67 Cushing St · Portsmouth, VA 23702

$245,000

3 bd · 1.5 ba · 1,233 sqft · SingleFamily public records · 65 Days on market

Built 1980 $199/sqft · 5% above area Est $233k · 5% 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).

• Appreciation +10.0/10.0
• Cash flow +9.1/30.0
• ARV discount +5.2/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0

Listing remarks MLS

Turnkey investment opportunity in the heart of the historic Cradock District. This 3 bedroom, 1.5 bath home is currently tenant occupied with rental income of $1,670/month, offering immediate cash flow. The home features a spacious kitchen, comfortable living areas, and a large backyard ideal for outdoor enjoyment. Solar panels are installed, providing added efficiency (terms negotiable). Conveniently located near neighborhood schools and just minutes from Rivers Casino Portsmouth and the Norfolk Naval Shipyard. Property is being sold as is.

Key facts

• Spacious kitchen
• Large backyard
• Solar panels

Tags

• HISTORIC CRADOCK DISTRICT
• SPACIOUS KITCHEN
• LARGE BACKYARD
• SOLAR PANELS
• NEAR NORFOLK NAVAL SHIPYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-186 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (27.2% below list).
• Recommended offer: $178k (27.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cradock Elementary (math 22% / reading 37%, grade F, #1,011 of 1,108 statewide, top 92%, 622 students, 98% FRL); Cradock Middle (math 32% / reading 62%, grade D+, #257 of 342 statewide, top 77%, 533 students, 100% FRL); Manor High (math 48% / reading 75%, grade B-, #240 of 319 statewide, top 75%, 1,236 students, 99% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 65 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 44% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $105k; list at $245k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $178,294 (27.2% 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. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
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 B-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: 0.73% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.86
• GRM: 11.5

CMA / ARV

• ARV (median comp): $233,204
• List price: $245,000
• Delta: 5.06%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3 Prospect Pkwy	0.23mi	3/2.0	1,216 (-1%)	2mo	$126,000	$104	83
59 Bainbridge Ave	0.24mi	3/1.0	1,214 (-2%)	3mo	$120,000	$99	82
9 Quackenbush Pl	0.42mi	3/2.0	1,250 (+1%)	0mo	$260,000	$208	76
19 Burtis St	0.11mi	4/2.0 (+1)	1,400 (+14%)	2mo	$85,000	$61	64
31 Decatur St	0.13mi	4/2.0 (+1)	1,400 (+14%)	3mo	$265,000	$189	62
4221 George Washington Hwy	0.16mi	3/3.0	1,398 (+13%)	3mo	$277,000	$198	61
1512 Boxwood Dr	0.68mi	3/2.0	1,208 (-2%)	2mo	$365,000	$302	61
4320 Deep Creek Blvd	0.54mi	3/1.0	1,150 (-7%)	1mo	$234,900	$204	61
14 Fairview Cir S	0.67mi	3/1.0	1,300 (+5%)	2mo	$192,000	$148	56
100 Dahlgren Ave Unit B	0.45mi	3/1.0	1,078 (-13%)	1mo	$194,700	$181	56
12 Oakcrest St	0.54mi	3/1.0	1,115 (-10%)	3mo	$120,000	$108	55
2621 Greenwood Dr	0.71mi	3/1.0	1,380 (+12%)	2mo	$249,000	$180	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.80×
• Total profit: $123,292
• Equity at exit: $220,715

10-year hold

• IRR: 20.2%
• Equity multiple: 6.48×
• Total profit: $376,048
• Equity at exit: $475,981

Cash invested: $68,600 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 65
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,783 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$208 /mo · $2,495/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-186

Break-even live

Break-even rent $2,019

Max offer price $212,092

Occupancy floor —

Sensitivity live

Price	-10% $-48	-5% $-117	+0% $-186	+5% $-256	+10% $-325
Rent	-10% $-327	-5% $-257	+0% $-186	+5% $-116	+10% $-45
Rate	-1.0pp $-63	-0.5pp $-124	base $-186	+0.5pp $-250	+1.0pp $-314

