating system, HVAC 4 YRS. OLD BUT NOT HOOKED UP HOT WATER HEATER 5 YRS OLD, all sewage and pipes all new. Needs WORK AND A ROOF SELLING "AS IS WHERE IS

Key facts

• Anderson windows
• New sewage and pipes
• New heating system

Tags

• ANDERSON WINDOWS
• UPGRADED ELECTRICAL BOX
• NEW HEATING SYSTEM
• NEW SEWAGE AND PIPES

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Attached 1-car garage; 1 additional parking space
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached colonial; 2 stories; Crawl foundation; Simple ownership
• Construction: Aluminum exterior siding; Crawlspace foundation; Asphalt shingle and slate roofing
• Exterior features: Aluminum siding; Chain link fence; Fenced yard; Asphalt shingle and slate roof

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher
• Bedrooms: Master bedroom; First-floor bedroom with full bathroom; Additional bedroom on first floor
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced hot air heating; Window/wall cooling
• Interior features: Gas fireplace; Wood-burning fireplace; Fireplace (gas and wood); 7 total rooms; Fixer upper
• Laundry & utility: Dryer; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.4% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brighton Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 411 students, 97% FRL) — zoned schools average 97% FRL vs 60% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 46% district-wide (-24 pts) — the specific schools serving this property underperform the Portsmouth City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.3%/yr); 131 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,189/mo this rent would consume 53% of the median local household income ($50k/yr) (locally 1727% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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.
• Current owner paid $90k; list at $175k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $175,000

Questions for the listing agent

1. Built in 1910 — 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 B-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. 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?
5. 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.
6. 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.
7. 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: 1.25% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.53%
• DSCR: 1.65
• GRM: 6.7

CMA / ARV

• ARV (median comp): $262,500
• List price: $175,000
• Delta: -33.33%
• 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
2506 Oak St	0.19mi	3/2.5 (-1)	1,700 (+1%)	2mo	$278,000	$164	82
1801 Elm Ave	0.18mi	4/2.5	1,608 (-5%)	2mo	$290,000	$180	80
1908 Elm Ave	0.11mi	4/2.0	1,554 (-8%)	2mo	$230,000	$148	80
908 Lincoln St	0.27mi	4/2.0	1,554 (-8%)	1mo	$281,900	$181	73
2121 Effingham St	0.37mi	3/1.5 (-1)	1,650 (-2%)	1mo	$280,000	$170	71
2317 Chestnut St	0.31mi	3/1.5 (-1)	1,560 (-8%)	1mo	$260,000	$167	65
2016 Evergreen Pl	0.60mi	4/2.5	1,800 (+7%)	1mo	$307,000	$171	58
2108 Evergreen Pl	0.60mi	4/2.5	1,800 (+7%)	2mo	$280,000	$156	58
2331 Azalea Ave	0.45mi	3/2.0 (-1)	1,872 (+11%)	0mo	$283,900	$152	56
1415 Des Moines Ave	0.51mi	4/2.5	1,890 (+12%)	1mo	$335,000	$177	54
1912 Deep Creek Blvd	0.51mi	3/1.0 (-1)	1,496 (-11%)	2mo	$240,000	$160	47
2407 Lincoln St	0.58mi	3/2.5 (-1)	1,896 (+12%)	3mo	$294,000	$155	43

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $10,102
• Equity at exit: $26,093

10-year hold

• IRR: 15.0%
• Equity multiple: 2.23×
• Total profit: $60,231
• Equity at exit: $15,131

Cash invested: $49,000 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 131
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,189 high
• Mortgage (P&I): −$918
• Tax from tax record: −$145 /mo · $1,742/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $593

Break-even live

Break-even rent $1,438

Max offer price $175,000

Occupancy floor 68%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	43d	1	0.06mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	7d	1	0.11mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.26mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	23d	1	0.28mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	23d	1	0.31mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.31mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	3d	1	0.33mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	43d	1	0.37mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	23d	1	0.38mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	43d	1	0.49mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	43d	1	0.57mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	43d	1	0.64mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	7d	1	0.66mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	23d	1	0.68mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	43d	1	0.73mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	23d	2	0.84mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	2d	5	0.85mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	44d	1	0.96mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	23d	1	1.15mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	23d	1	1.16mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.17mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	10d	1	1.17mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	43d	1	1.23mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	17d	1	1.24mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	23d	1	1.28mi
303 Effingham St Portsmouth, VA	1.0–3.0	1.0–2.0	863	$1,950	$2.26	16d	11	1.28mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	16d	1	1.28mi
129 Elm Ave Portsmouth, VA	3.0	1.5	1160	$2,600	$2.24	43d	1	1.34mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	23d	1	1.37mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	7d	1	1.38mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	17d	1	1.43mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	20d	1	1.45mi

Listing history 7 events

1. 2026-05-13
   listed $175,000 Active 316-char remark
2. 2022-05-20
   historical
3. 2022-03-18
   price $165,000
4. 2021-10-21
   listed $180,000 Active
5. 2017-02-02
   status Under Contract
6. 2017-01-07
   listed $29,900 Active
7. 2004-12-02
   soldstatus $90,000

ⓘ 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: $1,742 · $145/mo
• Projected year-2 tax: $1,742 · $145/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) · 47% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,265
• − Mortgage interest: −$9,803
• − Property taxes: −$1,742
• − Insurance: −$875
• − Repairs & maintenance: −$2,101
• − Management: −$2,101
• − Depreciation: −$5,091
• Taxable income: $4,552
• Est. tax owed @ 24.0%: −$1,092
• After-tax cash flow: $6,027/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

+94.4% since first listed

8 events — show timeline

• 2026-05-20 Pending — REINMLS
• 2026-05-13 Listed $175,000 REINMLS
• 2022-05-20 Listing Removed — REINMLS
• 2022-03-18 Price Changed $165,000 REINMLS
• 2021-10-21 Listed $180,000 REINMLS
• 2017-02-02 Pending — REINMLS
• 2017-01-07 Listed $29,900 REINMLS
• 2004-12-02 Sold (Public Records) $90,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,742 · +2.4% YoY. Source: county tax records.