7449 Fenner St · Norfolk, VA 23505

$575,000

8 bd · 4.0 ba · 2,872 sqft · MultiFamily public records · 86 Days on market

Built 1987 Est $580k · at est.

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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 +18.9/30.0
• ARV discount +7.9/15.0
• DSCR +6.0/10.0
• Rent growth +5.0/5.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Income-producing fourplex with projected gross rents of $4,540/month ($54,480 annually). Recent capital improvements include new roof and gutters (Dec 2025), exterior pressure washing, and storm doors. Each unit offers approximately 718 square feet with 2 BRs and 1 BA. Units 1 and 3 are leased at $1,095/month and Unit 2 is leased at $1,150/month. Unit 4 is currently vacant and offered at $1,200/month, providing immediate leasing or owner-occupant opportunity. Updates in Unit 2 include new LVP and carpet, fresh paint, updated bath fixtures and vanity, select replacement windows, newer baseboard heaters, A/C unit, and appliances. Similar updates completed in other units. All units are separat

Key facts

• New carpet
• New gutters
• Updated lvp flooring

Tags

• NEW ROOF
• NEW GUTTERS
• NEW STORM DOORS
• UPDATED LVP FLOORING
• NEW CARPET
• NEW A/C

Property features AI

Finance

• Other: Property rehabilitated; Lot dimensions approximately 50' x 100'
• Financial info: Each unit is leased on a yearly basis; Unit rents reported: approximately $1,095, $1,150, $1,095, and one unit listed (amount not provided)

Exterior

• Parking: Driveway parking; Off-street parking
• Utilities: City/County sewer; City/County water; Separate electric and water meters; Electric water heaters
• Home design: Quadruplex; Over/Under style; Slab foundation; Simple ownership
• Construction: Composite roof; Brick and vinyl exterior; Slab foundation
• Exterior features: Brick and vinyl siding; Back chain-link fenced yard; Composite roof

Interior

• Kitchen: Electric range; Refrigerator (each unit)
• Bedrooms: Each unit has 2 bedrooms
• Flooring: Carpet; Vinyl; Ceramic (in at least one unit)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard electric heating; Window/wall air conditioning
• Interior features: Window treatments throughout; Ceiling fans in units
• Laundry & utility: Separate electric meters; Separate water meters; Electric water heaters

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $542k (5.7% below list).
• Recommended offer: $540k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: Suburban Park Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 452 students, 98% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 96% FRL vs 59% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.1%/yr); 108 active listings in the ZIP; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $5,424/mo this rent would consume 111% of the median local household income ($59k/yr) (locally 2299% 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 $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $161k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($540k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $445k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $540,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.94% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $580,144
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7449 Fenner St	0.00mi	8/4.0	2,872 (0%)	1mo	$580,000	$202	99
7441 Fenner St	0.04mi	8/4.0	2,800 (-2%)	10mo	$550,000	$196	86

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.83×
• Total profit: $-26,894
• Equity at exit: $85,734

10-year hold

• IRR: 10.2%
• Equity multiple: 1.96×
• Total profit: $155,230
• Equity at exit: $49,715

Cash invested: $161,000 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 108
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $5,424 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$438 /mo · $5,256/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,139
• Net cashflow: $592

Break-even live

Break-even rent $4,675

Max offer price $575,000

Occupancy floor 84%

Sensitivity live

Price	-10% $918	-5% $755	+0% $592	+5% $429	+10% $267
Rent	-10% $164	-5% $378	+0% $592	+5% $806	+10% $1,021
Rate	-1.0pp $882	-0.5pp $738	base $592	+0.5pp $443	+1.0pp $291

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,424
Total (4 units)			$5,424

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-07
   status Under Contract
2. 2026-04-29
   historical Active Under Contract
3. 2026-04-02
   price $575,000
4. 2026-03-02
   price $580,000
5. 2026-02-10
   listed $590,000 Active
6. 2025-11-21
   soldstatus $445,000
7. 2022-07-09
   price $795
8. 2015-01-22
   soldstatus $172,000
9. 1987-04-01
   soldstatus $145,000

ⓘ 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: $5,256 · $438/mo
• Projected year-2 tax: $5,256 · $438/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 ≥104°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,088
• − Mortgage interest: −$32,209
• − Property taxes: −$5,256
• − Insurance: −$2,875
• − Repairs & maintenance: −$5,207
• − Management: −$5,207
• − Depreciation: −$16,727
• Taxable loss: −$2,393
• Est. tax savings @ 24.0%: +$574
• After-tax cash flow: $7,679/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: 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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

+296.6% since first listed

9 events — show timeline

• 2026-05-07 Pending — REINMLS
• 2026-04-29 Contingent — REINMLS
• 2026-04-02 Price Changed $575,000 REINMLS
• 2026-03-02 Price Changed $580,000 REINMLS
• 2026-02-10 Listed $590,000 REINMLS
• 2025-11-21 Sold (Public Records) $445,000 Public Records
• 2022-07-09 Price Changed $795 RENT.
• 2015-01-22 Sold (Public Records) $172,000 Public Records
• 1987-04-01 Sold (Public Records) $145,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $5,256 · +6.5% YoY. Source: county tax records.