3505 Hansen Ave · Portsmouth, VA 23701

$180,000

4 bd · 1.5 ba · 1,629 sqft · SingleFamily public records · 69 Days on market

Built 1977 0.25 ac lot $110/sqft · 43% below area Est $318k · 43% under ↓ 5% since listing

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Why this score? — see what drove the B+ 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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

Key facts

• 0.25 acre lot
• Built 1977
• Listed 69 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 fast (+11.9%/yr); 167 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,352/mo this rent would consume 45% of the median local household income ($62k/yr) (locally 580% 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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 1977 — 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 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?
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 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: 1.31% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.70%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $318,323
• List price: $180,000
• Delta: -43.45%
• 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
100 Cavalier Blvd	0.08mi	4/1.5	1,681 (+3%)	4mo	$190,000	$113	87
206 Main St	0.05mi	3/2.0 (-1)	1,450 (-11%)	3mo	$265,000	$183	70
1 Vickers Ct	0.74mi	4/2.5	1,622 (-0%)	2mo	$310,000	$191	59
289 Choate St	0.63mi	4/2.0	1,500 (-8%)	1mo	$303,000	$202	54
3332 Gwin St	0.66mi	4/3.0	1,701 (+4%)	4mo	$328,500	$193	53
153 Choate St	0.31mi	3/2.5 (-1)	1,400 (-14%)	2mo	$315,000	$225	52
2711 Magnolia St	0.60mi	4/3.0	1,739 (+7%)	4mo	$315,000	$181	52
2208 Colorado Ave	0.55mi	4/2.0	1,425 (-12%)	1mo	$319,900	$224	50
3409 Astor Ave	0.66mi	4/2.0	1,440 (-12%)	2mo	$235,000	$163	46
1906 Halifax Ave	0.63mi	5/2.5 (+1)	1,852 (+14%)	4mo	$320,000	$173	35
83 Wyoming Ave	0.73mi	3/2.0 (-1)	1,400 (-14%)	1mo	$275,000	$196	34
507 Normandy St	0.72mi	3/2.5 (-1)	1,864 (+14%)	3mo	$325,000	$174	31

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.45×
• Total profit: $22,629
• Equity at exit: $26,839

10-year hold

• IRR: 23.5%
• Equity multiple: 3.52×
• Total profit: $127,070
• Equity at exit: $15,563

Cash invested: $50,400 (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 23701

• Rents YoY: 11.9%
• Active inventory: 167
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,352 high
• Mortgage (P&I): −$944
• Tax from tax record: −$222 /mo · $2,663/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $618

Break-even live

Break-even rent $1,571

Max offer price $180,000

Occupancy floor 69%

Sensitivity live

Price	-10% $719	-5% $668	+0% $618	+5% $567	+10% $516
Rent	-10% $432	-5% $525	+0% $618	+5% $710	+10% $803
Rate	-1.0pp $708	-0.5pp $663	base $618	+0.5pp $571	+1.0pp $523

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	0.30mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	44d	1	0.47mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	0.65mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	0.72mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	0.72mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.77mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	0.80mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	0.83mi
3717 Scott St Portsmouth, VA	3.0	1.0	1157	$1,400	$1.21	24d	1	0.93mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.94mi
4205 Dartmouth St Portsmouth, VA	4.0	3.5	2100	$2,400	$1.14	18d	1	1.01mi
3607 Bart St Portsmouth, VA	3.0	2.0	1326	$1,850	$1.40	11d	1	1.13mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	1.24mi
203 Median Cir Portsmouth, VA	4.0	2.5	2200	$2,195	$1.00	24d	1	1.25mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	1.33mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	1.34mi
108 Marcy St Portsmouth, VA	4.0	2.5	2100	$2,500	$1.19	44d	1	1.36mi
521 Weaver Cir Portsmouth, VA	4.0	2.0	1890	$2,125	$1.12	44d	1	1.41mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	1.46mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	1.47mi

Listing history 26 events

1. 2026-06-18
   days on market $180,000 Active 69 DOM
2. 2026-06-17
   days on market $180,000 Active 68 DOM
3. 2026-06-16
   days on market $180,000 Active 67 DOM
4. 2026-06-15
   days on market $180,000 Active 66 DOM
5. 2026-06-13
   days on market $180,000 Active 64 DOM
6. 2026-06-09
   days on market $180,000 Active 60 DOM
7. 2026-06-08
   days on market $180,000 Active 59 DOM
8. 2026-06-07
   days on market $180,000 Active 58 DOM
9. 2026-06-03
   days on market $180,000 Active 54 DOM
10. 2026-06-02
    days on market $180,000 Active 53 DOM
11. 2026-06-01
    days on market $180,000 Active 52 DOM
12. 2026-05-31
    days on market $180,000 Active 51 DOM
13. 2026-05-19
    price $180,000 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

14. 2026-05-15
    status Active 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

15. 2026-04-30
    status Under Contract 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

16. 2026-04-24
    historical Active Under Contract 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

17. 2026-04-01
    status Active 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

18. 2026-03-16
    historical 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

19. 2026-03-10
    listed $190,000 Active 612-char remark

    Show marketing remark (612 chars)

    Unlock the potential in this 4-bedroom, 1.5-bath home located in an established Portsmouth neighborhood! Great for investors or renovators, this property offers a solid opportunity to bring new life with your vision and upgrades. The layout and lot provide a strong foundation for a full transformation. Whether you’re looking for your next flip or a long-term rental project, this home has excellent upside in a growing market. Conveniently located near schools, shopping, interstates, and local amenities. Sold AS-IS. Come see the potential and imagine what this home can become! Virtual Tours available.

20. 2024-10-30
    status Under Contract
21. 2024-10-30
    historical
22. 2024-10-29
    price $160,000
23. 2024-10-29
    status Active
24. 2024-10-29
    historical
25. 2024-10-04
    listed $175,000 Active
26. 2007-09-05
    soldstatus $190,000

ⓘ 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: $2,663 · $222/mo
• Projected year-2 tax: $2,663 · $222/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 · 15 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: $28,229
• − Mortgage interest: −$10,083
• − Property taxes: −$2,663
• − Insurance: −$900
• − Repairs & maintenance: −$2,258
• − Management: −$2,258
• − Depreciation: −$5,236
• Taxable income: $4,830
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $6,251/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): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 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: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

-5.3% since first listed

14 events — show timeline

• 2026-05-19 Price Changed $180,000 REINMLS
• 2026-05-15 Relisted — REINMLS
• 2026-04-30 Pending — REINMLS
• 2026-04-24 Contingent — REINMLS
• 2026-04-01 Relisted — REINMLS
• 2026-03-16 Listing Removed — REINMLS
• 2026-03-10 Listed $190,000 REINMLS
• 2024-10-30 Pending — REINMLS
• 2024-10-30 Listing Removed — REINMLS
• 2024-10-29 Price Changed $160,000 REINMLS
• 2024-10-29 Relisted — REINMLS
• 2024-10-29 Listing Removed — REINMLS
• 2024-10-04 Listed $175,000 REINMLS
• 2007-09-05 Sold (Public Records) $190,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $2,663 · +2.0% YoY. Source: county tax records.