948 Avenue H · Norfolk, VA 23513

$170,000

3 bd · 1.0 ba · 1,084 sqft · SingleFamily public records · 7 Days on market

Built 1948 7,514 sqft lot Est $266k · 36% 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 +18.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +4.7/10.0
• 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

Calling all investors or someone looking for a renovation project. A solid home with great potential featuring a detached studio with a kitchenette and bathroom is waiting for your renovations. Located in the sought-after Oakwood Park area, this solid home features three spacious bedrooms, one full bathroom, a functional kitchen, and an additional bonus studio living space separate from the main house. This property has a large, fenced-in backyard great for entertaining, as well as driveway space for parking. Don't miss your opportunity to customize this home in a well-established area. This property is being sold "as is, where is, " and the seller will not make any repairs, inclu

Key facts

• Kitchenette
• Driveway space
• Detached studio

Tags

• DETACHED STUDIO
• KITCHENETTE
• LARGE FENCED BACKYARD
• DRIVEWAY SPACE
• BONUS STUDIO LIVING SPACE

Property features AI

Finance

• HOA & community: No HOA (fees listed as 0)

Exterior

• Parking: Off-street parking including driveway spaces and street parking (2 spaces noted)
• Utilities: City/County water; City/County sewer; Gas water heater; Electric service (standard)
• Home design: Detached bungalow/ranch style; Single-story
• Construction: Crawl-space foundation; Asphalt shingle roof
• Exterior features: Aluminum siding; Partially chain-link fenced backyard; Porch; Guest house; Property listed as a fixer-upper

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: First-floor master bedroom; Additional bedroom on first floor; Total rooms include living room, master bedroom, bedroom, in-law suite
• Flooring: Carpet; Ceramic; Wood
• Bathrooms: One full bathroom (first floor)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Decorative fireplace; Attic with permanent stairs; Window treatments; Cable hookup
• Laundry & utility: Washer hookup; Utility room on first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $170 ($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 $165k (2.9% below list).
• Recommended offer: $165k (2.9% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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: Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 97% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 42% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.4%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $165,049 (2.9% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 7.49%
• Cash-on-cash: 4.28%
• DSCR: 1.19
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $265,580
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
940 Avenue H	0.02mi	2/1.0 (-1)	1,088 (+0%)	3mo	$170,000	$156	91
7948 Merritt St	0.35mi	3/1.0	1,002 (-8%)	4mo	$122,000	$122	68
840 Workwood Rd	0.49mi	3/1.0	1,040 (-4%)	5mo	$255,000	$245	66
909 Workwood Rd	0.44mi	3/1.0	1,005 (-7%)	2mo	$270,000	$269	65
805 Tifton St	0.60mi	3/1.0	1,114 (+3%)	2mo	$263,000	$236	65
7012 Selma Ave	0.43mi	3/1.0	1,000 (-8%)	4mo	$259,750	$260	64
7431 Tyndale Ct	0.48mi	4/1.0 (+1)	1,156 (+7%)	1mo	$260,000	$225	60
1033 Tifton St	0.49mi	3/1.0	972 (-10%)	4mo	$260,000	$267	57
840 Brentwood Dr	0.48mi	3/2.0	1,200 (+11%)	0mo	$309,900	$258	56
1112 Newell Ave	0.71mi	3/1.0	1,026 (-5%)	5mo	$195,000	$190	54
936 Widgeon Rd	0.66mi	3/1.0	960 (-11%)	3mo	$180,000	$188	48
8216 Old Ocean View Rd	0.64mi	3/2.0	1,228 (+13%)	2mo	$333,000	$271	42

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: -9.2%
• Equity multiple: 0.66×
• Total profit: $-16,028
• Equity at exit: $25,348

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $2,872
• Equity at exit: $14,698

Cash invested: $47,600 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,650 high
• Mortgage (P&I): −$891
• Tax from tax record: −$172 /mo · $2,060/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $170

Break-even live

Break-even rent $1,435

Max offer price $170,000

Occupancy floor 85%

Sensitivity live

Price	-10% $266	-5% $218	+0% $170	+5% $122	+10% $74
Rent	-10% $39	-5% $105	+0% $170	+5% $235	+10% $300
Rate	-1.0pp $255	-0.5pp $213	base $170	+0.5pp $126	+1.0pp $81

