104 Willow Wood Dr Unit C1 · Norfolk, VA 23505

$159,000

2 bd · 1.0 ba · 1,300 sqft · Condo · 161 Days on market

Built 1941 Good condition $663/mo HOA ↓ 4% since listing

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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).

• ARV discount +11.7/15.0
• 1% rule +5.9/10.0
• Rent growth +5.0/5.0
• Cash flow +4.7/30.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming spacious 2 bedroom/1bath COOP in the heart of Norfolk with water views! First Floor, Corner building "C". Enjoy unbeatable proximity to ODU, Naval Base, Interstate, Downtown Norfolk, Ghent, local hospitals and just minutes from Ocean View Beaches - an ideal location for work, study or leisure. Take in serene views of the Lafayette River from your bright and inviting sunroom or unwind in the beautifully landscaped yard. Love the water? Bring your paddleboard or kayak - or simply relax and watch the dolphins! Central AC, detached private garage, elevator and extra storage. HOA includes taxes, heating, gas, water, trash, flood & exterior insurance & exterior landscaping. Board approval and application required. Sorry, no pets.

Key facts

• Central ac
• Extra storage
• Elevator

Tags

• SUNROOM
• LANDSCAPED YARD
• CENTRAL AC
• DETACHED PRIVATE GARAGE
• ELEVATOR
• EXTRA STORAGE

🏢 Co-op / cooperative unit. The $159,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $159k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-824 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $40k (75.0% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $40k (75.0% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Ghent K-8 (math 47% / reading 75%, grade B, #524 of 1,108 statewide, top 48%, 482 students, 97% FRL); Blair Middle (math 29% / reading 57%, grade D-, #288 of 342 statewide, top 85%, 1,149 students, 92% FRL); Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL).
• Market conditions: Rents rising fast (+12.1%/yr); 136 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 35% of the median local income ($59k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 4 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: flood insurance adds $427/mo; HOA is 38% of rent; built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,795 (75.0% 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 161 days. Have you received any prior offers? Is the seller open to a 75% concession, seller financing, or rate buy-down credit?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 1.09% ✓
• Cap rate: 3.29%
• Cash-on-cash: -10.71%
• DSCR: 0.52
• GRM: 7.7

CMA / ARV

• ARV (median comp): $175,344
• List price: $159,000
• Delta: -9.32%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4704 Mayflower Rd	0.78mi	3/1.5 (+1)	1,371 (+6%)	0mo	$353,000	$257	48
519 Thole St	1.29mi	3/2.0 (+1)	1,409 (+8%)	1mo	$378,000	$268	41
1723 Blair Ave	1.31mi	3/1.5 (+1)	1,473 (+13%)	0mo	$190,000	$129	36
1740 Pope Ave	1.30mi	3/1.0 (+1)	1,070 (-18%)	1mo	$335,000	$313	34
3509 Brest Ave	1.34mi	3/1.5 (+1)	1,068 (-18%)	1mo	$260,000	$243	32
5457 Silbert Rd	1.26mi	3/1.5 (+1)	1,614 (+24%)	1mo	$319,000	$198	32
2510 Columbia Ave Ave	1.41mi	3/2.0 (+1)	1,508 (+16%)	0mo	$335,000	$222	31
1701 Morris Ave	1.00mi	3/2.0 (+1)	1,598 (+23%)	0mo	$318,000	$199	31
3404 Peronne Ave	1.33mi	3/2.0 (+1)	1,039 (-20%)	0mo	$220,000	$212	31
2211 Abbey Rd	1.29mi	3/2.0 (+1)	1,500 (+15%)	1mo	$328,000	$219	30
3113 Vimy Ridge Ave	1.32mi	3/2.0 (+1)	1,000 (-23%)	1mo	$250,000	$250	30
3416 Lens Ave	1.48mi	3/2.5 (+1)	1,504 (+16%)	1mo	$320,000	$213	28

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: -47.1%
• Equity multiple: -0.54×
• Total profit: $-68,409
• Equity at exit: $23,707

10-year hold

• IRR: -26.8%
• Equity multiple: -0.86×
• Total profit: $-82,757
• Equity at exit: $13,747

Cash invested: $44,520 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 136
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,727 high
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$663
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-824

Break-even live

Break-even rent $2,770

Max offer price $39,795

Occupancy floor —

Sensitivity live

Price	-10% $-714	-5% $-769	+0% $-824	+5% $-879	+10% $-934
Rent	-10% $-960	-5% $-892	+0% $-824	+5% $-756	+10% $-687
Rate	-1.0pp $-744	-0.5pp $-783	base $-824	+0.5pp $-865	+1.0pp $-907

