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859 Lexington St Duplex
A- Composite 80.91
Why this score? — see what drove the A- 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
  • ARV discount +15.0/15.0
  • 1% rule +10.0/10.0
  • DSCR +10.0/10.0
  • Livability +4.2/5.0
  • Rent growth +4.0/5.0
  • Condition / age +4.0/5.0
  • Schools +3.7/10.0
  • Appreciation +0.0/10.0

$199,000

859 Lexington St · Norfolk, VA 23504
6 bd · 2.0 ba · 2,400 sqft · MultiFamily public records · 27 Days on market
Built 1899 Good condition 3,018 sqft lot $83/sqft · 18% below area Est $243k · 18% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

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

Listing remarks

Cosmetic Repairs only- Investor Special! Don't miss this cash-flow opportunity in a rapidly growing area of Norfolk. This duplex requires only cosmetic updates, making it the perfect value-add investment for your rental portfolio or fix-and-hold strategy. With solid bones and strong rental potential, this property offers the chance to build equity without a major renovation. Located just 15 minutes from the beach, with convenient access to military bases, shopping, dining, downtown Norfolk, and major interstates, the location is ideal for attracting long-term tenants.

Key facts

  • 3,018 sq ft lot
  • Built 1899
  • Listed 26 days

Tags

CASH-FLOW OPPORTUNITYSTRONG RENTAL POTENTIAL15 MINUTES FROM THE BEACHHIGH-DEMAND RENTAL MARKET

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2 × 3-bed/1.0-bath units multifamily listed at $199k. Condition is rated good.
  • This rent per unit runs 42% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

  • At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $565/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($3k rent vs $199k).
  • Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
  • Cap rate 13.1% 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: Jacox Elementary (math 5% / reading 20%, grade F, #1,107 of 1,108 statewide, top 100%, 568 students, 99% FRL); Blair Middle (math 29% / reading 57%, grade D-, #288 of 342 statewide, top 85%, 1,149 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising fast (+6.1%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

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 + 6.1% 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 27 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
  • 9 sale attempts since 6y ago; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

  • Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
  • Climate carrying-cost: moderate 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 $196,015 (1.5% below list)

Questions for the listing agent

  1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  3. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  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 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
1.59%
Cap rate
13.11%
Cash-on-cash
24.33%
DSCR
2.08
GRM
5.3

CMA / ARV

ARV (median comp)
$243,000
List price
$199,000
Delta
-10.29%
Verdict
UNDERPRICED
Comps
11 within 1.0 mi
Show comp detail 7 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
816 Johnson Ave 0.12mi 6/2.0 2,502 (+4%) 15mo $157,500 $63 75
804 E 26th St 0.59mi 5/2.0 (-1) 2,485 (+4%) 8mo $270,000 $109 55
1519 Jamaica Ave 0.67mi 6/2.2 2,288 (-5%) 7mo $417,000 $182 54
1521 Cary Ave 0.67mi 7/2.0 (+1) 2,231 (-7%) 4mo $359,900 $161 49
1619 Saint Denis Ave 0.97mi 5/3.0 (-1) 2,550 (+6%) 3mo $499,000 $196 43
3223 Omohundro Ave 1.10mi 5/2.5 (-1) 2,628 (+10%) 8mo $319,000 $121 36
233 W 27th St 0.93mi 5/3.0 (-1) 2,600 (+8%) 10mo $310,305 $119 34

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 · 6.12% rent growth · sell at horizon

5-year hold
IRR
21.1%
Equity multiple
1.90×
Total profit
$49,976
Equity at exit
$29,672
10-year hold
IRR
31.3%
Equity multiple
4.25×
Total profit
$181,073
Equity at exit
$17,206

Cash invested: $55,720 (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.
Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
0 active · 1 under contract
Months of supply
0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 23504

Home prices YoY
-6.2%
Rents YoY
6.1%
Active inventory
164
Price-to-rent
10.5×

Monthly cashflow live

Estimated rent
$3,158 high interval (Pro) →
Mortgage (P&I)
$1,044
Tax from tax record
$239 /mo · $2,862/yr
Insurance
$83
HOA
$0
Vacancy / Maint / Mgmt
$663
Net cashflow
$1,130

