224 Neoma Dr · Norfolk, VA 23503

$250,000

4 bd · 1.0 ba · 1,535 sqft · SingleFamily public records · 3 Days on market

Built 1948 4,978 sqft lot Est $325k · 23% 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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Roomy 40's classic Norfolk bungalow with a garage, (currently without a garage door but a walk in door) nice yard and mature trees in birdchirping Bayview/ Albermarle . Full living room, dining room, kitchen and den. There is a bedroom on the first floor and a full bath with two additional bedrooms upstairs. Covered front porch with screens on some, for bird watching or breezes . Bring your design ideas to transform it into your new home!

Key facts

• Covered front porch
• Mature trees
• 4,978 sq ft lot

Tags

• CLASSIC NORFOLK BUNGALOW
• MATURE TREES
• COVERED FRONT PORCH

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Attached 1-car garage; Driveway spaces; Street parking; 2 additional parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached bungalow; 2 stories with 2 living levels; Crawl foundation
• Construction: Aluminum siding; Asphalt shingle roof
• Exterior features: Located on a cul-de-sac; Back yard fenced

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: First-floor master bedroom; Bedroom and full bathroom on first floor
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced hot air heating (natural gas); Central air conditioning
• Interior features: Carpet, vinyl, and wood flooring; Attic; Porch and screened porch
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $191 ($2k/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 $231k (7.4% below list).
• Recommended offer: $231k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Mary Calcott Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 438 students, 98% FRL); Northside Middle (math 25% / reading 58%, grade F, #299 of 342 statewide, top 88%, 763 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 (+4.8%/yr); 198 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 41% of the median local income ($68k/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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $231,391 (7.4% below list)

Questions for the listing agent

1. Built in 1948 — 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. 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?
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: 0.93% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $325,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
228 Neoma Dr	0.01mi	4/2.0	1,647 (+7%)	0mo	$349,000	$212	83
8548 Lawson Ave	0.15mi	3/1.5 (-1)	1,563 (+2%)	0mo	$233,000	$149	83
8701 Hammett Ave	0.06mi	3/2.0 (-1)	1,608 (+5%)	2mo	$360,000	$224	79
409 E Westmont Ave	0.30mi	4/2.0	1,638 (+7%)	2mo	$340,000	$208	69
8704 Tidewater Dr	0.21mi	4/2.0	1,377 (-10%)	2mo	$310,000	$225	68
230 Twilley St	0.38mi	3/2.0 (-1)	1,458 (-5%)	1mo	$336,000	$230	64
400 E Leicester Ave	0.58mi	4/1.5	1,600 (+4%)	1mo	$265,000	$166	63
233 E Bayview Blvd	0.10mi	3/2.0 (-1)	1,745 (+14%)	1mo	$355,000	$203	63
700 Creamer Rd	0.61mi	3/1.0 (-1)	1,597 (+4%)	1mo	$332,500	$208	59
423 Fresh Meadow Rd	0.35mi	3/2.0 (-1)	1,350 (-12%)	0mo	$352,000	$261	54
110 E Bay Ave	0.56mi	4/2.0	1,700 (+11%)	1mo	$305,000	$179	51
165 Rodman Rd	0.63mi	3/2.0 (-1)	1,409 (-8%)	1mo	$350,000	$248	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 · 4.76% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.65×
• Total profit: $-24,176
• Equity at exit: $37,276

10-year hold

• IRR: 2.3%
• Equity multiple: 1.18×
• Total profit: $12,289
• Equity at exit: $21,615

Cash invested: $70,000 (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 23503

• Home prices YoY: -19.9%
• Rents YoY: 4.8%
• Active inventory: 198
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,314 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$221 /mo · $2,658/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $191

Break-even live

Break-even rent $2,072

Max offer price $250,000

Occupancy floor 87%

Sensitivity live

Price	-10% $333	-5% $262	+0% $191	+5% $121	+10% $50
Rent	-10% $9	-5% $100	+0% $191	+5% $283	+10% $374
Rate	-1.0pp $317	-0.5pp $255	base $191	+0.5pp $127	+1.0pp $61

