908 Poplar Ave · Chesapeake, VA 23323

$249,900

4 bd · 2.0 ba · 1,566 sqft · MultiFamily public records · 6 Days on market

Built 1971 Est $255k · at est.

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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
• ARV discount +8.4/15.0
• 1% rule +8.2/10.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• 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

Brick duplex with stable cash flow and long-term tenants in place! Each unit offers ~ 783 SF with 2 bedrooms and 1 bath (1566 SF total). Both units are leased at $950/month through 3/31/2027, providing immediate income and reduced vacancy risk. Tenants pay their own utilities; water is on one meter and reimbursed to landlord. Unit A features an updated bathroom. Property includes a large side yard, ample off-street parking, and two storage sheds. Solid brick construction supports long-term durability and lower maintenance. Sold strictly as-is; seller to make no repairs. Ideal for investors seeking a steady returns with minimal turnover.

Key facts

• Two storage sheds
• Large side yard
• Lower maintenance

Tags

• UPDATED BATHROOM
• LARGE SIDE YARD
• AMPLE OFF STREET PARKING
• TWO STORAGE SHEDS
• SOLID BRICK CONSTRUCTION
• LOWER MAINTENANCE

Property features AI

Finance

• Financial info: Unit A rent: $950 (lease expires 3/31/2027, annual lease); Unit B rent: $950 (lease expires 3/31/2027, annual lease)

Exterior

• Parking: Driveway and off-street parking; Each unit with 2 parking spaces
• Utilities: City/County water; City/County sewer; Separate electric meters; Separate gas meters
• Home design: Duplex; Side-by-side style; Simple ownership; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Brick and wood siding; Shed on property; Lot dimensions approximately 100' x 188' x 100' x 187'

Interior

• Kitchen: Microwave; Electric range; Gas range; Refrigerator
• Bedrooms: Unit A: 2 bedrooms (1st floor master bedroom); Unit B: 2 bedrooms (1st floor master bedroom)
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: Unit A: 1 bathroom; Unit B: 1 bathroom
• Heating & cooling: Baseboard heating (electric); Central air conditioning
• Interior features: Window treatments; Cable TV hookup; Ceiling fans; Level flooring; Low pile carpet
• Laundry & utility: Separate electric and gas meters; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $949 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 10.9% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: G.A. Treakle Elementary (math 47% / reading 56%, grade C-, #728 of 1,108 statewide, top 66%, 421 students, 93% FRL); Deep Creek High (math 70% / reading 82%, grade A-, #102 of 319 statewide, top 32%, 1,597 students, 49% FRL) — zoned schools average 71% FRL vs 28% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 177 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($109k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $62k; list at $250k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $249,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.28%
• DSCR: 1.72
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $255,258
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 Poplar Ave	0.00mi	4/2.0	1,566 (0%)	0mo	$255,000	$163	100

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 · 6.13% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.44×
• Total profit: $30,662
• Equity at exit: $37,261

10-year hold

• IRR: 22.1%
• Equity multiple: 3.16×
• Total profit: $151,357
• Equity at exit: $21,607

Cash invested: $69,972 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 177
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,292 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$237 /mo · $2,841/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $949

Break-even live

Break-even rent $2,090

Max offer price $249,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,091	-5% $1,020	+0% $949	+5% $879	+10% $808
Rent	-10% $689	-5% $819	+0% $949	+5% $1,079	+10% $1,209
Rate	-1.0pp $1,075	-0.5pp $1,013	base $949	+0.5pp $885	+1.0pp $819

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,292
Total (2 units)			$3,292

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1061 Saint Julian Dr Chesapeake, VA	4.0	2.0	1611	$2,550	$1.58	24d	1	0.46mi
940 Willis St Chesapeake, VA	3.0	2.0	1150	$1,795	$1.56	17d	1	0.49mi
2509 Meiggs Rd Chesapeake, VA	3.0	2.0	1664	$2,500	$1.50	11d	1	0.90mi
2604 Townhouse Ln Chesapeake, VA	1.0–3.0	1.5	1050	$1,885	$1.80	2d	1	1.02mi
1114 Woodland Terrace Dr Chesapeake, VA	3.0	1.0	1223	$2,000	$1.64	24d	1	1.08mi
622 Wooddale Ct Chesapeake, VA	4.0	2.0	1475	$2,450	$1.66	24d	1	1.19mi

Listing history 9 events

1. 2026-05-05
   status Under Contract
2. 2026-04-29
   listed $249,900 Active
3. 2016-12-07
   historical
4. 2016-08-13
   price $178,000
5. 2016-08-13
   status Active
6. 2016-08-05
   historical
7. 2016-06-06
   listed $169,000 Active
8. 2000-06-13
   soldstatus $62,500
9. 1981-09-08
   soldstatus $41,000

ⓘ 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: $2,841 · $237/mo
• Projected year-2 tax: $2,841 · $237/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 4/10 Moderate FEMA zone X (shaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 16 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: $39,504
• − Mortgage interest: −$13,998
• − Property taxes: −$2,841
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,160
• − Management: −$3,160
• − Depreciation: −$7,270
• Taxable income: $7,825
• Est. tax owed @ 24.0%: −$1,878
• After-tax cash flow: $9,514/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

+509.5% since first listed

9 events — show timeline

• 2026-05-05 Pending — REINMLS
• 2026-04-29 Listed $249,900 REINMLS
• 2016-12-07 Listing Removed — REINMLS
• 2016-08-13 Price Changed $178,000 REINMLS
• 2016-08-13 Relisted — REINMLS
• 2016-08-05 Listing Removed — REINMLS
• 2016-06-06 Listed $169,000 REINMLS
• 2000-06-13 Sold (Public Records) $62,500 Public Records
• 1981-09-08 Sold (Public Records) $41,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $2,841 · +6.4% YoY. Source: county tax records.