3855 Giles Cir · Norfolk, VA 23513

$224,000

4 bd · 2.0 ba · 1,684 sqft · SingleFamily public records · 35 Days on market

Built 1946 7,819 sqft lot $133/sqft · 32% below area Est $328k · 32% 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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.9/10.0
• 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

Listing remarks MLS

INVESTORS-Come see this charming 3 bedroom Cape Cod waiting for you to update and revitalize-located near shopping and main roads. The kitchen has electric range, dishwasher and is just off of the mud room on one side and dining room on the other. The primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the shed out back is there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists. Due to the condition, the property may have health/safety risk(s). Prior to entry /access instructions, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment.

Key facts

• Electric range
• Extra storage
• Dishwasher

Tags

• ELECTRIC RANGE
• DISHWASHER
• MUD ROOM
• DINING ROOM
• TUB SHOWER COMBINATIONS
• EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $224k.

Deal economics

• At list price, monthly cash flow is $173 ($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 $223k (0.6% below list).
• Recommended offer: $217k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 (+3.4%/yr); 132 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 39% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1946 — 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 $217,280 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.30%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

• ARV (median comp): $327,639
• List price: $224,000
• Delta: -31.63%
• 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
976 Hugo St	0.23mi	4/2.0	1,642 (-2%)	2mo	$380,000	$231	83
3821 Lenoir Cir	0.15mi	3/1.0 (-1)	1,600 (-5%)	2mo	$227,750	$142	74
3525 S Warwick Cir	0.52mi	4/2.0	1,650 (-2%)	1mo	$340,000	$206	72
6241 Sewells Point Rd	0.59mi	4/2.5	1,704 (+1%)	2mo	$335,000	$197	67
5850 Chesapeake Blvd	0.37mi	4/2.5	1,544 (-8%)	1mo	$370,000	$240	66
2504 Cromwell Dr	0.62mi	4/2.0	1,589 (-6%)	1mo	$310,000	$195	61
2207 Cromwell Dr	0.63mi	3/2.0 (-1)	1,727 (+3%)	1mo	$325,000	$188	61
3710 Orange St	0.60mi	3/1.0 (-1)	1,744 (+4%)	1mo	$205,000	$118	56
2202 Silbert Rd	0.46mi	3/2.0 (-1)	1,500 (-11%)	2mo	$318,000	$212	54
961 Marietta Ave	0.74mi	4/2.0	1,480 (-12%)	2mo	$320,000	$216	44
3636 Henrico St	0.69mi	3/2.0 (-1)	1,500 (-11%)	2mo	$320,000	$213	43
3416 Lens Ave	0.69mi	3/2.0 (-1)	1,504 (-11%)	3mo	$165,000	$110	43

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: -10.6%
• Equity multiple: 0.61×
• Total profit: $-24,301
• Equity at exit: $33,399

10-year hold

• IRR: -0.6%
• Equity multiple: 0.95×
• Total profit: $-2,859
• Equity at exit: $19,367

Cash invested: $62,720 (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: 8.4×

Monthly cashflow live

• Estimated rent: $2,227 high
• Mortgage (P&I): −$1,175
• Tax from tax record: −$319 /mo · $3,828/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $173

Break-even live

Break-even rent $2,009

Max offer price $224,000

Occupancy floor 87%

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: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	12d	1	0.26mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	7d	1	0.44mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	43d	1	0.55mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	23d	1	0.55mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	43d	1	0.64mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	17d	1	0.70mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	43d	1	0.71mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	0.74mi
6261 Alexander St Norfolk, VA	5.0	2.0	2166	$2,495	$1.15	43d	1	0.74mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	43d	1	0.82mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	23d	1	0.82mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	43d	1	0.93mi
6430 Faraday Ct Norfolk, VA	4.0	1.5	1319	$1,995	$1.51	43d	1	0.94mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	0.94mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	4d	1	0.95mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	43d	1	1.03mi
6451 Edward St Norfolk, VA	3.0	2.5	1400	$2,000	$1.43	7d	1	1.10mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	23d	1	1.11mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	43d	1	1.12mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	44d	1	1.12mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	1.24mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	43d	1	1.24mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	23d	1	1.29mi
1801 Saint Denis Ave Unit 3 Norfolk, VA	4.0	2.0	1500	$2,400	$1.60	23d	1	1.35mi
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	17d	1	1.35mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	2d	23	1.38mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	3d	1	1.42mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	1.44mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	43d	1	1.48mi

Listing history 20 events

1. 2026-05-04
   status Under Contract 812-char remark

   Show marketing remark (812 chars)

   INVESTORS-Come see this charming 3 bedroom Cape Cod waiting for you to update and revitalize-located near shopping and main roads. The kitchen has electric range, dishwasher and is just off of the mud room on one side and dining room on the other. The primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the shed out back is there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists. Due to the condition, the property may have health/safety risk(s). Prior to entry /access instructions, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment.

