57 Grand St · Portsmouth, VA 23701

$275,000

4 bd · 2.0 ba · 1,517 sqft · MultiFamily public records · 31 Days on market

Built 1942 Est $223k · 23% over

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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 +24.7/30.0
• DSCR +8.0/10.0
• 1% rule +5.6/10.0
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Updated and Renovated Duplex including luxury vinyl flooring, carpet in bedrooms, modern kitchens and bathrooms-both units tenant occupied. Grassy backyard with partial fence and foliage.

Key facts

• Renovated duplex
• Grassy backyard
• Updated duplex

Tags

• UPDATED DUPLEX
• RENOVATED DUPLEX
• LUXURY VINYL FLOORING
• MODERN KITCHENS
• MODERN BATHROOMS
• GRASSY BACKYARD

Property features AI

Finance

• Financial info: Leases in place: Unit 1 lease expires 08/31/2026 (year lease); Unit 2 lease expires 01/31/2027 (year lease)

Exterior

• Parking: Street parking for both units
• Utilities: City/County water; City/County sewer; All units have separate meters; Water heater: other
• Home design: Duplex, side-by-side configuration; Simple ownership; Entry level: first floor (primary bedrooms listed as first-floor)
• Construction: Vinyl siding; Asphalt shingle roof; Crawl foundation
• Exterior features: Partial fence; Wooded lot

Interior

• Kitchen: Gas range (Unit 1); Electric range (Unit 2); Refrigerator (Unit 1); Refrigerator (Unit 2); Dishwasher not listed
• Bedrooms: Unit 1: 2 bedrooms (first-floor master); Unit 2: 2 bedrooms (first-floor master)
• Flooring: Carpet (both units)
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Forced hot air and natural gas heating (Unit 1); Heat pump heating (Unit 1 & Unit 2); Central air conditioning (both units)
• Interior features: 1st floor master bedroom; Utility closet; Separate meters for all units
• Laundry & utility: Washer hookup (Unit 1); Dryer hookup (Unit 1); Washer hookup (Unit 2); Dryer hookup (Unit 2)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive. Per door: $288/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: Douglass Park Elementary (math 12% / reading 37%, grade F, #1,051 of 1,108 statewide, top 96%, 550 students, 98% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+11.9%/yr); 171 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,927/mo this rent would consume 56% of the median local household income ($62k/yr) (locally 580% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 11y 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 $142k; list at $275k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• 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 $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.06% ✓
• Cap rate: 8.81%
• Cash-on-cash: 8.98%
• DSCR: 1.40
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $222,999
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
57 Grand St	0.00mi	4/2.0	1,600 (+6%)	1mo	$280,000	$175	90
47 Grand St	0.03mi	4/3.0	1,565 (+3%)	12mo	$168,000	$107	79
1&3 Shelby St	0.03mi	4/2.0	1,400 (-8%)	9mo	$205,100	$147	78

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.10×
• Total profit: $7,552
• Equity at exit: $41,003

10-year hold

• IRR: 16.1%
• Equity multiple: 2.61×
• Total profit: $124,008
• Equity at exit: $23,777

Cash invested: $77,000 (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 23701

• Rents YoY: 11.9%
• Active inventory: 171
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,927 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$179 /mo · $2,152/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $576

Break-even live

Break-even rent $2,198

Max offer price $275,000

Occupancy floor 75%

Sensitivity live

Price	-10% $732	-5% $654	+0% $576	+5% $498	+10% $421
Rent	-10% $345	-5% $461	+0% $576	+5% $692	+10% $807
Rate	-1.0pp $715	-0.5pp $646	base $576	+0.5pp $505	+1.0pp $432

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,928
Total (2 units)			$2,927

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	0.28mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	0.28mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	0.30mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	0.47mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	0.62mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	0.68mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.75mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.81mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	44d	1	0.86mi
3717 Scott St Portsmouth, VA	3.0	1.0	1157	$1,400	$1.21	24d	1	0.91mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.91mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.94mi
3607 Bart St Portsmouth, VA	3.0	2.0	1326	$1,850	$1.40	11d	1	1.03mi
4205 Dartmouth St Portsmouth, VA	4.0	3.5	2100	$2,400	$1.14	18d	1	1.14mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	1.18mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	17d	1	1.18mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	4d	1	1.22mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	1.29mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	1.30mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	1.30mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	1.33mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	1.35mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	1.37mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	1.38mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	1.39mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	1.44mi
300 Russell St Portsmouth, VA	3.0	1.5	1534	$2,250	$1.47	24d	1	1.49mi

Listing history 24 events

1. 2026-05-05
   status Under Contract
2. 2026-04-23
   historical Active Under Contract
3. 2026-04-03
   listed $275,000 Active
4. 2021-03-31
   historical
5. 2021-03-25
   soldstatus $141,500
6. 2021-01-28
   historical Active Under Contract
7. 2021-01-10
   price $147,900
8. 2021-01-10
   status Active
9. 2021-01-09
   historical Active Under Contract
10. 2021-01-01
    price $149,900
11. 2021-01-01
    status Active
12. 2021-01-01
    status Active Under Contract
13. 2020-12-31
    historical
14. 2020-12-16
    historical Active Under Contract
15. 2020-12-03
    price $159,900
16. 2020-11-10
    price $169,800
17. 2020-11-10
    status Active
18. 2020-11-06
    historical Active Under Contract
19. 2020-10-29
    listed $169,900 Active
20. 2015-11-11
    historical
21. 2015-10-22
    status Active
22. 2015-08-19
    status Under Contract
23. 2015-08-12
    historical
24. 2015-07-22
    listed $80,000 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: $2,152 · $179/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$103/yr (+$9/mo · 4.8%)

ⓘ 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 (unshaded) · 0% 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: $35,124
• − Mortgage interest: −$15,404
• − Property taxes: −$2,152
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,810
• − Management: −$2,810
• − Depreciation: −$8,000
• Taxable income: $2,572
• Est. tax owed @ 24.0%: −$617
• After-tax cash flow: $6,298/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): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 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: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

+243.8% since first listed

24 events — show timeline

• 2026-05-05 Pending — REINMLS
• 2026-04-23 Contingent — REINMLS
• 2026-04-03 Listed $275,000 REINMLS
• 2021-03-31 Listing Removed — REINMLS
• 2021-03-25 Sold (Public Records) $141,500 Public Records
• 2021-01-28 Contingent — REINMLS
• 2021-01-10 Price Changed $147,900 REINMLS
• 2021-01-10 Relisted — REINMLS
• 2021-01-09 Contingent — REINMLS
• 2021-01-01 Price Changed $149,900 REINMLS
• 2021-01-01 Relisted — REINMLS
• 2021-01-01 Relisted — REINMLS
• 2020-12-31 Listing Removed — REINMLS
• 2020-12-16 Contingent — REINMLS
• 2020-12-03 Price Changed $159,900 REINMLS
• 2020-11-10 Price Changed $169,800 REINMLS
• 2020-11-10 Relisted — REINMLS
• 2020-11-06 Contingent — REINMLS
• 2020-10-29 Listed $169,900 REINMLS
• 2015-11-11 Listing Removed — REINMLS
• 2015-10-22 Relisted — REINMLS
• 2015-08-19 Pending — REINMLS
• 2015-08-12 Listing Removed — REINMLS
• 2015-07-22 Listed $80,000 REINMLS

Property tax history

+2.0%/yr

Latest (2025): $2,152 · +4.4% YoY. Source: county tax records.