2305 Palmyra St · Norfolk, VA 23513

$312,500

4 bd · 2.0 ba · 1,596 sqft · MultiFamily · 5 Days on market

Built 1983 Good condition Est $275k · 14% over

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Why this score? — see what drove the D- 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 +13.0/30.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Condition / age +3.8/5.0
• 1% rule +3.7/10.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• ARV discount +1.3/15.0
• 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

Wonderful opportunity for Owner Occupants and Investors alike! This all brick, side-by-side, slab style duplex is located in Central Norfolk. Each unit is a mirror image of each other, offering a spacious living area, along with an eat-in kitchen with laundry hookups. Each unit has two spacious bedrooms with ample closet space, along with a common hall bath. Enjoy the peace of mind with an upgraded roof and vinyl replacement windows. Seperate private driveways for each unit. Cash flow from day one with unit A rented at $1,400.00/month till 5/31/2027. Unit B is offered vacant, allowing opportunity for an owner-occupant, or investor to fill and see their investment pay off. Seize the opportun

Key facts

• Built 1983
• Listed 5 days

Property features AI

Finance

• Financial info: Unit 1 current rent: $1,400; Unit 1 lease expires 05/31/2027 (year lease); Unit 2 is vacant

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Separate meters for all units; City/County water; City/County sewer; Electric water heater
• Home design: Duplex, side-by-side configuration; Slab foundation; Simple ownership
• Construction: Asphalt shingle roof
• Exterior features: Brick siding; Patio; Chain link, partial, and privacy fencing

Interior

• Kitchen: Electric range; Refrigerator; Pantry (units include pantry)
• Bedrooms: Unit 1: 2 bedrooms (1st-floor master); Unit 2: 2 bedrooms (1st-floor master)
• Flooring: Carpet; Ceramic
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Baseboard heating; Window/wall air conditioning
• Interior features: Window treatments; Ceiling fan
• Laundry & utility: Washer hookup (each unit); Dryer hookup (each unit)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $312k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-20 ($-234/yr) — negative. Per door: $-10/mo.
• To cash-flow at today's rent, offer at most $310k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (13.3% below list).
• Recommended offer: $271k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.0% in Norfolk — 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 83/100 on livability (#43 in VA, #1,026 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F.
• Norfolk City Public School District (urban): math 27% / reading 56% proficiency, ranked #118 of 131 in VA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coleman Place Elementary (math 13% / reading 38%, grade F, #1,046 of 1,108 statewide, top 95%, 617 students, 98% FRL); Norview Middle (math 19% / reading 54%, grade F, #320 of 342 statewide, top 95%, 1,259 students, 89% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 94% FRL vs 59% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 135 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,709/mo this rent would consume 48% of the median local household income ($68k/yr) (locally 1342% 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 $9k of value loss. Plan a longer hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $270,900 (13.3% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $274,512
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1557 Hemlock St	0.11mi	4/2.0	1,590 (-0%)	10mo	$295,000	$186	86
1553 Hemlock St	0.12mi	4/2.0	1,590 (-0%)	10mo	$295,000	$186	85
1552 Birch St	0.19mi	4/2.0	1,600 (+0%)	8mo	$260,000	$163	84
1523 Rush St	0.14mi	4/2.0	1,508 (-6%)	5mo	$260,000	$172	80
3702 Cape Henry Ave	0.17mi	4/2.0	1,450 (-9%)	1mo	$300,000	$207	76
2517 Nevada Ave	0.34mi	4/2.0	1,624 (+2%)	12mo	$275,000	$169	71
4669 Kincaid Ave	0.46mi	4/1.0	1,600 (+0%)	9mo	$228,000	$143	67

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-50,690
• Equity at exit: $46,595

10-year hold

• IRR: -7.2%
• Equity multiple: 0.53×
• Total profit: $-40,816
• Equity at exit: $27,019

Cash invested: $87,500 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 135
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,709 high
• Mortgage (P&I): −$1,639
• Tax est. 1.5%: −$391 /mo · $4,688/yr
• Insurance: −$130
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $-20

Break-even live

Break-even rent $2,734

Max offer price $309,677

Occupancy floor 96%

Sensitivity live

Price	-10% $196	-5% $88	+0% $-20	+5% $-127	+10% $-235
Rent	-10% $-234	-5% $-127	+0% $-20	+5% $87	+10% $195
Rate	-1.0pp $138	-0.5pp $60	base $-20	+0.5pp $-100	+1.0pp $-183

