209 Hanbury Ave · Portsmouth, VA 23702

$276,900

4 bd · 2.0 ba · 1,836 sqft · SingleFamily public records · 66 Days on market

Built 1952 $151/sqft · at area comps Est $291k · at est.

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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 +15.2/30.0
• Appreciation +10.0/10.0
• ARV discount +9.7/15.0
• DSCR +4.7/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Don’t miss this great opportunity to own a beautifully updated ranch-style home conveniently located near the Norfolk Naval Shipyard, Coast Guard and Downtown Norfolk. Enjoy relaxing on the inviting front porch of this well-maintained property featuring numerous updates throughout. Inside, a modern kitchen with refreshed cabinetry, countertops, stone backsplash, LVP flooring, GFCI outlets, and appliances that convey. The formal living room showcases original hardwood flooring and a convenient pass-through to the kitchen. Fresh paint, updated windows (except in the laundry room), newer HVAC ductwork with gas heat, a newer compressor, a nail-over roof, and a newer hot water heater add to the home’s value and comfort. This home offers three bedrooms on the main level plus a finished attic with an additional bedroom and full bathroom (sold as is). New LVP flooring runs throughout for a clean, modern look. Window blinds, washer and dryer convey as is. Outside fenced backyard, shed as is.

Key facts

• Finished attic
• Modern kitchen
• Fenced backyard

Tags

• UPDATED RANCH-STYLE HOME
• MODERN KITCHEN
• ORIGINAL HARDWOOD FLOORING
• FENCED BACKYARD
• FINISHED ATTIC
• NEWER HOT WATER HEATER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $277k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/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 $239k (13.6% below list).
• Recommended offer: $239k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Market conditions: Rents rising (+4.0%/yr); 65 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,394/mo this rent would consume 59% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 3 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.
• Current owner paid $128k; list at $277k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $239,351 (13.6% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 9.6

CMA / ARV

• ARV (median comp): $291,253
• List price: $276,900
• Delta: -4.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Cushing St	0.36mi	4/2.5	1,802 (-2%)	1mo	$310,000	$172	77
3906 Deep Creek Blvd	0.30mi	4/2.5	1,900 (+4%)	2mo	$288,700	$152	77
17 Davis St	0.44mi	4/2.0	1,900 (+4%)	1mo	$330,000	$174	73
2629 Greenwood Dr	0.39mi	4/2.0	1,700 (-7%)	1mo	$303,000	$178	69
45 Prospect Pkwy	0.46mi	4/3.5	1,750 (-5%)	2mo	$302,000	$173	63
27 Afton Pkwy	0.37mi	4/2.0	1,631 (-11%)	1mo	$309,000	$189	63
28 Alden Ave	0.52mi	5/2.5 (+1)	1,936 (+5%)	2mo	$205,000	$106	58
17 Prospect Pkwy	0.44mi	4/2.5	2,050 (+12%)	4mo	$255,000	$124	55
25 Alden Ave	0.52mi	3/2.0 (-1)	1,656 (-10%)	1mo	$246,500	$149	53
83 Channing Ave	0.68mi	4/3.0	1,721 (-6%)	1mo	$307,500	$179	53
14 Davis St	0.42mi	3/2.0 (-1)	1,562 (-15%)	4mo	$200,000	$128	47
87 Dahlgren Ave	0.74mi	3/1.5 (-1)	1,633 (-11%)	4mo	$265,000	$162	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 25.7%
• Equity multiple: 3.06×
• Total profit: $159,401
• Equity at exit: $249,453

10-year hold

• IRR: 22.8%
• Equity multiple: 7.05×
• Total profit: $469,380
• Equity at exit: $537,956

Cash invested: $77,532 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 65
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,394 high
• Mortgage (P&I): −$1,452
• Tax from tax record: −$225 /mo · $2,699/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $99

Break-even live

Break-even rent $2,269

Max offer price $276,900

Occupancy floor 91%

Sensitivity live

Price	-10% $255	-5% $177	+0% $99	+5% $20	+10% $-58
Rent	-10% $-91	-5% $4	+0% $99	+5% $193	+10% $288
Rate	-1.0pp $238	-0.5pp $169	base $99	+0.5pp $27	+1.0pp $-46

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: $69,225
• Closing costs: $8,307
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	0.24mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	0.31mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	45d	1	0.42mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.48mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	0.64mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	0.68mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	45d	1	0.95mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	0.99mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	45d	1	1.09mi
2117 Battery Park Rd Chesapeake, VA	5.0	3.0	2500	$3,500	$1.40	25d	1	1.18mi
528 Normandy St Portsmouth, VA	3.0	2.5	2262	$2,800	$1.24	25d	1	1.24mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	9d	1	1.30mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	45d	1	1.31mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	1.35mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	45d	1	1.36mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	25d	1	1.46mi
108 Marcy St Portsmouth, VA	4.0	2.5	2100	$2,500	$1.19	45d	1	1.47mi

