987 Winward Rd · Norfolk, VA 23513

$150,000

2 bd · 1.0 ba · 855 sqft · SingleFamily public records · 1 Days on market

Built 1942 0.35 ac lot Est $225k · 33% 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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• 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

Investor Opportunity * * * Home is a FIXER UPPER being sold "As Is" "Where Is" w/ o any repairs or inspections by seller. Excellent opportunity in centrally located Sewells Gardens, conveniently situated near schools, shopping centers, and highways for convenient commuting. Agents/Buyers Perform Due Diligence. Investor Special! Renovation need Cash or renovation loan only due to current condition.

Key facts

• Near schools
• Centrally located
• Near highways

Tags

• CENTRALLY LOCATED
• SEWELLS GARDENS
• NEAR SCHOOLS
• NEAR SHOPPING CENTERS
• NEAR HIGHWAYS

Property features AI

Finance

• Other: Lot approximately 0.3515 acres
• HOA & community: No HOA (fees listed as $0)

Exterior

• Parking: Street parking
• Utilities: City water; City sewer; Gas water heater
• Home design: Detached home; Bungalow / Cottage / Ranch style; Single-story (1 living level); Entry on one level
• Construction: Crawl foundation; Asphalt shingle roof
• Exterior features: Asbestos siding; City view

Interior

• Bedrooms: Master bedroom on the first floor; Total of 5 rooms (includes bedrooms and living areas)
• Flooring: Wood
• Bathrooms: One full bathroom
• Heating & cooling: Floor furnace heating; Central air conditioning
• Interior features: Wood flooring; First-floor master bedroom with full bathroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 7.4% 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 Elementary (math 17% / reading 47%, grade F, #992 of 1,108 statewide, top 90%, 395 students, 98% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 20d 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 $4k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $51k; list at $150k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $150,000

Questions for the listing agent

1. Built in 1942 — 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: 1.00% ✓
• Cap rate: 7.43%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $224,865
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6456 Palem Rd	0.36mi	2/1.5	859 (+0%)	3mo	$265,500	$309	78
6383 Partridge St	0.09mi	2/1.0	755 (-12%)	3mo	$247,000	$327	74
6455 Clare Rd	0.30mi	2/1.0	785 (-8%)	10mo	$163,500	$208	64
6376 Palem Rd	0.29mi	3/1.0 (+1)	944 (+10%)	1mo	$160,000	$169	63
4832 Hampshire Ave	0.61mi	2/1.0	834 (-2%)	6mo	$225,000	$270	62
964 Quail St	0.18mi	3/1.0 (+1)	974 (+14%)	3mo	$150,200	$154	61
4551 Dora Cir	0.68mi	3/1.0 (+1)	864 (+1%)	4mo	$189,000	$219	58
3500 Hyde Cir	0.73mi	2/1.0	756 (-12%)	3mo	$198,500	$263	44
3521 Essex Cir	0.67mi	2/1.0	732 (-14%)	2mo	$215,000	$294	43
936 Widgeon Rd	0.66mi	3/1.0 (+1)	960 (+12%)	3mo	$180,000	$188	42
715 Muskogee Ave	0.74mi	2/1.0	754 (-12%)	8mo	$240,000	$318	39
3611 Lenoir Cir	0.69mi	2/1.0	972 (+14%)	10mo	$230,000	$237	37

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: -9.4%
• Equity multiple: 0.65×
• Total profit: $-14,551
• Equity at exit: $22,365

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,786
• Equity at exit: $12,969

Cash invested: $42,000 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$787
• Tax from tax record: −$195 /mo · $2,346/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $143

