2134 Chestnut Ave · Newport News, VA 23602

$248,900

6 bd · 3.0 ba · 2,376 sqft · MultiFamily public records · 63 Days on market

Built 1925 $105/sqft · at area comps Est $255k · at est.

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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 +23.7/30.0
• ARV discount +8.6/15.0
• DSCR +7.6/10.0
• 1% rule +5.2/10.0
• Rent growth +5.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

Key facts

• Multi-unit property
• Conveniently located
• Built 1925

Tags

• MULTI-UNIT PROPERTY
• MULTIPLE LIVING AREAS
• RENTAL INCOME POTENTIAL
• INVESTMENT OPPORTUNITIES
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $234k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: Rents rising fast (+13.2%/yr); 178 active listings in the ZIP; solid renter incomes; 522 units permitted in Newport News city in 2024 (458 in 5+ unit buildings).
• This rent runs 38% of the median local income ($79k/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 $7k 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 (-3.0% appreciation + 8.0% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $21k; list at $249k implies a 1085% 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 $233,966 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.02% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.12%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

• ARV (median comp): $255,000
• List price: $248,900
• Delta: -2.39%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2134 Chestnut Ave	0.00mi	6/3.0	2,376 (0%)	0mo	$255,000	$107	100

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $3,005
• Equity at exit: $37,112

10-year hold

• IRR: 14.9%
• Equity multiple: 2.46×
• Total profit: $101,885
• Equity at exit: $21,520

Cash invested: $69,692 (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 23602

• Home prices YoY: -19.2%
• Rents YoY: 13.2%
• Active inventory: 178
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,533 medium
• Mortgage (P&I): −$1,305
• Tax from tax record: −$120 /mo · $1,444/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $472

Break-even live

Break-even rent $1,936

Max offer price $248,900

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: $62,225
• Closing costs: $7,467
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-15
   status Under Contract 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

2. 2026-05-06
   historical Active Under Contract 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

3. 2026-04-17
   price $248,900 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

4. 2026-04-02
   status Active 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

5. 2026-03-23
   historical Active Under Contract 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

6. 2026-03-13
   listed $250,000 Active 419-char remark

   Show marketing remark (419 chars)

   Move-in ready multi-unit property with excellent versatility! Ideal for a large family needing extra space or for buyers seeking rental income potential. The property offers multiple living areas that allow for multi-generational living or investment opportunities. Conveniently located near shopping, dining, major highways, and local shipyard employment centers. A great opportunity for both homeowners and investors.

7. 2018-12-10
   soldstatus $21,000
8. 1996-12-17
   soldstatus $22,000
9. 1996-12-16
   soldstatus $17,000
10. 1994-11-17
    soldstatus $51,131
11. 1990-01-25
    soldstatus $65,000
12. 1989-06-27
    soldstatus $59,400
13. 1989-06-23
    soldstatus $35,000
14. 1975-01-01
    soldstatus $17,200

ⓘ 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: $1,444 · $120/mo
• Projected year-2 tax: $2,041 · $170/mo
• Expected delta: +$597/yr (+$50/mo · 41.4%)

ⓘ 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) · 13% 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: $30,392
• − Mortgage interest: −$13,942
• − Property taxes: −$1,444
• − Insurance: −$1,244
• − Repairs & maintenance: −$2,431
• − Management: −$2,431
• − Depreciation: −$7,241
• Taxable income: $1,658
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $5,260/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): 42,265
• Household income: $79,475
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1696.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 42% Black 34% Hispanic / Latino 12% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 6% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

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: ▼ -67.28%
• Current HPI: 283.0889
• Rent YoY: ▲ 13.22%
• 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

+1347.1% since first listed

14 events — show timeline

• 2026-05-15 Pending — REINMLS
• 2026-05-06 Contingent — REINMLS
• 2026-04-17 Price Changed $248,900 REINMLS
• 2026-04-02 Relisted — REINMLS
• 2026-03-23 Contingent — REINMLS
• 2026-03-13 Listed $250,000 REINMLS
• 2018-12-10 Sold (Public Records) $21,000 Public Records
• 1996-12-17 Sold (Public Records) $22,000 Public Records
• 1996-12-16 Sold (Public Records) $17,000 Public Records
• 1994-11-17 Sold (Public Records) $51,131 Public Records
• 1990-01-25 Sold (Public Records) $65,000 Public Records
• 1989-06-27 Sold (Public Records) $59,400 Public Records
• 1989-06-23 Sold (Public Records) $35,000 Public Records
• 1975-01-01 Sold (Public Records) $17,200 Public Records

Property tax history

+4.0%/yr

Latest (2026): $1,444 · +15.3% YoY. Source: county tax records.