319 Ashlawn Dr · Norfolk, VA 23505

$250,000

3 bd · 2.0 ba · 1,569 sqft · MultiFamily public records · 71 Days on market

Built 1942 $159/sqft · 17% below area Est $318k · 21% 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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.3/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 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

Turnkey investment opportunity with immediate income potential. This under-over Cape Cod is tenant occupied and offers built-in cash flow from day one. The first-floor unit features 2 bedrooms, 1 bath, and approx. 1,000 sqft. while the upstairs unit offers 1 Bedroom and 1 Bath, creating a strong rental setup for investors looking to expand their portfolio. With existing tenants in place, this property offers the advantage of steady income and reduced vacancy concerns. Whether you are a seasoned investor or looking to start building wealth through real estate, this property checks the boxes for value, functionality, and income production. Don’t miss your chance to add a solid income-producing property to your portfolio. Schedule your showing today and explore the potential this investment has to offer.

Key facts

• Built 1942
• Listed 71 days

🏷️ Possibly a rental listed for sale. The $250,000 price doesn't fit this home's estimated sale value (~$318,338) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+12.1%/yr); 106 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,575/mo this rent would consume 53% of the median local household income ($59k/yr) (locally 2299% 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago 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 $128k; list at $250k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1942 — 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: 1.03% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 8.1

CMA / ARV

• ARV (median comp): $318,338
• List price: $250,000
• Delta: -21.47%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-3,481
• Equity at exit: $37,276

10-year hold

• IRR: 13.0%
• Equity multiple: 2.27×
• Total profit: $89,069
• Equity at exit: $21,615

Cash invested: $70,000 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 106
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,575 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$251 /mo · $3,016/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$541
• Net cashflow: $368

Break-even live

Break-even rent $2,110

Max offer price $250,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,335
1× unit	1	1	$1,240
Total (2 units)			$2,575

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	43d	1	0.13mi
8018 W Glen Rd Norfolk, VA	4.0	2.5	1700	$2,650	$1.56	43d	1	0.18mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	12d	1	0.27mi
8065 W Glen Rd Norfolk, VA	4.0	2.0	1519	$2,350	$1.55	2d	1	0.33mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	1d	3	0.68mi
8107 Old Ocean View Rd Norfolk, VA	4.0	1.0	1562	$2,095	$1.34	17d	1	0.74mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	4d	1	0.86mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	3d	1	0.86mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	12d	1	0.86mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	21d	1	0.92mi
314 N Shore Rd Unit A Norfolk, VA	3.0	2.5	1600	$2,000	$1.25	43d	1	0.95mi
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	17d	1	0.95mi
8028 Glade Rd Norfolk, VA	4.0	2.5	2061	$2,900	$1.41	43d	1	1.03mi
8507 Chapin St Norfolk, VA	4.0	2.0	1550	$2,400	$1.55	43d	1	1.05mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	43d	1	1.07mi
8634 Granby St Norfolk, VA	3.0	2.0	1500	$1,950	$1.30	17d	1	1.13mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	23d	1	1.14mi
514 Burleigh Ave Norfolk, VA	4.0	2.0	1708	$2,300	$1.35	23d	1	1.18mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	3d	1	1.19mi
7730 Ruthven Rd Norfolk, VA	3.0	1.0	1056	$1,750	$1.66	23d	1	1.27mi
8504 Chesapeake Blvd Norfolk, VA	3.0	4.0	2053	$2,800	$1.36	43d	1	1.31mi
7803 Nesbitt Dr Norfolk, VA	4.0	2.0	1503	$2,495	$1.66	17d	1	1.35mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	12d	1	1.37mi
619 Earl St Norfolk, VA	4.0	2.0	1428	$2,395	$1.68	43d	1	1.40mi
7872 Ogden Ave Norfolk, VA	1.0–3.0	1.0–2.0	963	$1,515	$1.57	43d	1	1.41mi
121 Winshire St Norfolk, VA	3.0	2.0	1440	$2,200	$1.53	43d	1	1.45mi
614 Dune St #2 Norfolk, VA	2.0	1.0	1350	$1,400	$1.04	43d	1	1.45mi
8918 Granby St Norfolk, VA	3.0	2.0	1201	$1,850	$1.54	4d	1	1.47mi

