1038 28th St · Newport News, VA 23607

$194,900

4 bd · 2.0 ba · 1,188 sqft · MultiFamily public records · 406 Days on market

Built 1925 2,500 sqft lot $164/sqft · 37% below area Est $313k · 38% under

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +6.2/10.0
• Appreciation +4.6/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

Key facts

• 2,500 sq ft lot
• Built 1925
• Listed 406 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.2% in Newport News — 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 75/100 on livability (#123 in VA, #4,018 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing A; Watch: crime F, commute F.
• Newport News City Public School District (urban): math 34% / reading 54% proficiency, ranked #112 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 128 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).
• At $2,185/mo this rent would consume 62% of the median local household income ($42k/yr) (locally 2008% 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 (-0.8%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Newport News County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.8% appreciation + 2.9% rent growth), your $55k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 406 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 $171,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 406 days. Have you received any prior offers? Is the seller open to a 12% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 B-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. 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.
11. 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.
12. 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: 1.12% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.21%
• DSCR: 1.50
• GRM: 7.4

CMA / ARV

• ARV (median comp): $313,482
• List price: $194,900
• Delta: -37.83%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-0.84% appreciation · 2.91% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.27×
• Total profit: $14,763
• Equity at exit: $48,544

10-year hold

• IRR: 12.1%
• Equity multiple: 2.20×
• Total profit: $65,713
• Equity at exit: $52,261

Cash invested: $54,572 (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 23607

• Home prices YoY: -0.3%
• Rents YoY: 2.9%
• Active inventory: 128
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,185 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$113 /mo · $1,357/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $443

Break-even live

Break-even rent $1,624

Max offer price $194,900

Occupancy floor 75%

Sensitivity live

Price	-10% $554	-5% $498	+0% $443	+5% $388	+10% $333
Rent	-10% $271	-5% $357	+0% $443	+5% $530	+10% $616
Rate	-1.0pp $541	-0.5pp $493	base $443	+0.5pp $393	+1.0pp $341

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,184
Total (2 units)			$2,185

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1044 26th St Newport News, VA	5.0	2.0	1500	$2,450	$1.63	4d	1	0.12mi
1035 23rd St Newport News, VA	3.0	2.0	1378	$1,600	$1.16	44d	1	0.24mi
1124 33rd St Newport News, VA	3.0	1.5	1386	$1,600	$1.15	24d	1	0.25mi
1227 31st St Newport News, VA	3.0	2.0	1500	$2,495	$1.66	2d	1	0.32mi
1239 24th St Newport News, VA	3.0	1.0	880	$1,495	$1.70	44d	1	0.36mi
829 22nd St Newport News, VA	3.0	1.5	1020	$1,650	$1.62	44d	1	0.42mi
1032 37th St Newport News, VA	3.0	2.0	1191	$1,450	$1.22	44d	1	0.42mi
749 31st St Newport News, VA	3.0	2.0	1000	$1,900	$1.90	44d	1	0.44mi
1216 21st St Newport News, VA	3.0	3.5	1446	$1,700	$1.18	24d	1	0.49mi
3206 Madison Ave Newport News, VA	3.0	1.0	900	$1,550	$1.72	11d	1	0.56mi
740 21st St Newport News, VA	3.0	2.0	1120	$2,000	$1.79	44d	1	0.60mi
1152 Orcutt Ave Newport News, VA	3.0	1.0	947	$1,375	$1.45	4d	1	0.77mi
321 Pine Ave Newport News, VA	3.0	2.5	1349	$1,990	$1.48	24d	1	0.90mi
35 Cedar Ave Newport News, VA	3.0	1.5	1138	$1,595	$1.40	44d	1	0.93mi
233 Pine Ave Newport News, VA	3.0	2.0	1213	$2,100	$1.73	24d	1	0.94mi
646 46th St Newport News, VA	3.0	2.0	1300	$1,800	$1.38	4d	1	1.05mi
646 46th St Unit Na Newport News, VA	3.0	2.0	1300	$1,800	$1.38	44d	1	1.05mi
635 46th St Newport News, VA	3.0	1.0	1097	$1,400	$1.28	44d	1	1.07mi
656 49th St Newport News, VA	3.0	1.0	946	$1,500	$1.59	24d	1	1.17mi
327 Locust Ave Hampton, VA	4.0	2.0	1500	$2,000	$1.33	44d	1	1.21mi
417 Greenbriar Ave Hampton, VA	3.0	2.0	1007	$1,695	$1.68	8d	1	1.24mi
633 Hemlock Ave Hampton, VA	3.0	1.0	1056	$1,757	$1.66	12d	1	1.30mi
902 W Russell Ct Newport News, VA	3.0	1.0	984	$1,450	$1.47	45d	1	1.44mi
80 30th St Newport News, VA	1.0–3.0	1.0–3.0	923	$2,599	$2.82	2d	4	1.47mi