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,710
Total (2 units)			$2,709

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: $78,125
• Closing costs: $9,375
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	45d	1	0.21mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	25d	1	0.21mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	19d	1	0.62mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	25d	1	0.74mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	45d	1	0.76mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	45d	1	0.76mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	45d	1	0.79mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	5d	1	0.82mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	19d	1	0.86mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	19d	1	0.86mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	5d	1	0.90mi
3126 Marne Ave Norfolk, VA	5.0	2.0	1943	$3,000	$1.54	45d	1	1.01mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	25d	1	1.02mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	45d	1	1.02mi
1320 Gabriel Dr Norfolk, VA	4.0	1.5	1812	$2,495	$1.38	45d	1	1.08mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	9d	1	1.11mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	19d	1	1.13mi
1225 River Oaks Dr Norfolk, VA	3.0	1.5	1529	$1,335	$0.87	25d	1	1.17mi
2914 Peronne Ave Norfolk, VA	4.0	2.0	1764	$2,495	$1.41	25d	1	1.24mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	45d	1	1.37mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	45d	1	1.37mi
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	5d	1	1.39mi
3301 Vimy Ridge Ave Norfolk, VA	4.0	2.0	1300	$2,150	$1.65	5d	1	1.46mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	16d	1	1.47mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	14d	1	1.48mi
1544 Kilmer Ln Norfolk, VA	4.0	2.0	1874	$2,495	$1.33	12d	1	1.49mi

Listing history 4 events

1. 2026-06-21
   days on market $312,500 Active 5 DOM
2. 2026-06-18
   days on market $312,500 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $312,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,508
• − Mortgage interest: −$17,505
• − Property taxes: −$4,688
• − Insurance: −$1,562
• − Repairs & maintenance: −$2,601
• − Management: −$2,601
• − Depreciation: −$9,091
• Taxable loss: −$5,539
• Est. tax savings @ 24.0%: +$1,329
• After-tax cash flow: $1,095/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained, two-unit duplex offers a good investment opportunity with minor cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — Aesthetic update needed.
• Minor bathroom fixtures — Update needed for dated appearance.
• Minor landscaping — Improve curb appeal with some updates.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace countertops — Modern countertops improve functionality and aesthetics.
• Both Update bathroom fixtures — New fixtures enhance functionality and aesthetics.
• Both Improve landscaping — Enhances curb appeal and adds value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Aesthetic update needed.	Minor	$500–3,000
bathroom fixtures · Update needed for dated appearance.	Minor	$500–3,000
landscaping · Improve curb appeal with some updates.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace countertops — Modern countertops improve functionality and aesthetics. ↑
• Both Update bathroom fixtures — New fixtures enhance functionality and aesthetics. ↑
• Both Improve landscaping — Enhances curb appeal and adds value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Norfolk City Public School District
• NCES district ID: 5102670
• Math proficiency: 27% ▼ -44.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $44,358
• Composite: 35.08/100
• National rank: #5026
• State rank: #118 of 131 in VA

Livability — Norfolk

• Score: 83/100
• State rank: #43
• US rank: #1026

Category grades

Amenities A+ Commute A+ Cost of living B+ 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: Norfolk, VA
• County: Norfolk City · 214,042 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 28,628
• Household income: $68,380
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1342.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 249,032 people
• By 2030: 252,347 · +1.3%
• By 2040: 253,644 · +1.9%
• By 2050: 251,913 · +1.2%
• By 2075: 245,281 · -1.5%
• By 2100: 219,548 · -11.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Black 55% White 23% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 0%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 4% French/Haitian/Cajun 1%

Political lean MEDSL · Norfolk

• 2024 margin: Solid D (+41.5) · D 70.0% · R 28.5% · Other 1.6%
• 2008→2024 swing: -1.4pp toward R · 2008: 43.0pp · 2024: 41.5pp
• All cycles: 2024: D+41.5 2020: D+45.6 2016: D+42.0 2012: D+44.0 2008: D+43.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.67%
• Current HPI: 329.2241
• Rent YoY: ▲ 3.42%
• 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 event — show timeline

• 2026-06-16 Listed $312,500 REINMLS