1419 Goff St · Norfolk, VA 23504

$795,000

None bd · 4.0 ba · 4,464 sqft · MultiFamily public records · 214 Days on market

Built 1967 $178/sqft · 46% above area

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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).

• Cash flow +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +4.0/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well-maintained brick apartment asset with six - two bedroom, one bath units, in a convenient Norfolk location close to shipyards, interstates, and major employment centers. Current monthly rents total $6,382, providing immediate income from day one with potential upside through strategic rent increases and value-add improvements. Two-story building with off-street parking and simple, functional layouts that stay in demand with residents. Ideal for investors looking to scale their portfolio with a stable, easy-to-rent property in an established rental corridor. Please do not disturb tenants under any circumstances.

Key facts

• Built 1967
• Listed 214 days

What this means for you Summary

Snapshot

• This is a ?-bed/4.0-bath multifamily listed at $795k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $795k).
• Recommended offer: $700k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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: Jacox Elementary (math 5% / reading 20%, grade F, #1,107 of 1,108 statewide, top 100%, 568 students, 99% FRL); William H. Ruffner Middle (math 11% / reading 30%, grade F, #339 of 342 statewide, top 99%, 436 students, 87% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 93% FRL vs 59% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 42% district-wide (-14 pts) — the specific schools serving this property underperform the Norfolk City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 122 active listings in the ZIP; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $8,455/mo this rent would consume 227% of the median local household income ($45k/yr) (locally 1531% 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 $5k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $223k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($700k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask is 66427% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $322k; list at $795k implies a 147% gain — meaningful room to come down on a strong offer.

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 $699,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.06% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• GRM: 7.8

CMA / ARV

• ARV (median comp): $362,732
• List price: $795,000
• Delta: 119.17%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.12% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $5,471
• Equity at exit: $118,537

10-year hold

• IRR: 13.0%
• Equity multiple: 2.18×
• Total profit: $261,710
• Equity at exit: $68,737

Cash invested: $222,600 (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 23504

• Home prices YoY: -6.2%
• Rents YoY: 6.1%
• Active inventory: 122
• Price-to-rent: 47.0×

Monthly cashflow live

• Estimated rent: $8,455 high
• Mortgage (P&I): −$4,169
• Tax from tax record: −$498 /mo · $5,970/yr
• Insurance: −$331
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,776
• Net cashflow: $1,682

Break-even live

Break-even rent $6,326

Max offer price $795,000

Occupancy floor 75%

Sensitivity live

Price	-10% $2,132	-5% $1,907	+0% $1,682	+5% $1,457	+10% $1,232
Rent	-10% $1,014	-5% $1,348	+0% $1,682	+5% $2,016	+10% $2,350
Rate	-1.0pp $2,082	-0.5pp $1,884	base $1,682	+0.5pp $1,476	+1.0pp $1,266

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$8,454
Total (6 units)			$8,455

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: $198,750
• Closing costs: $23,850
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $795,000 Active 214 DOM
2. 2026-06-18
   days on market $795,000 Active 211 DOM
3. 2026-06-17
   days on market $795,000 Active 210 DOM
4. 2026-06-16
   days on market $795,000 Active 209 DOM
5. 2026-06-15
   days on market $795,000 Active 208 DOM
6. 2026-06-13
   days on market $795,000 Active 206 DOM
7. 2026-06-09
   days on market $795,000 Active 202 DOM
8. 2026-06-08
   days on market $795,000 Active 201 DOM
9. 2026-06-07
   days on market $795,000 Active 200 DOM
10. 2026-06-03
    days on market $795,000 Active 196 DOM
11. 2026-06-02
    days on market $795,000 Active 195 DOM
12. 2026-06-01
    days on market $795,000 Active 194 DOM
13. 2026-05-31
    days on market $795,000 Active 193 DOM
14. 2026-04-24
    historical $1,195
15. 2026-03-26
    listed $1,195
16. 2026-02-13
    price $795,000 622-char remark

    Show marketing remark (622 chars)

    Well-maintained brick apartment asset with six - two bedroom, one bath units, in a convenient Norfolk location close to shipyards, interstates, and major employment centers. Current monthly rents total $6,382, providing immediate income from day one with potential upside through strategic rent increases and value-add improvements. Two-story building with off-street parking and simple, functional layouts that stay in demand with residents. Ideal for investors looking to scale their portfolio with a stable, easy-to-rent property in an established rental corridor. Please do not disturb tenants under any circumstances.

17. 2026-01-09
    price $820,000 622-char remark

    Show marketing remark (622 chars)

    Well-maintained brick apartment asset with six - two bedroom, one bath units, in a convenient Norfolk location close to shipyards, interstates, and major employment centers. Current monthly rents total $6,382, providing immediate income from day one with potential upside through strategic rent increases and value-add improvements. Two-story building with off-street parking and simple, functional layouts that stay in demand with residents. Ideal for investors looking to scale their portfolio with a stable, easy-to-rent property in an established rental corridor. Please do not disturb tenants under any circumstances.

18. 2025-11-18
    listed $825,000 Active 622-char remark

    Show marketing remark (622 chars)

    Well-maintained brick apartment asset with six - two bedroom, one bath units, in a convenient Norfolk location close to shipyards, interstates, and major employment centers. Current monthly rents total $6,382, providing immediate income from day one with potential upside through strategic rent increases and value-add improvements. Two-story building with off-street parking and simple, functional layouts that stay in demand with residents. Ideal for investors looking to scale their portfolio with a stable, easy-to-rent property in an established rental corridor. Please do not disturb tenants under any circumstances.

19. 2020-07-28
    soldstatus $322,000
20. 2020-02-29
    historical
21. 2020-02-28
    historical Active Under Contract
22. 2020-02-05
    listed $399,000 Active
23. 2018-04-25
    historical
24. 2017-09-26
    listed $332,000 Active
25. 1994-03-02
    soldstatus $132,800

ⓘ 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: $5,970 · $498/mo
• Projected year-2 tax: $6,519 · $543/mo
• Expected delta: +$549/yr (+$46/mo · 9.2%)

ⓘ 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $101,460
• − Mortgage interest: −$44,532
• − Property taxes: −$5,970
• − Insurance: −$3,975
• − Repairs & maintenance: −$8,117
• − Management: −$8,117
• − Depreciation: −$23,127
• Taxable income: $7,621
• Est. tax owed @ 24.0%: −$1,829
• After-tax cash flow: $18,350/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): 23,502
• Household income: $44,659
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 1531.0

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: Predominantly Black (78%)
• Race & ethnicity: Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 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: ▼ -21.60%
• Current HPI: 327.2374
• Rent YoY: ▲ 6.12%
• 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

-99.1% since first listed

12 events — show timeline

• 2026-04-24 Rental Removed $1,195 REINMLS
• 2026-03-26 Listed for Rent $1,195 REINMLS
• 2026-02-13 Price Changed $795,000 REINMLS
• 2026-01-09 Price Changed $820,000 REINMLS
• 2025-11-18 Listed $825,000 REINMLS
• 2020-07-28 Sold (Public Records) $322,000 Public Records
• 2020-02-29 Listing Removed — REINMLS
• 2020-02-28 Contingent — REINMLS
• 2020-02-05 Listed $399,000 REINMLS
• 2018-04-25 Listing Removed — REINMLS
• 2017-09-26 Listed $332,000 REINMLS
• 1994-03-02 Sold (Public Records) $132,800 Public Records

Property tax history

+5.5%/yr

Latest (2025): $5,970 · +9.8% YoY. Source: county tax records.