Listing history 32 events

1. 2026-06-18
   days on market $250,000 Active 71 DOM
2. 2026-06-17
   days on market $250,000 Active 70 DOM
3. 2026-06-16
   days on market $250,000 Active 69 DOM
4. 2026-06-15
   days on market $250,000 Active 68 DOM
5. 2026-06-13
   days on market $250,000 Active 66 DOM
6. 2026-06-09
   days on market $250,000 Active 62 DOM
7. 2026-06-08
   days on market $250,000 Active 61 DOM
8. 2026-06-07
   days on market $250,000 Active 60 DOM
9. 2026-06-03
   days on market $250,000 Active 56 DOM
10. 2026-06-02
    days on market $250,000 Active 55 DOM
11. 2026-06-01
    days on market $250,000 Active 54 DOM
12. 2026-05-31
    days on market $250,000 Active 53 DOM
13. 2026-04-08
    listed $250,000 Active 818-char remark

    Show marketing remark (818 chars)

    Turnkey investment opportunity with immediate income potential. This under-over Cape Cod is tenant occupied and offers built-in cash flow from day one. The first-floor unit features 2 bedrooms, 1 bath, and approx. 1,000 sqft. while the upstairs unit offers 1 Bedroom and 1 Bath, creating a strong rental setup for investors looking to expand their portfolio. With existing tenants in place, this property offers the advantage of steady income and reduced vacancy concerns. Whether you are a seasoned investor or looking to start building wealth through real estate, this property checks the boxes for value, functionality, and income production. Don’t miss your chance to add a solid income-producing property to your portfolio. Schedule your showing today and explore the potential this investment has to offer.

14. 2025-12-31
    historical
15. 2025-09-29
    price $260,000
16. 2025-09-12
    price $265,000
17. 2025-08-14
    price $270,000
18. 2025-06-26
    listed $285,000 Active
19. 2017-11-17
    soldstatus $128,000
20. 2017-11-16
    status Under Contract
21. 2017-09-18
    price $129,000
22. 2017-05-18
    listed $139,000 Active
23. 2016-10-31
    historical
24. 2016-08-12
    price $135,000
25. 2016-06-16
    listed $139,900 Active
26. 2016-01-24
    historical
27. 2015-09-25
    price $144,900
28. 2015-09-25
    listed $151,600 Active
29. 2015-08-31
    historical
30. 2015-05-11
    price $149,900
31. 2015-04-16
    listed $151,600 Active
32. 1978-02-03
    soldstatus $27,700

ⓘ 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: $3,016 · $251/mo
• Projected year-2 tax: $3,016 · $251/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 ≥104°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: $30,900
• − Mortgage interest: −$14,004
• − Property taxes: −$3,016
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,472
• − Management: −$2,472
• − Depreciation: −$7,273
• Taxable income: $413
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $4,313/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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

+802.5% since first listed

20 events — show timeline

• 2026-04-08 Listed $250,000 REINMLS
• 2025-12-31 Listing Removed — REINMLS
• 2025-09-29 Price Changed $260,000 REINMLS
• 2025-09-12 Price Changed $265,000 REINMLS
• 2025-08-14 Price Changed $270,000 REINMLS
• 2025-06-26 Listed $285,000 REINMLS
• 2017-11-17 Sold (Public Records) $128,000 Public Records
• 2017-11-16 Pending — REINMLS
• 2017-09-18 Price Changed $129,000 REINMLS
• 2017-05-18 Listed $139,000 REINMLS
• 2016-10-31 Listing Removed — REINMLS
• 2016-08-12 Price Changed $135,000 REINMLS
• 2016-06-16 Listed $139,900 REINMLS
• 2016-01-24 Listing Removed — REINMLS
• 2015-09-25 Price Changed $144,900 REINMLS
• 2015-09-25 Listed $151,600 REINMLS
• 2015-08-31 Listing Removed — REINMLS
• 2015-05-11 Price Changed $149,900 REINMLS
• 2015-04-16 Listed $151,600 REINMLS
• 1978-02-03 Sold (Public Records) $27,700 Public Records

Property tax history

+3.9%/yr

Latest (2025): $3,016 · +10.5% YoY. Source: county tax records.