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

UnitsBedsBathsEst. rent
Total (2 units) $3,158

Break-even live

Break-even rent $1,728
Max offer price $199,000
Occupancy floor 59%

Sensitivity live

Price -10% $1,242 -5% $1,186 +0% $1,130 +5% $1,073 +10% $1,017
Rent -10% $880 -5% $1,005 +0% $1,130 +5% $1,255 +10% $1,379
Rate -1.0pp $1,230 -0.5pp $1,180 base $1,130 +0.5pp $1,078 +1.0pp $1,026

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
$49,750
Closing costs
$5,970
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
830 Lexington St Norfolk, VA 3.0 2.5 1804 $1,950 $1.08 93d 1 0.06mi
1449 Proescher St Norfolk, VA 3.0 1.5 1400 $1,550 $1.11 17d 1 0.09mi
1449 Proescher St Norfolk, VA 3.0 1.5 1400 $1,550 $1.11 73d 1 0.09mi
742 Lexington St Unit A Norfolk, VA 2.0 1.0 780 $1,100 $1.41 69d 1 0.13mi
758 Fremont St Norfolk, VA 2.0 1.0 852 $995 $1.17 57d 1 0.13mi
754 Fremont St Norfolk, VA 2.0 1.0 852 $995 $1.17 52d 1 0.13mi
1801 Bower St Unit B1 Norfolk, VA 2.0 1.0 750 $950 $1.27 65d 1 0.20mi
764 B Ave Norfolk, VA 3.0 2.5 1380 $1,795 $1.30 69d 1 0.21mi
764 B Ave Norfolk, VA 3.0 3.0 1380 $1,795 $1.30 17d 1 0.21mi
842 C Ave Norfolk, VA 3.0 1.5 900 $1,095 $1.22 93d 1 0.25mi
2401 Ruffin St Norfolk, VA 2.0 1.0 900 $1,350 $1.50 93d 1 0.34mi
907 Rugby St Norfolk, VA 3.0 2.0 1515 $2,200 $1.45 93d 1 0.35mi
881 Rugby St Norfolk, VA 3.0 2.0 1600 $2,650 $1.66 73d 1 0.37mi
1110 Chapel St #8 Norfolk, VA 2.0 1.0 1000 $1,100 $1.10 47d 1 0.41mi
1110 Chapel St Unit 6 Norfolk, VA 2.0 1.0 800 $1,050 $1.31 32d 1 0.41mi
1110 Chapel St Unit 6 Norfolk, VA 2.0 1.0 1000 $1,200 $1.20 93d 1 0.41mi
2315 Bolton St Norfolk, VA 3.0 1.0 1000 $1,800 $1.80 93d 1 0.42mi
2421 Bolton St Unit F Norfolk, VA 2.0 1.0 725 $1,275 $1.76 93d 1 0.48mi
2335 Courtney Ave Norfolk, VA 3.0 1.0 1073 $1,600 $1.49 41d 1 0.51mi
2529 Tidewater Dr Norfolk, VA 3.0 2.5 2025 $2,270 $1.12 20d 1 0.52mi
1200 Rugby St Unit 7 Norfolk, VA 2.0 1.0 875 $1,175 $1.34 35d 1 0.55mi
2421 Courtney Ave Unit 3 Norfolk, VA 2.0 1.0 800 $995 $1.24 22d 1 0.55mi
2500 Leo St Unit 2506 Leo Street-4 Norfolk, VA 2.0 1.0 800 $1,100 $1.38 93d 1 0.57mi
2504 Leo St Unit 3 Norfolk, VA 2.0 1.0 800 $1,100 $1.38 53d 1 0.59mi
2506 Leo St Unit 4 Norfolk, VA 2.0 1.0 800 $1,100 $1.38 93d 1 0.59mi
1400 Granby St Norfolk, VA 2.0–3.0 1.5–2.0 1140 $2,060 $1.81 47d 2 0.64mi
1300 Rugby St Apt E Norfolk, VA 2.0 1.0 $1,350 93d 1 0.65mi
1400 Granby St #119 Norfolk, VA 2.0 2.0 1224 $1,895 $1.55 93d 1 0.66mi
1400 Granby St #104 Norfolk, VA 3.0 2.0 1305 $2,060 $1.58 34d 1 0.66mi
1410 E Princess Anne Rd Unit B Norfolk, VA 2.0 1.0 $900 22d 1 0.66mi
1410 E Princess Anne Rd Unit A Norfolk, VA 2.0 1.0 $900 93d 1 0.66mi
119 E Princess Anne Rd Unit 301 Norfolk, VA 2.0 2.0 $2,250 66d 1 0.68mi
119 E Princess Anne Rd Unit 201 Norfolk, VA 2.0 2.0 $2,300 52d 1 0.68mi
119 E Princess Anne Rd Unit 201 Norfolk, VA 2.0 2.0 $2,300 65d 1 0.68mi
119 E Princess Anne Rd Unit 205 Norfolk, VA 2.0 2.0 1024 $2,375 $2.32 65d 1 0.68mi
119 E Princess Anne Rd Unit 305 Norfolk, VA 2.0 2.0 1024 $2,325 $2.27 66d 1 0.68mi
119 E Princess Anne Rd Unit 202 Norfolk, VA 2.0 1.0 $2,200 41d 1 0.68mi
1403 Lead St Norfolk, VA 4.0 2.5 1854 $2,550 $1.38 93d 1 0.69mi
2615 Somme Ave Norfolk, VA 3.0 2.0 1470 $2,450 $1.67 28d 1 0.69mi
645 Church St Norfolk, VA 1.0–3.0 1.0–2.0 881 $2,123 $2.41 11d 6 0.71mi