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8634 Granby St Norfolk, VA	3.0	2.0	1500	$1,950	$1.30	19d	1	0.37mi
8507 Chapin St Norfolk, VA	4.0	2.0	1550	$2,400	$1.55	45d	1	0.39mi
121 Winshire St Norfolk, VA	3.0	2.0	1440	$2,200	$1.53	45d	1	0.41mi
8918 Granby St Norfolk, VA	3.0	2.0	1201	$1,850	$1.54	6d	1	0.48mi
619 Earl St Norfolk, VA	4.0	2.0	1428	$2,395	$1.68	45d	1	0.52mi
424 E Ocean Ave Norfolk, VA	4.0	2.0	1953	$2,650	$1.36	45d	1	0.53mi
324 E Leicester Ave Norfolk, VA	4.0	1.0	1600	$2,100	$1.31	45d	1	0.56mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	23d	1	0.56mi
130 E Ocean Ave Norfolk, VA	3.0	2.0	1563	$2,500	$1.60	14d	1	0.56mi
220 E Randall Ave Norfolk, VA	3.0	1.5	1500	$2,300	$1.53	22d	1	0.63mi
432 E Gilpin Ave Norfolk, VA	4.0	2.5	2202	$3,200	$1.45	12d	1	0.71mi
8065 W Glen Rd Norfolk, VA	4.0	2.0	1519	$2,350	$1.55	4d	1	0.77mi
8504 Chesapeake Blvd Norfolk, VA	3.0	4.0	2053	$2,800	$1.36	45d	1	0.79mi
9385 Pine Tree Rd Norfolk, VA	4.0	2.5	2200	$3,600	$1.64	25d	1	1.01mi
9228 1st View St Norfolk, VA	4.0	2.5	2178	$3,250	$1.49	9d	1	1.02mi
8018 W Glen Rd Norfolk, VA	4.0	2.5	1700	$2,650	$1.56	45d	1	1.03mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	14d	1	1.04mi
9429 Chesapeake St Norfolk, VA	3.0	2.0	1600	$2,500	$1.56	45d	1	1.05mi
1233 Oak Park Ave Norfolk, VA	3.0	2.0	1200	$2,050	$1.71	45d	1	1.06mi
8107 Old Ocean View Rd Norfolk, VA	4.0	1.0	1562	$2,095	$1.34	19d	1	1.07mi
408 E Little Creek Rd Norfolk, VA	3.0	2.0	1224	$2,200	$1.80	45d	1	1.11mi
845 Burksdale Rd Norfolk, VA	5.0	2.0	1680	$1,895	$1.13	25d	1	1.12mi
1014 E Balview Ave Norfolk, VA	3.0	2.0	1325	$1,995	$1.51	46d	1	1.12mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	45d	1	1.16mi
9275 Hickory St Unit A Norfolk, VA	3.0	1.5	1250	$1,650	$1.32	19d	1	1.16mi
8455 Radnor Rd Norfolk, VA	3.0	2.0	1650	$2,195	$1.33	25d	1	1.20mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	6d	1	1.21mi
7922 Old Ocean View Rd Norfolk, VA	1.0–3.0	1.0–1.5	890	$1,300	$1.46	3d	3	1.24mi
719 E Ocean View Ave Norfolk, VA	3.0	2.0	1503	$2,700	$1.80	45d	1	1.24mi
9408 Willow Ct Norfolk, VA	3.0	2.0	2000	$2,950	$1.48	45d	1	1.26mi
9643 Atlans St Norfolk, VA	3.0	1.0	1200	$1,800	$1.50	45d	1	1.27mi
9708 Ship Watch Rd Norfolk, VA	4.0	3.5	2112	$3,300	$1.56	25d	1	1.29mi
8028 Glade Rd Norfolk, VA	4.0	2.5	2061	$2,900	$1.41	45d	1	1.32mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	14d	1	1.32mi
362 Ridgewell Ave Norfolk, VA	4.0	1.0	1700	$1,850	$1.09	45d	1	1.33mi
1622 Bill St Norfolk, VA	4.0	2.0	1528	$2,350	$1.54	5d	1	1.40mi

Listing history 3 events

1. 2026-06-21
   days on market $250,000 Coming Soon 3 DOM
2. 2026-06-18
   remarks 442-char remark
3. 2026-06-18
   listed $250,000 Coming Soon 1 DOM

ⓘ 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: $2,658 · $221/mo
• Projected year-2 tax: $2,658 · $221/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°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: $27,767
• − Mortgage interest: −$14,004
• − Property taxes: −$2,658
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − Depreciation: −$7,273
• Taxable loss: −$1,860
• Est. tax savings @ 24.0%: +$446
• After-tax cash flow: $2,742/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): 30,216
• Household income: $67,649
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 1948.0

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 0.63)
• Race & ethnicity: White 56% Black 20% Hispanic / Latino 13% Two or more races 9% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Tagalog/Filipino 1% Other Asian/Pacific 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: ▼ -78.48%
• Current HPI: 316.1563
• Rent YoY: ▲ 4.76%
• 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

1 event — show timeline

• 2026-06-18 Coming Soon $250,000 REINMLS

Property tax history

+6.0%/yr

Latest (2023): $2,658 · +10.6% YoY. Source: county tax records.