1035 23rd St · Newport News, VA 23607

$175,000

3 bd · 1.0 ba · 1,378 sqft · SingleFamily public records · 6 Days on market

Built 1925 2,613 sqft lot Est $218k · 20% 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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.4/10.0
• 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

Listing remarks

Ready to expand your investment portfolio? This inviting Newport News home, near Newport News Shipyard, features a primary bedroom with a private en-suite and a large backyard. An ideal choice for your next rental or investment.

Key facts

• Large backyard
• Private en-suite
• 2,613 sq ft lot

Tags

• PRIVATE EN-SUITE
• LARGE BACKYARD

Property features AI

Finance

• HOA & community: No HOA (N/A)

Exterior

• Parking: Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached colonial-style home; Two stories; Crawl foundation
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Deck; Partial fence

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Three bedrooms total with the master bedroom on the second floor (master includes an ensuite)
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Window/wall cooling
• Interior features: Cable hookup; Scuttle access
• Laundry & utility: Washer hookup; Dryer hookup; Utility room on first floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.7% 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.
• Zoned schools: Richard T. Yates Elementary (math 32% / reading 57%, grade F, #827 of 1,108 statewide, top 77%, 440 students, 92% FRL); Menchville High (math 39% / reading 79%, grade C+, #256 of 319 statewide, top 81%, 1,788 students, 87% FRL) — zoned schools average 90% FRL vs 55% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 128 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 $1,822/mo this rent would consume 52% 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 $1k 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 $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 9y 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 $10k; list at $175k implies a 1695% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $175,000

Questions for the listing agent

1. Built in 1925 — 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 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?
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: 1.04% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $217,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2128 Roanoke Ave	0.10mi	3/3.0	1,354 (-2%)	1mo	$285,000	$210	84
843 29th St	0.38mi	3/2.5	1,349 (-2%)	1mo	$255,000	$189	72
942 20th St	0.24mi	3/1.5	1,250 (-9%)	1mo	$180,000	$144	71
1222 27th St	0.33mi	3/2.0	1,450 (+5%)	2mo	$175,000	$121	70
3015 Wickham Ave	0.42mi	3/2.0	1,300 (-6%)	1mo	$252,000	$194	66
1220 29th St	0.39mi	3/1.0	1,509 (+10%)	2mo	$121,000	$80	65
937 17th St	0.36mi	3/2.0	1,245 (-10%)	0mo	$252,500	$203	63
1034 26th St	0.12mi	4/2.0 (+1)	1,579 (+15%)	0mo	$139,000	$88	61
1237 30th St	0.47mi	4/1.5 (+1)	1,479 (+7%)	2mo	$125,000	$85	58
1236 27th St	0.36mi	3/2.0	1,550 (+12%)	2mo	$245,000	$158	57
960 15th St	0.49mi	3/1.5	1,195 (-13%)	0mo	$137,000	$115	53
844 15th St	0.54mi	4/2.5 (+1)	1,514 (+10%)	2mo	$253,000	$167	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 4.6%
• Equity multiple: 1.21×
• Total profit: $10,136
• Equity at exit: $43,587

10-year hold

• IRR: 10.7%
• Equity multiple: 2.07×
• Total profit: $52,196
• Equity at exit: $46,925

Cash invested: $49,000 (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 23607

• Home prices YoY: -0.3%
• Rents YoY: 2.9%
• Active inventory: 128
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,822 high
• Mortgage (P&I): −$918
• Tax from tax record: −$99 /mo · $1,192/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $350

