1864 Branchwood St · Norfolk, VA 23518

$270,000

3 bd · 1.5 ba · 1,377 sqft · SingleFamily public records · 265 Days on market

Built 1956 7,871 sqft lot $196/sqft · 17% below area Est $327k · 17% 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).

• Cash flow +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

Key facts

• Newer roof
• Gas hvac
• Water heater

Tags

• NEWER ROOF
• GAS HVAC
• WATER HEATER
• DETACHED GARAGE
• OVER-HEAD STORAGE
• FINISHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (2.0% below list).
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 (+3.1%/yr); 210 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 41% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $85k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 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 1956 — 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 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: 0.98% ✗
• Cap rate: 7.67%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• GRM: 8.5

CMA / ARV

• ARV (median comp): $327,021
• List price: $270,000
• Delta: -17.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2324 Calvin Ave	0.34mi	4/1.5 (+1)	1,380 (+0%)	2mo	$285,000	$207	77
8208 Wedgewood Dr	0.23mi	4/1.0 (+1)	1,400 (+2%)	2mo	$305,000	$218	77
8243 Baywood Dr	0.26mi	4/2.0 (+1)	1,340 (-3%)	2mo	$359,500	$268	75
8215 Baywood Dr	0.21mi	4/2.0 (+1)	1,524 (+11%)	1mo	$252,000	$165	65
1815 Lightwood Ln	0.17mi	4/2.0 (+1)	1,200 (-13%)	2mo	$365,000	$304	62
2430 Tullibee Dr	0.57mi	3/1.5	1,463 (+6%)	2mo	$327,000	$224	61
2208 Corbett Ave	0.50mi	4/2.0 (+1)	1,302 (-5%)	1mo	$370,000	$284	60
8455 Capeview Ave	0.75mi	3/1.5	1,328 (-4%)	1mo	$365,000	$275	58
1614 Wapiti Ave	0.48mi	3/1.0	1,200 (-13%)	3mo	$330,000	$275	52
8329 Mona Ave	0.66mi	3/1.0	1,197 (-13%)	0mo	$299,900	$251	45
8320 Mona Ave	0.64mi	4/2.0 (+1)	1,582 (+15%)	1mo	$430,000	$272	38
7816 Caribou Ave	0.71mi	4/2.0 (+1)	1,575 (+14%)	1mo	$280,000	$178	35

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 · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-23,897
• Equity at exit: $40,258

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $5,250
• Equity at exit: $23,345

Cash invested: $75,600 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 210
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,646 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$253 /mo · $3,037/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $309

Break-even live

Break-even rent $2,255

Max offer price $270,000

Occupancy floor 83%

Sensitivity live

Price	-10% $462	-5% $385	+0% $309	+5% $233	+10% $156
Rent	-10% $100	-5% $204	+0% $309	+5% $414	+10% $518
Rate	-1.0pp $445	-0.5pp $378	base $309	+0.5pp $239	+1.0pp $168

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	16d	1	0.04mi
8212 Mona Ave Norfolk, VA	4.0	2.0	1600	$2,895	$1.81	21d	1	0.49mi
2217 Helsley Ave Norfolk, VA	3.0	2.0	1039	$2,200	$2.12	4d	1	0.62mi
2204 Helsley Ave Norfolk, VA	3.0	1.0	1039	$2,000	$1.92	45d	1	0.64mi
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	8d	1	0.71mi
1831 Banning Rd Norfolk, VA	3.0	2.0	1853	$2,500	$1.35	5d	1	0.72mi
1622 Bill St Norfolk, VA	4.0	2.0	1528	$2,350	$1.54	4d	1	0.78mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	5d	1	0.97mi
2221 Pretty Lake Ave Norfolk, VA	3.0	2.0	1800	$2,640	$1.47	3d	2	0.98mi
2111 Pretty Lake Ave Norfolk, VA	2.0	2.0	950	$1,730	$1.82	3d	1	0.98mi
2750 Heutte Dr Norfolk, VA	3.0	2.0	1628	$2,150	$1.32	22d	1	1.01mi
7710 Nancy Dr Norfolk, VA	3.0	1.5	1644	$2,000	$1.22	45d	1	1.03mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	8d	1	1.05mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	25d	1	1.05mi
8455 Radnor Rd Norfolk, VA	3.0	2.0	1650	$2,195	$1.33	25d	1	1.08mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	45d	1	1.13mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	13d	1	1.13mi
2100 E Ocean View Ave Norfolk, VA	3.0	3.0	1836	$2,295	$1.25	45d	1	1.16mi
2020 E Ocean View Ave Unit 5 Norfolk, VA	3.0	2.0	1350	$2,350	$1.74	45d	1	1.21mi
9617 11th Bay St Unit 2 Norfolk, VA	2.0	2.0	1200	$1,400	$1.17	45d	1	1.24mi
6419 Grimes Ave Norfolk, VA	3.0	2.0	1225	$2,150	$1.76	45d	1	1.33mi
9563 15th Bay St Unit 4 Norfolk, VA	3.0	2.0	1100	$1,695	$1.54	45d	1	1.36mi
1618 Kingston Ave Norfolk, VA	3.0	2.5	1640	$2,395	$1.46	18d	1	1.40mi
1635 E Ocean View Ave Norfolk, VA	3.0	2.0	1800	$2,300	$1.28	16d	1	1.40mi
869 Bancker Rd Norfolk, VA	2.0	1.0–1.5	910	$1,142	$1.26	45d	1	1.43mi
4086 Lighthouse Cv Norfolk, VA	2.0	2.5	1550	$2,600	$1.68	45d	1	1.44mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,250	$1.45	45d	1	1.44mi
4090 Lighthouse Cv Norfolk, VA	3.0	2.5	1550	$2,200	$1.42	25d	1	1.44mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	3d	23	1.44mi
3857 Flowerfield Rd Norfolk, VA	1.0–3.0	1.0–1.5	931	$1,790	$1.92	3d	17	1.45mi
4138 Seafarer Ave Norfolk, VA	2.0	2.0	1175	$1,995	$1.70	4d	1	1.48mi
9512 18th Bay St Unit B Norfolk, VA	3.0	1.0	952	$2,650	$2.78	45d	1	1.48mi

