2106 Richmond Ave · Portsmouth, VA 23704

$202,000

3 bd · 1.0 ba · 1,485 sqft · SingleFamily public records · 41 Days on market

Built 1953 7,405 sqft lot $136/sqft · 22% below area Est $263k · 23% under ↓ 1% since listing

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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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.3/10.0
• 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

Listing remarks

ALL BRICK CAPE COD BEAUTY! COME ADD YOUR PERSONAL TOUCH! AWESOME, CENTRAL LOCATION! GLEAMING, STUNNING HARDWOOD FLOORS THROUGHOUT! EXTRA LARGE GARAGE! OVERSIZED GRAND LIVING ROOM SPACE! AWESOME BACK YARD! NEWER ROOF! EXPAND INTO SECOND FLOOR??? BUMP OUT A PRIMARY BATHROOM INTO THE LIVING ROOM??? GREAT DEAL! GREAT OPPORTUNITY RIGHT HERE! COME GET IT TODAY! WOWZER IN YOUR BROWSER!

Key facts

• Back yard
• Newer roof
• Central location

Tags

• CENTRAL LOCATION
• HARDWOOD FLOORS
• BACK YARD
• NEWER ROOF

Property features AI

Finance

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

Exterior

• Parking: Attached 1-car garage; Additional multi-car parking; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power (implied by electric range and water heater)
• Home design: Detached single-family home; Cape Cod style; Single-story living level (1 living level); Crawl space foundation
• Construction: Crawl foundation; Brick exterior; Asphalt shingle roof
• Exterior features: Brick siding; Chain link fence; Asphalt shingle roof; Lot approximately 0.17 acres (75 x 100)

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: Master bedroom on the first floor; Additional bedroom on the first floor
• Flooring: Ceramic flooring; Wood flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced hot air heating; Central air conditioning
• Interior features: Ceramic and wood flooring; Bedroom with full bathroom on the first floor; First-floor master bedroom; Seven total rooms (living room, great room, dining room, family room, kitchen, utility room, master bedroom, additional bedroom, full bathroom)
• Laundry & utility: Utility room on the first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $202k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/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 $187k (7.3% below list).
• Recommended offer: $187k (7.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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: Douglass Park Elementary (math 12% / reading 37%, grade F, #1,051 of 1,108 statewide, top 96%, 550 students, 98% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% 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); 131 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); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $1,872/mo this rent would consume 45% 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $187,239 (7.3% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.93% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.48%
• DSCR: 1.11
• GRM: 9.0

CMA / ARV

• ARV (median comp): $263,000
• List price: $202,000
• Delta: -23.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1912 Deep Creek Blvd	0.32mi	3/1.0	1,496 (+1%)	2mo	$240,000	$160	82
1908 Elm Ave	0.23mi	4/2.0 (+1)	1,554 (+5%)	2mo	$230,000	$148	71
1803 Lansing Ave	0.18mi	3/2.0	1,312 (-12%)	2mo	$270,000	$206	66
2317 Chestnut St	0.50mi	3/1.5	1,560 (+5%)	1mo	$260,000	$167	66
1902 Camden Ave	0.19mi	3/2.0	1,290 (-13%)	1mo	$219,000	$170	65
1930 Nashville Ave	0.45mi	2/2.0 (-1)	1,422 (-4%)	0mo	$273,000	$192	62
908 Lincoln St	0.46mi	4/2.0 (+1)	1,554 (+5%)	1mo	$281,900	$181	62
1801 Elm Ave	0.29mi	4/2.5 (+1)	1,608 (+8%)	2mo	$290,000	$180	60
2103 Elm Ave	0.23mi	4/2.5 (+1)	1,320 (-11%)	1mo	$200,000	$152	59
2506 Oak St	0.21mi	3/2.5	1,700 (+14%)	2mo	$278,000	$164	58
2121 Effingham St	0.57mi	3/1.5	1,650 (+11%)	1mo	$280,000	$170	52
918 Centre Ave	0.56mi	3/2.0	1,330 (-10%)	1mo	$297,000	$223	52

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: -12.0%
• Equity multiple: 0.56×
• Total profit: $-24,706
• Equity at exit: $30,119

10-year hold

• IRR: -2.5%
• Equity multiple: 0.83×
• Total profit: $-9,492
• Equity at exit: $17,465

