2615 Princess Anne Rd · Norfolk, VA 23504

$180,900

3 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 19 Days on market

Built 1956 $153/sqft · 33% below area Est $270k · 33% under ↓ 23% since listing

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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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +4.5/10.0
• 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

Listing remarks

Investor special! This property is being sold as-is, where-is and presents a great opportunity for investors or buyers looking to add value. With strong potential for renovation or rental income, this home is ideal for those ready to bring their vision to life. Conveniently located in Norfolk with easy access to major highways, shopping, and dining. Highly motivated seller—bring all offers!

Key facts

• Shopping and dining
• Built 1956
• Listed 19 days

Tags

• EASY ACCESS TO MAJOR HIGHWAYS
• SHOPPING AND DINING

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Driveway parking spaces
• Utilities: City/County water; City/County sewer; Gas water heater; Electric service
• Home design: Detached ranch-style home; Single-story
• Construction: Crawlspace foundation; Asphalt shingle roof
• Exterior features: Brick and vinyl siding; Chain-link fence

Interior

• Kitchen: Electric range
• Bedrooms: Master bedroom on the first floor; At least one bedroom has an ensuite
• Flooring: Carpet; Ceramic; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fan
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $181k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/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 $172k (4.7% below list).
• Recommended offer: $172k (4.7% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: Richard Bowling Elementary (math 13% / reading 30%, grade F, #1,077 of 1,108 statewide, top 97%, 465 students, 97% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 97% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 120 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $1,723/mo this rent would consume 46% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $140k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — 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 $172,341 (4.7% below list)

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 8.7

CMA / ARV

• ARV (median comp): $270,000
• List price: $180,900
• Delta: -33.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2615 Princess Anne Rd	0.00mi	3/1.0	1,184 (0%)	0mo	$140,000	$118	100
2724 Mapleton Ave	0.13mi	3/1.5	1,059 (-11%)	0mo	$270,000	$255	74
1028 Mapole Ave	0.15mi	3/1.0	1,089 (-8%)	6mo	$239,900	$220	74
930 Mapole Ave	0.24mi	2/1.5 (-1)	1,102 (-7%)	7mo	$158,000	$143	64
2229 Maltby Ave	0.60mi	3/1.5	1,175 (-1%)	7mo	$285,000	$243	63
1416 Bolton St	0.73mi	3/1.5	1,224 (+3%)	2mo	$140,000	$114	57
1020 Merrimac Ave	0.33mi	3/1.0	1,011 (-15%)	6mo	$250,000	$247	55
1350 Marshall Ave	0.40mi	3/2.5	1,320 (+12%)	2mo	$140,000	$106	54
2325 Keller Ave	0.67mi	3/1.5	1,240 (+5%)	7mo	$306,000	$247	53
2717 Victoria Ave	0.74mi	3/1.0	1,273 (+8%)	2mo	$225,000	$177	51
2311 Harrell Ave	0.61mi	4/1.0 (+1)	1,296 (+10%)	1mo	$270,000	$208	50
720 Forbes St	0.74mi	3/2.0	1,056 (-11%)	5mo	$150,000	$142	40

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: -6.6%
• Equity multiple: 0.75×
• Total profit: $-12,790
• Equity at exit: $26,973

10-year hold

• IRR: 6.4%
• Equity multiple: 1.54×
• Total profit: $27,335
• Equity at exit: $15,641

Cash invested: $50,652 (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: 120
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,723 high
• Mortgage (P&I): −$949
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $172

