1308 Chesapeake Ave · Chesapeake, VA 23324

$215,000

4 bd · 3.0 ba · 1,928 sqft · SingleFamily public records · 47 Days on market

Built 1908 5,967 sqft lot Est $372k · 42% 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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.2/10.0
• Schools +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR SPECIAL! CASH ONLY, Property being sold "as is where is. " Price not yet approved by bank. Property required repair, home inspection that as conducted in January is available upon request. There is an additional 4th room which is a converted attic, steps leading up are narrow and ceiling low. Fenced yard, tankless water heater, water softening system, back part of roof was recoated late fall time. HVAC Investors come bring your vision! Lots of potential!

Key facts

• Recoated roof
• Fenced yard
• Converted attic

Tags

• CONVERTED ATTIC
• FENCED YARD
• TANKLESS WATER HEATER
• WATER SOFTENING SYSTEM
• RECOATED ROOF

Property features AI

Finance

• HOA & community: No HOA fees (NA/0)

Exterior

• Parking: Off-street parking for 2 vehicles (driveway spaces)
• Security: Security system
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached traditional home; 3 stories; Entry level includes a first-floor bedroom with full bath; Lot front approximately 40 feet
• Construction: Metal roof; Basement and crawlspace foundation; Built with vinyl siding
• Exterior features: Vinyl siding; Back yard fenced; Storage shed

Interior

• Kitchen: Dishwasher; Disposal; Range; Microwave; Refrigerator
• Bedrooms: Bedroom with full bathroom on the first floor; Total rooms: 10; Additional rooms include an office/study and a porch
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fan; Security system; Decorative fireplace; Walk-in closet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Truitt Intermediate (math 40% / reading 48%, grade F, #851 of 1,108 statewide, top 77%, 259 students, 91% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 81% FRL vs 28% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 118 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• At $2,414/mo this rent would consume 51% of the median local household income ($57k/yr) (locally 1301% 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.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Risks & watch-outs

• Watch-outs: built in 1908 — 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 $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — 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 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?
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: 1.12% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.93%
• DSCR: 1.40
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $372,104
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1308 Seaboard Ave	0.06mi	4/3.0	2,002 (+4%)	1mo	$320,000	$160	90
1222 Jackson Ave	0.11mi	3/2.0 (-1)	1,894 (-2%)	0mo	$317,000	$167	83
1230 Commerce Ave	0.15mi	4/3.0	1,760 (-9%)	1mo	$340,000	$193	78
1824 Hoover Ave	0.51mi	4/2.5	1,962 (+2%)	1mo	$385,000	$196	71
2016 Jefferson St	0.46mi	4/3.0	2,080 (+8%)	2mo	$408,000	$196	64
1601 Chesapeake Ave	0.30mi	3/3.0 (-1)	1,730 (-10%)	0mo	$324,900	$188	64
1011 Holly Ave	0.28mi	4/5.0	2,100 (+9%)	1mo	$410,000	$195	63
807 Wright Ave	0.53mi	4/2.0	1,834 (-5%)	3mo	$349,000	$190	60
2049 Christian Ave	0.75mi	4/2.0	1,866 (-3%)	1mo	$165,000	$88	55
1929 Martin Ave	0.63mi	4/2.5	1,762 (-9%)	3mo	$435,000	$247	52
601 B St	0.54mi	5/3.0 (+1)	2,200 (+14%)	1mo	$392,000	$178	45
1510 Landsworth St	0.61mi	3/2.0 (-1)	1,722 (-11%)	1mo	$357,000	$207	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.90×
• Total profit: $-6,279
• Equity at exit: $32,057

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $31,363
• Equity at exit: $18,589

Cash invested: $60,200 (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 23324

• Home prices YoY: -17.3%
• Active inventory: 118
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,414 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$242 /mo · $2,901/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $448

Break-even live

Break-even rent $1,847

Max offer price $215,000

Occupancy floor 76%

Sensitivity live

Price	-10% $570	-5% $509	+0% $448	+5% $387	+10% $326
Rent	-10% $257	-5% $353	+0% $448	+5% $543	+10% $639
Rate	-1.0pp $556	-0.5pp $503	base $448	+0.5pp $392	+1.0pp $336

