904 Bethel Rd · Chesapeake, VA 23324

$370,000

5 bd · 3.0 ba · 2,012 sqft · SingleFamily public records · 7 Days on market

Built 1955 8,755 sqft lot Est $398k · 7% 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).

• Cash flow +14.3/30.0
• ARV discount +10.7/15.0
• Schools +5.8/10.0
• DSCR +4.4/10.0
• Livability +3.5/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely rebuilt from the foundation up in 2022, this modern 5BR/3BA home features 2 primary en-suites upstairs with walk in closets, plus 3 bedrooms and full bath on the main level. Open-concept layout with quartz countertops, modern appliances, and spacious living areas. Enjoy a large fully fenced backyard with fire pit and an oversized detached 1-car garage with electricity, sold as-is. Conveniently located near interstates, Downtown Norfolk, military bases, shopping, and dining. Hurry this one won’t last!

Key facts

• Fire pit
• 8,755 sq ft lot
• Garage

Tags

• FULLY FENCED BACKYARD
• FIRE PIT
• OVERSIZED DETACHED GARAGE

Property features AI

Finance

• Other: Rehabilitated
• HOA & community: No HOA (N/A)

Exterior

• Parking: Detached 1-car garage; Driveway parking; Off-street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached single-family home; Transitional style; 2 stories; Two living levels; Slab foundation
• Construction: Asphalt shingle roof; Vinyl exterior
• Exterior features: Vinyl siding; Back yard privacy wood fence; Property backs to wooded view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range; Refrigerator
• Bedrooms: Two bedrooms with ensuite bathrooms; First-floor bedroom
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Double primary sinks; Scuttle access; Walk-in attic; 8 total rooms; Bedroom and full bathroom on first floor; In-law suite; Breakfast area; Workshop; Attic
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $370k.

Deal economics

• At list price, monthly cash flow is $68 ($816/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 $309k (16.4% below list).
• Recommended offer: $309k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Thurgood Marshall Elementary (math 42% / reading 57%, grade D, #742 of 1,108 statewide, top 70%, 436 students, 92% FRL); Oscar Smith Middle (math 24% / reading 54%, grade F, #309 of 342 statewide, top 91%, 958 students, 90% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 84% FRL vs 28% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 66% district-wide (-14 pts) — the specific schools serving this property underperform the Chesapeake City Public School District average; the district grade overstates school quality for this exact location.
• Market conditions: 118 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $3k of loan paydown is wiped out by about $11k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y 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 $315k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $309,246 (16.4% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.79%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $398,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Mooney Rd	0.32mi	4/2.5 (-1)	2,040 (+1%)	1mo	$400,000	$196	75
1102 Bethel Rd	0.15mi	4/2.5 (-1)	2,136 (+6%)	2mo	$405,000	$190	74
2617 Harling Dr	0.29mi	5/3.0	2,200 (+9%)	0mo	$450,000	$205	71
1432 Tatemstown Rd	0.28mi	4/3.0 (-1)	2,140 (+6%)	1mo	$406,000	$190	71
2016 Jefferson St	0.45mi	4/3.0 (-1)	2,080 (+3%)	2mo	$408,000	$196	67
2049 Christian Ave	0.41mi	4/2.0 (-1)	1,866 (-7%)	1mo	$165,000	$88	59
2130 Berkley Ave	0.34mi	4/3.0 (-1)	1,770 (-12%)	0mo	$351,000	$198	59
3020 Armentrout Ct	0.53mi	4/2.5 (-1)	1,937 (-4%)	4mo	$404,900	$209	59
1718 Ohio St	0.62mi	4/3.0 (-1)	1,910 (-5%)	4mo	$379,000	$198	55
1324 Wingfield Ave	0.44mi	5/3.0	2,288 (+14%)	5mo	$470,000	$205	52
2932 Sunrise Ave	0.70mi	4/2.5 (-1)	1,940 (-4%)	4mo	$358,000	$185	51
2111 Stalham Rd	0.56mi	4/2.5 (-1)	1,826 (-9%)	5mo	$380,000	$208	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-55,688
• Equity at exit: $55,168