Listing history 22 events

1. 2026-06-21
   days on market $276,900 Active 66 DOM
2. 2026-06-18
   days on market $276,900 Active 63 DOM
3. 2026-06-17
   days on market $276,900 Active 62 DOM
4. 2026-06-16
   days on market $276,900 Active 61 DOM
5. 2026-06-15
   days on market $276,900 Active 60 DOM
6. 2026-06-13
   days on market $276,900 Active 58 DOM
7. 2026-06-09
   days on market $276,900 Active 54 DOM
8. 2026-06-08
   days on market $276,900 Active 53 DOM
9. 2026-06-07
   statusdays on market $276,900 Active 52 DOM
10. 2026-06-03
    days on market $276,900 Active Under Contract 48 DOM
11. 2026-06-02
    days on market $276,900 Active Under Contract 47 DOM
12. 2026-06-01
    days on market $276,900 Active Under Contract 46 DOM
13. 2026-05-31
    days on market $276,900 Active Under Contract 45 DOM
14. 2026-05-12
    historical Active Under Contract 1009-char remark

    Show marketing remark (1009 chars)

    Don’t miss this great opportunity to own a beautifully updated ranch-style home conveniently located near the Norfolk Naval Shipyard, Coast Guard and Downtown Norfolk. Enjoy relaxing on the inviting front porch of this well-maintained property featuring numerous updates throughout. Inside, a modern kitchen with refreshed cabinetry, countertops, stone backsplash, LVP flooring, GFCI outlets, and appliances that convey. The formal living room showcases original hardwood flooring and a convenient pass-through to the kitchen. Fresh paint, updated windows (except in the laundry room), newer HVAC ductwork with gas heat, a newer compressor, a nail-over roof, and a newer hot water heater add to the home’s value and comfort. This home offers three bedrooms on the main level plus a finished attic with an additional bedroom and full bathroom (sold as is). New LVP flooring runs throughout for a clean, modern look. Window blinds, washer and dryer convey as is. Outside fenced backyard, shed as is.

15. 2026-04-16
    listed $276,900 Active 1009-char remark

    Show marketing remark (1009 chars)

    Don’t miss this great opportunity to own a beautifully updated ranch-style home conveniently located near the Norfolk Naval Shipyard, Coast Guard and Downtown Norfolk. Enjoy relaxing on the inviting front porch of this well-maintained property featuring numerous updates throughout. Inside, a modern kitchen with refreshed cabinetry, countertops, stone backsplash, LVP flooring, GFCI outlets, and appliances that convey. The formal living room showcases original hardwood flooring and a convenient pass-through to the kitchen. Fresh paint, updated windows (except in the laundry room), newer HVAC ductwork with gas heat, a newer compressor, a nail-over roof, and a newer hot water heater add to the home’s value and comfort. This home offers three bedrooms on the main level plus a finished attic with an additional bedroom and full bathroom (sold as is). New LVP flooring runs throughout for a clean, modern look. Window blinds, washer and dryer convey as is. Outside fenced backyard, shed as is.

16. 2026-02-28
    historical
17. 2025-11-14
    listed $276,900 Active
18. 2020-11-09
    status Under Contract
19. 2020-10-26
    historical Active Under Contract
20. 2020-09-30
    listed $169,000 Active
21. 2006-01-11
    soldstatus $128,000
22. 2004-06-25
    soldstatus $92,000

ⓘ 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: $2,699 · $225/mo
• Projected year-2 tax: $2,699 · $225/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 6/10 Major FEMA zone X (shaded) · 72% 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: $28,722
• − Mortgage interest: −$15,511
• − Property taxes: −$2,699
• − Insurance: −$1,384
• − Repairs & maintenance: −$2,298
• − Management: −$2,298
• − Depreciation: −$8,055
• Taxable loss: −$3,523
• Est. tax savings @ 24.0%: +$845
• After-tax cash flow: $2,028/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+201.0% since first listed

9 events — show timeline

• 2026-05-12 Contingent — REINMLS
• 2026-04-16 Listed $276,900 REINMLS
• 2026-02-28 Listing Removed — REINMLS
• 2025-11-14 Listed $276,900 REINMLS
• 2020-11-09 Pending — REINMLS
• 2020-10-26 Contingent — REINMLS
• 2020-09-30 Listed $169,000 REINMLS
• 2006-01-11 Sold (Public Records) $128,000 Public Records
• 2004-06-25 Sold (Public Records) $92,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $2,699 · +1.9% YoY. Source: county tax records.