974 Philpotts Rd · Norfolk, VA 23513

$190,000

4 bd · 2.5 ba · 1,660 sqft · SingleFamily public records · 8 Days on market

Built 1918 Est $349k · 45% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.6/10.0
• 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

Recently remodeled just two years ago, this home offers great bones and modern updates but now needs a little TLC to truly shine again. Priced well below market value, it’s a fantastic opportunity for investors, flippers, or buyers looking to build equity. Don’t miss this chance—priced to sell and ready for your personal touch! This property is being offered as a short sale and is subject to lender review and approval.

Key facts

• Pool
• Built 1918
• Listed 8 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 8.5% 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: Norview Elementary (math 17% / reading 47%, grade F, #992 of 1,108 statewide, top 90%, 395 students, 98% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 98% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 132 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 39% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 5y 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 1918 — 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 $190,000

Questions for the listing agent

1. Built in 1918 — 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. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.73%
• DSCR: 1.34
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $348,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
961 Marietta Ave	0.05mi	4/2.0	1,480 (-11%)	2mo	$320,000	$216	76
976 Hugo St	0.52mi	4/2.0	1,642 (-1%)	2mo	$380,000	$231	70
6241 Sewells Point Rd	0.60mi	4/2.5	1,704 (+3%)	2mo	$335,000	$197	66
1008 Wolcott Ave	0.21mi	3/2.0 (-1)	1,485 (-10%)	2mo	$340,000	$229	64
3840 Lenoir Cir	0.68mi	3/2.0 (-1)	1,698 (+2%)	3mo	$326,000	$192	55
888 Norview Arch	0.71mi	4/3.0	1,723 (+4%)	6mo	$364,000	$211	54
826 Norview Ave	0.72mi	4/2.0	1,550 (-7%)	4mo	$325,000	$210	50
6339 Alexander St	0.59mi	4/3.5	1,840 (+11%)	2mo	$367,200	$200	48
6330 Chesapeake Blvd	0.58mi	3/2.5 (-1)	1,500 (-10%)	5mo	$270,000	$180	48
3821 Lenoir Cir	0.74mi	3/1.0 (-1)	1,600 (-4%)	2mo	$227,750	$142	47
6324 Alexander St	0.63mi	3/1.0 (-1)	1,500 (-10%)	4mo	$177,600	$118	40
6841 Cedarwood Ct	0.72mi	3/2.0 (-1)	1,455 (-12%)	3mo	$350,000	$241	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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-7,935
• Equity at exit: $28,330

10-year hold

• IRR: 6.3%
• Equity multiple: 1.48×
• Total profit: $25,433
• Equity at exit: $16,428

Cash invested: $53,200 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,208 high
• Mortgage (P&I): −$996
• Tax from tax record: −$326 /mo · $3,914/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $343

Break-even live

Break-even rent $1,774

Max offer price $190,000

Occupancy floor 79%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
837 Tifton St Norfolk, VA	3.0	2.0	1072	$2,300	$2.15	23d	1	0.50mi
6430 Faraday Ct Norfolk, VA	4.0	1.5	1319	$1,995	$1.51	43d	1	0.62mi
6261 Alexander St Norfolk, VA	5.0	2.0	2166	$2,495	$1.15	43d	1	0.67mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	12d	1	0.71mi
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	17d	1	0.71mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	3d	1	0.73mi
6451 Edward St Norfolk, VA	3.0	2.5	1400	$2,000	$1.43	7d	1	0.78mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	43d	1	0.81mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	43d	1	0.88mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	43d	1	0.89mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	2d	23	1.06mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	7d	1	1.12mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	23d	1	1.22mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	43d	1	1.22mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	1d	3	1.24mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	43d	1	1.29mi
8028 Glade Rd Norfolk, VA	4.0	2.5	2061	$2,900	$1.41	43d	1	1.30mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	17d	1	1.38mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	12d	1	1.38mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	43d	1	1.39mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	1.42mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,695	$1.27	3d	1	1.43mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,745	$1.31	12d	1	1.43mi
218 Granby Park Dr Unit B Norfolk, VA	3.0	1.0	1330	$1,795	$1.35	4d	1	1.43mi
8107 Old Ocean View Rd Norfolk, VA	4.0	1.0	1562	$2,095	$1.34	17d	1	1.43mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	23d	1	1.44mi
6419 Grimes Ave Norfolk, VA	3.0	2.0	1225	$2,150	$1.76	43d	1	1.44mi
845 Burksdale Rd Norfolk, VA	5.0	2.0	1680	$1,895	$1.13	23d	1	1.45mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	43d	1	1.47mi

