824 W 41st St · Norfolk, VA 23508

$235,000

3 bd · 1.0 ba · 1,206 sqft · SingleFamily public records · 64 Days on market

Built 1915 Est $264k · 11% under

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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 +14.2/30.0
• ARV discount +12.5/15.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3-bedroom, 1 bath home centrally located in the heart of Highland Park. Numerous updates & improvements include new HVAC system w/ gas furnace & AC unit, updated plumbing to PVC which spans from upstairs bathroom through and includes kitchen and laundry room, a new hot water heater, new roof for laundry room & updated back porch, renovated bathroom, kitchen flooring, new light fixtures, updated outlets & switches, new interior doors, and freshly painted interior. The home features beautiful hardwood floors, a spacious eat-in kitchen, separate dining area, and a comfortable living space. A gas hookup remains in place where a fireplace was previously located,

Key facts

• Renovated bathroom
• New hot water heater
• Updated back porch

Tags

• NEW HVAC SYSTEM
• UPDATED PLUMBING
• NEW HOT WATER HEATER
• NEW ROOF
• RENOVATED BATHROOM
• UPDATED BACK PORCH

Property features AI

Finance

• Other: City view
• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway space; On-street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Natural gas available
• Home design: Detached property; Traditional style; 2 stories (2 living levels); Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back yard fenced (decorative fence); Porch; Storage shed; Attic

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Breakfast area
• Bedrooms: No bedroom with a full bathroom on the first floor; 6 total rooms (includes living areas and others listed separately)
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning
• Interior features: Attic fan; Cable hookup; Ceiling fan; Pull-down attic stairs; Walk-in closet; Window treatments
• Laundry & utility: Washer and washer hookup; Dryer and dryer hookup; Utility room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $40 ($485/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (14.3% below list).
• Recommended offer: $201k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Larchmont Elementary (math 62% / reading 77%, grade A-, #313 of 1,108 statewide, top 32%, 471 students, 97% FRL); Blair Middle (math 29% / reading 57%, grade D-, #288 of 342 statewide, top 85%, 1,149 students, 92% 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 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 60% at this address vs 42% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.0%/yr); 104 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 32% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $200k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• 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 $201,415 (14.3% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.86% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $264,114
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 W 41st St	0.00mi	3/1.0	1,206 (0%)	1mo	$235,000	$195	99
839 W 42nd St	0.04mi	4/2.0 (+1)	1,188 (-2%)	1mo	$171,000	$144	86
835 W 42nd St	0.04mi	4/1.5 (+1)	1,300 (+8%)	2mo	$165,000	$127	76
715 Maryland Ave	0.21mi	3/2.0	1,276 (+6%)	2mo	$375,000	$294	74
868 W 36th St	0.28mi	3/1.5	1,300 (+8%)	2mo	$251,000	$193	70
4400 Colonial Ave	0.52mi	3/1.5	1,184 (-2%)	2mo	$359,000	$303	69
537 W 27th St	0.63mi	3/1.5	1,170 (-3%)	1mo	$215,000	$184	63
825 W 48th St	0.32mi	2/1.0 (-1)	1,100 (-9%)	3mo	$142,000	$129	63
726 W 27th St	0.50mi	3/1.5	1,089 (-10%)	4mo	$305,000	$280	55
850 47th St	0.30mi	2/1.0 (-1)	1,040 (-14%)	5mo	$285,000	$274	54
1043 W 37th St	0.33mi	2/1.0 (-1)	1,049 (-13%)	6mo	$240,000	$229	53
1232 W 40th St	0.43mi	4/2.5 (+1)	1,368 (+13%)	5mo	$300,000	$219	42

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 · 5.98% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.55×
• Total profit: $-29,301
• Equity at exit: $35,039

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $4,872
• Equity at exit: $20,319

Cash invested: $65,800 (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 23508

• Rents YoY: 6.0%
• Active inventory: 104
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,014 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$220 /mo · $2,646/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $40

Break-even live

Break-even rent $1,963

Max offer price $235,000

Occupancy floor 93%

Sensitivity live

Price	-10% $173	-5% $107	+0% $40	+5% $-26	+10% $-93
Rent	-10% $-119	-5% $-39	+0% $40	+5% $120	+10% $200
Rate	-1.0pp $159	-0.5pp $100	base $40	+0.5pp $-20	+1.0pp $-82