Cash invested: $56,560 (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: 131
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,872 high
• Mortgage (P&I): −$1,059
• Tax from tax record: −$219 /mo · $2,628/yr
• Insurance: −$84
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $117

Break-even live

Break-even rent $1,725

Max offer price $202,000

Occupancy floor 89%

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: $50,500
• Closing costs: $6,060
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	3d	1	0.10mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	43d	1	0.12mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	23d	1	0.15mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	16d	1	0.15mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	7d	1	0.15mi
1802 Atlanta Ave Unit 2 Portsmouth, VA	2.0	1.0	1200	$1,500	$1.25	23d	1	0.17mi
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	20d	1	0.22mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	3d	1	0.27mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	43d	1	0.34mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	43d	1	0.36mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	43d	1	0.44mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	23d	1	0.47mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	43d	1	0.48mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	43d	1	0.49mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	23d	1	0.50mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	43d	1	0.52mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	7d	1	0.63mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	23d	1	0.64mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	7d	1	0.66mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	43d	1	0.76mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	10d	1	0.80mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	20d	1	0.80mi
548 Madison St Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	16d	3	0.85mi
548 Madison St Unit 542-21-C Portsmouth, VA	2.0	1.0	900	$1,349	$1.50	23d	1	0.85mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	44d	1	0.87mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	3d	5	0.88mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	23d	2	0.92mi
533 Columbia St Portsmouth, VA	2.0	2.0	1110	$1,495	$1.35	43d	1	0.98mi
714 King St Portsmouth, VA	2.0	2.0	935	$1,899	$2.03	43d	1	0.98mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	10d	1	1.01mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	3d	1	1.01mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	23d	1	1.02mi
1140 London Blvd Portsmouth, VA	2.0	2.0	1016	$1,902	$1.87	3d	1	1.02mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	43d	1	1.06mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	17d	1	1.07mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	14d	1	1.07mi
605 Dinwiddie St Unit B Portsmouth, VA	2.0	1.0	900	$1,650	$1.83	43d	1	1.09mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	12d	1	1.15mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	23d	1	1.15mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	16d	1	1.19mi

Listing history 19 events

1. 2026-06-18
   days on market $202,000 Active 41 DOM
2. 2026-06-17
   days on market $202,000 Active 40 DOM
3. 2026-06-16
   days on market $202,000 Active 39 DOM
4. 2026-06-15
   days on market $202,000 Active 38 DOM
5. 2026-06-13
   days on market $202,000 Active 36 DOM
6. 2026-06-09
   days on market $202,000 Active 32 DOM
7. 2026-06-08
   days on market $202,000 Active 31 DOM
8. 2026-06-07
   days on market $202,000 Active 30 DOM
9. 2026-06-03
   days on market $202,000 Active 26 DOM
10. 2026-06-02
    days on market $202,000 Active 25 DOM
11. 2026-06-02
    status $202,000 Active 24 DOM
12. 2026-06-01
    days on market $202,000 Active Under Contract 24 DOM
13. 2026-05-31
    days on market $202,000 Active Under Contract 23 DOM
14. 2026-05-08
    listed $202,000 Active 381-char remark
15. 2026-03-28
    status Under Contract
16. 2026-03-25
    historical
17. 2026-03-12
    historical Active Under Contract
18. 2026-02-28
    price $202,000
19. 2026-02-05
    listed $204,700 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: $2,628 · $219/mo
• Projected year-2 tax: $2,628 · $219/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 ≥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: $22,469
• − Mortgage interest: −$11,315
• − Property taxes: −$2,628
• − Insurance: −$1,010
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − Depreciation: −$5,876
• Taxable loss: −$1,956
• Est. tax savings @ 24.0%: +$469
• After-tax cash flow: $1,870/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

-1.3% since first listed

8 events — show timeline

• 2026-06-02 Relisted — REINMLS
• 2026-05-20 Contingent — REINMLS
• 2026-05-08 Listed $202,000 REINMLS
• 2026-03-28 Pending — REINMLS
• 2026-03-25 Listing Removed — REINMLS
• 2026-03-12 Contingent — REINMLS
• 2026-02-28 Price Changed $202,000 REINMLS
• 2026-02-05 Listed $204,700 REINMLS

Property tax history

+2.9%/yr

Latest (2025): $2,628 · +2.4% YoY. Source: county tax records.