3476 E Bonner Dr · Norfolk, VA 23513

$125,000

2 bd · 1.0 ba · 883 sqft · SingleFamily public records · 41 Days on market

Built 1941 10,585 sqft lot $142/sqft · 44% below area Est $221k · 44% 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 +22.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +6.7/10.0
• 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

Listing remarks

Investor special, property has been condemned and you are not able to go inside. Great location, close to base and shopping centers. Court approval required.

Key facts

• Great location
• Close to base
• 0.24 acre lot

Tags

• GREAT LOCATION
• CLOSE TO BASE
• CLOSE TO SHOPPING CENTERS

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Driveway and street parking; 528 sq. ft. garage
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached Cape Cod; Single-story; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Chain link fence; City view

Interior

• Bedrooms: First-floor bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Bedroom and full bathroom on the first floor; 6 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: Sherwood Forest Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 480 students, 98% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 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 (+3.4%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1941 — 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. 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?
6. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.09%
• DSCR: 1.32
• GRM: 7.1

CMA / ARV

• ARV (median comp): $221,481
• List price: $125,000
• Delta: -43.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3705 Nottaway St	0.22mi	2/1.0	917 (+4%)	2mo	$246,000	$268	81
4611 Robin Hood Rd	0.28mi	2/2.0	852 (-4%)	1mo	$260,000	$305	77
4551 Dora Cir	0.37mi	3/1.0 (+1)	864 (-2%)	4mo	$189,000	$219	71
3753 Davis St	0.46mi	2/1.0	912 (+3%)	3mo	$250,000	$274	70
3764 Larkin St	0.48mi	2/1.0	850 (-4%)	2mo	$245,000	$288	70
3061 Tree Chop Rd	0.36mi	2/1.0	800 (-9%)	3mo	$165,000	$206	65
3749 Davis St	0.47mi	2/1.0	797 (-10%)	2mo	$125,000	$157	61
4717 Krick St	0.43mi	3/2.0 (+1)	835 (-5%)	3mo	$255,000	$305	59
4832 Hampshire Ave	0.75mi	2/1.0	834 (-6%)	6mo	$225,000	$270	51
3500 Hyde Cir	0.54mi	2/1.0	756 (-14%)	3mo	$198,500	$263	49
5108 Elmhurst Ave	0.73mi	2/1.0	768 (-13%)	1mo	$230,000	$299	43
3513 Tait Ter	0.66mi	3/1.0 (+1)	1,000 (+13%)	6mo	$236,500	$237	37

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: -4.9%
• Equity multiple: 0.82×
• Total profit: $-6,397
• Equity at exit: $18,638

10-year hold

• IRR: 5.4%
• Equity multiple: 1.41×
• Total profit: $14,237
• Equity at exit: $10,808

Cash invested: $35,000 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 132
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,457 high
• Mortgage (P&I): −$656
• Tax from tax record: −$237 /mo · $2,843/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $207

