9220 Atwood Ave · Norfolk, VA 23503

$389,000

4 bd · 2.0 ba · 1,570 sqft · MultiFamily public records · 8 Days on market

Built 1954 5,150 sqft lot Est $339k · 15% over

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Why this score? — see what drove the F 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 +12.6/30.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Beautifully renovated duplex in Norfolk's Willoughby Terrace! New flooring throughout, new cabinets, countertops and appliances. This over/under duplex has a large shared backyard. Blocks from the beach, bases and interstate. Great investment opportunity!

Key facts

• Renovated duplex
• 5,150 sq ft lot
• Built 1954

Tags

• RENOVATED DUPLEX
• LARGE SHARED BACKYARD
• BLOCKS FROM THE BEACH
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Financial info: Unit 1 rent: $1,425 (lease through 08/31/2026, year lease); Unit 2 rent: $1,400 (lease through 07/01/2027, year lease)

Exterior

• Parking: Street parking
• Utilities: Separate electric and gas meters; City/County water; City/County sewer; Electric water heater
• Home design: Duplex (over/under configuration); Simple ownership; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back yard is fenced

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Dishwasher not listed
• Bedrooms: Two-bedroom unit (Unit 1); Two-bedroom unit (Unit 2)
• Flooring: Ceramic flooring
• Bathrooms: One bathroom (Unit 1); One bathroom (Unit 2)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fans; Cable TV hookup
• Laundry & utility: Washer and dryer included (each unit)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $-51 ($-616/yr) — negative. Per door: $-26/mo.
• To cash-flow at today's rent, offer at most $380k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (21.5% below list).
• Recommended offer: $306k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Ocean View Elementary (math 20% / reading 53%, grade F, #953 of 1,108 statewide, top 86%, 456 students, 98% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 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 fast (+4.8%/yr); 192 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,055/mo this rent would consume 54% of the median local household income ($68k/yr) (locally 1948% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $262k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $305,500 (21.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $339,120
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9249 1st View St	0.29mi	4/2.0	1,550 (-1%)	12mo	$259,000	$167	74
361 Cherry St	0.34mi	4/2.0	1,500 (-4%)	11mo	$362,500	$242	68
9415 Peachtree St	0.40mi	4/2.0	1,740 (+11%)	10mo	$385,000	$221	55
121 W Government Ave	0.70mi	3/2.0 (-1)	1,697 (+8%)	2mo	$337,000	$199	47
133 W Ocean Ave	0.67mi	5/2.0 (+1)	1,760 (+12%)	3mo	$380,000	$216	41
256 W Balview Ave	0.68mi	3/3.0 (-1)	1,800 (+15%)	2mo	$262,500	$146	33

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 · 4.76% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.44×
• Total profit: $-60,889
• Equity at exit: $58,001

10-year hold

• IRR: -4.5%
• Equity multiple: 0.69×
• Total profit: $-34,183
• Equity at exit: $33,634

Cash invested: $108,920 (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 23503

• Home prices YoY: -19.9%
• Rents YoY: 4.8%
• Active inventory: 192
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $3,055 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$263 /mo · $3,152/yr
• Insurance: −$162
• HOA: −$0
• Vacancy / Maint / Mgmt: −$642
• Net cashflow: $-51

Break-even live

Break-even rent $3,120

Max offer price $379,938

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,054
Total (2 units)			$3,055

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
362 Ridgewell Ave Norfolk, VA	4.0	1.0	1700	$1,850	$1.09	44d	1	0.04mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	17d	1	0.23mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	44d	1	0.23mi
9228 1st View St Norfolk, VA	4.0	2.5	2178	$3,250	$1.49	7d	1	0.31mi
9385 Pine Tree Rd Norfolk, VA	4.0	2.5	2200	$3,600	$1.64	24d	1	0.59mi
130 E Ocean Ave Norfolk, VA	3.0	2.0	1563	$2,500	$1.60	12d	1	0.81mi
220 E Randall Ave Norfolk, VA	3.0	1.5	1500	$2,300	$1.53	20d	1	0.84mi
8918 Granby St Norfolk, VA	3.0	2.0	1201	$1,850	$1.54	4d	1	0.84mi
121 Winshire St Norfolk, VA	3.0	2.0	1440	$2,200	$1.53	44d	1	0.92mi
324 E Leicester Ave Norfolk, VA	4.0	1.0	1600	$2,100	$1.31	44d	1	0.98mi
432 E Gilpin Ave Norfolk, VA	4.0	2.5	2202	$3,200	$1.45	10d	1	1.04mi
424 E Ocean Ave Norfolk, VA	4.0	2.0	1953	$2,650	$1.36	44d	1	1.09mi
8634 Granby St Norfolk, VA	3.0	2.0	1500	$1,950	$1.30	17d	1	1.11mi
9708 Ship Watch Rd Norfolk, VA	4.0	3.5	2112	$3,300	$1.56	24d	1	1.19mi
980 W Ocean View Ave Unit A Norfolk, VA	3.0	2.5	2000	$2,900	$1.45	3d	1	1.22mi
719 E Ocean View Ave Norfolk, VA	3.0	2.0	1503	$2,700	$1.80	44d	1	1.31mi
1115 W Ocean View Ave Norfolk, VA	4.0	2.5	2231	$3,395	$1.52	2d	1	1.35mi
1120 W Ocean View Ave Unit 1533632P Norfolk, VA	3.0	2.0	1646	$9,546	$5.80	21d	1	1.39mi
9429 Chesapeake St Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	44d	1	1.42mi
1014 E Balview Ave Norfolk, VA	3.0	2.0	1325	$1,995	$1.51	44d	1	1.50mi

Listing history 6 events

1. 2026-06-18
   days on market $389,000 Active 8 DOM
2. 2026-06-17
   days on market $389,000 Active 7 DOM
3. 2026-06-16
   days on market $389,000 Active 6 DOM
4. 2026-06-15
   days on market $389,000 Active 5 DOM
5. 2026-06-13
   remarks 255-char remark
6. 2026-06-13
   listed $389,000 Active 3 DOM

ⓘ 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: $3,152 · $263/mo
• Projected year-2 tax: $3,190 · $266/mo
• Expected delta: +$37/yr (+$3/mo · 1.2%)

ⓘ 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 (unshaded) · 13% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,660
• − Mortgage interest: −$21,790
• − Property taxes: −$3,152
• − Insurance: −$1,945
• − Repairs & maintenance: −$2,933
• − Management: −$2,933
• − Depreciation: −$11,316
• Taxable loss: −$7,409
• Est. tax savings @ 24.0%: +$1,778
• After-tax cash flow: $1,163/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): 30,216
• Household income: $67,649
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1948.0

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: White 56% Black 20% Hispanic / Latino 13% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -78.48%
• Current HPI: 316.1563
• Rent YoY: ▲ 4.76%
• 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

+1196.7% since first listed

6 events — show timeline

• 2026-06-10 Listed $389,000 REINMLS
• 2024-05-21 Sold (Public Records) $262,000 Public Records
• 2024-03-01 Pending — REINMLS
• 2024-02-26 Listed $250,000 REINMLS
• 2003-05-08 Sold (Public Records) $78,000 Public Records
• 1979-12-28 Sold (Public Records) $30,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $3,152 · +2.6% YoY. Source: county tax records.