Listing history 21 events

1. 2026-06-18
   days on market $194,900 Active 406 DOM
2. 2026-06-17
   days on market $194,900 Active 405 DOM
3. 2026-06-16
   days on market $194,900 Active 404 DOM
4. 2026-06-15
   days on market $194,900 Active 403 DOM
5. 2026-06-09
   days on market $194,900 Active 397 DOM
6. 2026-06-08
   days on market $194,900 Active 396 DOM
7. 2026-06-07
   days on market $194,900 Active 395 DOM
8. 2026-06-03
   days on market $194,900 Active 391 DOM
9. 2026-06-02
   days on market $194,900 Active 390 DOM
10. 2026-06-01
    days on market $194,900 Active 389 DOM
11. 2026-05-31
    days on market $194,900 Active 388 DOM
12. 2025-11-14
    status Active 127-char remark

    Show marketing remark (127 chars)

    GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

13. 2025-10-20
    historical Active Under Contract 127-char remark

    Show marketing remark (127 chars)

    GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

14. 2025-07-14
    status Active 127-char remark

    Show marketing remark (127 chars)

    GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

15. 2025-07-06
    status Under Contract 127-char remark

    Show marketing remark (127 chars)

    GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

16. 2025-04-30
    listed $194,900 Active 127-char remark

    Show marketing remark (127 chars)

    GREAT OPPORTUNITY TO OWN A MULTI FAMILY HOME! SIDE BY SIDE DUPLEX. TWO BEDROOM ONE FULL BATH EACH! HAS BEEN OCCUPIED FOR YEARS!

17. 2006-11-01
    soldstatus $237,500
18. 2006-05-22
    soldstatus $69,000
19. 2004-03-17
    soldstatus $31,500
20. 1991-08-29
    soldstatus $14,000
21. 1976-09-01
    soldstatus $38,341

ⓘ 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: $1,357 · $113/mo
• Projected year-2 tax: $1,598 · $133/mo
• Expected delta: +$241/yr (+$20/mo · 17.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,220
• − Mortgage interest: −$10,917
• − Property taxes: −$1,357
• − Insurance: −$1,772
• − Repairs & maintenance: −$2,098
• − Management: −$2,098
• − Depreciation: −$5,670
• Taxable income: $2,308
• Est. tax owed @ 24.0%: −$554
• After-tax cash flow: $4,766/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: Newport News City Public School District
• NCES district ID: 5102640
• Math proficiency: 34% ▼ -37.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $49,644
• Composite: 37.7/100
• National rank: #4360
• State rank: #112 of 131 in VA

Livability — Newport News

• Score: 75/100
• State rank: #123
• US rank: #4018

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport News, VA
• County: Newport News City · 178,950 people
• City population: 178,950
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 23,096
• Household income: $42,334
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 2008.0

Population outlook (Newport News County) Hauer SSP2

• Today (2025): 181,076 people
• By 2030: 179,683 · -0.8%
• By 2040: 174,649 · -3.5%
• By 2050: 167,407 · -7.5%
• By 2075: 147,597 · -18.5%
• By 2100: 122,144 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (75%)
• Race & ethnicity: Black 75% White 13% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Newport News

• 2024 margin: Strong D (+28.8) · D 63.7% · R 34.9% · Other 1.4%
• 2008→2024 swing: +0.1pp no change · 2008: 28.7pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+32.9 2016: D+25.4 2012: D+30.0 2008: D+28.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.84%
• Current HPI: 312.4039
• Rent YoY: ▲ 2.91%
• 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

+408.3% since first listed

10 events — show timeline

• 2025-11-14 Relisted — REINMLS
• 2025-10-20 Contingent — REINMLS
• 2025-07-14 Relisted — REINMLS
• 2025-07-06 Pending — REINMLS
• 2025-04-30 Listed $194,900 REINMLS
• 2006-11-01 Sold (Public Records) $237,500 Public Records
• 2006-05-22 Sold (Public Records) $69,000 Public Records
• 2004-03-17 Sold (Public Records) $31,500 Public Records
• 1991-08-29 Sold (Public Records) $14,000 Public Records
• 1976-09-01 Sold (Public Records) $38,341 Public Records

Property tax history

+5.3%/yr

Latest (2026): $1,357 · +34.8% YoY. Source: county tax records.