5642 Brickell Rd · Norfolk, VA 23502

$199,900

2 bd · 2.0 ba · 1,024 sqft · MultiFamily public records · 6 Days on market

Built 1955 Est $193k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +5.8/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent duplex opportunity offering strong rental income and long-term stability. This property features two separate units with established long-term tenants, providing immediate cash flow for investors. Great for those seeking a low-maintenance income-producing property in a high-demand rental area. For owner-occupants, this is a fantastic house-hacking opportunity—live in one unit while renting out the other to offset your mortgage and build equity. Each unit offers private living spaces, making it suitable for both personal use and rental flexibility. Conveniently located near Military Circle Mall and Janaf Shopping Center with easy access to shopping, dining, major roadways, an

Key facts

• Long-term tenants
• Two separate units
• Duplex opportunity

Tags

• DUPLEX OPPORTUNITY
• TWO SEPARATE UNITS
• LONG-TERM TENANTS
• LOW-MAINTENANCE PROPERTY
• HIGH-DEMAND RENTAL AREA
• PRIVATE LIVING SPACES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 10.9% 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: Lake Taylor (math 22% / reading 45%, grade F, #984 of 1,108 statewide, top 89%, 626 students, 96% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+15.1%/yr); 76 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,635/mo this rent would consume 50% of the median local household income ($63k/yr) (locally 1255% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $155k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — 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 $199,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.32% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.31%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $192,512
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5642 Brickell Rd	0.00mi	2/2.0	1,000 (-2%)	2mo	$187,500	$188	95

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.54×
• Total profit: $29,994
• Equity at exit: $29,806

10-year hold

• IRR: 25.2%
• Equity multiple: 3.71×
• Total profit: $151,907
• Equity at exit: $17,284

Cash invested: $55,972 (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 23502

• Home prices YoY: -20.7%
• Rents YoY: 15.1%
• Active inventory: 76
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,635 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$189 /mo · $2,271/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $761

Break-even live

Break-even rent $1,672

Max offer price $199,900

Occupancy floor 66%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,636
Total (2 units)			$2,635

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5667 Brickell Rd Unit 14 Norfolk, VA	1.0	1.0	700	$995	$1.42	3d	1	0.05mi
516 Hicks Ave Unit A Norfolk, VA	2.0	2.0	810	$1,585	$1.96	43d	1	0.70mi
1060 Kempsville Rd Unit 00 08107 Norfolk, VA	3.0	2.0	1383	$2,479	$1.79	12d	1	0.93mi
1060 Kempsville Rd Apt 10305 Norfolk, VA	2.0	2.0	975	$2,142	$2.20	7d	1	0.93mi
1060 Kempsville Rd Unit 00 09212 Norfolk, VA	2.0	2.0	1002	$2,370	$2.37	43d	1	0.93mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1149	$2,400	$2.09	19d	1	0.99mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	723	$1,775	$2.46	20d	1	0.99mi
1060 Kempsville Rd Norfolk, VA	3.0	2.0	1425	$2,975	$2.09	11d	1	0.99mi
1060 Kempsville Rd Norfolk, VA	1.0	1.0	914	$2,250	$2.46	16d	1	0.99mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1070	$2,400	$2.24	44d	1	0.99mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1218	$2,400	$1.97	23d	1	0.99mi
5249 Curlew Dr Norfolk, VA	1.0	1.0	800	$1,075	$1.34	44d	1	1.04mi
6163 Kempsville Cir Norfolk, VA	1.0–3.0	1.0–2.0	1120	$2,523	$2.25	1d	12	1.04mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	43d	1	1.05mi
5214 Revere Dr Unit REV5214A-EA Norfolk, VA	2.0	1.0	900	$1,250	$1.39	43d	1	1.07mi
1371 E Norcova Dr Norfolk, VA	2.0	1.0	967	$1,750	$1.81	7d	1	1.11mi
1445 Norcova Ave Apt E Norfolk, VA	2.0	1.0	750	$1,125	$1.50	43d	1	1.32mi
4852 E Princess Anne Rd Norfolk, VA	1.0	1.0	700	$1,099	$1.57	17d	1	1.37mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	17d	1	1.49mi
4670 Kincaid Ave Apt E Norfolk, VA	2.0	1.0	800	$1,250	$1.56	2d	1	1.50mi

Listing history 9 events

1. 2026-02-04
   status Under Contract
2. 2026-01-29
   listed $199,900 Active
3. 2023-10-23
   soldstatus $155,000
4. 2023-10-03
   status Under Contract
5. 2023-09-27
   listed $119,000 Active
6. 2019-09-30
   soldstatus $70,000
7. 2019-09-12
   status Under Contract
8. 2019-09-12
   listed Active Under Contract
9. 2019-08-19
   listed $85,000

ⓘ 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: $2,271 · $189/mo
• Projected year-2 tax: $2,271 · $189/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,620
• − Mortgage interest: −$11,198
• − Property taxes: −$2,271
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,530
• − Management: −$2,530
• − Depreciation: −$5,815
• Taxable income: $6,278
• Est. tax owed @ 24.0%: −$1,507
• After-tax cash flow: $7,623/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): 20,399
• Household income: $63,208
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1255.0

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 0.67)
• Race & ethnicity: Black 46% White 31% Hispanic / Latino 12% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 2%
• Common ancestry: Portuguese 1% Romanian 1% Slovak 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 3% Other Indo-European 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: ▼ -83.50%
• Current HPI: 320.4522
• Rent YoY: ▲ 15.10%
• 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

+135.2% since first listed

9 events — show timeline

• 2026-02-04 Pending — REINMLS
• 2026-01-29 Listed $199,900 REINMLS
• 2023-10-23 Sold (Public Records) $155,000 Public Records
• 2023-10-03 Pending — REINMLS
• 2023-09-27 Listed $119,000 REINMLS
• 2019-09-30 Sold (Public Records) $70,000 Public Records
• 2019-09-12 Pending — REINMLS
• 2019-09-12 Listed — REINMLS
• 2019-08-19 Listed $85,000 REINMLS

Property tax history

+4.6%/yr

Latest (2025): $2,271 · +8.7% YoY. Source: county tax records.