1439 W Ocean View Ave · Norfolk, VA 23503

$898,000

8 bd · 4.0 ba · 3,028 sqft · MultiFamily public records · 142 Days on market

Built 1982 $297/sqft · 22% below area Est $1223k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.1/30.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• DSCR +3.2/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Turnkey. Quadplex. Across The Street from the bay Great rental history. Each unit has a private deck. Unit A and C - fully renovated. Unit D and B still have older kitchens (there hasn’t been enough down time to renovate the kitchens). Separate electric meters. Endless opportunities for Air BnB, Monthly, Yearly or Flex rentals! Laundry room on ground floor.

Key facts

• Private deck
• Fully renovated
• Laundry room

Tags

• PRIVATE DECK
• FULLY RENOVATED
• SEPARATE ELECTRIC METERS
• LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $898k.

Deal economics

• At list price, monthly cash flow is $-796 ($-10k/yr) — negative. Per door: $-199/mo.
• To cash-flow at today's rent, offer at most $757k (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $675k (24.9% below list).
• Recommended offer: $675k (24.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.
• Market conditions: Rents rising fast (+4.8%/yr); 192 active listings in the ZIP; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $6,748/mo this rent would consume 120% of the median local household income ($68k/yr) (locally 1948% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($790k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $215k; list at $898k implies a 318% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $674,800 (24.9% 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 142 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.75% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.76%
• DSCR: 0.92
• GRM: 11.1

CMA / ARV

• ARV (median comp): $1,223,183
• List price: $898,000
• Delta: -26.58%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.76% rent growth · sell at horizon

5-year hold

• IRR: -20.8%
• Equity multiple: 0.27×
• Total profit: $-183,990
• Equity at exit: $133,895

10-year hold

• IRR: -10.6%
• Equity multiple: 0.31×
• Total profit: $-173,547
• Equity at exit: $77,643

Cash invested: $251,440 (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 23503

• Home prices YoY: -19.9%
• Rents YoY: 4.8%
• Active inventory: 192
• Price-to-rent: 44.4×

Monthly cashflow live

• Estimated rent: $6,748 high
• Mortgage (P&I): −$4,709
• Tax from tax record: −$617 /mo · $7,402/yr
• Insurance: −$374
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,417
• Net cashflow: $-796

Break-even live

Break-even rent $7,755

Max offer price $757,411

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,748
Total (4 units)			$6,748

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: $224,500
• Closing costs: $26,940
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $898,000 Active 142 DOM
2. 2026-06-17
   days on market $898,000 Active 141 DOM
3. 2026-06-16
   days on market $898,000 Active 140 DOM
4. 2026-06-15
   days on market $898,000 Active 139 DOM
5. 2026-06-13
   days on market $898,000 Active 137 DOM
6. 2026-06-09
   days on market $898,000 Active 133 DOM
7. 2026-06-08
   days on market $898,000 Active 132 DOM
8. 2026-06-07
   days on market $898,000 Active 131 DOM
9. 2026-06-03
   days on market $898,000 Active 127 DOM
10. 2026-06-02
    days on market $898,000 Active 126 DOM
11. 2026-06-01
    days on market $898,000 Active 125 DOM
12. 2026-05-31
    days on market $898,000 Active 124 DOM
13. 2026-03-10
    price $898,000 365-char remark

    Show marketing remark (365 chars)

    Turnkey. Quadplex. Across The Street from the bay Great rental history. Each unit has a private deck. Unit A and C - fully renovated. Unit D and B still have older kitchens (there hasn’t been enough down time to renovate the kitchens). Separate electric meters. Endless opportunities for Air BnB, Monthly, Yearly or Flex rentals! Laundry room on ground floor.

14. 2026-02-06
    status Active 365-char remark

    Show marketing remark (365 chars)

    Turnkey. Quadplex. Across The Street from the bay Great rental history. Each unit has a private deck. Unit A and C - fully renovated. Unit D and B still have older kitchens (there hasn’t been enough down time to renovate the kitchens). Separate electric meters. Endless opportunities for Air BnB, Monthly, Yearly or Flex rentals! Laundry room on ground floor.

15. 2026-02-03
    historical Active Under Contract 365-char remark

    Show marketing remark (365 chars)

    Turnkey. Quadplex. Across The Street from the bay Great rental history. Each unit has a private deck. Unit A and C - fully renovated. Unit D and B still have older kitchens (there hasn’t been enough down time to renovate the kitchens). Separate electric meters. Endless opportunities for Air BnB, Monthly, Yearly or Flex rentals! Laundry room on ground floor.

16. 2026-01-27
    listed $899,000 Active 365-char remark

    Show marketing remark (365 chars)

    Turnkey. Quadplex. Across The Street from the bay Great rental history. Each unit has a private deck. Unit A and C - fully renovated. Unit D and B still have older kitchens (there hasn’t been enough down time to renovate the kitchens). Separate electric meters. Endless opportunities for Air BnB, Monthly, Yearly or Flex rentals! Laundry room on ground floor.

17. 2024-09-17
    status Under Contract
18. 2024-09-06
    historical Active Under Contract
19. 2024-08-08
    status Under Contract
20. 2024-08-01
    status Active
21. 2024-07-15
    historical
22. 2024-07-09
    status Active
23. 2024-06-27
    historical
24. 2024-06-13
    listed $715,000 Active
25. 2016-07-14
    soldstatus $215,000
26. 1981-10-09
    soldstatus $49,000

ⓘ 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: $7,402 · $617/mo
• Projected year-2 tax: $7,402 · $617/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 10/10 Extreme FEMA zone AE · 99% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,976
• − Mortgage interest: −$50,302
• − Property taxes: −$7,402
• − Insurance: −$9,608
• − Repairs & maintenance: −$6,478
• − Management: −$6,478
• − Depreciation: −$26,124
• Taxable loss: −$25,416
• Est. tax savings @ 24.0%: +$6,100
• After-tax cash flow: $-3,450/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): 30,216
• Household income: $67,649
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1948.0

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 0.63)
• Race & ethnicity: White 56% Black 20% Hispanic / Latino 13% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 1% 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: ▼ -78.48%
• Current HPI: 316.1563
• Rent YoY: ▲ 4.76%
• 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

+1732.7% since first listed

14 events — show timeline

• 2026-03-10 Price Changed $898,000 REINMLS
• 2026-02-06 Relisted — REINMLS
• 2026-02-03 Contingent — REINMLS
• 2026-01-27 Listed $899,000 REINMLS
• 2024-09-17 Pending — REINMLS
• 2024-09-06 Contingent — REINMLS
• 2024-08-08 Pending — REINMLS
• 2024-08-01 Relisted — REINMLS
• 2024-07-15 Listing Removed — REINMLS
• 2024-07-09 Relisted — REINMLS
• 2024-06-27 Listing Removed — REINMLS
• 2024-06-13 Listed $715,000 REINMLS
• 2016-07-14 Sold (Public Records) $215,000 Public Records
• 1981-10-09 Sold (Public Records) $49,000 Public Records

Property tax history

+9.2%/yr

Latest (2025): $7,402 · +6.1% YoY. Source: county tax records.