409 W 27th St · Norfolk, VA 23517

$315,000

4 bd · 2.0 ba · 2,236 sqft · MultiFamily public records · 33 Days on market

Built 1921 Est $356k · 11% 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 +23.6/30.0
• ARV discount +12.6/15.0
• DSCR +7.6/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• 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: 2 units. confirmed

Listing remarks

Renovated duplex featuring neutral finishes, updated flooring, and modern kitchens with stainless steel appliances and granite countertops. Each unit offers ample cabinet space and full-size washer and dryer. Shared parking located behind the building. Each unit includes 2 bedrooms and 1 bathroom, ideal for strong rental demand. Both units are currently leased, providing immediate income. Conveniently located near universities, military bases, dining, and everyday amenities. Offered as part of a six-property investment portfolio, presenting a unique opportunity to acquire multiple income-producing assets in one of Norfolk’s most active rental markets.

Key facts

• Renovated duplex
• Modern kitchens
• Ample cabinet space

Tags

• RENOVATED DUPLEX
• MODERN KITCHENS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• AMPLE CABINET SPACE
• FULL-SIZE WASHER AND DRYER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $527 ($6k/yr) — positive. Per door: $263/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).
• Recommended offer: $306k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: James Monroe Elementary (math 8% / reading 22%, grade F, #1,098 of 1,108 statewide, top 100%, 270 students, 100% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 30 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $3,273/mo this rent would consume 58% of the median local household income ($67k/yr) (locally 463% 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

• It's been on market 33 days — a 3% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $102k; list at $315k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $305,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.07%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $355,524
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 W 27th St	0.00mi	4/2.0	2,300 (+3%)	1mo	$320,000	$139	95
614 W 27th St	0.22mi	4/2.0	2,208 (-1%)	4mo	$350,000	$159	84
305 W 35th St	0.40mi	4/2.0	2,382 (+6%)	8mo	$370,000	$155	64
2911 Omohundro Ave	0.27mi	4/4.0	1,944 (-13%)	4mo	$450,000	$231	55
825 Spotswood Ave	0.64mi	5/2.0 (+1)	2,100 (-6%)	8mo	$540,000	$257	49
804 E 26th St	0.64mi	5/2.0 (+1)	2,485 (+11%)	6mo	$270,000	$109	41

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 · 3.44% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-16,075
• Equity at exit: $46,968

10-year hold

• IRR: 5.3%
• Equity multiple: 1.40×
• Total profit: $35,119
• Equity at exit: $27,235

Cash invested: $88,200 (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 23517

• Home prices YoY: -20.0%
• Rents YoY: 3.4%
• Active inventory: 30
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $3,273 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$210 /mo · $2,514/yr
• Insurance: −$131
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $527

Break-even live

Break-even rent $2,606

Max offer price $315,000

Occupancy floor 79%

Sensitivity live

Price	-10% $705	-5% $616	+0% $527	+5% $437	+10% $348
Rent	-10% $268	-5% $397	+0% $527	+5% $656	+10% $785
Rate	-1.0pp $685	-0.5pp $607	base $527	+0.5pp $445	+1.0pp $362

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,274
Total (2 units)			$3,273

