338 Summerville Ct · Virginia Beach, VA 23451

$382,900

3 bd · 2.0 ba · 1,770 sqft · Condo public records · 137 Days on market

Built 2004

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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 +10.1/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Live minutes from the Virginia Beach Oceanfront in this beautifully updated 3 bed 2 bath NO FEE 2-unit condo with a garage, new fence and driveway parking! Located on the 2nd floor, upgraded with new flooring, refinished kitchen cabinets, vaulted ceilings, and an open layout, this home feels light, bright, and spacious the moment you walk in. The kitchen offers newer stainless appliances, plenty of cabinets, and a breakfast bar that flows into the dining and living areas, complete with a cozy gas fireplace. The oversized primary suite is your retreat, featuring a private balcony, spa-like bath, and massive walk-in closet. Smart features include a Nest thermostat, and solar panels to keep ut

Key facts

• Spa-like bath
• Private balcony
• New flooring

Tags

• FENCED BACKYARD
• PRIVATE BALCONY
• SPA-LIKE BATH
• MASSIVE WALK-IN CLOSET
• NEW FLOORING
• REFINISHED KITCHEN CABINETS

Property features AI

Finance

• Other: City view
• HOA & community: Condo ownership; Condo fees listed as 0

Exterior

• Parking: Attached 1-car garage (approx. 200 sq ft); 2 total parking spaces; Off-street parking; Driveway parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power (supports heat pump and central air)
• Home design: Attached condo; 2-unit condo, low-rise; Two stories; Unit on level 2; One living level described for the unit; Solar electric system; Slab foundation
• Construction: Vinyl exterior siding; Asphalt shingle roof; Slab foundation
• Exterior features: Located on a cul-de-sac; Full privacy wood fence; Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator
• Bedrooms: One bedroom with ensuite; Master bedroom with bath; Balcony off a bedroom; Porch accessed from living area or bedroom
• Flooring: Ceramic flooring; Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Cathedral ceiling; Gas fireplace; Ceiling fan; Garage door opener; Walk-in closet
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $383k.

Deal economics

• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $343k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (26.8% below list).
• Recommended offer: $280k (26.8% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: Seatack Elementary An Achievable Dream Academy (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 379 students, 93% FRL); First Colonial High (math 76% / reading 81%, grade A-, #75 of 319 statewide, top 25%, 1,797 students, 34% FRL) — zoned schools average 64% FRL vs 28% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 397 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 33% of the median local income ($101k/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 $3k of loan paydown is wiped out by about $11k 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 137 days — a 12% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $310k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,384 (26.8% 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 137 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 0.73% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.53%
• DSCR: 0.89
• GRM: 11.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.42% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.35×
• Total profit: $-69,538
• Equity at exit: $57,092

10-year hold

• IRR: -6.6%
• Equity multiple: 0.54×
• Total profit: $-49,286
• Equity at exit: $33,106

Cash invested: $107,212 (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 23451

• Rents YoY: 5.4%
• Active inventory: 397
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,804 high
• Mortgage (P&I): −$2,008
• Tax from tax record: −$274 /mo · $3,283/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $-226

Break-even live

Break-even rent $3,090

Max offer price $342,959

Occupancy floor —

Sensitivity live

Price	-10% $-9	-5% $-118	+0% $-226	+5% $-334	+10% $-443
Rent	-10% $-448	-5% $-337	+0% $-226	+5% $-115	+10% $-5
Rate	-1.0pp $-33	-0.5pp $-129	base $-226	+0.5pp $-325	+1.0pp $-426

