1209 Whaley Ave · Norfolk, VA 23502

$299,000

3 bd · 2.0 ba · 1,206 sqft · SingleFamily public records · 44 Days on market

Built 1976 $248/sqft · at area comps Est $314k · at est.

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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 +10.8/30.0
• ARV discount +9.7/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• DSCR +3.1/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this all-brick ranch in an established neighborhood! This well maintained sincle story home features recent updates, spacious living areas, natural light, and an attached garage. It is conveniently located near shopping, dining, schools and major highways. A perfect place to call home. Schedule an appointment to view it while it lasts!

Key facts

• All-brick ranch
• Recent updates
• Attached garage

Tags

• ALL-BRICK RANCH
• RECENT UPDATES
• SPACIOUS LIVING AREAS
• NATURAL LIGHT
• ATTACHED GARAGE

Property features AI

Finance

• HOA & community: No HOA (fees listed as 0)

Exterior

• Parking: Attached 1-car garage; Off-street parking; Driveway parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached ranch-style home; Single-story; Slab foundation; Entry level: 1; Facing direction: not specified
• Construction: Asphalt shingle roof
• Exterior features: Brick siding; Level flooring accessibility

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Microwave; Refrigerator; Breakfast area
• Bedrooms: First-floor master bedroom with ensuite (one bedroom has an ensuite); Additional bedroom
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Decorative fireplace; Window treatments; Cable hookup; Ceiling fan
• Laundry & utility: Washer and dryer present; Washer hookup; Utility room on first floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $233k (22.2% below list).
• Recommended offer: $233k (22.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Oceanair Elementary (math 17% / reading 43%, grade F, #1,008 of 1,108 statewide, top 91%, 435 students, 97% FRL); Lake Taylor (math 22% / reading 45%, grade F, #984 of 1,108 statewide, top 89%, 626 students, 96% FRL); Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% 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 (+15.1%/yr); 79 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 44% of the median local income ($63k/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 $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $299k implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $232,677 (22.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• GRM: 10.7

CMA / ARV

• ARV (median comp): $314,047
• List price: $299,000
• Delta: -4.79%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6262 Wailes Ave	0.23mi	3/2.0	1,216 (+1%)	10mo	$325,000	$267	80
1158 Winburne Ln	0.23mi	3/1.5	1,350 (+12%)	3mo	$265,000	$196	65
6524 Adair Ave	0.70mi	3/2.0	1,209 (+0%)	5mo	$349,900	$289	63
5857 Frament Ave	0.54mi	3/2.0	1,236 (+2%)	10mo	$299,900	$243	62
6409 Cabot Ave	0.57mi	4/2.0 (+1)	1,350 (+12%)	3mo	$330,000	$244	46
6336 Adair Ave	0.45mi	3/1.5	1,385 (+15%)	10mo	$320,500	$231	44
1168 Clarence St	0.64mi	3/1.0	1,300 (+8%)	12mo	$250,000	$192	43
6436 Hudson Ave	0.64mi	3/1.0	1,086 (-10%)	13mo	$180,000	$166	38

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: -14.3%
• Equity multiple: 0.46×
• Total profit: $-44,792
• Equity at exit: $44,582

10-year hold

• IRR: 0.8%
• Equity multiple: 1.07×
• Total profit: $5,779
• Equity at exit: $25,852

Cash invested: $83,720 (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 23502

• Home prices YoY: -20.7%
• Rents YoY: 15.1%
• Active inventory: 79
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,327 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$281 /mo · $3,370/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $-135

Break-even live

Break-even rent $2,498

Max offer price $275,103

Occupancy floor —

Sensitivity live

Price	-10% $34	-5% $-51	+0% $-135	+5% $-220	+10% $-305
Rent	-10% $-319	-5% $-227	+0% $-135	+5% $-43	+10% $49
Rate	-1.0pp $15	-0.5pp $-59	base $-135	+0.5pp $-213	+1.0pp $-292