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
426 W 28th St Norfolk, VA	3.0	3.0	2034	$2,850	$1.40	18d	1	0.09mi
410 W 29th St Norfolk, VA	4.0	2.0	2001	$2,500	$1.25	15d	1	0.14mi
219 W 27th St Norfolk, VA	5.0	3.5	2268	$2,900	$1.28	24d	1	0.21mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	24d	1	0.22mi
220 Broadway St Norfolk, VA	4.0	3.0	2540	$3,500	$1.38	44d	1	0.38mi
212 Broadway St Norfolk, VA	4.0	2.5	2350	$2,800	$1.19	15d	1	0.39mi
212 Broadway St Norfolk, VA	4.0	2.5	2349	$2,900	$1.23	18d	1	0.39mi
630 W 36th St Norfolk, VA	4.0	1.5	1650	$2,200	$1.33	24d	1	0.44mi
3239 Granby St Norfolk, VA	4.0	3.5	2350	$2,600	$1.11	12d	1	0.46mi
3611 Colley Ave Apt 106 Norfolk, VA	3.0	2.0	2686	$2,550	$0.95	18d	1	0.54mi
810 Brandon Ave Norfolk, VA	3.0	1.0	1420	$2,350	$1.65	15d	1	0.54mi
623 Virginia Ave Norfolk, VA	3.0	1.5	1600	$2,200	$1.38	18d	1	0.65mi
823 Shirley Ave Norfolk, VA	3.0	2.5	2740	$3,775	$1.38	11d	1	0.65mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	24d	1	0.66mi
901 Shirley Ave Unit A2 Norfolk, VA	3.0	2.0	1800	$2,195	$1.22	44d	1	0.68mi
901 Shirley Ave Unit A2 Norfolk, VA	3.0	2.0	1800	$2,195	$1.22	21d	1	0.68mi
407 Pennsylvania Ave Norfolk, VA	4.0	2.5	2200	$3,200	$1.45	44d	1	0.70mi
4013 Colley Ave Norfolk, VA	4.0	2.0	1450	$2,600	$1.79	44d	1	0.71mi
625 W Princess Anne Rd Unit 6 Norfolk, VA	3.0	1.5	1650	$1,995	$1.21	21d	1	0.73mi
622 Graydon Ave Unit 5 Norfolk, VA	3.0	2.0	1500	$1,700	$1.13	17d	1	0.75mi
810 W Princess Anne Rd #303 Norfolk, VA	3.0	2.0	1483	$2,300	$1.55	24d	1	0.75mi
810 W Princess Anne Rd #303 Norfolk, VA	3.0	2.0	1483	$2,400	$1.62	44d	1	0.75mi
1215 W 27th St Norfolk, VA	3.0	3.0	1700	$2,700	$1.59	44d	1	0.81mi
4511 Newport Ave Unit 4511 -A Norfolk, VA	4.0	3.0	2068	$2,600	$1.26	44d	1	0.82mi
829 43rd St Norfolk, VA	4.0	1.5	1500	$2,695	$1.80	24d	1	0.82mi
1218 W 26th St Norfolk, VA	3.0	2.5	1524	$2,250	$1.48	8d	1	0.83mi
507 Westover Ave Norfolk, VA	4.0	2.5	2414	$3,495	$1.45	44d	1	0.83mi
632 Redgate Ave Norfolk, VA	5.0	3.5	2943	$3,300	$1.12	24d	1	0.87mi
819 Colonial Ave Norfolk, VA	1.0–3.0	1.0–2.0	1092	$2,450	$2.24	2d	11	0.89mi
4608 Gosnold Ave Norfolk, VA	4.0	2.5	2600	$4,700	$1.81	24d	1	0.89mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	24d	1	0.90mi
1415 Claremont Ave Norfolk, VA	3.0	2.5	2129	$3,000	$1.41	4d	1	0.90mi
817 Botetourt Gdns Norfolk, VA	3.0	2.5	1900	$3,150	$1.66	15d	1	0.90mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	44d	1	0.92mi
766 A Ave Norfolk, VA	5.0	2.0	1544	$1,400	$0.91	44d	1	0.93mi
711 Stockley Gdns Unit 2 Norfolk, VA	4.0	2.0	2500	$2,900	$1.16	44d	1	0.96mi
912 Matoaka St #1 Norfolk, VA	3.0	2.0	1670	$2,400	$1.44	24d	1	1.00mi
912 Matoaka St Norfolk, VA	3.0	2.0	1670	$2,400	$1.44	8d	1	1.00mi
1110 Old Brandon Ave Norfolk, VA	4.0	2.5	2461	$3,500	$1.42	2d	1	1.02mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	44d	1	1.03mi

Listing history 11 events

1. 2026-04-23
   status Under Contract
2. 2026-03-26
   status Active
3. 2026-03-25
   historical
4. 2026-03-18
   listed $315,000 Active
5. 2025-03-13
   historical $1,100
6. 2025-03-11
   price $1,100
7. 2025-01-24
   listed $1,495
8. 2017-12-19
   soldstatus $102,400
9. 2017-12-10
   status Under Contract
10. 2017-10-21
    price $139,900
11. 2017-10-13
    listed $149,900 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: $2,514 · $210/mo
• Projected year-2 tax: $2,583 · $215/mo
• Expected delta: +$69/yr (+$6/mo · 2.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,276
• − Mortgage interest: −$17,645
• − Property taxes: −$2,514
• − Insurance: −$2,372
• − Repairs & maintenance: −$3,142
• − Management: −$3,142
• − Depreciation: −$9,164
• Taxable income: $1,297
• Est. tax owed @ 24.0%: −$311
• After-tax cash flow: $6,007/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): 4,932
• Household income: $67,375
• Rent vs Own: 68.1% rent · 31.9% own
• Severe rent burden: 463.0

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 0.56)
• Race & ethnicity: White 62% Black 21% Hispanic / Latino 9% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 4% Romanian 4% Portuguese 3%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 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: ▼ -68.26%
• Current HPI: 273.4702
• Rent YoY: ▲ 3.44%
• 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

+110.1% since first listed

11 events — show timeline

• 2026-04-23 Pending — REINMLS
• 2026-03-26 Relisted — REINMLS
• 2026-03-25 Listing Removed — REINMLS
• 2026-03-18 Listed $315,000 REINMLS
• 2025-03-13 Rental Removed $1,100 APPFOLIO
• 2025-03-11 Price Changed $1,100 APPFOLIO
• 2025-01-24 Listed for Rent $1,495 APPFOLIO
• 2017-12-19 Sold (Public Records) $102,400 Public Records
• 2017-12-10 Pending — REINMLS
• 2017-10-21 Price Changed $139,900 REINMLS
• 2017-10-13 Listed $149,900 REINMLS

Property tax history

+4.8%/yr

Latest (2025): $2,514 · +3.1% YoY. Source: county tax records.