102 Diamond Ave Unit D · Chesapeake, VA 23323

$245,000

2 bd · 1.0 ba · 988 sqft · Condo public records · 22 Days on market

Built 1986

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Why this score? — see what drove the D 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 +11.9/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Rent growth +4.0/5.0
• DSCR +3.5/10.0
• Livability +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for first-time buyer or investor to build sweat equity! Priced well below the assessed value, this no-fee condo is ready for your personal touch! Vaulted ceiling living area with semi-open concept kitchen. One bedroom downstairs, as well as a full bath. Private upstairs bedroom with spacious closet space. Conveniently located near interstates and shopping, your next investment awaits!

Key facts

• Unique reading nook
• New ss appliances
• New bathroom

Tags

• GRASSFIELD SCHOOL DISTRICT
• CATHEDRAL CEILING
• UNIQUE READING NOOK
• NEW SS APPLIANCES
• NEW LUXURY VINYL FLOORS
• NEW BATHROOM

Property features AI

Finance

• HOA & community: No HOA/association (no management company; no condo fees)

Exterior

• Parking: Driveway spaces for 2 vehicles
• Utilities: City/County water; City/County sewer; Electric power
• Home design: Attached twinhom (end unit); 2 stories; 2 living levels; Condo ownership; Condo level 1; Entry level: 1
• Construction: Vinyl siding; Asphalt shingle roof; Crawl foundation; Rehabilitated
• Exterior features: Wooded lot/view; Partial back fence; Has fence; Porch

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Dishwasher; Pantry
• Bedrooms: Master bedroom on 1st floor; First floor bedroom with full bathroom
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air
• Interior features: Cathedral ceiling; Walk-in attic; Ceiling fan
• Laundry & utility: Washer hookup; Dryer hookup; Utility closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-61 ($-728/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (23.9% below list).
• Recommended offer: $187k (23.9% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Deep Creek Elementary (math 66% / reading 72%, grade A-, #351 of 1,108 statewide, top 32%, 763 students, 45% FRL); Hugo A. Owens Middle (math 57% / reading 76%, grade A-, #107 of 342 statewide, top 33%, 1,315 students, 30% FRL); Grassfield High (math 77% / reading 92%, grade A, #23 of 319 statewide, top 8%, 2,314 students, 15% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 184 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 $145k; list at $245k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $186,524 (23.9% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.06%
• DSCR: 0.95
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.13% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.45×
• Total profit: $-37,574
• Equity at exit: $36,530

10-year hold

• IRR: -2.2%
• Equity multiple: 0.83×
• Total profit: $-11,463
• Equity at exit: $21,183

Cash invested: $68,600 (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 23323

• Home prices YoY: -21.8%
• Rents YoY: 6.1%
• Active inventory: 184
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,865 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$147 /mo · $1,768/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $-61

Break-even live

Break-even rent $1,942

Max offer price $234,287

Occupancy floor 98%

Sensitivity live

Price	-10% $78	-5% $9	+0% $-61	+5% $-130	+10% $-199
Rent	-10% $-208	-5% $-134	+0% $-61	+5% $13	+10% $87
Rate	-1.0pp $63	-0.5pp $2	base $-61	+0.5pp $-124	+1.0pp $-189

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Diamond Ave Unit B Chesapeake, VA	2.0	1.0	900	$1,350	$1.50	25d	1	0.03mi
3000 Conservancy Dr Chesapeake, VA	1.0–2.0	1.0–2.0	939	$2,335	$2.49	16d	6	0.94mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $245,000 Active 22 DOM
2. 2026-06-18
   days on market $245,000 Active 19 DOM
3. 2026-06-17
   days on market $245,000 Active 18 DOM
4. 2026-06-16
   days on market $245,000 Active 17 DOM
5. 2026-06-15
   days on market $245,000 Active 16 DOM
6. 2026-06-13
   days on market $245,000 Active 14 DOM
7. 2026-06-09
   days on market $245,000 Active 10 DOM
8. 2026-06-08
   days on market $245,000 Active 9 DOM
9. 2026-06-07
   days on market $245,000 Active 8 DOM
10. 2026-06-03
    days on market $245,000 Active 4 DOM
11. 2026-06-02
    days on market $245,000 Active 3 DOM
12. 2026-06-01
    days on market $245,000 Active 2 DOM
13. 2026-04-29
    price $247,500
14. 2026-03-18
    listed $250,000 Active
15. 2025-11-14
    soldstatus $145,000
16. 2025-11-13
    soldstatus $145,000 Sold 405-char remark