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4013 Colley Ave Norfolk, VA	4.0	2.0	1450	$2,600	$1.79	45d	1	0.05mi
829 43rd St Norfolk, VA	4.0	1.5	1500	$2,695	$1.80	25d	1	0.10mi
819 W 38th St Unit 5 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	21d	1	0.16mi
834 W 44th St Apt 208 Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	45d	1	0.17mi
858 37th St Unit A Norfolk, VA	3.0	1.5	1150	$1,950	$1.70	19d	1	0.20mi
3700 Gosnold Ave Unit A Norfolk, VA	2.0	1.0	700	$1,300	$1.86	25d	1	0.25mi
868 W 36th St Norfolk, VA	3.0	1.5	1300	$2,500	$1.92	14d	1	0.26mi
628 Georgia Ave Norfolk, VA	3.0	2.0	1300	$2,495	$1.92	25d	1	0.26mi
1037 37th St Apt B Norfolk, VA	2.0	1.0	803	$1,100	$1.37	45d	1	0.30mi
1045 37th St Unit A Norfolk, VA	3.0	1.0	950	$1,600	$1.68	45d	1	0.32mi
4719 Colley Ave Norfolk, VA	2.0	1.0	800	$1,589	$1.99	45d	1	0.35mi
783 48th St Norfolk, VA	2.0	1.0	950	$1,495	$1.57	16d	1	0.37mi
1227 W 41st St Norfolk, VA	3.0	1.0	819	$1,600	$1.95	25d	1	0.40mi
527 Maryland Ave Norfolk, VA	3.0	1.0	1200	$2,000	$1.67	45d	1	0.42mi
812 W 27th St Unit 1 Norfolk, VA	2.0	1.0	750	$1,295	$1.73	9d	1	0.44mi
1015 50th St Norfolk, VA	3.0	2.0	1050	$1,545	$1.47	45d	1	0.46mi
4804 Gosnold Ave Unit 2 Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	23d	1	0.49mi
4804 Gosnold Ave Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	21d	1	0.49mi
1262 W 40th St Norfolk, VA	2.0	2.0	1100	$1,595	$1.45	23d	1	0.51mi
435 Virginia Ave Norfolk, VA	2.0	2.0	1012	$1,954	$1.93	6d	1	0.53mi
1016 W 24th St Norfolk, VA	3.0	1.0–2.0	771	$1,655	$2.15	25d	20	0.56mi
430 Delaware Ave #214 Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	25d	1	0.58mi
1324 W 40th St Norfolk, VA	4.0	2.0	1360	$2,284	$1.68	45d	1	0.60mi
415 W 32nd St Unit 1 Norfolk, VA	2.0	1.0	850	$1,325	$1.56	45d	1	0.61mi
414 Delaware Ave Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	45d	1	0.62mi
1336 W 38th St Unit A Norfolk, VA	4.0	1.5	1474	$2,200	$1.49	6d	1	0.63mi
414 Delaware Ave #218 Norfolk, VA	2.0	2.0	1025	$1,850	$1.80	25d	1	0.63mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	6d	1	0.63mi
1309 W 27th St Norfolk, VA	2.0	1.0	875	$1,600	$1.83	45d	1	0.64mi
4000 Elkhorn Ave Norfolk, VA	4.0	2.0	1100	$2,200	$2.00	9d	1	0.65mi
437 Connecticut Ave Unit 2 Norfolk, VA	2.0	1.0	800	$1,300	$1.62	45d	1	0.65mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	45d	1	0.67mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	25d	1	0.68mi
1410 W 39th St Norfolk, VA	4.0	2.0	1200	$2,100	$1.75	9d	1	0.69mi
1419 W 40th St Norfolk, VA	3.0	1.5	825	$2,000	$2.42	19d	1	0.71mi
210 Pennsylvania Ave #1 Norfolk, VA	2.0	1.0	1300	$1,795	$1.38	45d	1	0.71mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	16d	1	0.73mi
417 W 27th St Unit F Norfolk, VA	3.0	2.0	1200	$1,600	$1.33	23d	1	0.73mi
3210 Llewellyn Ave Norfolk, VA	2.0	1.0	800	$975	$1.22	45d	1	0.73mi
3601 Omohundro Ave Unit 3 Norfolk, VA	2.0	1.0	800	$1,395	$1.74	45d	1	0.73mi

Listing history 11 events

1. 2026-05-08
   status Under Contract
2. 2026-04-20
   historical Active Under Contract
3. 2026-04-17
   price $235,000
4. 2026-03-27
   status Active
5. 2026-03-23
   historical Active Under Contract
6. 2026-03-05
   listed $240,000 Active
7. 2022-07-01
   soldstatus $200,000
8. 2022-06-08
   status Under Contract
9. 2022-05-23
   historical Active Under Contract
10. 2022-05-16
    listed $199,900 Active
11. 2009-11-30
    soldstatus $135,000

ⓘ 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: $2,646 · $220/mo
• Projected year-2 tax: $2,646 · $220/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 ≥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: $24,170
• − Mortgage interest: −$13,164
• − Property taxes: −$2,646
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$6,836
• Taxable loss: −$3,518
• Est. tax savings @ 24.0%: +$844
• After-tax cash flow: $1,329/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): 19,432
• Household income: $74,885
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 861.0

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 0.64)
• Race & ethnicity: White 49% Black 33% Two or more races 9% Hispanic / Latino 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% 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: ▼ -401.24%
• Current HPI: 312.9923
• Rent YoY: ▲ 5.98%
• 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

+74.1% since first listed

11 events — show timeline

• 2026-05-08 Pending — REINMLS
• 2026-04-20 Contingent — REINMLS
• 2026-04-17 Price Changed $235,000 REINMLS
• 2026-03-27 Relisted — REINMLS
• 2026-03-23 Contingent — REINMLS
• 2026-03-05 Listed $240,000 REINMLS
• 2022-07-01 Sold (Public Records) $200,000 Public Records
• 2022-06-08 Pending — REINMLS
• 2022-05-23 Contingent — REINMLS
• 2022-05-16 Listed $199,900 REINMLS
• 2009-11-30 Sold (Public Records) $135,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,646 · +6.5% YoY. Source: county tax records.