1040 Leckie St · Portsmouth, VA 23704

$279,500

3 bd · 1.5 ba · 1,828 sqft · SingleFamily public records · 29 Days on market

Built 1922 4,660 sqft lot $153/sqft · 6% below area Est $296k · 6% under

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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 +12.7/30.0
• ARV discount +10.1/15.0
• Schools +3.9/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 1922 Americana Foursquare situated in the Historic Parkview District of Portsmouth. Ideally located near Olde Towne, the Naval Hospital, and the waterfront. The home features a newer roof, updated HVAC system, and hot water heater. Most of the original wood floors remain, with luxury Vinyl Tile found in the kitchen and bathrooms. Along with the expansive front porch, the property offers a fenced backyard complete with a patio, and fruit-bearing trees. The basement is dry, well-maintained, and equipped with a sump pump.

Key facts

• Updated hvac system
• Newer roof
• Fruit-bearing trees

Tags

• HISTORIC PARKVIEW DISTRICT
• NEWER ROOF
• UPDATED HVAC SYSTEM
• FENCED BACKYARD
• FRUIT-BEARING TREES
• DRY BASEMENT

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway spaces; On-street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power available
• Home design: Detached Craftsman-style home; 2 stories; Basement foundation
• Construction: Vinyl siding; Wood siding; Basement foundation; Asphalt shingle roof
• Exterior features: Vinyl and wood siding; Back privacy wood fence; Asphalt shingle roof; Lot approximately 0.107 acres; Lot dimensions approximately 122 x 38

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: No bedroom with full bathroom on the first floor
• Flooring: Laminate flooring; Wood flooring
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: One fireplace; Laminate and wood flooring; 6 total rooms
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-32 ($-378/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (18.8% below list).
• Recommended offer: $227k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Churchland Elementary (math 47% / reading 72%, grade B-, #536 of 1,108 statewide, top 51%, 767 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 (+3.3%/yr); 134 active listings in the ZIP; 33 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 $2,270/mo this rent would consume 55% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 8y 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 $220k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,042 (18.8% 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. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.81% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.48%
• DSCR: 0.98
• GRM: 10.3

CMA / ARV

• ARV (median comp): $296,500
• List price: $279,500
• Delta: -5.73%
• 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
118 Riverview Ave	0.10mi	3/1.5	1,900 (+4%)	5mo	$293,000	$154	85
1053 Spratley St	0.12mi	3/2.5	1,900 (+4%)	1mo	$369,000	$194	83
913 Leckie St	0.14mi	4/1.5 (+1)	1,700 (-7%)	3mo	$300,000	$176	74
924 Ann St	0.16mi	3/1.5	1,660 (-9%)	4mo	$300,000	$181	74
921 Blair St	0.22mi	3/2.0	1,600 (-12%)	4mo	$291,000	$182	64
66 Elm Ave	0.20mi	4/2.0 (+1)	1,624 (-11%)	3mo	$182,000	$112	62
1601 Bain St	0.44mi	3/2.0	1,670 (-9%)	1mo	$300,000	$180	62
1704 Holladay St	0.51mi	4/2.0 (+1)	1,775 (-3%)	3mo	$270,000	$152	62
276 Webster Ave	0.17mi	4/3.0 (+1)	2,000 (+9%)	6mo	$365,000	$183	61
366 Dinwiddie St	0.57mi	3/2.0	2,038 (+12%)	4mo	$370,000	$182	49
1920 Boston St	0.69mi	3/2.0	1,600 (-12%)	1mo	$275,000	$172	45
436 Washington St	0.56mi	4/2.0 (+1)	2,034 (+11%)	5mo	$365,000	$179	44

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: -16.8%
• Equity multiple: 0.40×
• Total profit: $-46,619
• Equity at exit: $41,674

10-year hold

• IRR: -8.1%
• Equity multiple: 0.48×
• Total profit: $-40,372
• Equity at exit: $24,166

Cash invested: $78,260 (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: 134
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,270 high
• Mortgage (P&I): −$1,466
• Tax from tax record: −$243 /mo · $2,915/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-32

Break-even live

Break-even rent $2,310

Max offer price $273,933

Occupancy floor 96%

Sensitivity live

Price	-10% $127	-5% $48	+0% $-32	+5% $-111	+10% $-190
Rent	-10% $-211	-5% $-121	+0% $-32	+5% $58	+10% $148
Rate	-1.0pp $109	-0.5pp $40	base $-32	+0.5pp $-104	+1.0pp $-178

