114 W 38th St · Norfolk, VA 23504

$339,000

6 bd · 2.0 ba · 2,274 sqft · MultiFamily public records · 74 Days on market

Built 1918 $149/sqft · at area comps Est $341k · 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 +19.9/30.0
• ARV discount +7.7/15.0
• DSCR +6.3/10.0
• 1% rule +4.9/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity. Property is well maintained. Shows owner pride. Nice floor plan. Nice flow. Spacious. Upper and lower level are identical. Freshly painted. New LVP flooring. Lower unit occupied with tenant. Convenient location to schools, bus line, shopping and much more. Must be sold with vacant lot at 116 W. 38th Street, Norfolk, VA 23508.

Key facts

• Floor plan
• Freshly painted
• Well maintained

Tags

• WELL MAINTAINED
• FLOOR PLAN
• UPPER AND LOWER LEVEL
• FRESHLY PAINTED
• NEW LVP FLOORING
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $339k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/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 $337k (0.7% below list).
• Recommended offer: $319k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.0% in Norfolk — 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 83/100 on livability (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.1%/yr); 123 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,367/mo this rent would consume 90% of the median local household income ($45k/yr) (locally 1531% 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 $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — 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 $318,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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 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?
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 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: 0.99% ✗
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

• ARV (median comp): $340,571
• List price: $339,000
• Delta: -0.46%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
233 W 27th St	0.61mi	5/3.0 (-1)	2,600 (+14%)	8mo	$310,305	$119	32

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 · 6.12% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.81×
• Total profit: $-17,974
• Equity at exit: $50,546

10-year hold

• IRR: 8.0%
• Equity multiple: 1.69×
• Total profit: $65,577
• Equity at exit: $29,311

Cash invested: $94,920 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 123
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $3,367 high
• Mortgage (P&I): −$1,778
• Tax from tax record: −$332 /mo · $3,980/yr
• Insurance: −$141
• HOA: −$0
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $409

Break-even live

Break-even rent $2,849

Max offer price $339,000

Occupancy floor 83%

Sensitivity live

Price	-10% $601	-5% $505	+0% $409	+5% $313	+10% $217
Rent	-10% $143	-5% $276	+0% $409	+5% $542	+10% $675
Rate	-1.0pp $580	-0.5pp $495	base $409	+0.5pp $321	+1.0pp $232

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,368
Total (2 units)			$3,367

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	24d	1	0.63mi
4220 Bowdens Ferry Rd Unit A Norfolk, VA	6.0	3.0	1800	$2,574	$1.43	44d	1	1.21mi

Listing history 15 events

1. 2026-06-21
   days on market $339,000 Active 74 DOM
2. 2026-06-18
   days on market $339,000 Active 71 DOM
3. 2026-06-17
   remarks 399-char remark
4. 2026-06-17
   days on market $339,000 Active 70 DOM
5. 2026-06-16
   statusdays on market $339,000 Active 69 DOM
6. 2026-06-15
   days on market $339,000 Active Under Contract 68 DOM
7. 2026-06-13
   days on market $339,000 Active Under Contract 66 DOM
8. 2026-06-09
   days on market $339,000 Active Under Contract 62 DOM
9. 2026-06-08
   days on market $339,000 Active Under Contract 61 DOM
10. 2026-06-07
    days on market $339,000 Active Under Contract 60 DOM
11. 2026-06-03
    days on market $339,000 Active Under Contract 56 DOM
12. 2026-06-02
    days on market $339,000 Active Under Contract 55 DOM
13. 2026-06-01
    days on market $339,000 Active Under Contract 54 DOM
14. 2026-05-31
    days on market $339,000 Active Under Contract 53 DOM
15. 2026-04-08
    listed $339,000 Active 357-char remark

    Show marketing remark (357 chars)

    Great investment opportunity. Property is well maintained. Shows owner pride. Nice floor plan. Nice flow. Spacious. Upper and lower level are identical. Freshly painted. New LVP flooring. Lower unit occupied with tenant. Convenient location to schools, bus line, shopping and much more. Must be sold with vacant lot at 116 W. 38th Street, Norfolk, VA 23508.

ⓘ 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: $3,980 · $332/mo
• Projected year-2 tax: $3,980 · $332/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 4/10 Moderate FEMA zone X (unshaded) · 13% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,404
• − Mortgage interest: −$18,989
• − Property taxes: −$3,980
• − Insurance: −$1,695
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − Depreciation: −$9,862
• Taxable loss: −$587
• Est. tax savings @ 24.0%: +$141
• After-tax cash flow: $5,052/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: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ 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: Norfolk, VA
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

1 event — show timeline

• 2026-04-08 Listed $339,000 REINMLS

Property tax history

+4.9%/yr

Latest (2025): $3,980 · +13.2% YoY. Source: county tax records.