Listing history 22 events

1. 2026-06-21
   days on market $270,000 Active 265 DOM
2. 2026-06-18
   days on market $270,000 Active 262 DOM
3. 2026-06-17
   days on market $270,000 Active 261 DOM
4. 2026-06-16
   days on market $270,000 Active 260 DOM
5. 2026-06-15
   days on market $270,000 Active 259 DOM
6. 2026-06-13
   days on market $270,000 Active 257 DOM
7. 2026-06-09
   days on market $270,000 Active 253 DOM
8. 2026-06-08
   days on market $270,000 Active 252 DOM
9. 2026-06-07
   days on market $270,000 Active 251 DOM
10. 2026-06-03
    days on market $270,000 Active 247 DOM
11. 2026-06-02
    days on market $270,000 Active 246 DOM
12. 2026-06-01
    days on market $270,000 Active 245 DOM
13. 2026-05-31
    days on market $270,000 Active 244 DOM
14. 2026-04-28
    soldstatus $350,000
15. 2026-04-24
    soldstatus $350,000 Sold 682-char remark

    Show marketing remark (682 chars)

    Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

16. 2026-04-03
    status Under Contract 682-char remark

    Show marketing remark (682 chars)

    Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

17. 2026-03-23
    historical Active Under Contract 682-char remark

    Show marketing remark (682 chars)

    Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

18. 2026-03-17
    price $350,000 682-char remark

    Show marketing remark (682 chars)

    Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

19. 2026-03-06
    listed $355,000 Active 682-char remark

    Show marketing remark (682 chars)

    Welcome to this stunning 3-bedroom, 2-bathroom home in the desirable Wedgewood neighborhood. Freshly updated with a brand-new kitchen, beautifully tiled bathrooms, fresh paint throughout, luxury vinyl plank flooring, and contemporary light fixtures in every room. The open floor plan floods the space with natural light, while the kitchen delivers ample room for cooking and storage, complete with quartz countertops and all-new stainless steel appliances. Enjoy a generous backyard plus a detached garage for extra convenience. Prime location just minutes from military bases, beaches, dining, shopping, and easy interstate access. Don't miss out—schedule your showing today!

20. 2025-11-25
    soldstatus $250,000
21. 2025-09-29
    listed $270,000 Active 344-char remark

    Show marketing remark (344 chars)

    1864 Branchwood St, Norfolk, VA 23518 is a single family home that sits on 1,377 sq ft and was built in 1956. It has 3 bedrooms and 1.5 bathrooms. It has newer roof, gas HVAC, and water heater. The detached garage has lots of over-head storage. Lower level finished garage has newly installed can lights. Entire house has been recently painted.

22. 2025-08-20
    soldstatus $220,000

ⓘ 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: $3,037 · $253/mo
• Projected year-2 tax: $3,037 · $253/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 ≥104°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,754
• − Mortgage interest: −$15,124
• − Property taxes: −$3,037
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,540
• − Management: −$2,540
• − Depreciation: −$7,855
• Taxable loss: −$692
• Est. tax savings @ 24.0%: +$166
• After-tax cash flow: $3,874/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): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% Other Indo-European 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: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

+59.1% since first listed

9 events — show timeline

• 2026-04-28 Sold (Public Records) $350,000 Public Records
• 2026-04-24 Sold (MLS) $350,000 REINMLS
• 2026-04-03 Pending — REINMLS
• 2026-03-23 Contingent — REINMLS
• 2026-03-17 Price Changed $350,000 REINMLS
• 2026-03-06 Listed $355,000 REINMLS
• 2025-11-25 Sold (Public Records) $250,000 Public Records
• 2025-09-29 Listed $270,000 ForSaleByOwner.com
• 2025-08-20 Sold (Public Records) $220,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $3,037 · +4.4% YoY. Source: county tax records.