2411 Wyoming Ave

Norfolk, VA 23513

$270,000C

4 bd · 2.0 ba · 1,652 sqft · Built 1963 · MultiFamily · Under Contract · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,731/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$396
• HOA: −$0
• Vac / Maint / Mgmt: −$574
• Net cashflow: $345/mo
• Annual: $4,142/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• 1% rule: 1.01%
• Cash to close: $75,600

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $270k.
• 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).
• It's been on market 86 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $254k (6.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Current owner paid $100k; list at $270k implies a 170% gain — meaningful room to come down on a strong offer.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?