2119 Advent Ct · Virginia Beach, VA 23454

$228,000

2 bd · 2.0 ba · 1,117 sqft · Condo public records · 124 Days on market

Built 1987 $530/mo HOA · 23% of rent

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Why this score? — see what drove the D 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 +9.6/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +5.2/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Stop and Look at this great investment opportunity! 2 bedroom 2 full bath condo located in the heart of Great Neck! Freshly painted interior, new carpet, new hot water heater, spacious floor plan. Conveniently located to shopping, dining, and just minutes from the beach, interstate, military bases etc! Call today to view on the inside!

Key facts

• $530 HOA
• Built 1987
• Listed 124 days

Property features AI

Finance

• HOA & community: Condo association: GREAT NECK LANDINGS CONDOMINIUM ASSOCIATION; Association managed by The Select Group; Monthly association fee of $530; Association covers ground maintenance, sewer, water, trash pickup, and pool

Exterior

• Parking: Assigned/reserved parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power (implied by appliances and water heater)
• Home design: Attached condo; Traditional style; End unit; One living level; Condo unit on level 2; Faces city (view)
• Construction: Slab foundation
• Exterior features: Vinyl siding; Balcony; City view; Ground maintenance provided by association; Pool access through association

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: Bedroom and full bathroom on first floor
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling)
• Interior features: Cathedral ceiling; Ceiling fan; Cable hookup; One fireplace
• Laundry & utility: Washer and dryer; Washer and dryer hookups; Utility closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $228k.

Deal economics

• At list price, monthly cash flow is $-153 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (11.9% below list).
• Meets the 1% rule at list price ($2k rent vs $228k).
• Recommended offer: $201k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 3.5% in Virginia Beach — 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 (#38 in VA, #880 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living C-, commute F.
• Va Beach City Public School District (urban): math 69% / reading 78% proficiency, ranked #10 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Alanton Elementary (math 75% / reading 79%, grade A, #171 of 1,108 statewide, top 17%, 629 students, 46% FRL); Great Neck Middle (math 83% / reading 85%, grade A+, #16 of 342 statewide, top 4%, 1,055 students, 29% FRL); Frank W. Cox High (math 81% / reading 88%, grade A, #23 of 319 statewide, top 8%, 1,681 students, 27% FRL).
• Market conditions: Rents rising fast (+6.6%/yr); 209 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 666 units permitted in Virginia Beach city in 2024 (347 in 5+ unit buildings).

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.
• Virginia Beach County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $175k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,640 (12.0% 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. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.02% ✓
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -15.9%
• Equity multiple: 0.41×
• Total profit: $-37,682
• Equity at exit: $33,996

10-year hold

• IRR: -1.1%
• Equity multiple: 0.91×
• Total profit: $-5,580
• Equity at exit: $19,713

Cash invested: $63,840 (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 23454

• Rents YoY: 6.6%
• Active inventory: 209
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,316 high
• Mortgage (P&I): −$1,196
• Tax from tax record: −$162 /mo · $1,944/yr
• Insurance: −$95
• HOA: −$530
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $-153

Break-even live

Break-even rent $2,510

Max offer price $200,925

Occupancy floor —

Sensitivity live

Price	-10% $-24	-5% $-89	+0% $-153	+5% $-218	+10% $-282
Rent	-10% $-336	-5% $-245	+0% $-153	+5% $-62	+10% $30
Rate	-1.0pp $-38	-0.5pp $-95	base $-153	+0.5pp $-212	+1.0pp $-272

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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 Victorian Cres Virginia Beach, VA	3.0	2.5	1490	$2,150	$1.44	25d	1	0.35mi
2220 N Lakeside Dr Virginia Beach, VA	3.0	1.0	1126	$3,300	$2.93	25d	1	0.37mi
1009 Autumn Woods Ln #109 Virginia Beach, VA	1.0	1.0	800	$1,650	$2.06	25d	1	0.82mi
1020 Thousand Oaks Dr Virginia Beach, VA	1.0	1.0	800	$1,530	$1.91	25d	1	1.03mi
733 Tilden Pl Virginia Beach, VA	2.0	1.5	1100	$1,900	$1.73	25d	1	1.49mi