2. 2026-04-21
   status Active 812-char remark

   Show marketing remark (812 chars)

   INVESTORS-Come see this charming 3 bedroom Cape Cod waiting for you to update and revitalize-located near shopping and main roads. The kitchen has electric range, dishwasher and is just off of the mud room on one side and dining room on the other. The primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the shed out back is there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists. Due to the condition, the property may have health/safety risk(s). Prior to entry /access instructions, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment.

3. 2026-04-13
   status Under Contract 812-char remark

   Show marketing remark (812 chars)

   INVESTORS-Come see this charming 3 bedroom Cape Cod waiting for you to update and revitalize-located near shopping and main roads. The kitchen has electric range, dishwasher and is just off of the mud room on one side and dining room on the other. The primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the shed out back is there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists. Due to the condition, the property may have health/safety risk(s). Prior to entry /access instructions, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment.

4. 2026-03-23
   listed $224,000 Active 812-char remark

   Show marketing remark (812 chars)

   INVESTORS-Come see this charming 3 bedroom Cape Cod waiting for you to update and revitalize-located near shopping and main roads. The kitchen has electric range, dishwasher and is just off of the mud room on one side and dining room on the other. The primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the shed out back is there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists. Due to the condition, the property may have health/safety risk(s). Prior to entry /access instructions, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment.

5. 2022-11-15
   soldstatus $260,000
6. 2022-10-21
   status Under Contract
7. 2022-10-21
   status Active
8. 2022-10-07
   historical Active Under Contract
9. 2022-09-27
   price $258,000
10. 2022-09-12
    listed $263,000 Active
11. 2022-09-12
    historical
12. 2022-09-02
    price $263,000
13. 2022-08-14
    price $268,500
14. 2022-07-27
    price $272,000
15. 2022-07-13
    price $275,000
16. 2022-06-20
    listed $285,000 Active
17. 2006-08-08
    soldstatus $210,000
18. 2005-10-14
    soldstatus $130,000
19. 2003-06-17
    soldstatus $90,000
20. 1978-10-31
    soldstatus $33,500

ⓘ 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: $3,828 · $319/mo
• Projected year-2 tax: $3,828 · $319/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) · 17% 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: $26,728
• − Mortgage interest: −$12,547
• − Property taxes: −$3,828
• − Insurance: −$1,120
• − Repairs & maintenance: −$2,138
• − Management: −$2,138
• − Depreciation: −$6,516
• Taxable loss: −$1,560
• Est. tax savings @ 24.0%: +$374
• After-tax cash flow: $2,446/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

+568.7% since first listed

20 events — show timeline

• 2026-05-04 Pending — REINMLS
• 2026-04-21 Relisted — REINMLS
• 2026-04-13 Pending — REINMLS
• 2026-03-23 Listed $224,000 REINMLS
• 2022-11-15 Sold (Public Records) $260,000 Public Records
• 2022-10-21 Pending — REINMLS
• 2022-10-21 Relisted — REINMLS
• 2022-10-07 Contingent — REINMLS
• 2022-09-27 Price Changed $258,000 REINMLS
• 2022-09-12 Listing Removed — REINMLS
• 2022-09-12 Listed $263,000 REINMLS
• 2022-09-02 Price Changed $263,000 REINMLS
• 2022-08-14 Price Changed $268,500 REINMLS
• 2022-07-27 Price Changed $272,000 REINMLS
• 2022-07-13 Price Changed $275,000 REINMLS
• 2022-06-20 Listed $285,000 REINMLS
• 2006-08-08 Sold (Public Records) $210,000 Public Records
• 2005-10-14 Sold (Public Records) $130,000 Public Records
• 2003-06-17 Sold (Public Records) $90,000 Public Records
• 1978-10-31 Sold (Public Records) $33,500 Public Records

Property tax history

+5.2%/yr

Latest (2025): $3,828 · +8.0% YoY. Source: county tax records.