238 Broad St · Portsmouth, VA 23707

$159,900

3 bd · 1.0 ba · 2,096 sqft · SingleFamily public records · 47 Days on market

Built 1910 5,662 sqft lot $76/sqft · 48% below area Est $308k · 48% 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

Key facts

• 5,662 sq ft lot
• 3 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 84 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,078/mo this rent would consume 51% of the median local household income ($49k/yr) (locally 963% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($155k) 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: built in 1910 — 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 $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• GRM: 6.4

CMA / ARV

• ARV (median comp): $308,001
• List price: $159,900
• Delta: -48.08%
• 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
238 Broad St	0.00mi	3/1.5	2,096 (0%)	1mo	$150,000	$72	97
141 Broad St	0.13mi	3/1.5	2,169 (+4%)	1mo	$315,000	$145	86
246 Mount Vernon Ave	0.07mi	4/2.0 (+1)	2,100 (+0%)	4mo	$324,900	$155	84
144 Maryland Ave	0.15mi	3/3.0	2,136 (+2%)	4mo	$339,200	$159	78
333 Maryland Ave	0.17mi	3/1.5	1,856 (-12%)	2mo	$320,000	$172	69
122 Maryland Ave	0.18mi	3/2.0	1,893 (-10%)	3mo	$303,000	$160	69
434 Mt Vernon Ave	0.25mi	3/2.5	2,242 (+7%)	4mo	$335,000	$149	68
408 Florida Ave	0.24mi	3/2.5	2,300 (+10%)	2mo	$329,000	$143	65
444 Maryland Ave	0.28mi	3/2.0	1,864 (-11%)	1mo	$290,000	$156	64
507 Hamilton Ave Unit A	0.42mi	4/2.5 (+1)	2,000 (-5%)	0mo	$375,000	$188	62
357 Chautauqua Ave	0.23mi	4/3.5 (+1)	2,235 (+7%)	2mo	$345,000	$154	62
726 Cambridge Ave	0.74mi	4/3.0 (+1)	2,098 (+0%)	1mo	$339,000	$162	51

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: 3.6%
• Equity multiple: 1.14×
• Total profit: $6,303
• Equity at exit: $23,842

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $47,109
• Equity at exit: $13,825

Cash invested: $44,772 (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 23707

• Home prices YoY: -23.7%
• Active inventory: 84
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,078 high
• Mortgage (P&I): −$839
• Tax from tax record: −$232 /mo · $2,780/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $505

Break-even live

Break-even rent $1,439

Max offer price $159,900

Occupancy floor 71%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
258 Maryland Ave Unit 1 Portsmouth, VA	3.0	2.0	1600	$1,850	$1.16	10d	1	0.09mi
258 Maryland Ave Unit 2 Portsmouth, VA	4.0	2.0	1650	$1,950	$1.18	10d	1	0.09mi
147 Florida Ave Portsmouth, VA	3.0	1.5	2061	$2,200	$1.07	17d	1	0.14mi
147 Florida Ave Portsmouth, VA	3.0	1.5	2061	$2,200	$1.07	43d	1	0.14mi
416 Maryland Ave Unit A Portsmouth, VA	3.0	2.0	1450	$2,300	$1.59	43d	1	0.24mi
430 Mt Vernon Ave Portsmouth, VA	3.0	2.0	2179	$2,100	$0.96	43d	1	0.26mi
507 Broad St Unit 507 Portsmouth, VA	3.0	1.5	1700	$1,350	$0.79	43d	1	0.33mi
210 Monitor Rd Portsmouth, VA	4.0	4.0	2512	$3,200	$1.27	43d	1	0.39mi
3509 Floyd St Portsmouth, VA	4.0	2.5	1670	$2,400	$1.44	2d	1	0.76mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	43d	1	0.79mi
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	16d	1	1.03mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	7d	1	1.13mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	20d	1	1.14mi
310 Sycamore Rd Portsmouth, VA	4.0	2.5	2759	$2,895	$1.05	23d	1	1.19mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	23d	1	1.29mi
3817 High St Portsmouth, VA	3.0	2.0	1999	$2,300	$1.15	10d	1	1.32mi
300 Russell St Portsmouth, VA	3.0	1.5	1534	$2,250	$1.47	23d	1	1.42mi

Listing history 6 events

1. 2026-05-15
   status Under Contract 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

2. 2026-04-14
   status Active 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

3. 2026-03-18
   status Under Contract 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

4. 2026-03-12
   status Active 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

5. 2026-02-20
   status Under Contract 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

6. 2026-02-10
   listed $159,900 Active 413-char remark

   Show marketing remark (413 chars)

   Great potential for investor. 3/4 Bedrooms with large walk in attic partially finished. Large privacy fenced backyard, detached 3+ car garage with large unfinished room above garage. Rehab loan or cash as home will need renovations. Original hardwood floors. Attic possible 4th bedroom or suite, lots of storage, endless potential with classic charm close to tunnel, terminals, interstate.Property sold AS IS

ⓘ 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: $2,780 · $232/mo
• Projected year-2 tax: $2,780 · $232/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 6/10 Major FEMA zone X (unshaded) · 53% 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

Taxation est. · year 1

• Rental income: $24,938
• − Mortgage interest: −$8,957
• − Property taxes: −$2,780
• − Insurance: −$800
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − Depreciation: −$4,652
• Taxable income: $3,761
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $5,157/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 14,766
• Household income: $48,926
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 963.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 43% Black 41% Two or more races 9% Hispanic / Latino 3% Asian 3%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 1% Chinese 1%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.03%
• Current HPI: 299.832
• 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

6 events — show timeline

• 2026-05-15 Pending — REINMLS
• 2026-04-14 Relisted — REINMLS
• 2026-03-18 Pending — REINMLS
• 2026-03-12 Relisted — REINMLS
• 2026-02-20 Pending — REINMLS
• 2026-02-10 Listed $159,900 REINMLS

Property tax history

+1.5%/yr

Latest (2025): $2,780 · +1.8% YoY. Source: county tax records.