HOA detail condo

• Monthly dues: $530 · $6,360/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $228,000 Active 124 DOM
2. 2026-06-18
   days on market $228,000 Active 121 DOM
3. 2026-06-17
   days on market $228,000 Active 120 DOM
4. 2026-06-16
   days on market $228,000 Active 119 DOM
5. 2026-06-15
   days on market $228,000 Active 118 DOM
6. 2026-06-13
   days on market $228,000 Active 116 DOM
7. 2026-06-09
   days on market $228,000 Active 112 DOM
8. 2026-06-08
   days on market $228,000 Active 111 DOM
9. 2026-06-07
   days on market $228,000 Active 110 DOM
10. 2026-06-03
    days on market $228,000 Active 106 DOM
11. 2026-06-02
    days on market $228,000 Active 105 DOM
12. 2026-06-01
    days on market $228,000 Active 104 DOM
13. 2026-05-31
    days on market $228,000 Active 103 DOM
14. 2026-02-16
    listed $228,000 Active
15. 2025-11-25
    historical $1,850
16. 2025-11-14
    listed $1,850
17. 2025-11-13
    historical $1,900
18. 2025-10-14
    listed $1,900
19. 2025-06-14
    historical $1,900
20. 2025-05-28
    price $1,900
21. 2025-05-17
    listed $2,200
22. 2017-04-03
    historical
23. 2017-02-24
    listed $130,000 Active
24. 2007-03-13
    soldstatus $175,000
25. 2004-06-02
    soldstatus $110,500

ⓘ 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: $1,944 · $162/mo
• Projected year-2 tax: $1,944 · $162/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 ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,788
• − Mortgage interest: −$12,772
• − Property taxes: −$1,944
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,223
• − Management: −$2,223
• − HOA: −$6,360
• − Depreciation: −$6,633
• Taxable loss: −$5,506
• Est. tax savings @ 24.0%: +$1,321
• After-tax cash flow: $-518/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: Va Beach City Public School District
• NCES district ID: 5103840
• Math proficiency: 69% ▼ -19.00%
• Reading proficiency: 78% ▼ -7.00%
• Median HH income: $66,452
• Composite: 63.81/100
• National rank: #594
• State rank: #10 of 131 in VA

Livability — Virginia Beach

• Score: 83/100
• State rank: #38
• US rank: #880

Category grades

Amenities A+ Commute F Cost of living C- Crime A Employment A+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Virginia Beach, VA
• County: Virginia Beach City · 448,227 people
• City population: 448,227
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 58,178
• Household income: $102,796
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 1696.0

Population outlook (Virginia Beach County) Hauer SSP2

• Today (2025): 480,401 people
• By 2030: 491,221 · +2.3%
• By 2040: 504,882 · +5.1%
• By 2050: 508,847 · +5.9%
• By 2075: 504,831 · +5.1%
• By 2100: 465,867 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 13% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Tagalog/Filipino 1% Chinese 1%

Political lean MEDSL · Virginia Beach

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.3%
• 2008→2024 swing: +3.4pp toward D · 2008: -0.7pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+5.4 2016: R+4.5 2012: R+2.5 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -385.89%
• Current HPI: 328.85
• Rent YoY: ▲ 6.62%
• 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

+106.3% since first listed

12 events — show timeline

• 2026-02-16 Listed $228,000 REINMLS
• 2025-11-25 Rental Removed $1,850 REINMLS
• 2025-11-14 Listed for Rent $1,850 REINMLS
• 2025-11-13 Rental Removed $1,900 REINMLS
• 2025-10-14 Listed for Rent $1,900 REINMLS
• 2025-06-14 Rental Removed $1,900 REINMLS
• 2025-05-28 Price Changed $1,900 REINMLS
• 2025-05-17 Listed for Rent $2,200 REINMLS
• 2017-04-03 Listing Removed — REINMLS
• 2017-02-24 Listed $130,000 REINMLS
• 2007-03-13 Sold (Public Records) $175,000 Public Records
• 2004-06-02 Sold (Public Records) $110,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,944 · +2.7% YoY. Source: county tax records.