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-43,178
• Equity at exit: $31,991

Cash invested: $103,600 (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 23324

• Home prices YoY: -17.3%
• Active inventory: 118
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $3,092 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$281 /mo · $3,366/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $68

Break-even live

Break-even rent $3,006

Max offer price $370,000

Occupancy floor 93%

Sensitivity live

Price	-10% $277	-5% $173	+0% $68	+5% $-37	+10% $-141
Rent	-10% $-176	-5% $-54	+0% $68	+5% $190	+10% $312
Rate	-1.0pp $254	-0.5pp $162	base $68	+0.5pp $-28	+1.0pp $-125

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 Delevan St Norfolk, VA	5.0	3.5	2800	$3,300	$1.18	19d	1	0.74mi
1021 Joyce St Norfolk, VA	5.0	3.0	2612	$4,000	$1.53	45d	1	0.89mi
1009 Elkin St Norfolk, VA	4.0	2.5	1914	$2,500	$1.31	14d	1	0.93mi
1231 Stewart St Chesapeake, VA	4.0	2.5	2159	$2,550	$1.18	5d	1	1.13mi
722 Culpepper St Norfolk, VA	5.0	4.0	1742	$2,550	$1.46	45d	1	1.40mi
2001 Angora Dr Chesapeake, VA	4.0	2.0	1539	$2,850	$1.85	18d	1	1.42mi

Listing history 17 events

1. 2026-05-22
   listed $370,000 Active
2. 2023-02-13
   soldstatus $315,000
3. 2023-01-18
   status Under Contract
4. 2023-01-13
   historical Active Under Contract
5. 2023-01-06
   price $315,000
6. 2022-12-09
   listed $330,000 Active
7. 2021-10-14
   soldstatus $109,900
8. 2021-09-28
   status Under Contract
9. 2021-07-12
   historical Active Under Contract
10. 2021-07-12
    listed $109,900 Active
11. 2021-07-12
    historical
12. 2021-04-08
    historical Active Under Contract
13. 2021-04-07
    listed $109,900 Active
14. 2006-11-15
    soldstatus $102,000
15. 1999-12-06
    soldstatus $59,900
16. 1995-06-05
    soldstatus $45,000
17. 1963-01-24
    soldstatus $8,400

ⓘ 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: $3,366 · $281/mo
• Projected year-2 tax: $3,366 · $281/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,110
• − Mortgage interest: −$20,726
• − Property taxes: −$3,366
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,969
• − Management: −$2,969
• − Depreciation: −$10,764
• Taxable loss: −$5,534
• Est. tax savings @ 24.0%: +$1,328
• After-tax cash flow: $2,144/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): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

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 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• 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

+4304.8% since first listed

17 events — show timeline

• 2026-05-22 Listed $370,000 REINMLS
• 2023-02-13 Sold (Public Records) $315,000 Public Records
• 2023-01-18 Pending — REINMLS
• 2023-01-13 Contingent — REINMLS
• 2023-01-06 Price Changed $315,000 REINMLS
• 2022-12-09 Listed $330,000 REINMLS
• 2021-10-14 Sold (Public Records) $109,900 Public Records
• 2021-09-28 Pending — REINMLS
• 2021-07-12 Contingent — REINMLS
• 2021-07-12 Listing Removed — REINMLS
• 2021-07-12 Listed $109,900 REINMLS
• 2021-04-08 Contingent — REINMLS
• 2021-04-07 Listed $109,900 REINMLS
• 2006-11-15 Sold (Public Records) $102,000 Public Records
• 1999-12-06 Sold (Public Records) $59,900 Public Records
• 1995-06-05 Sold (Public Records) $45,000 Public Records
• 1963-01-24 Sold (Public Records) $8,400 Public Records

Property tax history

+7.2%/yr

Latest (2025): $3,366 · +7.0% YoY. Source: county tax records.