2200 Pearl St · Portsmouth, VA 23704

$189,999

4 bd · 2.0 ba · 1,420 sqft · MultiFamily public records · 73 Days on market

Built 1920 $134/sqft · 19% below area Est $236k · 19% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 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 MLS

GREAT MULTI-FAMILY INVESTMENT PROPERTY!! Fantastic duplex in Portsmouth priced to sell. Oversized lot with a spacious yard— good for future expansion or building an additional home! Property SOLD AS-IS/WHERE IS!! Call today for a private showing!!

Key facts

• Spacious yard
• Future expansion
• Oversized lot

Tags

• DUPLEX
• OVERSIZED LOT
• SPACIOUS YARD
• FUTURE EXPANSION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brighton Elementary (math 12% / reading 32%, grade F, #1,069 of 1,108 statewide, top 97%, 411 students, 97% FRL); Cradock Middle (math 32% / reading 62%, grade D+, #257 of 342 statewide, top 77%, 533 students, 100% FRL); Manor High (math 48% / reading 75%, grade B-, #240 of 319 statewide, top 75%, 1,236 students, 99% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 135 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,525/mo this rent would consume 61% of the median local household income ($50k/yr) (locally 1727% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 7y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $178,599 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. 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.
10. 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.
11. 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: 1.33% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.64%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

• ARV (median comp): $235,700
• List price: $189,999
• Delta: -19.39%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2117 Staunton Ave	0.55mi	3/2.0 (-1)	1,450 (+2%)	1mo	$238,000	$164	65
1233 Centre Ave	0.41mi	4/3.0	1,340 (-6%)	6mo	$233,400	$174	63

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 8.1%
• Equity multiple: 1.32×
• Total profit: $16,983
• Equity at exit: $28,329

10-year hold

• IRR: 17.6%
• Equity multiple: 2.48×
• Total profit: $78,557
• Equity at exit: $16,428

Cash invested: $53,200 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 135
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,525 high
• Mortgage (P&I): −$996
• Tax from tax record: −$182 /mo · $2,179/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $738

Break-even live

Break-even rent $1,591

Max offer price $189,999

Occupancy floor 66%

Sensitivity live

Price	-10% $845	-5% $791	+0% $738	+5% $684	+10% $630
Rent	-10% $538	-5% $638	+0% $738	+5% $837	+10% $937
Rate	-1.0pp $833	-0.5pp $786	base $738	+0.5pp $688	+1.0pp $638

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,524
Total (2 units)			$2,525

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	22d	1	0.11mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	9d	1	0.16mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	46d	1	0.17mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	46d	1	0.35mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	5d	1	0.38mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	25d	1	0.41mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	25d	1	0.43mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	18d	1	0.43mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	5d	1	0.45mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	46d	1	0.46mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	46d	1	0.64mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	46d	1	0.74mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	9d	1	0.75mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	25d	1	0.79mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	46d	1	0.80mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	25d	2	0.87mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	5d	5	0.92mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	46d	1	1.08mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	25d	1	1.15mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	1.22mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	12d	1	1.25mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	5d	1	1.25mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	19d	1	1.26mi
303 Effingham St Unit S-2F Portsmouth, VA	3.0	2.0	1122	$1,950	$1.74	25d	1	1.32mi
303 Effingham St Portsmouth, VA	1.0–3.0	1.0–2.0	863	$1,950	$2.26	18d	11	1.32mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	18d	1	1.40mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	19d	1	1.41mi
129 Elm Ave Portsmouth, VA	3.0	1.5	1160	$2,600	$2.24	46d	1	1.41mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	25d	1	1.45mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	9d	1	1.48mi

