3604 Kingman Ave · Portsmouth, VA 23705

$217,000

3 bd · 2.0 ba · 1,424 sqft · SingleFamily public records · 43 Days on market

Built 1943 5,227 sqft lot Est $300k · 28% 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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Appreciation +5.0/10.0
• Schools +3.9/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 5,227 sq ft lot
• Garage
• Built 1943

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $217k.

Deal economics

• At list price, monthly cash flow is $-27 ($-319/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (14.9% below list).
• Recommended offer: $185k (14.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Westhaven Elementary (math 22% / reading 52%, grade F, #933 of 1,108 statewide, top 86%, 442 students, 100% FRL); William E. Waters Middle (math 47% / reading 72%, grade B, #160 of 342 statewide, top 48%, 534 students, 99% FRL); Manor High (math 48% / reading 75%, grade B-, #240 of 319 statewide, top 75%, 1,236 students, 99% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 2 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 $160k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1943 — 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 $184,604 (14.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1943 — 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 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 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: 0.85% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $300,464
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4020 Greenway Ct W	0.38mi	3/1.5	1,437 (+1%)	1mo	$285,000	$198	78
3209 Arlington Pl	0.35mi	4/2.0 (+1)	1,400 (-2%)	1mo	$291,000	$208	75
2208 Colorado Ave	0.41mi	4/2.0 (+1)	1,425 (+0%)	2mo	$319,900	$224	74
3720 Turnpike Rd	0.15mi	3/2.0	1,260 (-12%)	1mo	$281,000	$223	73
83 Wyoming Ave	0.61mi	3/2.0	1,400 (-2%)	1mo	$275,000	$196	68
289 Choate St	0.38mi	4/2.0 (+1)	1,500 (+5%)	1mo	$303,000	$202	68
4013 Greenway Ct W	0.36mi	3/1.0	1,533 (+8%)	2mo	$275,000	$179	65
94 Kansas Ave	0.66mi	4/1.0 (+1)	1,400 (-2%)	1mo	$295,000	$211	57
173 Noble St	0.66mi	3/2.0	1,300 (-9%)	0mo	$325,000	$250	54
266 Hansen Ave	0.56mi	3/2.0	1,240 (-13%)	0mo	$293,000	$236	52
83 Oregon Ave	0.59mi	3/1.0	1,276 (-10%)	1mo	$269,000	$211	50
104 Oregon Ave	0.73mi	4/1.5 (+1)	1,515 (+6%)	1mo	$284,900	$188	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.40×
• Total profit: $24,468
• Equity at exit: $97,573

10-year hold

• IRR: 9.8%
• Equity multiple: 2.47×
• Total profit: $89,534
• Equity at exit: $150,371

Cash invested: $60,760 (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 23705

• Active inventory: 2
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,846 high
• Mortgage (P&I): −$1,138
• Tax from tax record: −$257 /mo · $3,079/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-27

Break-even live

Break-even rent $1,880

Max offer price $212,308

Occupancy floor 96%

Sensitivity live

Price	-10% $96	-5% $35	+0% $-27	+5% $-88	+10% $-149
Rent	-10% $-172	-5% $-99	+0% $-27	+5% $46	+10% $119
Rate	-1.0pp $83	-0.5pp $29	base $-27	+0.5pp $-83	+1.0pp $-140

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: $54,250
• Closing costs: $6,510
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	5d	1	0.31mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	5d	1	0.31mi
3717 Scott St Portsmouth, VA	3.0	1.0	1157	$1,400	$1.21	25d	1	0.39mi
3607 Bart St Portsmouth, VA	3.0	2.0	1326	$1,850	$1.40	12d	1	0.57mi
3626 Bart St Unit BAR3626-DF Portsmouth, VA	2.0	1.0	900	$1,000	$1.11	9d	1	0.60mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	5d	1	0.77mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	12d	1	0.77mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	19d	1	0.82mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	16d	1	0.82mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	45d	1	0.88mi
300 Russell St Portsmouth, VA	3.0	1.5	1534	$2,250	$1.47	25d	1	0.98mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	45d	1	0.99mi
3310 Glasgow St Portsmouth, VA	2.0	1.0	1100	$1,600	$1.45	5d	1	1.01mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	25d	1	1.02mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	25d	1	1.11mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	45d	1	1.21mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	25d	1	1.24mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	45d	1	1.24mi
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	25d	1	1.27mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	14d	1	1.27mi
26 Byers Ave Portsmouth, VA	2.0	1.0	1008	$1,575	$1.56	45d	1	1.36mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	45d	1	1.37mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	21d	1	1.38mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	12d	1	1.38mi
821 Mt Vernon Ave Unit A Portsmouth, VA	2.0	1.0	1200	$1,250	$1.04	5d	1	1.39mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	14d	1	1.43mi
804 City Park Ave Portsmouth, VA	2.0	1.0	1228	$1,800	$1.47	45d	1	1.44mi
124 Tyler Cres E Unit B Portsmouth, VA	2.0	1.0	1000	$1,195	$1.20	25d	1	1.46mi
3509 Floyd St Portsmouth, VA	4.0	2.5	1670	$2,400	$1.44	4d	1	1.49mi