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1149	$2,400	$2.09	21d	1	0.15mi
1060 Kempsville Rd Norfolk, VA	3.0	2.0	1425	$2,975	$2.09	13d	1	0.15mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1070	$2,400	$2.24	46d	1	0.15mi
1060 Kempsville Rd Norfolk, VA	2.0	2.0	1218	$2,400	$1.97	25d	1	0.15mi
1060 Kempsville Rd Unit 00 09212 Norfolk, VA	2.0	2.0	1002	$2,370	$2.37	45d	1	0.16mi
1060 Kempsville Rd Unit 00 08107 Norfolk, VA	3.0	2.0	1383	$2,479	$1.79	14d	1	0.16mi
1060 Kempsville Rd Apt 10305 Norfolk, VA	2.0	2.0	975	$2,142	$2.20	9d	1	0.16mi
5964 Blackpoole Ln Virginia Beach, VA	3.0	1.5	1310	$2,100	$1.60	25d	1	0.51mi
5775 W Hastings Arch Virginia Beach, VA	2.0	1.5	1200	$1,700	$1.42	45d	1	0.61mi
620 Red Horse Ln Virginia Beach, VA	3.0	1.5	1396	$1,550	$1.11	21d	1	0.66mi
6163 Kempsville Cir Norfolk, VA	1.0–3.0	1.0–2.0	1120	$3,008	$2.69	3d	12	0.74mi
5831 E Hastings Arch Virginia Beach, VA	3.0	1.5	1200	$1,950	$1.62	25d	1	0.74mi
5781 Lake Edward Dr Virginia Beach, VA	2.0	1.0–1.5	1075	$1,478	$1.37	4d	15	0.76mi
516 Hicks Ave Unit A Norfolk, VA	2.0	2.0	810	$1,585	$1.96	45d	1	0.79mi
712 White Hall Ln Virginia Beach, VA	3.0	1.5	1400	$2,200	$1.57	25d	1	0.84mi
6647 Ethan Allen Ln Norfolk, VA	2.0	1.5	1176	$1,750	$1.49	12d	1	1.01mi
5684 Campus Dr Virginia Beach, VA	3.0	2.5	1356	$2,495	$1.84	6d	1	1.04mi
813 S Grosvenor Ct Virginia Beach, VA	3.0	2.5	1476	$2,300	$1.56	6d	1	1.13mi
5619 Summit Arch Virginia Beach, VA	2.0	2.0	957	$1,650	$1.72	5d	1	1.17mi
5433 Campus Dr Virginia Beach, VA	2.0	2.0	1000	$1,700	$1.70	4d	1	1.21mi
502 Wharf Ct Virginia Beach, VA	2.0	1.0	866	$1,495	$1.73	12d	1	1.25mi
5516 Seawall Ct Virginia Beach, VA	2.0–3.0	1.0–3.0	1125	$2,421	$2.15	3d	18	1.27mi
608 Spirit Ct Virginia Beach, VA	2.0	1.0	866	$1,875	$2.17	9d	1	1.29mi
607 Crows Nest Ct Virginia Beach, VA	2.0	1.0	700	$1,700	$2.43	25d	1	1.29mi
969 Turtle Pond Ln Virginia Beach, VA	2.0	2.5	1383	$2,150	$1.55	25d	1	1.31mi
5500 Baccalaureate Dr Virginia Beach, VA	3.0	2.5	1400	$1,995	$1.43	16d	1	1.31mi
5403 Scholarship Dr Virginia Beach, VA	3.0	2.5	1480	$2,100	$1.42	25d	1	1.36mi
5500 Goose Pond Ln Virginia Beach, VA	2.0	2.0	1383	$2,450	$1.77	4d	1	1.36mi
616 Aubrey Dr Virginia Beach, VA	3.0	1.5	1266	$1,995	$1.58	25d	1	1.44mi
849 Gas Light Ln Virginia Beach, VA	2.0	2.0	1250	$1,900	$1.52	19d	1	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $299,000 Active 44 DOM
2. 2026-06-18
   days on market $299,000 Active 41 DOM
3. 2026-06-17
   days on market $299,000 Active 40 DOM
4. 2026-06-16
   days on market $299,000 Active 39 DOM
5. 2026-06-15
   days on market $299,000 Active 38 DOM
6. 2026-06-13
   days on market $299,000 Active 36 DOM
7. 2026-06-09
   days on market $299,000 Active 32 DOM
8. 2026-06-08
   days on market $299,000 Active 31 DOM
9. 2026-06-07
   days on market $299,000 Active 30 DOM
10. 2026-06-03
    days on market $299,000 Active 26 DOM
11. 2026-06-02
    days on market $299,000 Active 25 DOM
12. 2026-06-01
    days on market $299,000 Active 24 DOM
13. 2026-06-01
    price $299,000 Active 23 DOM
14. 2026-05-31
    days on market $329,900 Active 23 DOM
15. 2026-05-08
    listed $329,900 Active 346-char remark
16. 2023-07-05
    soldstatus $125,000
17. 1977-04-27
    soldstatus $44,100

ⓘ 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: $3,370 · $281/mo
• Projected year-2 tax: $3,370 · $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 ≥105°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,921
• − Mortgage interest: −$16,749
• − Property taxes: −$3,370
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,234
• − Management: −$2,234
• − Depreciation: −$8,698
• Taxable loss: −$6,858
• Est. tax savings @ 24.0%: +$1,646
• After-tax cash flow: $23/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): 20,399
• Household income: $63,208
• Rent vs Own: 55.0% rent · 45.0% own
• Severe rent burden: 1255.0

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 0.67)
• Race & ethnicity: Black 46% White 31% Hispanic / Latino 12% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Dominican 2%
• Common ancestry: Portuguese 1% Romanian 1% Slovak 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 3% Other Indo-European 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: ▼ -83.50%
• Current HPI: 320.4522
• Rent YoY: ▲ 15.10%
• 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

+578.0% since first listed

4 events — show timeline

• 2026-05-31 Price Changed $299,000 REINMLS
• 2026-05-08 Listed $329,900 REINMLS
• 2023-07-05 Sold (Public Records) $125,000 Public Records
• 1977-04-27 Sold (Public Records) $44,100 Public Records

Property tax history

+4.8%/yr

Latest (2025): $3,370 · +4.8% YoY. Source: county tax records.