    Show marketing remark (405 chars)

    Great opportunity for first-time buyer or investor to build sweat equity! Priced well below the assessed value, this no-fee condo is ready for your personal touch! Vaulted ceiling living area with semi-open concept kitchen. One bedroom downstairs, as well as a full bath. Private upstairs bedroom with spacious closet space. Conveniently located near interstates and shopping, your next investment awaits!

17. 2025-11-04
    status Under Contract 405-char remark

    Show marketing remark (405 chars)

    Great opportunity for first-time buyer or investor to build sweat equity! Priced well below the assessed value, this no-fee condo is ready for your personal touch! Vaulted ceiling living area with semi-open concept kitchen. One bedroom downstairs, as well as a full bath. Private upstairs bedroom with spacious closet space. Conveniently located near interstates and shopping, your next investment awaits!

18. 2025-10-28
    listed $149,900 Active 405-char remark

    Show marketing remark (405 chars)

    Great opportunity for first-time buyer or investor to build sweat equity! Priced well below the assessed value, this no-fee condo is ready for your personal touch! Vaulted ceiling living area with semi-open concept kitchen. One bedroom downstairs, as well as a full bath. Private upstairs bedroom with spacious closet space. Conveniently located near interstates and shopping, your next investment awaits!

19. 2025-08-06
    historical
20. 2025-08-01
    status Active
21. 2025-07-11
    historical Active Under Contract
22. 2025-07-01
    status Active
23. 2025-06-30
    historical
24. 2025-06-10
    listed $159,900 Active
25. 2025-06-08
    historical
26. 2025-05-21
    listed $159,900 Active
27. 2005-03-21
    soldstatus $70,000
28. 2000-05-25
    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: $1,768 · $147/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$241/yr (+$20/mo · 13.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 72% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,383
• − Mortgage interest: −$13,724
• − Property taxes: −$1,768
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$7,127
• Taxable loss: −$5,042
• Est. tax savings @ 24.0%: +$1,210
• After-tax cash flow: $482/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

Amenities F Commute F Cost of living C- Crime C- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 43,043
• Household income: $108,730
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 699.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Black 27% Two or more races 11% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 4%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea, Jamaica
• Languages at home: 93% English-only · Spanish 4% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.09%
• Current HPI: 309.6925
• Rent YoY: ▲ 6.13%
• 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

+350.0% since first listed

16 events — show timeline

• 2026-04-29 Price Changed $247,500 REINMLS
• 2026-03-18 Listed $250,000 REINMLS
• 2025-11-14 Sold (Public Records) $145,000 Public Records
• 2025-11-13 Sold (MLS) $145,000 REINMLS
• 2025-11-04 Pending — REINMLS
• 2025-10-28 Listed $149,900 REINMLS
• 2025-08-06 Listing Removed — REINMLS
• 2025-08-01 Relisted — REINMLS
• 2025-07-11 Contingent — REINMLS
• 2025-07-01 Relisted — REINMLS
• 2025-06-30 Listing Removed — REINMLS
• 2025-06-10 Listed $159,900 REINMLS
• 2025-06-08 Listing Removed — REINMLS
• 2025-05-21 Listed $159,900 REINMLS
• 2005-03-21 Sold (Public Records) $70,000 Public Records
• 2000-05-25 Sold (Public Records) $55,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $1,768 · +8.6% YoY. Source: county tax records.