8215 Baywood Dr · Norfolk, VA 23518

$289,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 18 Days on market

Built 1957 0.26 ac lot $241/sqft · at area comps Est $350k · 17% under

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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 +15.0/15.0
• Cash flow +9.7/30.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• DSCR +2.8/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Very well maintained 1524 sq. ft. ranch style home in the sought after Wedgewood neighborhood of Norfolk Va. A large backyard backing up to a creek which makes for a very private setting to enjoy visitors. This home has 4 bedrooms and 2 full baths with a private primary suite with its own full bath. Large living plus extra family room. Centrally located to all your buyer's needs. Just blocks from Grocery stores, restaurant's, parks, libraries and elementary school. Just a couple miles to 2 military bases and Norfolk International Airport. Roof is approximately 5 years old.

Key facts

• 0.26 acre lot
• 2 parking spots
• Built 1957

Property features AI

Finance

• HOA & community: No HOA (N/A)

Exterior

• Parking: 2 parking spaces: driveway and street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch-style home; Single-story; Crawlspace and slab foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Partial chain-link fence in the back; On a creek waterfront

Interior

• Kitchen: Electric range
• Bedrooms: Master bedroom on the first floor; One bedroom with an ensuite; Additional bedroom(s) on the first floor
• Flooring: Ceramic; Vinyl; Wood
• Bathrooms: 2 full bathrooms; Full bathroom on the first floor
• Heating & cooling: Forced hot air heating; Heat pump; Central air conditioning; Window/wall air units
• Interior features: Cable hookup; Ceiling fan; Scuttle access
• Laundry & utility: Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (25.4% below list).
• Recommended offer: $216k (25.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: Larrymore Elementary (math 42% / reading 57%, grade D, #742 of 1,108 statewide, top 70%, 592 students, 96% FRL); Azalea Gardens Middle (math 21% / reading 54%, grade F, #315 of 342 statewide, top 93%, 848 students, 84% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 92% FRL vs 59% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 210 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 33% of the median local income ($78k/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 18 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,611 (25.4% 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. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 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: 0.75% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 11.2

CMA / ARV

• ARV (median comp): $350,011
• List price: $289,000
• Delta: -17.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1815 Lightwood Ln	0.06mi	4/2.0 (+1)	1,200 (0%)	2mo	$365,000	$304	86
1614 Wapiti Ave	0.44mi	3/1.0	1,200 (0%)	3mo	$330,000	$275	77
1802 Sunset Dr	0.57mi	3/1.0	1,225 (+2%)	1mo	$325,000	$265	69
8243 Baywood Dr	0.07mi	4/2.0 (+1)	1,340 (+12%)	2mo	$359,500	$268	67
8237 Nathan Ave	0.56mi	3/1.0	1,073 (-11%)	0mo	$301,000	$281	56
8116 Mona Ave	0.60mi	3/1.0	1,080 (-10%)	1mo	$210,000	$194	55
8455 Capeview Ave	0.54mi	3/1.5	1,328 (+11%)	1mo	$365,000	$275	54
2208 Corbett Ave	0.47mi	4/2.0 (+1)	1,302 (+8%)	1mo	$370,000	$284	54
8365 Capeview Ave	0.52mi	2/1.5 (-1)	1,092 (-9%)	3mo	$195,000	$179	51
1822 Croyden Rd	0.65mi	3/2.0	1,300 (+8%)	1mo	$342,000	$263	51
2324 Calvin Ave	0.52mi	4/1.5 (+1)	1,380 (+15%)	2mo	$285,000	$207	43
1622 Ara St	0.71mi	4/2.0 (+1)	1,325 (+10%)	1mo	$332,000	$251	39

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 · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.27×
• Total profit: $-58,734
• Equity at exit: $43,091

10-year hold

• IRR: -14.2%
• Equity multiple: 0.18×
• Total profit: $-66,133
• Equity at exit: $24,987

Cash invested: $80,920 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 210
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,156 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$256 /mo · $3,074/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $-189

Break-even live

Break-even rent $2,395

Max offer price $255,651

Occupancy floor —

Sensitivity live

Price	-10% $-25	-5% $-107	+0% $-189	+5% $-271	+10% $-352
Rent	-10% $-359	-5% $-274	+0% $-189	+5% $-104	+10% $-18
Rate	-1.0pp $-43	-0.5pp $-115	base $-189	+0.5pp $-264	+1.0pp $-340