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7128 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,800	$2.50	44d	1	0.28mi
7108 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,400	$1.94	44d	1	0.33mi
869 Bancker Rd Norfolk, VA	2.0	1.0–1.5	910	$1,142	$1.26	44d	1	0.34mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	2d	3	0.43mi
7465 Fenner St Unit 7468-2-A8 Norfolk, VA	2.0	1.0	900	$1,399	$1.55	20d	1	0.46mi
7427 Tyndale Ct Unit 1 Norfolk, VA	2.0	1.0	786	$995	$1.27	44d	1	0.50mi
7433 Fenner St Norfolk, VA	1.0–2.0	1.0	715	$1,399	$1.96	15d	7	0.53mi
715 Easy St Unit 2 Norfolk, VA	2.0	1.0	750	$1,200	$1.60	15d	1	0.56mi
7996 Diggs Rd Unit D Norfolk, VA	3.0	2.0	950	$1,375	$1.45	44d	1	0.60mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	24d	1	0.61mi
7474 Pennington Rd Unit 7474 Norfolk, VA	2.0	1.0	1000	$1,525	$1.52	2d	1	0.62mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	44d	1	0.73mi
507 Ashlawn Dr Norfolk, VA	2.0	1.0	750	$1,395	$1.86	44d	1	0.80mi
508 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	21d	1	0.80mi
504 Ashlawn Dr Norfolk, VA	2.0	1.0	725	$1,250	$1.72	21d	1	0.82mi
504 Ashlawn Dr Unit 2 Norfolk, VA	2.0	1.0	725	$1,250	$1.72	24d	1	0.82mi
440 San Antonio Blvd Norfolk, VA	2.0	1.0	800	$1,535	$1.92	24d	1	0.84mi
417 E Little Creek Rd Apt 4 Norfolk, VA	2.0	1.0	700	$1,050	$1.50	8d	1	0.86mi
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	44d	1	0.92mi
8231 Andrew Ln Norfolk, VA	3.0	1.0	720	$1,800	$2.50	24d	1	1.02mi
310 Naval Base Rd Norfolk, VA	3.0	1.0	1000	$1,850	$1.85	24d	1	1.08mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	13d	1	1.08mi
845 Norman Ave Norfolk, VA	2.0	1.0	862	$2,000	$2.32	24d	1	1.08mi
311 Ashlawn Dr Unit 3 Norfolk, VA	2.0	1.0	800	$1,195	$1.49	45d	1	1.11mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	21d	1	1.12mi
6430 Faraday Ct Norfolk, VA	4.0	1.5	1319	$1,995	$1.51	44d	1	1.13mi
312 Ashlawn Dr Norfolk, VA	2.0	1.0	720	$1,200	$1.67	44d	1	1.14mi
6340 Sewells Point Rd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	1.18mi
6451 Edward St Norfolk, VA	3.0	2.5	1400	$2,000	$1.43	8d	1	1.18mi
6343 Chesapeake Blvd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	1.20mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	4d	1	1.20mi
609 Summers Dr Norfolk, VA	3.0	1.0	998	$1,995	$2.00	4d	1	1.22mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	3d	23	1.32mi
739 Waukesha Ave Norfolk, VA	2.0	1.0	860	$1,800	$2.09	24d	1	1.37mi
6234 Chesapeake Blvd Norfolk, VA	2.0	1.0	986	$925	$0.94	17d	1	1.37mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	13d	1	1.37mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	4d	1	1.37mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	3d	1	1.37mi
6228 Chesapeake Blvd Unit G Norfolk, VA	2.0	1.0	885	$925	$1.05	44d	1	1.39mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	24d	1	1.40mi

Listing history 5 events

1. 2026-06-16
   statusdays on market $170,000 Under Contract 7 DOM
2. 2026-06-15
   days on market $170,000 Active 6 DOM
3. 2026-06-13
   days on market $170,000 Active 4 DOM
4. 2026-06-10
   remarks 689-char remark
5. 2026-06-10
   listed $170,000 Active 1 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: $2,060 · $172/mo
• Projected year-2 tax: $2,060 · $172/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $19,806
• − Mortgage interest: −$9,523
• − Property taxes: −$2,060
• − Insurance: −$850
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$4,945
• Taxable loss: −$741
• Est. tax savings @ 24.0%: +$178
• After-tax cash flow: $2,216/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

1 event — show timeline

• 2026-06-09 Listed $170,000 REINMLS

Property tax history

+6.2%/yr

Latest (2025): $2,060 · +13.1% YoY. Source: county tax records.