Property features AI

Exterior

Utilities
Public waterPublic sewer
Home design
Two-story homeBrick and vinyl siding exteriorShingle roof
Construction
Built (actual year recorded)Brick and vinyl siding constructionShingle roof
Exterior features
Lot zoned R-8

Interior

Interior features
Two stories

Listing history 44 events

  1. 2026-08-08
    days on market $199,000 Active 27 DOM
  2. 2026-08-07
    pricedays on market $199,000 Active 26 DOM
  3. 2026-08-06
    days on market $205,000 Active 25 DOM
  4. 2026-08-05
    days on market $205,000 Active 24 DOM
  5. 2026-08-04
    days on market $205,000 Active 23 DOM
  6. 2026-08-03
    days on market $205,000 Active 22 DOM
  7. 2026-07-31
    days on market $205,000 Active 19 DOM
  8. 2026-07-30
    days on market $205,000 Active 17 DOM
  9. 2026-07-28
    days on market $205,000 Active 16 DOM
  10. 2026-07-26
    pricedays on market $205,000 Active 14 DOM
  11. 2026-07-24
    days on market $214,900 Active 12 DOM
  12. 2026-07-23
    days on market $214,900 Active 11 DOM
  13. 2026-07-22
    days on market $214,900 Active 10 DOM
  14. 2026-07-21
    pricedays on market $214,900 Active 9 DOM
  15. 2026-07-20
    days on market $215,000 Active 8 DOM
  16. 2026-07-18
    days on market $215,000 Active 6 DOM
  17. 2026-07-18
    days on market $215,000 Active 5 DOM
  18. 2026-07-16
    days on market $215,000 Active 4 DOM
  19. 2026-07-15
    days on market $215,000 Active 3 DOM
  20. 2026-07-14
    days on market $215,000 Active 2 DOM
  21. 2026-07-14
    status $215,000 Active 1 DOM
  22. 2026-07-02
    status $215,000 Pending 1 DOM
  23. 2026-06-30
    remarks 699-char remark
  24. 2026-06-30
    days on marketlisting id $215,000 Active 1 DOM
  25. 2026-06-30
    days on market $215,000 Active 4 DOM
  26. 2026-06-29
    days on market $215,000 Active 3 DOM
  27. 2026-06-28
    days on market $215,000 Active 2 DOM
  28. 2026-06-27
    pricedays on marketlisting id $215,000 Active 1 DOM
  29. 2026-04-04
    status Active 1055-char remark
  30. 2026-03-24
    status Pending 1055-char remark
  31. 2026-03-21
    listed $218,000 Active 1055-char remark
  32. 2026-03-21
    historical
  33. 2025-11-12
    price $236,900
  34. 2025-11-01
    price $237,000
  35. 2025-10-07
    status Active
  36. 2025-09-21
    status Pending
  37. 2025-09-19
    listed $252,000 Active
  38. 2021-12-06
    soldstatus $189,000
  39. 2021-11-05
    status Under Contract
  40. 2021-10-24
    historical Active Under Contract
  41. 2021-10-18
    listed $189,000 Active
  42. 2020-06-11
    historical
  43. 2020-05-22
    listed $160,000 Active
  44. 1999-04-06
    soldstatus $150,000