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	16d	1	0.25mi
2217 Helsley Ave Norfolk, VA	3.0	2.0	1039	$2,200	$2.12	4d	1	0.56mi
2204 Helsley Ave Norfolk, VA	3.0	1.0	1039	$2,000	$1.92	46d	1	0.57mi
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	9d	1	0.67mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	5d	1	0.77mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	25d	1	0.82mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	9d	1	0.82mi
2111 Pretty Lake Ave Norfolk, VA	2.0	2.0	950	$1,730	$1.82	3d	1	0.84mi
9544 5th Bay St Unit 6 Norfolk, VA	2.0	1.0	750	$1,650	$2.20	25d	1	0.90mi
9627 1st Bay St Norfolk, VA	2.0	1.0	750	$1,475	$1.97	45d	1	0.95mi
1214 Frank St Norfolk, VA	3.0	2.0	1250	$2,300	$1.84	14d	1	0.95mi
9628 1st Bay St Norfolk, VA	2.0	1.0	750	$1,500	$2.00	5d	1	0.96mi
2020 E Ocean View Ave Unit 5 Norfolk, VA	3.0	2.0	1350	$2,350	$1.74	45d	1	1.04mi
1851 E Ocean View Ave Apt 4 Norfolk, VA	2.0	1.0	700	$1,100	$1.57	45d	1	1.06mi
1837 E Ocean View Ave Norfolk, VA	2.0	2.0	850	$1,735	$2.04	45d	1	1.08mi
2916 Pleasant Ave Unit 6 Norfolk, VA	2.0	1.0	800	$1,195	$1.49	45d	1	1.15mi
9617 11th Bay St Unit 2 Norfolk, VA	2.0	2.0	1200	$1,400	$1.17	45d	1	1.20mi
9560 12th Bay St Unit B Norfolk, VA	2.0	1.0	800	$1,225	$1.53	45d	1	1.23mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	45d	1	1.24mi
1521 E Ocean View Ave #208 Norfolk, VA	2.0	1.5	1024	$1,595	$1.56	45d	1	1.27mi
845 Norman Ave Norfolk, VA	2.0	1.0	862	$2,000	$2.32	25d	1	1.30mi
9714 11th Bay St Unit 1354823P Norfolk, VA	2.0	1.0	796	$2,386	$3.00	21d	1	1.33mi
9714 11th Bay St Unit 1533634P Norfolk, VA	2.0	1.0	775	$2,691	$3.47	4d	1	1.33mi
1030 Creamer Rd Norfolk, VA	2.0	1.0	928	$1,600	$1.72	3d	1	1.35mi
9563 15th Bay St Unit 4 Norfolk, VA	3.0	2.0	1100	$1,695	$1.54	45d	1	1.37mi
869 Bancker Rd Norfolk, VA	2.0	1.0–1.5	910	$1,142	$1.26	45d	1	1.37mi
8121 Tidal Rd Norfolk, VA	2.0	1.0	805	$1,425	$1.77	45d	1	1.39mi
1336 Modoc Ave Norfolk, VA	2.0	1.0	837	$1,650	$1.97	45d	1	1.39mi
719 E Bayview Blvd Norfolk, VA	2.0	1.0	850	$1,537	$1.81	5d	2	1.40mi
9551 16th Bay St Norfolk, VA	2.0	1.5	787	$1,495	$1.90	45d	1	1.41mi
1420 E Ocean View Ave Norfolk, VA	3.0	2.5	1465	$2,300	$1.57	25d	1	1.41mi
1336 E Balview Ave Norfolk, VA	2.0	1.0	1300	$1,300	$1.00	25d	1	1.42mi
9608 15th Bay St Norfolk, VA	2.0	1.0	800	$1,600	$2.00	45d	1	1.43mi
1367 E Ocean View Ave Norfolk, VA	2.0	1.0	850	$1,610	$1.89	5d	2	1.44mi
1329 E Balview Ave Norfolk, VA	2.0	1.0	762	$1,295	$1.70	45d	1	1.44mi
1311 Modoc Ave Unit B Norfolk, VA	2.0	1.0	800	$1,350	$1.69	22d	1	1.45mi
1311 Modoc Ave Unit B Norfolk, VA	2.0	1.0	800	$1,350	$1.69	9d	1	1.45mi
3601 Pleasant Ave Norfolk, VA	2.0	1.0	750	$1,562	$2.08	23d	1	1.46mi
1233 Oak Park Ave Norfolk, VA	3.0	2.0	1200	$2,050	$1.71	45d	1	1.47mi
756 Norman Ave Norfolk, VA	3.0	1.0	1500	$1,875	$1.25	23d	1	1.50mi

Listing history 6 events

1. 2026-05-18
   historical Active Under Contract 579-char remark
2. 2026-05-08
   listed $289,000 Active 579-char remark
3. 2005-02-02
   soldstatus $152,500
4. 2003-07-17
   soldstatus $110,000
5. 1986-12-04
   soldstatus $69,500
6. 1961-06-22
   soldstatus $14,500

ⓘ 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: $3,074 · $256/mo
• Projected year-2 tax: $3,074 · $256/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 6/10 Major FEMA zone X (unshaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥104°F today · 17 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: $25,873
• − Mortgage interest: −$16,188
• − Property taxes: −$3,074
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − Depreciation: −$8,407
• Taxable loss: −$7,381
• Est. tax savings @ 24.0%: +$1,771
• After-tax cash flow: $-494/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): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% 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: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

+1637.9% since first listed

8 events — show timeline

• 2026-06-01 Sold (MLS) $252,000 REINMLS
• 2026-05-26 Pending — REINMLS
• 2026-05-18 Contingent — REINMLS
• 2026-05-08 Listed $289,000 REINMLS
• 2005-02-02 Sold (Public Records) $152,500 Public Records
• 2003-07-17 Sold (Public Records) $110,000 Public Records
• 1986-12-04 Sold (Public Records) $69,500 Public Records
• 1961-06-22 Sold (Public Records) $14,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $3,074 · +5.0% YoY. Source: county tax records.