108 Channing Ave · Portsmouth, VA 23702

$250,000

5 bd · 1.0 ba · 1,728 sqft · SingleFamily public records · 5 Days on market

Built 1951 5,662 sqft lot Est $301k · 17% 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 +21.6/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to 108 Channing Avenue! This adorable, updated Cape Cod home is located in the heart of Portsmouth's Cradock Neighborhood and it's move-in ready. 3 bedrooms downstairs, 2 bedrooms/office/bonus rooms located upstairs. The backyard is fenced and there's a large shed. Convenient to interstates, military installations, the shipyard, shopping, and dining.

Key facts

• Move-in ready
• Large shed
• Fenced backyard

Tags

• UPDATED CAPE COD HOME
• FENCED BACKYARD
• LARGE SHED
• MOVE-IN READY

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Driveway spaces; On-street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached single-family home; Cape Cod style; 2 stories; Two living levels; Crawl foundation
• Construction: Shingle exterior; Asphalt shingle roof; Crawl space foundation
• Exterior features: Shingle siding; Back yard with wood fence; Has fence; Asphalt shingle roof

Interior

• Kitchen: Electric range; Refrigerator; Breakfast area
• Bedrooms: First-floor master bedroom; Additional bedroom(s)
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: One full bathroom (first floor)
• Heating & cooling: Two-zone central air; Baseboard heating; Forced hot air; Two-zone heating
• Interior features: Cable hookup; Ceiling fan; Window treatments
• Laundry & utility: Washer hookup; Dryer hookup; Utility room; Assigned storage; Attic

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-47 ($-565/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (3.3% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $242k (3.3% below list) — sets the bar for cash-flow.
• Cap rate 8.1% 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 (+4.0%/yr); 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,543/mo this rent would consume 62% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $241,689 (3.3% 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. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.02% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $300,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
83 Channing Ave	0.15mi	4/3.0 (-1)	1,721 (-0%)	1mo	$307,500	$179	79
13 Kennedy Dr	0.30mi	4/2.0 (-1)	1,682 (-3%)	1mo	$298,000	$177	72
45 Prospect Pkwy	0.37mi	4/3.5 (-1)	1,750 (+1%)	2mo	$302,000	$173	64
16 Prospect Pkwy	0.38mi	4/2.0 (-1)	1,689 (-2%)	8mo	$287,000	$170	63
27 Afton Pkwy	0.45mi	4/2.0 (-1)	1,631 (-6%)	1mo	$309,000	$189	60
27 Aylwin Rd	0.58mi	4/2.0 (-1)	1,737 (+0%)	4mo	$229,000	$132	59
25 Cushing St	0.51mi	4/2.5 (-1)	1,802 (+4%)	1mo	$310,000	$172	57
50 Cushing St	0.46mi	4/3.0 (-1)	1,782 (+3%)	5mo	$328,500	$184	56
28 Alden Ave	0.40mi	5/2.5	1,936 (+12%)	2mo	$205,000	$106	54
17 Davis St	0.53mi	4/2.0 (-1)	1,900 (+10%)	1mo	$330,000	$174	49
103 Good Hope Ln	0.67mi	4/2.5 (-1)	1,680 (-3%)	9mo	$367,000	$218	46
311 Hanbury Ave	0.75mi	4/2.0 (-1)	1,970 (+14%)	4mo	$300,000	$152	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 24.1%
• Equity multiple: 2.94×
• Total profit: $135,906
• Equity at exit: $225,220

10-year hold

• IRR: 21.7%
• Equity multiple: 6.83×
• Total profit: $408,345
• Equity at exit: $485,695

Cash invested: $70,000 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,543 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$214 /mo · $2,571/yr
• Insurance: −$104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $-47

Break-even live

Break-even rent $2,603

Max offer price $241,689

Occupancy floor 97%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	12d	1	1.21mi
1061 Saint Julian Dr Chesapeake, VA	4.0	2.0	1611	$2,550	$1.58	23d	1	1.41mi

Listing history 9 events

1. 2026-06-02
   status $250,000 Under Contract 5 DOM
2. 2026-06-01
   days on market $250,000 Active 5 DOM
3. 2026-05-31
   days on market $250,000 Active 4 DOM
4. 2026-05-26
   listed $250,000 Active
5. 2021-04-13
   soldstatus $160,000
6. 2021-03-09
   status Under Contract
7. 2021-02-22
   historical Active Under Contract
8. 2021-02-04
   price $175,000
9. 2021-01-26
   listed $179,900 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: $2,571 · $214/mo
• Projected year-2 tax: $2,571 · $214/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 AE · 47% 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: $30,515
• − Mortgage interest: −$14,004
• − Property taxes: −$2,571
• − Insurance: −$6,368
• − Repairs & maintenance: −$2,441
• − Management: −$2,441
• − Depreciation: −$7,273
• Taxable loss: −$4,583
• Est. tax savings @ 24.0%: +$1,100
• After-tax cash flow: $535/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+39.0% since first listed

6 events — show timeline

• 2026-05-26 Listed $250,000 REINMLS
• 2021-04-13 Sold (Public Records) $160,000 Public Records
• 2021-03-09 Pending — REINMLS
• 2021-02-22 Contingent — REINMLS
• 2021-02-04 Price Changed $175,000 REINMLS
• 2021-01-26 Listed $179,900 REINMLS

Property tax history

+4.0%/yr

Latest (2025): $2,571 · +1.3% YoY. Source: county tax records.