Listing history 50 events

1. 2026-03-29
   status Under Contract
2. 2026-03-27
   status Active
3. 2026-03-27
   historical
4. 2026-03-21
   listed $190,000 Active
5. 2026-03-15
   historical
6. 2025-11-07
   listed $270,000 Active
7. 2025-11-07
   historical
8. 2025-07-30
   listed $220,000 Active
9. 2024-03-31
   historical $2,500
10. 2024-02-16
    listed $2,500
11. 2023-04-28
    status Under Contract
12. 2023-04-13
    historical Active Under Contract
13. 2023-04-06
    price $274,997
14. 2023-04-04
    status Active
15. 2023-03-31
    historical Active Under Contract
16. 2023-03-27
    price $274,998
17. 2023-03-26
    price $274,999
18. 2023-03-16
    price $275,000
19. 2023-03-09
    price $280,000
20. 2023-03-06
    price $294,998
21. 2023-02-27
    price $294,999
22. 2023-02-17
    price $295,000
23. 2023-02-10
    price $299,996
24. 2023-01-31
    price $299,997
25. 2023-01-20
    price $299,998
26. 2023-01-18
    price $299,999
27. 2023-01-09
    listed $300,000 Active
28. 2022-12-27
    historical
29. 2022-12-23
    price $297,893
30. 2022-12-07
    price $297,894
31. 2022-12-02
    price $298,894
32. 2022-11-24
    price $298,895
33. 2022-11-18
    price $298,896
34. 2022-11-11
    price $298,897
35. 2022-11-04
    price $298,898
36. 2022-10-31
    price $298,899
37. 2022-10-20
    listed $298,900 Active
38. 2022-10-20
    historical
39. 2022-10-08
    price $298,900
40. 2022-09-06
    price $299,900
41. 2022-08-16
    listed $305,000 Active
42. 2022-06-15
    historical
43. 2022-05-24
    listed $305,000 Active
44. 2022-01-05
    soldstatus $182,500
45. 2021-12-13
    status Under Contract
46. 2021-10-29
    price $209,900
47. 2021-10-15
    listed $219,900 Active
48. 2015-05-01
    soldstatus $124,000
49. 2015-02-02
    price $125,000
50. 2015-01-19
    price $129,900

ⓘ 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: $3,914 · $326/mo
• Projected year-2 tax: $3,914 · $326/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 ≥105°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,498
• − Mortgage interest: −$10,643
• − Property taxes: −$3,914
• − Insurance: −$950
• − Repairs & maintenance: −$2,120
• − Management: −$2,120
• − Depreciation: −$5,527
• Taxable income: $1,224
• Est. tax owed @ 24.0%: −$294
• After-tax cash flow: $3,819/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

+1709.5% since first listed

51 events — show timeline

• 2026-03-29 Pending — REINMLS
• 2026-03-27 Relisted — REINMLS
• 2026-03-27 Listing Removed — REINMLS
• 2026-03-21 Listed $190,000 REINMLS
• 2026-03-15 Listing Removed — REINMLS
• 2025-11-07 Listing Removed — REINMLS
• 2025-11-07 Listed $270,000 REINMLS
• 2025-07-30 Listed $220,000 REINMLS
• 2024-03-31 Rental Removed $2,500 Avail
• 2024-02-16 Listed for Rent $2,500 Avail
• 2023-04-28 Pending — REINMLS
• 2023-04-13 Contingent — REINMLS
• 2023-04-06 Price Changed $274,997 REINMLS
• 2023-04-04 Relisted — REINMLS
• 2023-03-31 Contingent — REINMLS
• 2023-03-27 Price Changed $274,998 REINMLS
• 2023-03-26 Price Changed $274,999 REINMLS
• 2023-03-16 Price Changed $275,000 REINMLS
• 2023-03-09 Price Changed $280,000 REINMLS
• 2023-03-06 Price Changed $294,998 REINMLS
• 2023-02-27 Price Changed $294,999 REINMLS
• 2023-02-17 Price Changed $295,000 REINMLS
• 2023-02-10 Price Changed $299,996 REINMLS
• 2023-01-31 Price Changed $299,997 REINMLS
• 2023-01-20 Price Changed $299,998 REINMLS
• 2023-01-18 Price Changed $299,999 REINMLS
• 2023-01-09 Listed $300,000 REINMLS
• 2022-12-27 Listing Removed — REINMLS
• 2022-12-23 Price Changed $297,893 REINMLS
• 2022-12-07 Price Changed $297,894 REINMLS
• 2022-12-02 Price Changed $298,894 REINMLS
• 2022-11-24 Price Changed $298,895 REINMLS
• 2022-11-18 Price Changed $298,896 REINMLS
• 2022-11-11 Price Changed $298,897 REINMLS
• 2022-11-04 Price Changed $298,898 REINMLS
• 2022-10-31 Price Changed $298,899 REINMLS
• 2022-10-20 Listing Removed — REINMLS
• 2022-10-20 Listed $298,900 REINMLS
• 2022-10-08 Price Changed $298,900 REINMLS
• 2022-09-06 Price Changed $299,900 REINMLS
• 2022-08-16 Listed $305,000 REINMLS
• 2022-06-15 Listing Removed — REINMLS
• 2022-05-24 Listed $305,000 REINMLS
• 2022-01-05 Sold (Public Records) $182,500 Public Records
• 2021-12-13 Pending — REINMLS
• 2021-10-29 Price Changed $209,900 REINMLS
• 2021-10-15 Listed $219,900 REINMLS
• 2015-05-01 Sold (Public Records) $124,000 Public Records
• 2015-02-02 Price Changed $125,000 REINMLS
• 2015-01-19 Price Changed $129,900 REINMLS
• 1962-02-09 Sold (Public Records) $10,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $3,914 · +6.9% YoY. Source: county tax records.