Listing history 34 events

1. 2026-06-21
   days on market $189,999 Active 73 DOM
2. 2026-06-18
   days on market $189,999 Active 70 DOM
3. 2026-06-17
   days on market $189,999 Active 69 DOM
4. 2026-06-16
   days on market $189,999 Active 68 DOM
5. 2026-06-15
   days on market $189,999 Active 67 DOM
6. 2026-06-13
   days on market $189,999 Active 65 DOM
7. 2026-06-09
   days on market $189,999 Active 61 DOM
8. 2026-06-08
   days on market $189,999 Active 60 DOM
9. 2026-06-07
   days on market $189,999 Active 59 DOM
10. 2026-06-03
    days on market $189,999 Active 55 DOM
11. 2026-06-02
    days on market $189,999 Active 54 DOM
12. 2026-06-01
    days on market $189,999 Active 53 DOM
13. 2026-05-31
    days on market $189,999 Active 52 DOM
14. 2026-04-28
    price $189,999 255-char remark

    Show marketing remark (255 chars)

    GREAT MULTI-FAMILY INVESTMENT PROPERTY!! Fantastic duplex in Portsmouth priced to sell. Oversized lot with a spacious yard— good for future expansion or building an additional home! Property SOLD AS-IS/WHERE IS!! Call today for a private showing!!

15. 2026-04-09
    listed $200,000 Active 255-char remark

    Show marketing remark (255 chars)

    GREAT MULTI-FAMILY INVESTMENT PROPERTY!! Fantastic duplex in Portsmouth priced to sell. Oversized lot with a spacious yard— good for future expansion or building an additional home! Property SOLD AS-IS/WHERE IS!! Call today for a private showing!!

16. 2025-09-21
    historical
17. 2025-03-22
    listed $250,000 Active
18. 2025-03-06
    historical
19. 2024-09-23
    status Active
20. 2024-09-19
    historical
21. 2024-09-13
    listed $250,000 Active
22. 2020-12-11
    historical
23. 2020-11-10
    listed $89,000 Active
24. 2020-04-11
    status Under Contract
25. 2020-03-18
    historical Active Under Contract
26. 2020-02-23
    status Active
27. 2019-11-20
    status Under Contract
28. 2019-10-30
    status Active
29. 2019-10-02
    status Under Contract
30. 2019-09-03
    status Active
31. 2019-09-03
    historical Active Under Contract
32. 2019-08-25
    status Under Contract
33. 2019-08-12
    historical Active Under Contract
34. 2019-07-31
    listed $45,000 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: $2,179 · $182/mo
• Projected year-2 tax: $2,179 · $182/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 5/10 Major FEMA zone X (shaded) · 52% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $30,300
• − Mortgage interest: −$10,643
• − Property taxes: −$2,179
• − Insurance: −$950
• − Repairs & maintenance: −$2,424
• − Management: −$2,424
• − Depreciation: −$5,527
• Taxable income: $6,152
• Est. tax owed @ 24.0%: −$1,477
• After-tax cash flow: $7,374/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

+322.2% since first listed

21 events — show timeline

• 2026-04-28 Price Changed $189,999 REINMLS
• 2026-04-09 Listed $200,000 REINMLS
• 2025-09-21 Listing Removed — REINMLS
• 2025-03-22 Listed $250,000 REINMLS
• 2025-03-06 Listing Removed — REINMLS
• 2024-09-23 Relisted — REINMLS
• 2024-09-19 Listing Removed — REINMLS
• 2024-09-13 Listed $250,000 REINMLS
• 2020-12-11 Listing Removed — REINMLS
• 2020-11-10 Listed $89,000 REINMLS
• 2020-04-11 Pending — REINMLS
• 2020-03-18 Contingent — REINMLS
• 2020-02-23 Relisted — REINMLS
• 2019-11-20 Pending — REINMLS
• 2019-10-30 Relisted — REINMLS
• 2019-10-02 Pending — REINMLS
• 2019-09-03 Relisted — REINMLS
• 2019-09-03 Contingent — REINMLS
• 2019-08-25 Pending — REINMLS
• 2019-08-12 Contingent — REINMLS
• 2019-07-31 Listed $45,000 REINMLS

Property tax history

+3.8%/yr

Latest (2025): $2,179 · +2.2% YoY. Source: county tax records.