107 Franklin Ave · Portsmouth, VA 23702

$345,000

3 bd · 2.5 ba · 1,435 sqft · Land · 15 Days on market

Built 2026 $240/sqft · 35% above area Est $255k · 35% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +3.9/30.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0

Listing remarks

This stunning new construction home features modern finishes and a thoughtfully designed layout. A spacious one-car attached garage complements the open-concept living area and stylish kitchen with stainless steel appliances and granite countertops. LVP flooring enhances the main level, while comfortable carpeting upstairs adds warmth. The primary suite offers a private ensuite bathroom and a large walk-in closet. Enjoy outdoor living on the rear deck, perfect for relaxing or entertaining.

Key facts

• Lvp flooring
• