115 Lewis Ave · Suffolk, VA 23434

$120,000

3 bd · 1.0 ba · 1,650 sqft · SingleFamily public records · 49 Days on market

Built 1950 $73/sqft · 68% below area Est $180k · 33% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special! Sold strictly as-is—seller will make no repairs. This 2-bedroom, 1-bath home offers approximately 800 square feet and presents a prime opportunity for a full renovation. Ideal for cash or hard money buyers looking for their next project. Strong upside potential with an estimated ARV of $260K–$275K, leaving room for a solid return. Don’t miss this value-add opportunity with great profit potential.

Key facts

• Built 1950
• Listed 49 days

Property features AI

Finance

• HOA & community: No HOA fees listed

Exterior

• Parking: Driveway parking spaces
• Utilities: City/County sewer
• Home design: Detached Cape Cod; Single story with 1 living level; Crawl foundation
• Construction: Composite roof
• Exterior features: Brick and vinyl siding; City view

Interior

• Kitchen: Kitchen
• Bedrooms: Master bedroom on the first floor; Additional bedroom
• Bathrooms: 1 full bathroom
• Interior features: First-floor master bedroom; Attic; Living room; Great room; Dining room; Family room; Utility room
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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+, employment 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.
• Zoned schools: Booker T. Washington Elementary (math 27% / reading 47%, grade F, #933 of 1,108 statewide, top 86%, 355 students, 64% FRL); Lakeland High (math 33% / reading 77%, grade C, #279 of 319 statewide, top 88%, 1,083 students, 64% FRL) — zoned schools average 64% FRL vs 39% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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); solid renter incomes; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($80k/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 $830 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.76% ✓
• Cap rate: 15.30%
• Cash-on-cash: 32.17%
• DSCR: 2.43
• GRM: 4.7

CMA / ARV

• ARV (median comp): $179,520
• List price: $120,000
• Delta: -33.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Woodrow Ave	0.06mi	3/2.5	1,638 (-1%)	1mo	$345,000	$211	90
114 Lewis Ave	0.02mi	3/2.5	1,760 (+7%)	2mo	$319,900	$182	81
602 County St Unit B	0.22mi	4/2.5 (+1)	1,680 (+2%)	3mo	$331,999	$198	73
419 S Main St	0.27mi	3/1.0	1,509 (-8%)	3mo	$255,000	$169	71
501 Mahlon Ave	0.44mi	3/2.5	1,670 (+1%)	2mo	$315,000	$189	69
214 Knight St	0.27mi	3/1.5	1,820 (+10%)	1mo	$145,000	$80	67
503 Spruce St	0.19mi	3/2.5	1,436 (-13%)	4mo	$315,000	$219	60
603 Mason Ave	0.68mi	3/2.5	1,670 (+1%)	3mo	$315,000	$189	58
157 Hall Ave	0.66mi	3/2.5	1,538 (-7%)	1mo	$290,000	$189	51
406 St James Ave	0.66mi	3/2.5	1,760 (+7%)	5mo	$309,900	$176	48
605 Jefferson St	0.70mi	3/2.0	1,428 (-14%)	0mo	$220,000	$154	41
707 Ashley Ave	0.73mi	4/2.5 (+1)	1,850 (+12%)	5mo	$340,000	$184	31

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: 30.3%
• Equity multiple: 2.31×
• Total profit: $44,149
• Equity at exit: $17,892

10-year hold

• IRR: 39.1%
• Equity multiple: 5.15×
• Total profit: $139,376
• Equity at exit: $10,375

Cash invested: $33,600 (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 23434

• Rents YoY: 5.8%
• Active inventory: 536
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,117 high
• Mortgage (P&I): −$629
• Tax from tax record: −$93 /mo · $1,112/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $901

Break-even live

Break-even rent $977

Max offer price $120,000

Occupancy floor 52%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Greenfield Cres Suffolk, VA	3.0	2.0	1146	$1,995	$1.74	43d	1	0.17mi
525 Kilby Ave Suffolk, VA	3.0	2.5	1776	$2,500	$1.41	23d	1	0.51mi
116 Franklin St Suffolk, VA	3.0	1.0	1335	$1,750	$1.31	23d	1	0.82mi
116 Franklin St Unit 3 Suffolk, VA	3.0	1.0	1335	$1,750	$1.31	43d	1	0.82mi
181 N Main St Suffolk, VA	2.0	1.0–2.0	804	$1,885	$2.34	1d	15	0.89mi
124 Halifax St Suffolk, VA	4.0	2.0	1728	$2,100	$1.22	43d	1	0.99mi
1341 Devonshire Ct Suffolk, VA	3.0	2.0	1795	$2,295	$1.28	14d	1	1.00mi
1341 Devonshire Ct Suffolk, VA	3.0	2.0	1800	$2,295	$1.27	4d	1	1.00mi
808 Gittings St Suffolk, VA	4.0	2.5	2187	$2,500	$1.14	23d	1	1.10mi
307 N 4th St Suffolk, VA	4.0	2.0	1600	$1,800	$1.12	7d	1	1.30mi
223 N 7th St Suffolk, VA	3.0	2.5	1495	$2,300	$1.54	43d	1	1.38mi
315 Highland Ave Suffolk, VA	3.0	2.0	1580	$2,050	$1.30	23d	1	1.49mi

Listing history 13 events

1. 2026-06-16
   status $120,000 Under Contract 49 DOM
2. 2026-06-15
   days on market $120,000 Active 49 DOM
3. 2026-06-13
   days on market $120,000 Active 47 DOM
4. 2026-06-09
   days on market $120,000 Active 43 DOM
5. 2026-06-08
   days on market $120,000 Active 42 DOM
6. 2026-06-07
   days on market $120,000 Active 41 DOM
7. 2026-06-03
   days on market $120,000 Active 37 DOM
8. 2026-06-02
   days on market $120,000 Active 36 DOM
9. 2026-06-01
   days on market $120,000 Active 35 DOM
10. 2026-05-31
    days on market $120,000 Active 34 DOM
11. 2026-04-27
    listed $120,000 Active 434-char remark
12. 2025-06-06
    soldstatus $100,000
13. 2005-08-30
    soldstatus $55,000

ⓘ 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: $1,112 · $93/mo
• Projected year-2 tax: $1,112 · $93/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 4/10 Moderate
• 🌡 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: $25,409
• − Mortgage interest: −$6,722
• − Property taxes: −$1,112
• − Insurance: −$600
• − Repairs & maintenance: −$2,033
• − Management: −$2,033
• − Depreciation: −$3,491
• Taxable income: $9,419
• Est. tax owed @ 24.0%: −$2,261
• After-tax cash flow: $8,549/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

+118.2% since first listed

4 events — show timeline

• 2026-06-15 Pending — REINMLS
• 2026-04-27 Listed $120,000 REINMLS
• 2025-06-06 Sold (Public Records) $100,000 Public Records
• 2005-08-30 Sold (Public Records) $55,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,112 · +3.0% YoY. Source: county tax records.