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1110 Park Ave Unit 23324 Chesapeake, VA	3.0	2.0	1749	$2,200	$1.26	24d	1	0.18mi
1110 Park Ave Chesapeake, VA	3.0	2.0	1749	$2,100	$1.20	15d	1	0.18mi
1108 Jackson Ave Chesapeake, VA	3.0	2.0	1784	$2,100	$1.18	5d	1	0.22mi
1231 Stewart St Chesapeake, VA	4.0	2.5	2159	$2,550	$1.18	4d	1	0.24mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	18d	1	0.41mi
1729 Todd St Norfolk, VA	3.0	2.5	2000	$2,450	$1.23	24d	1	0.88mi
1021 Joyce St Norfolk, VA	5.0	3.0	2612	$4,000	$1.53	44d	1	0.96mi
2620 Sunrise Ave Chesapeake, VA	3.0	1.5	1462	$1,850	$1.27	24d	1	0.97mi
2638 King Ct Chesapeake, VA	3.0	1.5	1462	$2,000	$1.37	21d	1	0.98mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	44d	1	1.01mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	21d	1	1.01mi
1512 Marsh St Norfolk, VA	3.0	2.5	1727	$2,195	$1.27	44d	1	1.03mi
722 Culpepper St Norfolk, VA	5.0	4.0	1742	$2,550	$1.46	44d	1	1.07mi
1008 Grayson St Norfolk, VA	3.0	2.0	2200	$2,495	$1.13	44d	1	1.19mi
413 Walker Ave Norfolk, VA	5.0	3.5	2200	$3,500	$1.59	44d	1	1.20mi
2540 Holly Point Blvd Chesapeake, VA	1.0–3.0	1.0–2.0	1250	$2,680	$2.14	2d	20	1.29mi
1009 Elkin St Norfolk, VA	4.0	2.5	1914	$2,500	$1.31	13d	1	1.30mi
127 Poplar Ave Unit 1 Norfolk, VA	3.0	2.0	1700	$2,199	$1.29	24d	1	1.44mi

Listing history 20 events

1. 2026-04-20
   historical Active Under Contract
2. 2026-04-08
   listed $215,000 Active
3. 2026-04-08
   historical
4. 2026-03-19
   price $230,000
5. 2026-02-27
   price $249,900
6. 2026-02-07
   listed $264,500 Active
7. 2026-01-31
   historical
8. 2026-01-25
   historical Active Under Contract
9. 2026-01-06
   price $280,000
10. 2025-12-17
    listed $290,000 Active
11. 2025-12-05
    historical
12. 2025-11-13
    listed $290,000 Active
13. 2022-08-31
    soldstatus $260,000
14. 2022-07-16
    status Under Contract
15. 2022-07-08
    status Active
16. 2022-07-08
    historical Active Under Contract
17. 2022-07-01
    status Under Contract
18. 2022-06-28
    listed $260,000 Active
19. 2022-01-27
    soldstatus $120,000
20. 1993-04-28
    soldstatus $57,900

ⓘ 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: $2,901 · $242/mo
• Projected year-2 tax: $2,901 · $242/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 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: $28,966
• − Mortgage interest: −$12,043
• − Property taxes: −$2,901
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,317
• − Management: −$2,317
• − Depreciation: −$6,255
• Taxable income: $2,057
• Est. tax owed @ 24.0%: −$494
• After-tax cash flow: $4,884/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

Amenities F Commute F Cost of living C- Crime C- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• 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

+271.3% since first listed

20 events — show timeline

• 2026-04-20 Contingent — REINMLS
• 2026-04-08 Listing Removed — REINMLS
• 2026-04-08 Listed $215,000 REINMLS
• 2026-03-19 Price Changed $230,000 REINMLS
• 2026-02-27 Price Changed $249,900 REINMLS
• 2026-02-07 Listed $264,500 REINMLS
• 2026-01-31 Listing Removed — REINMLS
• 2026-01-25 Contingent — REINMLS
• 2026-01-06 Price Changed $280,000 REINMLS
• 2025-12-17 Listed $290,000 REINMLS
• 2025-12-05 Listing Removed — REINMLS
• 2025-11-13 Listed $290,000 REINMLS
• 2022-08-31 Sold (Public Records) $260,000 Public Records
• 2022-07-16 Pending — REINMLS
• 2022-07-08 Relisted — REINMLS
• 2022-07-08 Contingent — REINMLS
• 2022-07-01 Pending — REINMLS
• 2022-06-28 Listed $260,000 REINMLS
• 2022-01-27 Sold (Public Records) $120,000 Public Records
• 1993-04-28 Sold (Public Records) $57,900 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,901 · +7.8% YoY. Source: county tax records.