1525 Des Moines Ave · Portsmouth, VA 23704

$260,000

4 bd · 2.0 ba · 1,476 sqft · MultiFamily public records · 29 Days on market

Built 1953 Est $257k · 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 +24.5/30.0
• DSCR +7.9/10.0
• ARV discount +6.9/15.0
• 1% rule +6.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Opportunities like 1523 & 1525 Des Moines Ave are the "hidden gems" of the Portsmouth market. This dual-asset acquisition allows you to offset your hold of cost from Day 1 with a current tenant 1523 paying $900/month (10,800 in annual gross income), while you unlock the explosive potential of the adjacent unit. By converting 1525 into a premium 3-bedroom, 2-bedroom residence, you aren't just renovating-you are engineering equity. In a market where 3/2 units command premium rents, a strategic conversion can significantly optimize you Cap Rate. With a 3-year-old roof already protecting you investment, your capital can be focused entirely on the high-ROI interior finishes that

Key facts

• 2-bedroom residence
• 3-year-old roof
• Premium 3-bedroom

Tags

• PREMIUM 3-BEDROOM
• 2-BEDROOM RESIDENCE
• 3-YEAR-OLD ROOF
• HIGH-ROI INTERIOR FINISHES
• ALL-IN-ONE WASHER DRYER
• ELECTRICAL CHARGER OUTLET

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• Market conditions: Rents rising (+3.3%/yr); 131 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); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,869/mo this rent would consume 69% 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 ($256k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $256,100 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — 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 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?
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 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: 1.10% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $256,824
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2117 Staunton Ave	0.34mi	3/2.0 (-1)	1,450 (-2%)	1mo	$238,000	$164	75
1233 Centre Ave	0.74mi	4/3.0	1,340 (-9%)	6mo	$233,400	$174	42

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: -2.7%
• Equity multiple: 0.90×
• Total profit: $-7,306
• Equity at exit: $38,767

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $41,044
• Equity at exit: $22,480

Cash invested: $72,800 (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: 131
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,869 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$262 /mo · $3,145/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $533

Break-even live

Break-even rent $2,195

Max offer price $260,000

Occupancy floor 76%

Sensitivity live

Price	-10% $680	-5% $606	+0% $533	+5% $459	+10% $385
Rent	-10% $306	-5% $419	+0% $533	+5% $646	+10% $759
Rate	-1.0pp $664	-0.5pp $599	base $533	+0.5pp $465	+1.0pp $397

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,679
1× unit	1	1	$1,190
Total (2 units)			$2,869

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	3d	1	0.15mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.23mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	0.23mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.25mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.38mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	0.42mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.44mi
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	20d	1	0.46mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	0.47mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	0.50mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.52mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	44d	1	0.55mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.60mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.61mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	0.67mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	3d	5	0.70mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.80mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	24d	2	0.83mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	16d	1	0.87mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	1.00mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.00mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	1.07mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	1.11mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	1.11mi
129 Elm Ave Portsmouth, VA	3.0	1.5	1160	$2,600	$2.24	44d	1	1.12mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.18mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	24d	1	1.20mi
303 Effingham St Portsmouth, VA	1.0–3.0	1.0–2.0	863	$1,950	$2.26	16d	11	1.20mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	17d	1	1.21mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	44d	1	1.22mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	3d	1	1.34mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	3d	1	1.47mi

