2402 Lafayette Blvd · Norfolk, VA 23509

$200,000

2 bd · 2.0 ba · 1,703 sqft · MultiFamily public records · 47 Days on market

Built 1921 Est $150k · 33% over

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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 +9.9/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Appreciation +2.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Duplex in central location of Norfolk. One unit 2 bedroom 1 bathroom and the other unit is a 1 bedroom 1 bathroom. Both units have month to month tenants. Look to live in one unit and rent the other out or rent both for great rental income. Separate meters for utilities to both units. Upstairs and downstairs units. Both units have good size kitchens. Rents in the area seem more than what the units are currently getting. Duplex sold as is where is

Key facts

• Good size kitchens
• Central location
• Separate meters

Tags

• CENTRAL LOCATION
• SEPARATE METERS
• UPSTAIRS AND DOWNSTAIRS UNITS
• GOOD SIZE KITCHENS

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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: Willard Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 506 students, 98% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 97% FRL vs 59% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 42% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+14.0%/yr); 77 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,983/mo this rent would consume 49% of the median local household income ($73k/yr) (locally 575% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $200k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — 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 $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.49% ✓
• Cap rate: 12.81%
• Cash-on-cash: 23.29%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $149,864
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2402 Lafayette Blvd	0.00mi	3/2.0 (+1)	1,700 (-0%)	0mo	$150,000	$88	94

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: 21.6%
• Equity multiple: 1.94×
• Total profit: $52,542
• Equity at exit: $29,821

10-year hold

• IRR: 32.7%
• Equity multiple: 4.69×
• Total profit: $206,524
• Equity at exit: $17,292

Cash invested: $56,000 (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 23509

• Home prices YoY: -1.3%
• Rents YoY: 14.0%
• Active inventory: 77
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,983 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$138 /mo · $1,653/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $1,087

Break-even live

Break-even rent $1,607

Max offer price $200,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,200	-5% $1,143	+0% $1,087	+5% $1,030	+10% $973
Rent	-10% $851	-5% $969	+0% $1,087	+5% $1,204	+10% $1,322
Rate	-1.0pp $1,187	-0.5pp $1,138	base $1,087	+0.5pp $1,035	+1.0pp $982

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,626
1× unit	1	1	$1,357
Total (2 units)			$2,983

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2201 Pershing Ave Norfolk, VA	3.0	2.5	1455	$2,250	$1.55	4d	1	0.14mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	45d	1	0.31mi
1714 Bellevue Ave Norfolk, VA	3.0	1.5	1500	$1,799	$1.20	44d	1	0.36mi
3521 Brest Ave Norfolk, VA	3.0	2.0	1234	$2,300	$1.86	44d	1	0.37mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	44d	1	0.37mi
2815 Keller Ave Norfolk, VA	3.0	2.0	1210	$2,250	$1.86	4d	1	0.44mi
1439 Moultrie Ave #3 Norfolk, VA	2.0	1.0	1300	$1,900	$1.46	8d	1	0.50mi
2729 Somme Ave Norfolk, VA	3.0	2.5	1524	$2,295	$1.51	15d	1	0.53mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	18d	1	0.63mi
2605 Bapaume Ave Norfolk, VA	3.0	2.0	2004	$2,295	$1.15	44d	1	0.65mi
3653 Nottaway St Norfolk, VA	3.0	1.5	1564	$2,200	$1.41	18d	1	0.71mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	44d	1	0.72mi
3504 Chesapeake Blvd Norfolk, VA	3.0	2.0	1624	$1,995	$1.23	24d	1	0.72mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	44d	1	0.79mi
2529 Tidewater Dr Norfolk, VA	3.0	2.5	2025	$2,370	$1.17	24d	1	0.84mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	8d	1	0.88mi
3477 E Bonner Dr Norfolk, VA	3.0	1.0	1304	$2,000	$1.53	24d	1	0.97mi
907 Rugby St Norfolk, VA	3.0	2.0	1515	$2,200	$1.45	44d	1	1.08mi
881 Rugby St Norfolk, VA	3.0	2.0	1600	$2,650	$1.66	24d	1	1.08mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	2d	8	1.09mi
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	44d	1	1.15mi
3819 Pamlico Cir Norfolk, VA	3.0	1.0	1250	$2,000	$1.60	13d	1	1.16mi
4563 Shoshone Ct Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	44d	1	1.19mi
230 E 40th St Norfolk, VA	2.0	2.0	1200	$1,710	$1.43	44d	1	1.20mi
1525 Nevada Ave Unit B Norfolk, VA	2.0	1.5	1134	$1,445	$1.27	44d	1	1.24mi
764 B Ave Norfolk, VA	3.0	2.5	1380	$1,795	$1.30	21d	1	1.31mi
3805 Granby St Unit D Norfolk, VA	3.0	2.5	1911	$2,500	$1.31	24d	1	1.32mi
1449 Proescher St Norfolk, VA	3.0	1.5	1400	$1,550	$1.11	24d	1	1.34mi
830 Lexington St Norfolk, VA	3.0	2.5	1804	$1,950	$1.08	44d	1	1.35mi
210 Pennsylvania Ave #1 Norfolk, VA	2.0	1.0	1300	$1,795	$1.38	44d	1	1.40mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	24d	1	1.46mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	44d	1	1.46mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	4d	1	1.46mi
1300 Lead St Norfolk, VA	1.0–2.0	1.0	950	$1,124	$1.18	24d	1	1.46mi

Listing history 4 events

1. 2026-04-07
   status Under Contract
2. 2026-03-20
   price $200,000
3. 2026-02-19
   listed $220,000 Active
4. 1978-06-05
   soldstatus $69,800

ⓘ 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: $1,653 · $138/mo
• Projected year-2 tax: $1,653 · $138/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 ≥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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,796
• − Mortgage interest: −$11,203
• − Property taxes: −$1,653
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,864
• − Management: −$2,864
• − Depreciation: −$5,818
• Taxable income: $10,394
• Est. tax owed @ 24.0%: −$2,495
• After-tax cash flow: $10,545/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): 13,105
• Household income: $72,816
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 575.0

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 0.64)
• Race & ethnicity: White 44% Black 39% Hispanic / Latino 9% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Italian 4% Serbian 2% Romanian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 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: ▼ -4.16%
• Current HPI: 321.56
• Rent YoY: ▲ 13.99%
• 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

+186.5% since first listed

4 events — show timeline

• 2026-04-07 Pending — REINMLS
• 2026-03-20 Price Changed $200,000 REINMLS
• 2026-02-19 Listed $220,000 REINMLS
• 1978-06-05 Sold (Public Records) $69,800 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,653 · +2.2% YoY. Source: county tax records.