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: $69,875
• Closing costs: $8,385
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	0.24mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	21d	1	0.39mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	0.42mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	18d	1	0.46mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	45d	1	0.50mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	45d	1	0.59mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	0.62mi
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	24d	1	0.64mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.69mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.75mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	45d	1	0.76mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	0.87mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	17d	1	0.90mi
305 Brooke Ave Norfolk, VA	2.0	2.0	1736	$3,500	$2.02	3d	1	0.95mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	0.97mi
533 Front St Norfolk, VA	3.0	2.0	1382	$2,765	$2.00	18d	1	0.97mi
303 Brooke Ave #205 Norfolk, VA	2.0	2.5	1800	$3,200	$1.78	11d	1	0.99mi
429 York St Unit 3D Norfolk, VA	2.0	2.0	1648	$2,750	$1.67	45d	1	1.08mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	1.08mi
219 Granby St #20 Norfolk, VA	2.0	2.0	1233	$2,050	$1.66	8d	1	1.17mi
200 College Pl Norfolk, VA	1.0–3.0	1.0–2.0	1047	$2,533	$2.42	3d	12	1.19mi
111 W Tazewell St #303 Norfolk, VA	2.0	2.5	1651	$2,200	$1.33	18d	1	1.20mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$4,929	$4.30	3d	15	1.22mi
732 Yarmouth St Unit A Norfolk, VA	2.0	2.0	2257	$2,200	$0.97	24d	1	1.32mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	45d	1	1.35mi
416 Maryland Ave Unit A Portsmouth, VA	3.0	2.0	1450	$2,300	$1.59	45d	1	1.36mi
507 Broad St Unit 507 Portsmouth, VA	3.0	1.5	1700	$1,350	$0.79	45d	1	1.36mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	1.42mi
258 Maryland Ave Unit 1 Portsmouth, VA	3.0	2.0	1600	$1,850	$1.16	11d	1	1.43mi
258 Maryland Ave Unit 2 Portsmouth, VA	4.0	2.0	1650	$1,950	$1.18	11d	1	1.43mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	24d	1	1.43mi
430 Mt Vernon Ave Portsmouth, VA	3.0	2.0	2179	$2,100	$0.96	45d	1	1.48mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	45d	1	1.50mi

Listing history 33 events

1. 2026-06-13
   statusdays on market $279,500 Under Contract 29 DOM
2. 2026-06-09
   days on market $279,500 Active Under Contract 27 DOM
3. 2026-06-08
   days on market $279,500 Active Under Contract 26 DOM
4. 2026-06-07
   days on market $279,500 Active Under Contract 25 DOM
5. 2026-06-03
   days on market $279,500 Active Under Contract 21 DOM
6. 2026-06-02
   days on market $279,500 Active Under Contract 20 DOM
7. 2026-06-01
   days on market $279,500 Active Under Contract 19 DOM
8. 2026-05-31
   days on market $279,500 Active Under Contract 18 DOM
9. 2026-05-13
   historical
10. 2026-05-13
    listed $279,500 Active 534-char remark
11. 2026-05-03
    price $279,500
12. 2026-04-22
    status Active
13. 2026-04-01
    status Under Contract
14. 2026-03-24
    historical Active Under Contract
15. 2026-03-05
    listed $280,000 Active
16. 2023-01-24
    soldstatus $220,000
17. 2022-12-31
    status Under Contract
18. 2022-12-19
    historical Active Under Contract
19. 2022-12-16
    status Active
20. 2022-12-13
    historical
21. 2022-11-23
    listed $225,000 Active
22. 2018-09-25
    soldstatus $145,000
23. 2018-08-01
    status Under Contract
24. 2018-07-19
    listed $140,000 Active
25. 2018-07-11
    historical
26. 2018-07-06
    listed $145,500 Active
27. 2018-07-06
    historical
28. 2018-06-19
    price $146,500
29. 2018-06-12
    price $151,500
30. 2018-05-24
    price $154,500
31. 2018-05-03
    listed $157,000 Active
32. 2005-05-17
    soldstatus $165,000
33. 2005-04-12
    soldstatus $130,000

ⓘ 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: $2,915 · $243/mo
• Projected year-2 tax: $2,915 · $243/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) · 57% 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: $27,245
• − Mortgage interest: −$15,656
• − Property taxes: −$2,915
• − Insurance: −$1,398
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − Depreciation: −$8,131
• Taxable loss: −$5,214
• Est. tax savings @ 24.0%: +$1,251
• After-tax cash flow: $873/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

+115.0% since first listed

27 events — show timeline

• 2026-06-11 Pending — REINMLS
• 2026-05-28 Contingent — REINMLS
• 2026-05-13 Listing Removed — REINMLS
• 2026-05-13 Listed $279,500 REINMLS
• 2026-05-03 Price Changed $279,500 REINMLS
• 2026-04-22 Relisted — REINMLS
• 2026-04-01 Pending — REINMLS
• 2026-03-24 Contingent — REINMLS
• 2026-03-05 Listed $280,000 REINMLS
• 2023-01-24 Sold (Public Records) $220,000 Public Records
• 2022-12-31 Pending — REINMLS
• 2022-12-19 Contingent — REINMLS
• 2022-12-16 Relisted — REINMLS
• 2022-12-13 Listing Removed — REINMLS
• 2022-11-23 Listed $225,000 REINMLS
• 2018-09-25 Sold (Public Records) $145,000 Public Records
• 2018-08-01 Pending — REINMLS
• 2018-07-19 Listed $140,000 REINMLS
• 2018-07-11 Listing Removed — REINMLS
• 2018-07-06 Listing Removed — REINMLS
• 2018-07-06 Listed $145,500 REINMLS
• 2018-06-19 Price Changed $146,500 REINMLS
• 2018-06-12 Price Changed $151,500 REINMLS
• 2018-05-24 Price Changed $154,500 REINMLS
• 2018-05-03 Listed $157,000 REINMLS
• 2005-05-17 Sold (Public Records) $165,000 Public Records
• 2005-04-12 Sold (Public Records) $130,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $2,915 · +2.3% YoY. Source: county tax records.