Listing history 42 events

1. 2026-06-18
   days on market $260,000 Active 29 DOM
2. 2026-06-17
   days on market $260,000 Active 28 DOM
3. 2026-06-16
   days on market $260,000 Active 27 DOM
4. 2026-06-15
   days on market $260,000 Active 26 DOM
5. 2026-06-13
   days on market $260,000 Active 24 DOM
6. 2026-06-09
   days on market $260,000 Active 20 DOM
7. 2026-06-08
   days on market $260,000 Active 19 DOM
8. 2026-06-07
   days on market $260,000 Active 18 DOM
9. 2026-06-03
   days on market $260,000 Active 14 DOM
10. 2026-06-02
    days on market $260,000 Active 13 DOM
11. 2026-06-01
    days on market $260,000 Active 12 DOM
12. 2026-05-31
    days on market $260,000 Active 11 DOM
13. 2026-05-09
    historical
14. 2026-03-04
    listed $279,900 Active
15. 2026-02-26
    historical
16. 2025-12-29
    price $289,900
17. 2025-11-20
    listed $298,900 Active
18. 2025-04-25
    soldstatus $260,000
19. 2025-04-24
    status Under Contract
20. 2025-04-24
    status Active
21. 2025-03-24
    historical Active Under Contract
22. 2025-03-21
    listed $258,900 Active
23. 2023-04-23
    status Under Contract
24. 2023-04-20
    listed $195,000 Active
25. 2022-09-28
    soldstatus $150,000
26. 2022-09-08
    status Under Contract
27. 2022-09-03
    listed $150,000 Active
28. 2019-05-30
    status Under Contract
29. 2019-05-01
    price $125,000
30. 2019-05-01
    status Active
31. 2019-04-30
    historical
32. 2019-04-18
    price $129,900
33. 2019-04-09
    price $134,500
34. 2019-04-03
    price $134,900
35. 2019-03-19
    price $139,000
36. 2019-03-11
    price $139,500
37. 2019-02-16
    price $139,900
38. 2019-02-04
    price $142,500
39. 2019-01-19
    listed $144,900 Active
40. 2004-08-23
    soldstatus $80,000
41. 2001-08-16
    soldstatus $64,600
42. 2001-03-14
    soldstatus $27,500

ⓘ 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: $3,145 · $262/mo
• Projected year-2 tax: $3,145 · $262/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 (shaded) · 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,428
• − Mortgage interest: −$14,564
• − Property taxes: −$3,145
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,754
• − Management: −$2,754
• − Depreciation: −$7,564
• Taxable income: $2,347
• Est. tax owed @ 24.0%: −$563
• After-tax cash flow: $5,828/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

+917.8% since first listed

30 events — show timeline

• 2026-05-09 Listing Removed — REINMLS
• 2026-03-04 Listed $279,900 REINMLS
• 2026-02-26 Listing Removed — REINMLS
• 2025-12-29 Price Changed $289,900 REINMLS
• 2025-11-20 Listed $298,900 REINMLS
• 2025-04-25 Sold (Public Records) $260,000 Public Records
• 2025-04-24 Pending — REINMLS
• 2025-04-24 Relisted — REINMLS
• 2025-03-24 Contingent — REINMLS
• 2025-03-21 Listed $258,900 REINMLS
• 2023-04-23 Pending — REINMLS
• 2023-04-20 Listed $195,000 REINMLS
• 2022-09-28 Sold (Public Records) $150,000 Public Records
• 2022-09-08 Pending — REINMLS
• 2022-09-03 Listed $150,000 REINMLS
• 2019-05-30 Pending — REINMLS
• 2019-05-01 Price Changed $125,000 REINMLS
• 2019-05-01 Relisted — REINMLS
• 2019-04-30 Listing Removed — REINMLS
• 2019-04-18 Price Changed $129,900 REINMLS
• 2019-04-09 Price Changed $134,500 REINMLS
• 2019-04-03 Price Changed $134,900 REINMLS
• 2019-03-19 Price Changed $139,000 REINMLS
• 2019-03-11 Price Changed $139,500 REINMLS
• 2019-02-16 Price Changed $139,900 REINMLS
• 2019-02-04 Price Changed $142,500 REINMLS
• 2019-01-19 Listed $144,900 REINMLS
• 2004-08-23 Sold (Public Records) $80,000 Public Records
• 2001-08-16 Sold (Public Records) $64,600 Public Records
• 2001-03-14 Sold (Public Records) $27,500 Public Records

Property tax history

-18.0%/yr

Latest (2025): $3,145 · +20.6% YoY. Source: county tax records.