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: $95,725
• Closing costs: $11,487
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1136 Arlynn Ln Virginia Beach, VA	3.0	3.5	2252	$3,000	$1.33	18d	1	0.04mi
400 Eden Roc Cir Virginia Beach, VA	1.0–3.0	1.0–2.0	1114	$3,192	$2.87	2d	18	0.16mi
400 Coastal Walk Pl Virginia Beach, VA	3.0	2.0	1422	$2,600	$1.83	24d	1	0.23mi
400 Coastal Walk Pl #105 Virginia Beach, VA	3.0	2.0	1422	$2,500	$1.76	18d	1	0.23mi
408 Coastal Walk Pl #103 Virginia Beach, VA	2.0	2.5	1409	$2,200	$1.56	13d	1	0.25mi
940 Old Virginia Beach Rd Virginia Beach, VA	3.0	2.5	1400	$2,500	$1.79	24d	1	0.42mi
912 C Ave Unit C Virginia Beach, VA	3.0	2.5	1367	$3,500	$2.56	15d	1	0.58mi
912 C Ave Virginia Beach, VA	3.0	2.5	1367	$2,500	$1.83	11d	1	0.58mi
918 13th St Virginia Beach, VA	3.0	3.5	1651	$3,000	$1.82	24d	1	0.67mi
901 13th St Virginia Beach, VA	3.0	3.5	1800	$3,095	$1.72	3d	1	0.68mi
233 Sykes Ave Unit A Virginia Beach, VA	3.0	2.5	1484	$2,450	$1.65	12d	1	0.72mi
722 16th St Virginia Beach, VA	3.0	1.5	1260	$2,500	$1.98	22d	1	0.74mi
1334 Linkhorn Cir Virginia Beach, VA	3.0	2.5	1532	$3,400	$2.22	24d	1	0.76mi
945 Indian Cir Virginia Beach, VA	3.0	2.5	1400	$2,300	$1.64	24d	1	0.80mi
1441 Reynard Dr Virginia Beach, VA	1.0–4.0	1.0–2.5	1080	$2,495	$2.31	2d	19	0.83mi
904 Rudee Ave Virginia Beach, VA	3.0	2.5	1250	$2,800	$2.24	5d	1	0.84mi
1441 Laskin Rd Virginia Beach, VA	1.0–3.0	1.0–3.0	1226	$3,400	$2.77	5d	9	0.85mi
1208 Cypress Ave Unit A Virginia Beach, VA	4.0	3.0	2000	$2,200	$1.10	18d	1	0.88mi
757 Saltmeadow Bay Dr Virginia Beach, VA	1.0–3.0	1.0–2.5	1199	$3,178	$2.65	2d	18	0.96mi
2734 Manoomin Pl Virginia Beach, VA	2.0	2.0	1428	$1,995	$1.40	12d	1	0.97mi
320 23rd St Virginia Beach, VA	4.0	2.0	1700	$3,595	$2.11	24d	1	1.11mi
908 Terrace Ave Virginia Beach, VA	3.0	2.5	1656	$2,750	$1.66	15d	1	1.13mi
300 25th St Virginia Beach, VA	1.0–3.0	1.0–2.5	1253	$3,990	$3.18	2d	2	1.19mi
100 Pinewood Rd #128 Virginia Beach, VA	2.0	2.5	1358	$3,250	$2.39	24d	1	1.24mi
521 Laskin Rd Apt 702 Virginia Beach, VA	3.0	2.5	1581	$4,990	$3.16	5d	1	1.26mi
521 Laskin Rd Unit 00 323 Virginia Beach, VA	3.0	2.5	1365	$3,850	$2.82	24d	1	1.26mi
521 Laskin Rd Virginia Beach, VA	3.0	2.5	1365	$3,850	$2.82	11d	1	1.26mi
521 Laskin Rd Apt 718 Virginia Beach, VA	2.0	2.5	1376	$3,990	$2.90	24d	1	1.26mi
521 Laskin Rd Virginia Beach, VA	2.0	2.5	1381	$4,040	$2.93	24d	1	1.26mi
304 26 1/2 St Unit A Virginia Beach, VA	3.0	2.5	1592	$3,500	$2.20	5d	1	1.26mi
510 Virginia Ave Virginia Beach, VA	3.0	2.0	1880	$2,350	$1.25	5d	1	1.27mi
488 S Birdneck Rd Virginia Beach, VA	3.0	2.0	1664	$3,000	$1.80	24d	1	1.28mi
315 29th St Virginia Beach, VA	2.0	2.0	1300	$1,900	$1.46	11d	1	1.30mi
2613 Atlantic Ave Virginia Beach, VA	1.0–2.0	1.0–2.0	1117	$5,999	$5.37	24d	1	1.36mi
3200 Holly Rd #102 Virginia Beach, VA	2.0	2.0	1300	$3,000	$2.31	8d	1	1.37mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-13
   statusdays on market $382,900 Under Contract 137 DOM
2. 2026-06-09
   days on market $382,900 Active Under Contract 134 DOM
3. 2026-06-08
   days on market $382,900 Active Under Contract 133 DOM
4. 2026-06-07
   statusdays on market $382,900 Active Under Contract 132 DOM
5. 2026-06-03
   days on market $382,900 Active 128 DOM
6. 2026-06-02
   days on market $382,900 Active 127 DOM
7. 2026-06-01
   days on market $382,900 Active 126 DOM
8. 2026-05-31
   days on market $382,900 Active 125 DOM
9. 2026-05-21
   price $383,399
10. 2026-05-19
    price $383,499
11. 2026-05-15
    price $383,699
12. 2026-05-13
    price $383,799
13. 2026-04-29
    price $383,899
14. 2026-04-29
    status Active
15. 2026-04-15
    historical Active Under Contract
16. 2026-04-06
    price $383,900
17. 2026-04-03
    price $384,100
18. 2026-03-31
    price $384,200
19. 2026-03-26
    price $384,300
20. 2026-03-11
    price $384,400
21. 2026-03-06
    price $384,500
22. 2026-03-03
    price $384,600
23. 2026-02-27
    price $384,700
24. 2026-02-23
    price $384,800
25. 2026-01-26
    listed $384,900 Active
26. 2026-01-11
    historical
27. 2025-12-04
    price $384,100
28. 2025-11-28
    price $384,200
29. 2025-11-26
    price $384,300
30. 2025-11-22
    price $384,400
31. 2025-11-10
    price $384,500
32. 2025-11-07
    price $384,650
33. 2025-11-04
    price $384,700
34. 2025-11-01
    price $384,750
35. 2025-10-24
    price $384,900
36. 2025-10-01
    listed $385,000 Active
37. 2022-11-22
    soldstatus $310,000
38. 2022-07-20
    historical
39. 2022-07-19
    soldstatus $310,000
40. 2022-07-05
    status Under Contract
41. 2022-06-20
    historical Active Under Contract
42. 2022-06-15
    listed $300,000 Active
43. 2013-09-17
    price $124,900 Active
44. 2013-07-31
    price $138,510 Active

