1003 Freeney Ave · Suffolk, VA 23434

$164,000

2 bd · 1.0 ba · 860 sqft · SingleFamily public records · 29 Days on market

Built 1754 0.25 ac lot Est $194k · 15% 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 +19.0/30.0
• ARV discount +14.4/15.0
• DSCR +6.0/10.0
• Schools +4.8/10.0
• 1% rule +4.1/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in this four bedroom, two bath home. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option. Missing HVAC unit, possible mold present.

Key facts

• 0.25 acre lot
• Built 1754
• Listed 29 days

Property features AI

Finance

• Other: Fee simple ownership; Year built source: estimated

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached structure; Above-grade finished area approximately 1,075 (estimated)
• Construction: Frame construction; Composite/shingle roof; Other foundation; Other above-grade structures
• Exterior features: Tidal water not present

Interior

• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 2 full bathrooms (both on the main level)
• Interior features: Estimated living area; 6 total rooms; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $164k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/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 $150k (8.6% below list).
• Recommended offer: $150k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.5% in Suffolk — 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 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.8%/yr); 536 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1754 — 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 $149,930 (8.6% below list)

Questions for the listing agent

1. Built in 1754 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $193,500
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Walnut St	0.27mi	2/1.0	896 (+4%)	0mo	$219,000	$244	80
206 S Lloyd St	0.03mi	2/1.0	779 (-9%)	12mo	$175,000	$225	73
110 S 10th St	0.43mi	2/1.0	853 (-1%)	13mo	$171,000	$200	68
326 Goodman St	0.50mi	2/1.0	858 (-0%)	13mo	$195,000	$227	66
121 S 10th St	0.42mi	3/2.0 (+1)	892 (+4%)	0mo	$220,000	$247	65
310 Fuller St	0.57mi	2/1.0	900 (+5%)	3mo	$115,000	$128	63
124 S 10th St	0.44mi	3/2.0 (+1)	864 (+0%)	9mo	$169,900	$197	62
113 N Capital St	0.14mi	2/1.0	976 (+14%)	13mo	$61,000	$63	60
307 Central Ave	0.74mi	3/1.0 (+1)	840 (-2%)	4mo	$135,000	$161	54
101 N 6th St	0.22mi	3/2.0 (+1)	748 (-13%)	8mo	$192,500	$257	52
301 Bullock St	0.57mi	3/2.0 (+1)	965 (+12%)	10mo	$249,900	$259	36

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 · 5.84% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.75×
• Total profit: $-11,385
• Equity at exit: $24,453

10-year hold

• IRR: 6.0%
• Equity multiple: 1.50×
• Total profit: $22,998
• Equity at exit: $14,180

Cash invested: $45,920 (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 23434

• Rents YoY: 5.8%
• Active inventory: 536
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,499 high
• Mortgage (P&I): −$860
• Tax from tax record: −$86 /mo · $1,031/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $170

Break-even live

Break-even rent $1,284

Max offer price $164,000

Occupancy floor 84%

Sensitivity live

Price	-10% $263	-5% $217	+0% $170	+5% $124	+10% $77
Rent	-10% $52	-5% $111	+0% $170	+5% $229	+10% $289
Rate	-1.0pp $253	-0.5pp $212	base $170	+0.5pp $128	+1.0pp $84

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: $41,000
• Closing costs: $4,920
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 N 7th St Unit NA Suffolk, VA	2.0	1.0	760	$1,500	$1.97	24d	1	0.31mi
120 S 10th St Suffolk, VA	2.0	1.0	736	$1,250	$1.70	44d	1	0.43mi
326 E Washington St Suffolk, VA	2.0	2.0	839	$1,629	$1.94	3d	1	0.59mi
303 Bank St Unit C Suffolk, VA	1.0	1.0	650	$1,100	$1.69	24d	1	0.66mi
307 Central Ave Suffolk, VA	3.0	1.0	840	$1,700	$2.02	44d	1	0.71mi
181 N Main St Suffolk, VA	2.0	1.0–2.0	804	$1,885	$2.34	2d	15	0.89mi
210 Baker St Suffolk, VA	3.0	1.0	988	$1,600	$1.62	44d	1	1.17mi
408 Wellons St Suffolk, VA	1.0	1.0	750	$1,486	$1.98	2d	3	1.21mi
308 Saint James Ave Unit B Suffolk, VA	2.0	1.0	936	$1,295	$1.38	24d	1	1.31mi
558 1st Ave Suffolk, VA	2.0	1.5	1000	$1,250	$1.25	44d	1	1.44mi
564 1st Ave Suffolk, VA	2.0	1.0	1000	$1,100	$1.10	44d	1	1.45mi
114 Nancy Dr Suffolk, VA	2.0–3.0	1.0	860	$1,195	$1.39	2d	4	1.48mi

Listing history 22 events

1. 2026-06-18
   days on market $164,000 Active 29 DOM
2. 2026-06-17
   days on market $164,000 Active 28 DOM
3. 2026-06-16
   days on market $164,000 Active 27 DOM
4. 2026-06-15
   days on market $164,000 Active 26 DOM
5. 2026-06-13
   days on market $164,000 Active 24 DOM
6. 2026-06-09
   days on market $164,000 Active 20 DOM
7. 2026-06-08
   days on market $164,000 Active 19 DOM
8. 2026-06-07
   days on market $164,000 Active 18 DOM
9. 2026-06-03
   days on market $164,000 Active 14 DOM
10. 2026-06-02
    days on market $164,000 Active 13 DOM
11. 2026-06-01
    days on market $164,000 Active 12 DOM
12. 2026-05-31
    days on market $164,000 Active 11 DOM
13. 2026-05-20
    listed $164,000 Active
14. 2026-01-02
    historical
15. 2025-09-02
    listed $229,000 Active
16. 2023-07-06
    historical
17. 2023-06-28
    listed $260,000 Active
18. 2022-12-08
    historical
19. 2022-09-07
    price $100,000
20. 2022-06-08
    listed $115,000 Active
21. 2016-06-10
    historical
22. 2016-03-10
    listed $50,000 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: $1,031 · $86/mo
• Projected year-2 tax: $1,345 · $112/mo
• Expected delta: +$313/yr (+$26/mo · 30.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,992
• − Mortgage interest: −$9,187
• − Property taxes: −$1,031
• − Insurance: −$820
• − Repairs & maintenance: −$1,439
• − Management: −$1,439
• − Depreciation: −$4,771
• Taxable loss: −$696
• Est. tax savings @ 24.0%: +$167
• After-tax cash flow: $2,209/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

Amenities C+ Commute F Cost of living C Crime C- Employment A- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 54,387
• Household income: $79,877
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1934.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 49% White 41% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 1% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.80%
• Current HPI: 158.5866
• Rent YoY: ▲ 5.84%
• 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

+228.0% since first listed

10 events — show timeline

• 2026-05-20 Listed $164,000 BRIGHT MLS
• 2026-01-02 Listing Removed — REINMLS
• 2025-09-02 Listed $229,000 REINMLS
• 2023-07-06 Listing Removed — REINMLS
• 2023-06-28 Listed $260,000 REINMLS
• 2022-12-08 Listing Removed — REINMLS
• 2022-09-07 Price Changed $100,000 REINMLS
• 2022-06-08 Listed $115,000 REINMLS
• 2016-06-10 Listing Removed — REINMLS
• 2016-03-10 Listed $50,000 REINMLS

Property tax history

+4.7%/yr

Latest (2025): $1,031 · +2.2% YoY. Source: county tax records.