4524 Greenwood Dr · Portsmouth, VA 23701

$106,000

3 bd · 1.5 ba · 1,188 sqft · Condo public records · 14 Days on market

Built 1977 $344/mo HOA · 20% of rent ↓ 23% since listing

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Why this score? — see what drove the B 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 +28.7/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to a comfortable, well-sized townhouse in Portsmouth offering 3 bedrooms, 1.5 baths and approx. 1200 sqft. of living space. This property blends efficient layout with solid bones and affordable ownership costs, making it an ideal choice for first-time buyers, downsizers, or investors seeking a turnkey rental opportunity. Don't miss this chance to own in a convenient Portsmouth neighborhood with quick access to local amenities and commuter routes. Seller has clear TMI

Key facts

• $344 HOA
• 2 parking spots
• Built 1977

Property features AI

Finance

• HOA & community: Monthly condo fee of $344; Association managed by Association Management Advisors Group; Community amenities include clubhouse, grounds maintenance, sewer, trash pickup, and water

Exterior

• Parking: 2 parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Attached townhouse; Two stories; Condo ownership; Condo unit on level 1; Slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Back yard with fence; Shingle siding

Interior

• Kitchen: Kitchen (appliances not listed)
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet and laminate flooring; Six total rooms; Living room, great room, dining room, family room, utility room
• Laundry & utility: Washer and dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $106k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Cap rate 10.3% vs local median 4.6% in Portsmouth — 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 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: Hodges Manor Elementary (math 32% / reading 57%, grade F, #827 of 1,108 statewide, top 77%, 499 students, 100% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 100% FRL vs 60% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+11.9%/yr); 167 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 34% of the median local income ($62k/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 $733 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $30k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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

• 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 $106,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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.
8. 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.
9. 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: 1.66% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.24%
• DSCR: 1.63
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.50×
• Total profit: $14,774
• Equity at exit: $15,805

10-year hold

• IRR: 25.2%
• Equity multiple: 3.86×
• Total profit: $84,965
• Equity at exit: $9,165

Cash invested: $29,680 (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 23701

• Rents YoY: 11.9%
• Active inventory: 167
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,760 high
• Mortgage (P&I): −$556
• Tax from tax record: −$94 /mo · $1,133/yr
• Insurance: −$44
• HOA: −$344
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $352

Break-even live

Break-even rent $1,315

Max offer price $106,000

Occupancy floor 75%

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: $26,500
• Closing costs: $3,180
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4642 Greenwood Dr Portsmouth, VA	2.0	1.0	946	$1,550	$1.64	43d	1	0.11mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	23d	1	0.59mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	17d	1	0.59mi
200 Chowan Dr Portsmouth, VA	1.0–2.0	1.0–2.0	737	$1,600	$2.17	2d	8	0.71mi
1217 Lakeview Dr Portsmouth, VA	4.0	2.0	1425	$2,550	$1.79	7d	1	0.80mi
902 Liston Ln Portsmouth, VA	3.0	1.0	1039	$1,785	$1.72	23d	1	0.96mi
705 Warfield Dr Portsmouth, VA	3.0	1.5	1269	$2,100	$1.65	17d	1	1.02mi
1008 Cherokee Rd Portsmouth, VA	1.0–2.0	1.0	835	$1,345	$1.61	43d	1	1.08mi
26 Byers Ave Portsmouth, VA	2.0	1.0	1008	$1,575	$1.56	43d	1	1.28mi
804 City Park Ave Portsmouth, VA	2.0	1.0	1228	$1,800	$1.47	43d	1	1.35mi
816 Martin Ave Portsmouth, VA	3.0	1.0	1100	$2,195	$2.00	3d	1	1.36mi
13 Hedge Ln Unit I Portsmouth, VA	2.0	1.5	816	$1,275	$1.56	7d	1	1.48mi
6 Harrower Ct Portsmouth, VA	2.0	2.0	800	$1,550	$1.94	43d	1	1.48mi

HOA detail condo

• Monthly dues: $344 · $4,128/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-16
   status Under Contract 484-char remark
2. 2026-04-30
   listed $106,000 Active 484-char remark
3. 2026-02-28
   historical
4. 2026-02-13
   status Active
5. 2025-12-24
   historical Active Under Contract
6. 2025-12-09
   price $119,000
7. 2025-08-25
   listed $130,000 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: $1,133 · $94/mo
• Projected year-2 tax: $1,133 · $94/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 1/10 Low FEMA zone X (unshaded) · 0% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,124
• − Mortgage interest: −$5,938
• − Property taxes: −$1,133
• − Insurance: −$530
• − Repairs & maintenance: −$1,690
• − Management: −$1,690
• − HOA: −$4,128
• − Depreciation: −$3,084
• Taxable income: $2,932
• Est. tax owed @ 24.0%: −$704
• After-tax cash flow: $3,523/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): 24,298
• Household income: $62,349
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 580.0

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 0.58)
• Race & ethnicity: Black 52% White 39% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 1% Romanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -218.96%
• Current HPI: 310.8218
• Rent YoY: ▲ 11.92%
• 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

-23.1% since first listed

9 events — show timeline

• 2026-05-29 Sold (Public Records) $100,000 Public Records
• 2026-05-28 Sold (MLS) $100,000 REINMLS
• 2026-05-16 Pending — REINMLS
• 2026-04-30 Listed $106,000 REINMLS
• 2026-02-28 Listing Removed — REINMLS
• 2026-02-13 Relisted — REINMLS
• 2025-12-24 Contingent — REINMLS
• 2025-12-09 Price Changed $119,000 REINMLS
• 2025-08-25 Listed $130,000 REINMLS

Property tax history

-2.4%/yr

Latest (2025): $1,133 · +13.8% YoY. Source: county tax records.