Break-even live

Break-even rent $1,322

Max offer price $150,000

Occupancy floor 86%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3820 Essex Cir Unit B 1 Norfolk, VA	2.0	1.0	900	$1,700	$1.89	21d	1	0.30mi
3820 Essex Cir #1 Norfolk, VA	2.0	1.0	1000	$2,250	$2.25	17d	1	0.30mi
3820 Essex Cir Unit A Norfolk, VA	2.0	1.0	1000	$2,200	$2.20	21d	1	0.30mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	43d	1	0.38mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	3d	1	0.38mi
6340 Sewells Point Rd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	0.40mi
6343 Chesapeake Blvd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	0.44mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	7d	1	0.45mi
6234 Chesapeake Blvd Norfolk, VA	2.0	1.0	986	$925	$0.94	17d	1	0.46mi
6228 Chesapeake Blvd Unit G Norfolk, VA	2.0	1.0	885	$925	$1.05	43d	1	0.47mi
6241 Alexander St Unit F Norfolk, VA	2.0	1.0	704	$895	$1.27	12d	1	0.50mi
6225 Alexander St Unit F Norfolk, VA	2.0	1.0	750	$1,499	$2.00	20d	1	0.51mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	23d	1	0.51mi
6249 Alexander St Unit F Norfolk, VA	2.0	1.0	817	$1,195	$1.46	4d	1	0.51mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	17d	1	0.51mi
6225 Alexander St Norfolk, VA	2.0	1.0	750	$1,299	$1.73	43d	1	0.52mi
4566 Hampshire Ave Unit A Norfolk, VA	2.0	1.0	870	$1,350	$1.55	43d	1	0.55mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	43d	1	0.55mi
739 Waukesha Ave Norfolk, VA	2.0	1.0	860	$1,800	$2.09	23d	1	0.67mi
4802 Norvella Ave Unit 1 Norfolk, VA	2.0	1.0	800	$1,050	$1.31	7d	1	0.68mi
5404 Douglas St Norfolk, VA	3.0	1.0	981	$1,950	$1.99	43d	1	0.68mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	2d	8	0.70mi
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	23d	1	0.89mi
609 Summers Dr Norfolk, VA	3.0	1.0	998	$1,995	$2.00	4d	1	0.96mi
7108 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,400	$1.94	43d	1	0.98mi
7128 Gregory Dr Norfolk, VA	2.0	1.0	720	$1,800	$2.50	43d	1	1.03mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,069	$1.83	2d	23	1.10mi
7427 Tyndale Ct Unit 1 Norfolk, VA	2.0	1.0	786	$995	$1.27	43d	1	1.19mi
1524 Longdale Dr Norfolk, VA	1.0	1.0	650	$1,350	$2.08	3d	1	1.19mi
3044 Sewells Point Rd Norfolk, VA	2.0	1.0	830	$1,134	$1.37	1d	1	1.20mi
715 Easy St Unit 2 Norfolk, VA	2.0	1.0	750	$1,200	$1.60	14d	1	1.21mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	1.24mi
7433 Fenner St Norfolk, VA	1.0–2.0	1.0	715	$1,399	$1.96	14d	7	1.24mi
4745 Lind St Unit A Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	43d	1	1.28mi
4745 Lind St Unit B Norfolk, VA	2.0	1.0	752	$1,350	$1.80	2d	1	1.28mi
3219 Brest Ave Norfolk, VA	2.0	1.0	675	$1,100	$1.63	43d	1	1.29mi
7465 Fenner St Unit 7469-1-213 Norfolk, VA	1.0	1.0	550	$1,199	$2.18	20d	1	1.30mi
7465 Fenner St Unit 7468-2-A8 Norfolk, VA	2.0	1.0	900	$1,399	$1.55	20d	1	1.30mi
1721 Norview Ave Norfolk, VA	1.0	1.0	800	$1,150	$1.44	43d	1	1.36mi
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	14d	1	1.36mi

Listing history 2 events

1. 2026-06-18
   remarks 402-char remark
2. 2026-06-18
   listed $150,000 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: $2,346 · $195/mo
• Projected year-2 tax: $2,346 · $195/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 (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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: $18,035
• − Mortgage interest: −$8,402
• − Property taxes: −$2,346
• − Insurance: −$750
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$4,364
• Taxable loss: −$712
• Est. tax savings @ 24.0%: +$171
• After-tax cash flow: $1,884/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

-73.4% since first listed

3 events — show timeline

• 2026-06-18 Listed $150,000 REINMLS
• 1988-12-30 Sold (Public Records) $50,900 Public Records
• 1986-06-24 Sold (Public Records) $563,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,346 · +1.5% YoY. Source: county tax records.