ⓘ 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: $3,283 · $274/mo
• Projected year-2 tax: $3,283 · $274/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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥102°F today · 15 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,646
• − Mortgage interest: −$21,448
• − Property taxes: −$3,283
• − Insurance: −$1,914
• − Repairs & maintenance: −$2,692
• − Management: −$2,692
• − Depreciation: −$11,139
• Taxable loss: −$9,523
• Est. tax savings @ 24.0%: +$2,285
• After-tax cash flow: $-428/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): 44,012
• Household income: $100,697
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 2588.0

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 (78%)
• Race & ethnicity: White 78% Black 7% Hispanic / Latino 7% Two or more races 7% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Russian/Polish/Slavic 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: ▼ -530.26%
• Current HPI: 315.521
• Rent YoY: ▲ 5.42%
• 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

+176.8% since first listed

36 events — show timeline

• 2026-05-21 Price Changed $383,399 REINMLS
• 2026-05-19 Price Changed $383,499 REINMLS
• 2026-05-15 Price Changed $383,699 REINMLS
• 2026-05-13 Price Changed $383,799 REINMLS
• 2026-04-29 Price Changed $383,899 REINMLS
• 2026-04-29 Relisted — REINMLS
• 2026-04-15 Contingent — REINMLS
• 2026-04-06 Price Changed $383,900 REINMLS
• 2026-04-03 Price Changed $384,100 REINMLS
• 2026-03-31 Price Changed $384,200 REINMLS
• 2026-03-26 Price Changed $384,300 REINMLS
• 2026-03-11 Price Changed $384,400 REINMLS
• 2026-03-06 Price Changed $384,500 REINMLS
• 2026-03-03 Price Changed $384,600 REINMLS
• 2026-02-27 Price Changed $384,700 REINMLS
• 2026-02-23 Price Changed $384,800 REINMLS
• 2026-01-26 Listed $384,900 REINMLS
• 2026-01-11 Listing Removed — REINMLS
• 2025-12-04 Price Changed $384,100 REINMLS
• 2025-11-28 Price Changed $384,200 REINMLS
• 2025-11-26 Price Changed $384,300 REINMLS
• 2025-11-22 Price Changed $384,400 REINMLS
• 2025-11-10 Price Changed $384,500 REINMLS
• 2025-11-07 Price Changed $384,650 REINMLS
• 2025-11-04 Price Changed $384,700 REINMLS
• 2025-11-01 Price Changed $384,750 REINMLS
• 2025-10-24 Price Changed $384,900 REINMLS
• 2025-10-01 Listed $385,000 REINMLS
• 2022-11-22 Sold (Public Records) $310,000 Public Records
• 2022-07-20 Listing Removed — REINMLS
• 2022-07-19 Sold (Public Records) $310,000 Public Records
• 2022-07-05 Pending — REINMLS
• 2022-06-20 Contingent — REINMLS
• 2022-06-15 Listed $300,000 REINMLS
• 2013-09-17 Price Changed $124,900 REINMLS
• 2013-07-31 Price Changed $138,510 REINMLS

Property tax history

+5.3%/yr

Latest (2025): $3,283 · +5.0% YoY. Source: county tax records.