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: $39,750
• Closing costs: $4,770
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4010 Holly Ave Unit 2 Norfolk, VA	3.0	1.0	1400	$1,700	$1.21	93d	1	0.43mi
230 E 40th St Norfolk, VA	2.0	2.0	1200	$1,710	$1.43	16d	1	0.50mi
414 Delaware Ave #218 Norfolk, VA	2.0	2.0	1025	$1,850	$1.80	73d	1	0.61mi
4615 Colonial Ave Unit B Norfolk, VA	2.0	1.0	900	$1,495	$1.66	28d	1	0.61mi
414 Delaware Ave Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	93d	1	0.62mi
210 Pennsylvania Ave #2 Norfolk, VA	2.0	1.0	1100	$1,695	$1.54	28d	1	0.65mi
210 Pennsylvania Ave #1 Norfolk, VA	2.0	1.0	1300	$1,795	$1.38	93d	1	0.65mi
430 Delaware Ave #214 Norfolk, VA	2.0	2.0	1025	$1,800	$1.76	73d	1	0.65mi
115 E 39th St Unit B Norfolk, VA	2.0	1.0	900	$1,625	$1.81	35d	1	0.66mi
113 E 39th St #2 Norfolk, VA	3.0	1.0	1000	$1,550	$1.55	41d	1	0.66mi
4804 Gosnold Ave Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	69d	1	0.71mi
4804 Gosnold Ave Unit 2 Norfolk, VA	2.0	1.0	1100	$1,330	$1.21	70d	1	0.71mi
435 Virginia Ave Norfolk, VA	2.0	2.0	1012	$1,954	$1.93	53d	1	0.82mi
527 Maryland Ave Norfolk, VA	3.0	1.0	1200	$2,000	$1.67	16d	2	0.82mi
4008 Colonial Ave #1 Norfolk, VA	2.0	1.0	1100	$1,450	$1.32	41d	1	0.88mi
783 48th St Norfolk, VA	2.0	1.0	950	$1,545	$1.63	41d	1	0.92mi
783 W 48th St Unit 3 Norfolk, VA	2.0	1.0	950	$1,545	$1.63	25d	1	0.92mi
305 W 36th St Norfolk, VA	2.0	1.0	1271	$1,495	$1.18	53d	1	0.93mi
623 Virginia Ave Norfolk, VA	3.0	1.5	1600	$2,200	$1.38	66d	1	0.93mi
721 Maryland Ave Unit A Norfolk, VA	1.0	1.0	1100	$1,800	$1.64	93d	1	0.96mi
132 Filbert St Norfolk, VA	3.0	2.5	1596	$2,400	$1.50	20d	1	0.98mi
628 Georgia Ave Norfolk, VA	3.0	2.0	1300	$2,495	$1.92	73d	1	1.01mi
646 Roland Dr Norfolk, VA	3.0	1.0	1224	$1,600	$1.31	41d	1	1.02mi
824 50th St Norfolk, VA	3.0	1.5	1516	$2,350	$1.55	41d	1	1.04mi
6115 Tidewater Dr Norfolk, VA	1.0–3.0	1.0–2.0	1080	$2,432	$2.25	11d	7	1.08mi
1751 Fontainebleau Cres Norfolk, VA	3.0	2.0	1231	$2,350	$1.91	93d	1	1.08mi
609 Summers Dr Norfolk, VA	3.0	1.0	998	$1,995	$2.00	53d	1	1.09mi
6345 Natrona Ave Norfolk, VA	3.0	2.0	1137	$2,000	$1.76	47d	1	1.10mi
3406 Tidewater Dr Norfolk, VA	3.0	2.0	1410	$2,300	$1.63	47d	1	1.11mi
834 W 44th St Apt 208 Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	93d	1	1.11mi
1801 Lasalle Ave Norfolk, VA	3.0	1.0	1102	$1,880	$1.71	93d	1	1.15mi
1015 50th St Norfolk, VA	3.0	2.0	1050	$1,545	$1.47	93d	1	1.15mi
225 W 31st St Unit D Norfolk, VA	2.0	1.0	925	$975	$1.05	28d	1	1.16mi
225 W 31st St Unit D Norfolk, VA	2.0	1.0	925	$975	$1.05	56d	1	1.16mi
912 Druid Cir Unit B Norfolk, VA	2.0	1.0	960	$1,535	$1.60	73d	1	1.16mi
912 Druid Cir Norfolk, VA	2.0	1.0	960	$1,535	$1.60	69d	1	1.16mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,750	$1.25	73d	1	1.16mi
325 W 31st St Unit 6 Norfolk, VA	3.0	1.0	1400	$1,495	$1.07	17d	1	1.16mi
1821 Lasalle Ave Norfolk, VA	2.0	1.0	875	$1,295	$1.48	11d	1	1.19mi
400 W 30th St Norfolk, VA	3.0	1.5	1120	$1,985	$1.77	93d	1	1.19mi