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	45d	1	0.50mi
18 Cooper Dr Portsmouth, VA	2.0	1.0	920	$1,400	$1.52	19d	1	0.52mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	25d	1	0.73mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	14d	1	0.73mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	45d	1	0.76mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	14d	1	0.76mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	12d	1	0.79mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	21d	1	0.79mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	25d	1	0.87mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	0.98mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	1.01mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	45d	1	1.13mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	45d	1	1.14mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	45d	1	1.15mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	18d	1	1.19mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	16d	1	1.20mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	16d	1	1.21mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	19d	1	1.21mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	9d	1	1.23mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	25d	1	1.25mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	12d	1	1.31mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	5d	1	1.31mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	45d	1	1.32mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	45d	1	1.45mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	45d	1	1.46mi
3304 Killian Ave Portsmouth, VA	3.0	1.0	800	$2,000	$2.50	25d	1	1.46mi
1 Shelby St Portsmouth, VA	2.0	1.0	700	$1,250	$1.79	25d	1	1.47mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	5d	1	1.50mi

Listing history 30 events

1. 2026-06-21
   days on market $245,000 Active 65 DOM
2. 2026-06-18
   days on market $245,000 Active 62 DOM
3. 2026-06-17
   days on market $245,000 Active 61 DOM
4. 2026-06-16
   days on market $245,000 Active 60 DOM
5. 2026-06-15
   days on market $245,000 Active 59 DOM
6. 2026-06-13
   days on market $245,000 Active 57 DOM
7. 2026-06-09
   days on market $245,000 Active 53 DOM
8. 2026-06-08
   days on market $245,000 Active 52 DOM
9. 2026-06-07
   days on market $245,000 Active 51 DOM
10. 2026-06-03
    days on market $245,000 Active 47 DOM
11. 2026-06-02
    days on market $245,000 Active 46 DOM
12. 2026-06-01
    days on market $245,000 Active 45 DOM
13. 2026-05-31
    days on market $245,000 Active 44 DOM
14. 2026-04-17
    listed $245,000 Active 547-char remark

    Show marketing remark (547 chars)

    Turnkey investment opportunity in the heart of the historic Cradock District. This 3 bedroom, 1.5 bath home is currently tenant occupied with rental income of $1,670/month, offering immediate cash flow. The home features a spacious kitchen, comfortable living areas, and a large backyard ideal for outdoor enjoyment. Solar panels are installed, providing added efficiency (terms negotiable). Conveniently located near neighborhood schools and just minutes from Rivers Casino Portsmouth and the Norfolk Naval Shipyard. Property is being sold as is.

15. 2019-03-14
    status Under Contract
16. 2019-03-12
    soldstatus $105,000
17. 2018-12-31
    price $100,000
18. 2018-12-11
    price $110,000
19. 2018-10-04
    listed $120,000 Active
20. 2018-09-08
    historical
21. 2018-06-09
    price $119,990
22. 2018-05-15
    listed $124,000 Active
23. 2018-05-15
    historical
24. 2018-04-25
    price $124,000
25. 2018-04-13
    price $126,000
26. 2018-03-22
    price $129,000
27. 2018-03-08
    listed $133,900 Active
28. 2011-09-13
    soldstatus $119,000
29. 2007-05-07
    soldstatus $159,900
30. 2006-01-05
    soldstatus $125,000

ⓘ 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: $2,495 · $208/mo
• Projected year-2 tax: $2,495 · $208/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 (shaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,395
• − Mortgage interest: −$13,724
• − Property taxes: −$2,495
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$7,127
• Taxable loss: −$6,599
• Est. tax savings @ 24.0%: +$1,584
• After-tax cash flow: $-652/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+96.0% since first listed

17 events — show timeline

• 2026-04-17 Listed $245,000 REINMLS
• 2019-03-14 Pending — REINMLS
• 2019-03-12 Sold (Public Records) $105,000 Public Records
• 2018-12-31 Price Changed $100,000 REINMLS
• 2018-12-11 Price Changed $110,000 REINMLS
• 2018-10-04 Listed $120,000 REINMLS
• 2018-09-08 Listing Removed — REINMLS
• 2018-06-09 Price Changed $119,990 REINMLS
• 2018-05-15 Listing Removed — REINMLS
• 2018-05-15 Listed $124,000 REINMLS
• 2018-04-25 Price Changed $124,000 REINMLS
• 2018-04-13 Price Changed $126,000 REINMLS
• 2018-03-22 Price Changed $129,000 REINMLS
• 2018-03-08 Listed $133,900 REINMLS
• 2011-09-13 Sold (Public Records) $119,000 Public Records
• 2007-05-07 Sold (Public Records) $159,900 Public Records
• 2006-01-05 Sold (Public Records) $125,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $2,495 · +1.3% YoY. Source: county tax records.