Break-even live

Break-even rent $1,196

Max offer price $125,000

Occupancy floor 81%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4745 Lind St Unit A Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	44d	1	0.42mi
4745 Lind St Unit B Norfolk, VA	2.0	1.0	752	$1,350	$1.80	2d	1	0.42mi
4566 Hampshire Ave Unit A Norfolk, VA	2.0	1.0	870	$1,350	$1.55	44d	1	0.46mi
3044 Sewells Point Rd Norfolk, VA	2.0	1.0	830	$1,134	$1.37	2d	1	0.48mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	0.57mi
4802 Norvella Ave Unit 1 Norfolk, VA	2.0	1.0	800	$1,050	$1.31	7d	1	0.60mi
2403 Sewells Point Rd Unit 3 Norfolk, VA	1.0	1.0	600	$950	$1.58	44d	1	0.67mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	7d	1	0.71mi
3820 Essex Cir Unit A Norfolk, VA	2.0	1.0	1000	$2,200	$2.20	21d	1	0.72mi
3820 Essex Cir Unit B 1 Norfolk, VA	2.0	1.0	900	$1,700	$1.89	21d	1	0.72mi
3820 Essex Cir #1 Norfolk, VA	2.0	1.0	1000	$2,250	$2.25	17d	1	0.72mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	0.73mi
2412 Azalea Garden Rd Unit 105 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	24d	1	0.73mi
2412 Azalea Garden Rd Apt 210 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	44d	1	0.73mi
2412 Azalea Garden Rd Unit 212 Norfolk, VA	1.0	1.0	800	$1,025	$1.28	44d	1	0.73mi
4505 Cape Henry Ave Norfolk, VA	2.0	1.0	720	$1,000	$1.39	44d	1	0.76mi
2707 Azalea Garden Rd Apt B3 Norfolk, VA	2.0	1.0	680	$1,195	$1.76	24d	1	0.78mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	24d	1	0.83mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	44d	1	0.86mi
4670 Kincaid Ave Apt E Norfolk, VA	2.0	1.0	800	$1,250	$1.56	3d	1	0.86mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	3d	1	0.88mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	44d	1	0.88mi
2421 Arkansas Ave Unit A Norfolk, VA	2.0	1.0	870	$1,225	$1.41	15d	1	0.89mi
3507 Cape Henry Ave Unit A Norfolk, VA	2.0	1.0	755	$1,200	$1.59	21d	1	0.92mi
2939 Marne Ave Norfolk, VA	2.0	1.0	659	$1,700	$2.58	44d	1	0.92mi
5404 Douglas St Norfolk, VA	3.0	1.0	981	$1,950	$1.99	44d	1	0.94mi
6225 Alexander St Norfolk, VA	2.0	1.0	750	$1,299	$1.73	44d	1	0.96mi
6225 Alexander St Unit F Norfolk, VA	2.0	1.0	750	$1,499	$2.00	20d	1	0.96mi
2949 Verdun Ave Norfolk, VA	3.0	2.0	950	$3,000	$3.16	44d	1	0.97mi
3219 Brest Ave Norfolk, VA	2.0	1.0	675	$1,100	$1.63	44d	1	0.97mi
6241 Alexander St Unit F Norfolk, VA	2.0	1.0	704	$895	$1.27	12d	1	0.98mi
6228 Chesapeake Blvd Unit G Norfolk, VA	2.0	1.0	885	$925	$1.05	44d	1	0.98mi
4852 E Princess Anne Rd Norfolk, VA	1.0	1.0	700	$1,099	$1.57	17d	1	0.99mi
6234 Chesapeake Blvd Norfolk, VA	2.0	1.0	986	$925	$0.94	17d	1	1.00mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	17d	1	1.01mi
6249 Alexander St Unit F Norfolk, VA	2.0	1.0	817	$1,195	$1.46	4d	1	1.01mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	24d	1	1.01mi
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	15d	1	1.02mi
2900 Verdun Ave Norfolk, VA	3.0	1.0	867	$1,800	$2.08	44d	1	1.04mi
1445 Norcova Ave Apt E Norfolk, VA	2.0	1.0	750	$1,125	$1.50	44d	1	1.04mi

Listing history 13 events

1. 2026-06-18
   days on market $125,000 Active 41 DOM
2. 2026-06-17
   days on market $125,000 Active 40 DOM
3. 2026-06-16
   days on market $125,000 Active 39 DOM
4. 2026-06-15
   days on market $125,000 Active 38 DOM
5. 2026-06-13
   days on market $125,000 Active 36 DOM
6. 2026-06-09
   days on market $125,000 Active 32 DOM
7. 2026-06-08
   days on market $125,000 Active 31 DOM
8. 2026-06-07
   days on market $125,000 Active 30 DOM
9. 2026-06-03
   days on market $125,000 Active 26 DOM
10. 2026-06-02
    days on market $125,000 Active 25 DOM
11. 2026-06-01
    days on market $125,000 Active 24 DOM
12. 2026-05-31
    days on market $125,000 Active 23 DOM
13. 2026-05-08
    listed $125,000 Active 157-char remark

ⓘ 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: $2,843 · $237/mo
• Projected year-2 tax: $2,843 · $237/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°F today · 15 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: $17,487
• − Mortgage interest: −$7,002
• − Property taxes: −$2,843
• − Insurance: −$625
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$3,636
• Taxable income: $583
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $2,341/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): 28,628
• 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

• 2026-05-08 Listed $125,000 REINMLS

Property tax history

+12.2%/yr

Latest (2025): $2,843 · +5.7% YoY. Source: county tax records.