ⓘ 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
$2,862 · $239/mo
Projected year-2 tax
$2,862 · $239/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 5/10 Major FEMA zone X (unshaded) · 48% 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 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$37,896
− Mortgage interest
−$11,147
− Property taxes
−$2,862
− Insurance
−$995
− Repairs & maintenance
−$3,032
− Management
−$3,032
− Depreciation
−$5,789
Taxable income
$11,039
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$2,649
After-tax cash flow
$10,908/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.

Condition & rehab AI · 2 photos

Good 80/100 Cosmetic rehab Est. rehab $12,000–$36,000 screening

This well-maintained, two-unit property in Norfolk, VA, requires only cosmetic updates and offers strong rental potential. Ideal for investors looking to build equity without a major renovation.

Value-add opportunities

  • Both Paint the exterior — Painting the exterior can enhance curb appeal and increase both resale and rental value.
  • Both Clean the porch area — A clean and well-maintained porch area can attract tenants and buyers, improving both resale and rental value.

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 37/100

Zoned Schools

Elementary Jacox Elementary F VA #1,107/1,108 Nat'l #37,629/41,679 Middle Blair Middle D- VA #288/342 Nat'l #5,160/14,009 High Granby High C VA #270/319 Nat'l #4,271/17,239

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
A Composite livability gradescore 83/100

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 · 249,032 people
City population
214,042
Metro
Virginia Beach-Norfolk-Newport News, VA-NC
Population (ZIP)
23,502
Household income
$44,659
Rent vs Own
61.1% rent · 38.9% own
Severe rent burden
11% of renters

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
Predominantly Black (78%)
Race & ethnicity
Black 78% White 12% Two or more races 5% Hispanic / Latino 3%
Common ancestry
Lithuanian 1% Slovak 1%
Foreign-born
3% · Canada
Languages at home
94% English-only · Spanish 4% French/Haitian/Cajun 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

Price history

+36.7% since first listed
23 events — show timeline
  • 2026-07-24 Price Changed $205,000 CVRMLS
  • 2026-07-21 Price Changed $214,900 CVRMLS
  • 2026-07-13 Relisted CVRMLS
  • 2026-07-07 Listing Removed CVRMLS
  • 2026-07-01 Pending CVRMLS
  • 2026-06-30 Listed $215,000 CVRMLS
  • 2026-06-26 Listed $215,000 CVRMLS
  • 2026-04-04 Relisted CVRMLS
  • 2026-03-24 Pending CVRMLS
  • 2026-03-21 Listing Removed CVRMLS
  • 2026-03-21 Listed $218,000 CVRMLS
  • 2025-11-12 Price Changed $236,900 CVRMLS
  • 2025-11-01 Price Changed $237,000 CVRMLS
  • 2025-10-07 Relisted CVRMLS
  • 2025-09-21 Pending CVRMLS
  • 2025-09-19 Listed $252,000 CVRMLS
  • 2021-12-06 Sold (Public Records) $189,000 Public Records
  • 2021-11-05 Pending REINMLS
  • 2021-10-24 Contingent REINMLS
  • 2021-10-18 Listed $189,000 REINMLS
  • 2020-06-11 Listing Removed REINMLS
  • 2020-05-22 Listed $160,000 REINMLS
  • 1999-04-06 Sold (Public Records) $150,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $2,862 · +6.8% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…