2411 Wyoming Ave · Norfolk, VA 23513

$270,000

4 bd · 2.0 ba · 1,652 sqft · MultiFamily public records · 86 Days on market

Built 1963 Est $307k · 12% under

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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 +20.3/30.0
• ARV discount +13.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• 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: 2 units. confirmed

Listing remarks

Back On the Market - NO fault of the Seller! Brick side-by-side duplex. Both sides occupied with good tenants. Great location. Both bathrooms renovated with tile floors and tub surround. Left unit kitchen newer. Brand new roof 2026. Photos were taken before tenants moved in.

Key facts

• Tile floors
• Brand new roof
• Built 1963

Tags

• BOTH BATHROOMS RENOVATED
• TILE FLOORS
• LEFT UNIT KITCHEN NEWER
• BRAND NEW ROOF

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive. Per door: $173/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $254k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Zoned schools: Coleman Place Elementary (math 13% / reading 38%, grade F, #1,046 of 1,108 statewide, top 95%, 617 students, 98% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 96% FRL vs 59% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 132 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); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,731/mo this rent would consume 48% of the median local household income ($68k/yr) (locally 1342% 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 86 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; list at $270k implies a 170% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $253,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.01% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $307,272
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2517 Nevada Ave	0.15mi	4/2.0	1,624 (-2%)	12mo	$275,000	$169	80
3702 Cape Henry Ave	0.15mi	4/2.0	1,450 (-12%)	1mo	$300,000	$207	71
1523 Rush St	0.28mi	4/2.0	1,508 (-9%)	5mo	$260,000	$172	68
1557 Hemlock St	0.42mi	4/2.0	1,590 (-4%)	10mo	$295,000	$186	66
1553 Hemlock St	0.43mi	4/2.0	1,590 (-4%)	10mo	$295,000	$186	65
1552 Birch St	0.50mi	4/2.0	1,600 (-3%)	8mo	$260,000	$163	65

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-20,601
• Equity at exit: $40,258

10-year hold

• IRR: 2.7%
• Equity multiple: 1.20×
• Total profit: $15,197
• Equity at exit: $23,345

Cash invested: $75,600 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 132
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $2,731 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$284 /mo · $3,407/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $345

Break-even live

Break-even rent $2,294

Max offer price $270,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,732
Total (2 units)			$2,731

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	43d	1	0.42mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	23d	1	0.54mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	43d	1	0.54mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	0.62mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	43d	1	0.78mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.80mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	0.80mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	23d	1	0.82mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	17d	1	0.83mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	43d	1	0.92mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	0.95mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	17d	1	0.95mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	43d	1	0.99mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	23d	1	0.99mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	43d	1	1.04mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	7d	1	1.09mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	43d	1	1.11mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	1.12mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	14d	1	1.16mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	1.17mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	43d	1	1.19mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	43d	1	1.21mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	1.24mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	43d	1	1.27mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	1.27mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	1.28mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	23d	1	1.32mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	43d	1	1.33mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	1.33mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	43d	1	1.40mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	43d	1	1.40mi
1320 Gabriel Dr Norfolk, VA	4.0	1.5	1812	$2,495	$1.38	43d	1	1.41mi

Listing history 15 events

1. 2026-06-10
   status $270,000 Under Contract 86 DOM
2. 2026-06-09
   days on market $270,000 Active 86 DOM
3. 2026-06-08
   days on market $270,000 Active 85 DOM
4. 2026-06-07
   days on market $270,000 Active 84 DOM
5. 2026-06-03
   days on market $270,000 Active 80 DOM
6. 2026-06-02
   days on market $270,000 Active 79 DOM
7. 2026-06-01
   days on market $270,000 Active 78 DOM
8. 2026-05-31
   days on market $270,000 Active 77 DOM
9. 2026-03-22
   status Under Contract
10. 2026-02-21
    historical Active Under Contract
11. 2026-01-30
    price $270,000
12. 2026-01-09
    listed $282,000 Active
13. 2022-04-04
    price $725
14. 2005-04-19
    soldstatus $100,000
15. 1980-10-30
    soldstatus $48,000

ⓘ 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: $3,407 · $284/mo
• Projected year-2 tax: $3,407 · $284/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,772
• − Mortgage interest: −$15,124
• − Property taxes: −$3,407
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,622
• − Management: −$2,622
• − Depreciation: −$7,855
• Taxable loss: −$207
• Est. tax savings @ 24.0%: +$50
• After-tax cash flow: $4,192/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): 28,628
• Household income: $68,380
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1342.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Black 55% White 23% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 0%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 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: ▼ -33.67%
• Current HPI: 329.2241
• Rent YoY: ▲ 3.42%
• 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

+462.5% since first listed

7 events — show timeline

• 2026-03-22 Pending — REINMLS
• 2026-02-21 Contingent — REINMLS
• 2026-01-30 Price Changed $270,000 REINMLS
• 2026-01-09 Listed $282,000 REINMLS
• 2022-04-04 Price Changed $725 RENT.
• 2005-04-19 Sold (Public Records) $100,000 Public Records
• 1980-10-30 Sold (Public Records) $48,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,407 · +11.1% YoY. Source: county tax records.