Listing history 26 events

1. 2026-04-24
   status Under Contract
2. 2026-03-09
   listed $217,000 Active
3. 2024-08-05
   status Under Contract
4. 2024-07-22
   historical Active Under Contract
5. 2024-07-14
   listed $250,000 Active
6. 2019-03-14
   soldstatus $160,000
7. 2019-02-11
   status Under Contract
8. 2019-01-31
   listed $165,000 Active
9. 2016-01-12
   soldstatus $132,800
10. 2015-12-16
    status Under Contract
11. 2015-12-14
    historical
12. 2015-11-23
    listed $130,000 Active
13. 2015-11-21
    historical
14. 2015-11-05
    price $140,000
15. 2015-11-05
    status Active
16. 2015-10-14
    status Under Contract
17. 2015-10-12
    historical
18. 2015-08-26
    price $145,000
19. 2015-08-21
    listed $150,000 Active
20. 2015-08-18
    historical
21. 2015-08-07
    price $150,000
22. 2015-07-14
    price $159,900
23. 2015-05-30
    listed $170,000 Active
24. 2014-11-14
    price $54,000
25. 2006-08-11
    soldstatus $130,000
26. 2002-06-05
    soldstatus $64,000

ⓘ 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: $3,079 · $257/mo
• Projected year-2 tax: $3,079 · $257/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 4/10 Moderate FEMA zone X (unshaded) · 13% 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,152
• − Mortgage interest: −$12,155
• − Property taxes: −$3,079
• − Insurance: −$1,085
• − Repairs & maintenance: −$1,772
• − Management: −$1,772
• − Depreciation: −$6,313
• Taxable loss: −$4,024
• Est. tax savings @ 24.0%: +$966
• After-tax cash flow: $647/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+239.1% since first listed

26 events — show timeline

• 2026-04-24 Pending — REINMLS
• 2026-03-09 Listed $217,000 REINMLS
• 2024-08-05 Pending — REINMLS
• 2024-07-22 Contingent — REINMLS
• 2024-07-14 Listed $250,000 REINMLS
• 2019-03-14 Sold (Public Records) $160,000 Public Records
• 2019-02-11 Pending — REINMLS
• 2019-01-31 Listed $165,000 REINMLS
• 2016-01-12 Sold (Public Records) $132,800 Public Records
• 2015-12-16 Pending — REINMLS
• 2015-12-14 Listing Removed — REINMLS
• 2015-11-23 Listed $130,000 REINMLS
• 2015-11-21 Listing Removed — REINMLS
• 2015-11-05 Price Changed $140,000 REINMLS
• 2015-11-05 Relisted — REINMLS
• 2015-10-14 Pending — REINMLS
• 2015-10-12 Listing Removed — REINMLS
• 2015-08-26 Price Changed $145,000 REINMLS
• 2015-08-21 Listed $150,000 REINMLS
• 2015-08-18 Listing Removed — REINMLS
• 2015-08-07 Price Changed $150,000 REINMLS
• 2015-07-14 Price Changed $159,900 REINMLS
• 2015-05-30 Listed $170,000 REINMLS
• 2014-11-14 Price Changed $54,000 REINMLS
• 2006-08-11 Sold (Public Records) $130,000 Public Records
• 2002-06-05 Sold (Public Records) $64,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,079 · +14.4% YoY. Source: county tax records.