1733 E Ocean View Ave · Norfolk, VA 23503

$274,340

4 bd · 2.0 ba · 2,610 sqft · MultiFamily public records · 38 Days on market

Built 1950 Est $256k · 7% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +4.2/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• 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: 2 units. confirmed

Listing remarks

DUPLEX! Investor/Builder alert - MERE STEPS, directly across the street to the CHESAPEAKE BAY and City Beach access! Home is a "tear down" due to recent fire and not safe to enter! Seller selling "AS-IS, WHERE IS" Sellers will make no repairs-Buyers due diligence. Location, Location, Location! Build your dream home, twin home on this prime Ocean View location! Property also features an AWESOME 3 CAR DETACHED GARAGE TOO!

Key facts

• City beach access
• Garage
• Built 1950

Tags

• CHESAPEAKE BAY ACCESS
• CITY BEACH ACCESS
• PRIME OCEAN VIEW LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $274k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $274k).
• Recommended offer: $266k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: Bay View Elementary (math 43% / reading 68%, grade C, #640 of 1,108 statewide, top 58%, 548 students, 98% FRL); Azalea Gardens Middle (math 21% / reading 54%, grade F, #315 of 342 statewide, top 93%, 848 students, 84% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 93% FRL vs 59% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.8%/yr); 198 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 $4,070/mo this rent would consume 72% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $274k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,109 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1950 — 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. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.90%
• DSCR: 1.84
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $255,780
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1733 E Ocean View Ave	0.00mi	4/2.0	2,600 (-0%)	1mo	$255,000	$98	99

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: 12.8%
• Equity multiple: 1.52×
• Total profit: $40,079
• Equity at exit: $40,905

10-year hold

• IRR: 23.1%
• Equity multiple: 3.16×
• Total profit: $165,859
• Equity at exit: $23,720

Cash invested: $76,815 (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: 198
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $4,070 high
• Mortgage (P&I): −$1,439
• Tax from tax record: −$452 /mo · $5,427/yr
• Insurance: −$114
• HOA: −$0
• Vacancy / Maint / Mgmt: −$855
• Net cashflow: $1,210

Break-even live

Break-even rent $2,538

Max offer price $274,340

Occupancy floor 65%

Sensitivity live

Price	-10% $1,365	-5% $1,288	+0% $1,210	+5% $1,132	+10% $1,055
Rent	-10% $889	-5% $1,049	+0% $1,210	+5% $1,371	+10% $1,532
Rate	-1.0pp $1,348	-0.5pp $1,280	base $1,210	+0.5pp $1,139	+1.0pp $1,067

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,070
Total (2 units)			$4,070

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: $68,585
• Closing costs: $8,230
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1635 E Ocean View Ave Norfolk, VA	3.0	2.0	1800	$2,300	$1.28	16d	1	0.11mi
1623 Kingston Ave Norfolk, VA	4.0	3.5	2830	$3,700	$1.31	45d	1	0.15mi
1611 Modoc Ave Norfolk, VA	4.0	2.0	1917	$2,295	$1.20	25d	1	0.29mi
9408 Willow Ct Norfolk, VA	3.0	2.0	2000	$2,950	$1.48	45d	1	0.49mi
2100 E Ocean View Ave Norfolk, VA	3.0	3.0	1836	$2,295	$1.25	45d	1	0.65mi
2221 Pretty Lake Ave Norfolk, VA	3.0	2.0	1800	$2,640	$1.47	3d	2	0.70mi
9518 3rd Bay St Norfolk, VA	3.0	3.5	2111	$3,000	$1.42	9d	1	0.79mi
9414 Atlans St Norfolk, VA	4.0	2.5	2412	$3,300	$1.37	45d	1	0.95mi
937 E Ocean View Ave Norfolk, VA	4.0	2.5	2395	$3,500	$1.46	25d	1	1.00mi
8504 Chesapeake Blvd Norfolk, VA	3.0	4.0	2053	$2,800	$1.36	45d	1	1.16mi
3209 Pleasant Ave Norfolk, VA	3.0	2.5	2261	$2,900	$1.28	12d	1	1.38mi
9708 Ship Watch Rd Norfolk, VA	4.0	3.5	2112	$3,300	$1.56	25d	1	1.39mi
415 Fresh Meadow Rd Norfolk, VA	4.0	2.0	2273	$3,200	$1.41	45d	1	1.46mi
432 E Gilpin Ave Norfolk, VA	4.0	2.5	2202	$3,200	$1.45	12d	1	1.46mi
424 E Ocean Ave Norfolk, VA	4.0	2.0	1953	$2,650	$1.36	45d	1	1.49mi

Listing history 10 events

1. 2026-04-21
   status Under Contract
2. 2026-04-14
   price $274,340
3. 2026-04-03
   status Active
4. 2026-04-01
   status Under Contract
5. 2026-03-31
   price $299,340
6. 2026-03-20
   price $249,340
7. 2026-03-11
   listed $299,340 Active
8. 1997-12-23
   soldstatus $84,600
9. 1987-11-04
   soldstatus $102,900
10. 1987-02-23
    soldstatus $89,900

ⓘ 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: $5,427 · $452/mo
• Projected year-2 tax: $5,427 · $452/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 · 17 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: $48,840
• − Mortgage interest: −$15,367
• − Property taxes: −$5,427
• − Insurance: −$1,372
• − Repairs & maintenance: −$3,907
• − Management: −$3,907
• − Depreciation: −$7,981
• Taxable income: $10,879
• Est. tax owed @ 24.0%: −$2,611
• After-tax cash flow: $11,910/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

+205.2% since first listed

10 events — show timeline

• 2026-04-21 Pending — REINMLS
• 2026-04-14 Price Changed $274,340 REINMLS
• 2026-04-03 Relisted — REINMLS
• 2026-04-01 Pending — REINMLS
• 2026-03-31 Price Changed $299,340 REINMLS
• 2026-03-20 Price Changed $249,340 REINMLS
• 2026-03-11 Listed $299,340 REINMLS
• 1997-12-23 Sold (Public Records) $84,600 Public Records
• 1987-11-04 Sold (Public Records) $102,900 Public Records
• 1987-02-23 Sold (Public Records) $89,900 Public Records

Property tax history

+6.1%/yr

Latest (2025): $5,427 · +2.8% YoY. Source: county tax records.