Break-even live

Break-even rent $1,380

Max offer price $175,000

Occupancy floor 76%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 23rd St Newport News, VA	3.0	2.0	1378	$1,600	$1.16	43d	1	0.03mi
1020 23rd St Newport News, VA	4.0	3.0	1710	$2,195	$1.28	43d	1	0.07mi
1034 26th St Newport News, VA	4.0	2.0	1579	$1,600	$1.01	43d	1	0.12mi
1110 21st St Newport News, VA	4.0	2.0	1613	$1,850	$1.15	43d	1	0.20mi
2314 Chestnut Ave Newport News, VA	2.0	1.0	900	$12,900	$14.33	1d	1	0.22mi
1239 24th St Newport News, VA	3.0	1.0	880	$1,495	$1.70	43d	1	0.31mi
1216 21st St Newport News, VA	3.0	3.5	1446	$1,700	$1.18	23d	1	0.31mi
829 22nd St Newport News, VA	3.0	1.5	1020	$1,650	$1.62	43d	1	0.31mi
1242 26th St Newport News, VA	3.0	4.0	1704	$2,400	$1.41	2d	1	0.33mi
2104 Marshall Ave Newport News, VA	4.0	2.0	1568	$2,200	$1.40	16d	1	0.39mi
2102 Marshall Ave Newport News, VA	4.0	2.0	1780	$1,500	$0.84	43d	1	0.39mi
1124 33rd St Newport News, VA	3.0	1.5	1386	$1,600	$1.15	23d	1	0.47mi
1227 31st St Newport News, VA	3.0	2.0	1500	$2,495	$1.66	1d	1	0.47mi
740 21st St Newport News, VA	3.0	2.0	1120	$2,000	$1.79	43d	1	0.48mi
1348 28th St Newport News, VA	2.0	1.0	997	$1,350	$1.35	3d	1	0.53mi
1348 28th St Unit NA Newport News, VA	2.0	1.0	997	$1,350	$1.35	23d	1	0.53mi
1152 Orcutt Ave Newport News, VA	3.0	1.0	947	$1,375	$1.45	3d	1	0.53mi
749 31st St Newport News, VA	3.0	2.0	1000	$1,900	$1.90	43d	1	0.57mi
1032 37th St Newport News, VA	3.0	2.0	1191	$1,450	$1.22	43d	1	0.66mi
3206 Madison Ave Newport News, VA	3.0	1.0	900	$1,550	$1.72	10d	1	0.69mi
709 33rd St Unit 1 Newport News, VA	2.0	1.0	878	$1,400	$1.59	17d	1	0.71mi
41 Ash Ave Unit B Newport News, VA	2.0	1.0	930	$1,500	$1.61	23d	1	0.77mi
35 Cedar Ave Newport News, VA	3.0	1.5	1138	$1,595	$1.40	43d	1	0.82mi
40 Buxton Ave Unit C Newport News, VA	3.0	1.0	1750	$1,795	$1.03	43d	1	0.88mi
321 Pine Ave Newport News, VA	3.0	2.5	1349	$1,990	$1.48	23d	1	0.91mi
233 Pine Ave Newport News, VA	3.0	2.0	1213	$2,100	$1.73	23d	1	0.93mi
4200 Newsome Dr Newport News, VA	2.0	1.0	895	$795	$0.89	23d	1	0.94mi
3100 Warwick Blvd Newport News, VA	2.0	1.5	1130	$1,008	$0.89	3d	2	1.09mi
327 Locust Ave Hampton, VA	4.0	2.0	1500	$2,000	$1.33	43d	1	1.24mi
646 46th St Newport News, VA	3.0	2.0	1300	$1,800	$1.38	3d	1	1.25mi
646 46th St Unit Na Newport News, VA	3.0	2.0	1300	$1,800	$1.38	43d	1	1.25mi
635 46th St Newport News, VA	3.0	1.0	1097	$1,400	$1.28	43d	1	1.28mi
417 Greenbriar Ave Hampton, VA	3.0	2.0	1007	$1,695	$1.68	7d	1	1.30mi
656 49th St Newport News, VA	3.0	1.0	946	$1,500	$1.59	23d	1	1.38mi
104 Greenbriar Ave Hampton, VA	2.0	1.0	1146	$1,390	$1.21	12d	1	1.39mi
2601 West Ave Newport News, VA	1.0–2.0	1.0–2.0	919	$1,725	$1.88	1d	11	1.42mi
97 28th St Newport News, VA	2.0	2.0	930	$1,400	$1.51	43d	1	1.44mi
633 Hemlock Ave Hampton, VA	3.0	1.0	1056	$1,757	$1.66	11d	1	1.44mi

Listing history 5 events

1. 2026-06-18
   days on market $175,000 Active 6 DOM
2. 2026-06-17
   days on market $175,000 Active 5 DOM
3. 2026-06-16
   days on market $175,000 Active 4 DOM
4. 2026-06-15
   remarks 228-char remark
5. 2026-06-15
   listed $175,000 Active 3 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: $1,192 · $99/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$243/yr (+$20/mo · 20.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $21,866
• − Mortgage interest: −$9,803
• − Property taxes: −$1,192
• − Insurance: −$875
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − Depreciation: −$5,091
• Taxable income: $1,406
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $3,857/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

+1694.9% since first listed

15 events — show timeline

• 2026-06-12 Listed $175,000 REINMLS
• 2026-05-22 Rental Removed $1,600 APPFOLIO
• 2026-05-20 Listed for Rent $1,600 APPFOLIO
• 2026-05-20 Rental Removed $1,600 REINMLS
• 2026-05-05 Listed for Rent $1,600 REINMLS
• 2026-05-05 Rental Removed $1,600 APPFOLIO
• 2026-04-29 Listed for Rent $1,600 APPFOLIO
• 2026-04-29 Rental Removed $1,600 REINMLS
• 2026-04-11 Listed for Rent $1,600 REINMLS
• 2024-08-21 Rental Removed $1,575 REDFIN
• 2024-08-13 Listed for Rent $1,575 REDFIN
• 2017-07-24 Listing Removed — REINMLS
• 2017-04-06 Price Changed $35,000 REINMLS
• 2017-03-20 Listed $50,000 REINMLS
• 1963-01-30 Sold (Public Records) $9,750 Public Records

Property tax history

+5.3%/yr

Latest (2026): $1,192 · +20.5% YoY. Source: county tax records.