2415 Charleston Ave · Portsmouth, VA 23704

$229,000

4 bd · 2.0 ba · 1,632 sqft · SingleFamily public records · 161 Days on market

Built 1952 $140/sqft · 17% below area Est $277k · 17% 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 +16.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 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 MLS

Spacious 3-bedroom, 2-bath home with large rooms, a great layout, and lots of potential. Rebuilt or updated around 2011, it features vinyl replacement windows, providing a solid foundation for your next project or renovation. Large primary bedroom with TWO walk-in closets, Open, functional layout with plenty of space. Repairs Needed: HVAC system, New carpet, Interior paint, Back deck repairs, and New back door. Priced to reflect needed updates and being sold as-is. With the size, layout, and previous updates, this home has strong upside potential.

Key facts

• Built 1952
• Listed 160 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/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 $212k (7.4% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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.
• Market conditions: Rents rising (+3.3%/yr); 134 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,122/mo this rent would consume 51% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 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 $138k; list at $229k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 7.07%
• Cash-on-cash: 2.79%
• DSCR: 1.12
• GRM: 9.0

CMA / ARV

• ARV (median comp): $276,537
• List price: $229,000
• Delta: -17.19%
• 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
2506 Oak St	0.14mi	3/2.5 (-1)	1,700 (+4%)	2mo	$278,000	$164	78
2010 Camden Ave	0.27mi	3/2.0 (-1)	1,600 (-2%)	3mo	$272,000	$170	76
1801 Elm Ave	0.41mi	4/2.5	1,608 (-2%)	2mo	$290,000	$180	75
1908 Elm Ave	0.34mi	4/2.0	1,554 (-5%)	2mo	$230,000	$148	74
908 Lincoln St	0.54mi	4/2.0	1,554 (-5%)	1mo	$281,900	$181	66
2211 Peach St	0.43mi	5/2.0 (+1)	1,709 (+5%)	3mo	$285,000	$167	65
2121 Effingham St	0.61mi	3/1.5 (-1)	1,650 (+1%)	1mo	$280,000	$170	62
2317 Chestnut St	0.51mi	3/1.5 (-1)	1,560 (-4%)	1mo	$260,000	$167	61
2331 Azalea Ave	0.20mi	3/2.0 (-1)	1,872 (+15%)	0mo	$283,900	$152	61
2108 Evergreen Pl	0.41mi	4/2.5	1,800 (+10%)	2mo	$280,000	$156	60
2016 Evergreen Pl	0.44mi	4/2.5	1,800 (+10%)	1mo	$307,000	$171	60
1912 Deep Creek Blvd	0.37mi	3/1.0 (-1)	1,496 (-8%)	2mo	$240,000	$160	59

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: -11.6%
• Equity multiple: 0.58×
• Total profit: $-26,953
• Equity at exit: $34,145

10-year hold

• IRR: -1.9%
• Equity multiple: 0.87×
• Total profit: $-8,515
• Equity at exit: $19,800

Cash invested: $64,120 (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: 134
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,122 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$231 /mo · $2,768/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $149

Break-even live

Break-even rent $1,933

Max offer price $229,000

Occupancy floor 88%

Sensitivity live

Price	-10% $279	-5% $214	+0% $149	+5% $84	+10% $19
Rent	-10% $-19	-5% $65	+0% $149	+5% $233	+10% $317
Rate	-1.0pp $264	-0.5pp $207	base $149	+0.5pp $90	+1.0pp $29

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	45d	1	0.19mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	9d	1	0.20mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	45d	1	0.24mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	4d	1	0.25mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	25d	1	0.27mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	17d	1	0.27mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	45d	1	0.28mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	45d	1	0.31mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	45d	1	0.41mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	0.48mi
919 Jefferson St Portsmouth, VA	4.0	2.5	2026	$2,500	$1.23	25d	1	0.49mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	25d	1	0.67mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	25d	1	0.85mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	0.86mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	9d	1	0.87mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	0.90mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	12d	1	0.90mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	45d	1	0.98mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	1.04mi
1100 High St Portsmouth, VA	2.0–3.0	1.5–2.0	1003	$1,545	$1.54	4d	5	1.10mi
622 Effingham St Portsmouth, VA	2.0–3.0	1.5–2.0	1027	$1,797	$1.75	25d	2	1.13mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	1.17mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	1.33mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	25d	1	1.35mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	17d	1	1.35mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	1.41mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	1.44mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	25d	1	1.44mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	1.46mi

Listing history 19 events

1. 2026-06-21
   days on market $229,000 Active 161 DOM
2. 2026-06-18
   days on market $229,000 Active 158 DOM
3. 2026-06-17
   days on market $229,000 Active 157 DOM
4. 2026-06-16
   days on market $229,000 Active 156 DOM
5. 2026-06-15
   days on market $229,000 Active 155 DOM
6. 2026-06-13
   days on market $229,000 Active 153 DOM
7. 2026-06-09
   days on market $229,000 Active 149 DOM
8. 2026-06-08
   days on market $229,000 Active 148 DOM
9. 2026-06-07
   days on market $229,000 Active 147 DOM
10. 2026-06-03
    days on market $229,000 Active 143 DOM
11. 2026-06-02
    days on market $229,000 Active 142 DOM
12. 2026-06-01
    days on market $229,000 Active 141 DOM
13. 2026-05-31
    days on market $229,000 Active 140 DOM
14. 2026-01-07
    listed $229,000 Active 553-char remark

    Show marketing remark (553 chars)

    Spacious 3-bedroom, 2-bath home with large rooms, a great layout, and lots of potential. Rebuilt or updated around 2011, it features vinyl replacement windows, providing a solid foundation for your next project or renovation. Large primary bedroom with TWO walk-in closets, Open, functional layout with plenty of space. Repairs Needed: HVAC system, New carpet, Interior paint, Back deck repairs, and New back door. Priced to reflect needed updates and being sold as-is. With the size, layout, and previous updates, this home has strong upside potential.

15. 2016-07-27
    soldstatus $137,500
16. 2016-05-25
    status Under Contract
17. 2016-05-24
    historical
18. 2016-05-02
    listed $144,900 Active
19. 2012-04-02
    soldstatus $121,000

ⓘ 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: $2,768 · $231/mo
• Projected year-2 tax: $2,768 · $231/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: $25,459
• − Mortgage interest: −$12,828
• − Property taxes: −$2,768
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,037
• − Management: −$2,037
• − Depreciation: −$6,662
• Taxable loss: −$2,017
• Est. tax savings @ 24.0%: +$484
• After-tax cash flow: $2,273/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

+89.3% since first listed

6 events — show timeline

• 2026-01-07 Listed $229,000 Fizber.com
• 2016-07-27 Sold (Public Records) $137,500 Public Records
• 2016-05-25 Pending — REINMLS
• 2016-05-24 Listing Removed — REINMLS
• 2016-05-02 Listed $144,900 REINMLS
• 2012-04-02 Sold (Public Records) $121,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,768 · +1.9% YoY. Source: county tax records.