HOA detail $663/mo · $7,956/yr condo

• Likely covers: watertrashgaslandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-07-01
   days on market $159,000 Active 161 DOM
2. 2026-06-30
   days on market $159,000 Active 160 DOM
3. 2026-06-29
   days on market $159,000 Active 159 DOM
4. 2026-06-28
   days on market $159,000 Active 158 DOM
5. 2026-06-27
   days on market $159,000 Active 157 DOM
6. 2026-06-27
   days on market $159,000 Active 156 DOM
7. 2026-06-25
   days on market $159,000 Active 154 DOM
8. 2026-06-22
   days on market $159,000 Active 152 DOM
9. 2026-06-21
   days on market $159,000 Active 151 DOM
10. 2026-06-18
    remarks 699-char remark
11. 2026-06-18
    days on market $159,000 Active 148 DOM
12. 2026-06-17
    days on market $159,000 Active 147 DOM
13. 2026-06-16
    days on market $159,000 Active 146 DOM
14. 2026-06-15
    days on market $159,000 Active 145 DOM
15. 2026-06-13
    days on market $159,000 Active 143 DOM
16. 2026-06-09
    days on market $159,000 Active 139 DOM
17. 2026-06-08
    days on market $159,000 Active 138 DOM
18. 2026-06-07
    days on market $159,000 Active 137 DOM
19. 2026-06-03
    days on market $159,000 Active 133 DOM
20. 2026-06-02
    days on market $159,000 Active 132 DOM
21. 2026-06-01
    days on market $159,000 Active 131 DOM
22. 2026-05-31
    days on market $159,000 Active 130 DOM
23. 2026-01-21
    historical

    Show marketing remark (760 chars)

    Charming spacious 2 bedroom/1bath COOP in the heart of Norfolk with water views! First Floor, Corner building "C". Enjoy unbeatable proximity to ODU, Naval Base, Interstate, Downtown Norfolk, Ghent, local hospitals and just minutes from Ocean View Beaches - an ideal location for work, study or leisure. Take in serene views of the Lafayette River from your bright and inviting sunroom or unwind in the beautifully landscaped yard. Love the water? Bring your paddleboard or kayak - or simply relax and watch the dolphins! Central AC, detached private garage, elevator and extra storage. HOA includes taxes, heating, gas, water, trash, flood & exterior insurance & exterior landscaping. Board approval and application required. Sorry, no pets.

24. 2026-01-21
    listed $159,000 Active 760-char remark

    Show marketing remark (760 chars)

    Charming spacious 2 bedroom/1bath COOP in the heart of Norfolk with water views! First Floor, Corner building "C". Enjoy unbeatable proximity to ODU, Naval Base, Interstate, Downtown Norfolk, Ghent, local hospitals and just minutes from Ocean View Beaches - an ideal location for work, study or leisure. Take in serene views of the Lafayette River from your bright and inviting sunroom or unwind in the beautifully landscaped yard. Love the water? Bring your paddleboard or kayak - or simply relax and watch the dolphins! Central AC, detached private garage, elevator and extra storage. HOA includes taxes, heating, gas, water, trash, flood & exterior insurance & exterior landscaping. Board approval and application required. Sorry, no pets.

25. 2025-07-28
    price $159,000
26. 2025-07-22
    status Active
27. 2025-07-22
    listed Active Under Contract
28. 2025-07-21
    listed $165,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 96% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 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: $20,727
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$5,914
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − HOA: −$7,956
• − Depreciation: −$4,625
• Taxable loss: −$12,375
• Est. tax savings @ 24.0%: +$2,970
• After-tax cash flow: $-6,915/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $6,500–$19,500 screening

This charming 2-bedroom/1-bath COOP in Norfolk offers a serene waterfront view and is in good condition with minimal repairs needed. A fresh coat of paint on the exterior and replacing the carpet with hardwood flooring can significantly enhance its resale and rental value.

Value-add opportunities

• Resale Paint the exterior brick and awnings for a fresh look. — Fresh paint can enhance the curb appeal and make the property more attractive to potential buyers. ↑
• Rental Replace the carpet with hardwood flooring in the living areas for a more modern look. — Hardwood flooring is more durable and easier to maintain, which can attract renters who prefer a low-maintenance living space. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 44/100

Zoned Schools

Elementary Granby Elementary F VA #1,004/1,108 Nat'l #26,096/41,679 Middle Blair Middle D- VA #288/342 Nat'l #5,160/14,009 High Granby High C VA #270/319 Nat'l #4,271/17,239

Schools (NCES district)

No district data.

A Composite livability gradescore 83/100

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 · 249,032 people
• City population: 214,042
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 16% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% French/Haitian/Cajun 1%

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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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

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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

-3.6% since first listed

6 events — show timeline

• 2026-01-21 Listed $159,000 REINMLS
• 2026-01-21 Listing Removed — REINMLS
• 2025-07-28 Price Changed $159,000 REINMLS
• 2025-07-22 Relisted — REINMLS
• 2025-07-22 Listed — REINMLS
• 2025-07-21 Listed $165,000 REINMLS