Break-even live

Break-even rent $1,506

Max offer price $180,900

Occupancy floor 85%

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: $45,225
• Closing costs: $5,427
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	10d	1	0.17mi
1300 Lead St Norfolk, VA	1.0–2.0	1.0	950	$1,124	$1.18	23d	1	0.28mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	14d	1	0.76mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	43d	1	0.76mi
2400 Ballentine Blvd Unit A Norfolk, VA	2.0	1.0	879	$1,550	$1.76	43d	1	0.77mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	2d	1	0.78mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	3d	1	0.78mi
2315 Bolton St Norfolk, VA	3.0	1.0	1000	$1,800	$1.80	43d	1	0.82mi
2421 Bolton St Unit F Norfolk, VA	2.0	1.0	725	$1,275	$1.76	43d	1	0.87mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	17d	1	0.89mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	23d	1	0.96mi
1110 Chapel St Unit 6 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	43d	1	0.97mi
2401 Ruffin St Norfolk, VA	2.0	1.0	900	$1,350	$1.50	43d	1	1.01mi
3541 Mangrove Ave Unit 8 Norfolk, VA	2.0	1.0	900	$1,350	$1.50	23d	1	1.01mi
3515 Gatling Ave Norfolk, VA	2.0	1.0	770	$1,050	$1.36	43d	1	1.05mi
2421 Arkansas Ave Unit A Norfolk, VA	2.0	1.0	870	$1,225	$1.41	14d	1	1.06mi
3507 Cape Henry Ave Unit A Norfolk, VA	2.0	1.0	755	$1,200	$1.59	21d	1	1.11mi
1525 Nevada Ave Unit B Norfolk, VA	2.0	1.5	1134	$1,445	$1.27	43d	1	1.11mi
1801 Bower St Unit B1 Norfolk, VA	2.0	1.0	750	$950	$1.27	16d	1	1.12mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	23d	1	1.12mi
2900 Verdun Ave Norfolk, VA	3.0	1.0	867	$1,800	$2.08	43d	1	1.13mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	1.16mi
742 Lexington St Unit A Norfolk, VA	2.0	1.0	780	$1,100	$1.41	20d	1	1.19mi
758 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	7d	1	1.19mi
754 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	3d	1	1.19mi
842 C Ave Norfolk, VA	3.0	1.5	900	$1,095	$1.22	43d	1	1.22mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	20d	1	1.25mi
2949 Verdun Ave Norfolk, VA	3.0	2.0	950	$3,000	$3.16	43d	1	1.26mi
789 Wakefield Ave Unit D Norfolk, VA	2.0	1.0	847	$1,375	$1.62	23d	1	1.27mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,845	$2.09	7d	1	1.27mi
3556 Riverside Dr Norfolk, VA	3.0	1.0	1084	$1,950	$1.80	17d	1	1.30mi
2928 Tidewater Dr Norfolk, VA	2.0	1.0	740	$1,350	$1.82	23d	1	1.38mi
1822 Saint Denis Ave Apt 4 Norfolk, VA	2.0	1.0	750	$995	$1.33	43d	1	1.43mi
2111 Bellevue Ave Unit 1 Norfolk, VA	2.0	1.0	950	$1,300	$1.37	43d	1	1.43mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	1.44mi
2500 Leo St Unit 2506 Leo Street-4 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	43d	1	1.45mi
2504 Leo St Unit 3 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	4d	1	1.46mi
2506 Leo St Unit 4 Norfolk, VA	2.0	1.0	800	$1,100	$1.38	43d	1	1.46mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	1.47mi
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	14d	1	1.47mi

Listing history 3 events

1. 2026-05-18
   status Active 399-char remark
2. 2026-05-08
   historical Active Under Contract 399-char remark
3. 2026-05-01
   listed $180,900 Active 399-char remark

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $1,985 · $165/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $20,681
• − Mortgage interest: −$10,133
• − Property taxes: −$1,985
• − Insurance: −$904
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − Depreciation: −$5,263
• Taxable loss: −$914
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $2,284/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

-22.6% since first listed

5 events — show timeline

• 2026-06-08 Sold (MLS) $140,000 REINMLS
• 2026-05-21 Pending — REINMLS
• 2026-05-18 Relisted — REINMLS
• 2026-05-08 Contingent — REINMLS
• 2026-05-01 Listed $180,900 REINMLS

Property tax history

+5.1%/yr

Latest (2025): $1,985 · +5.7% YoY. Source: county tax records.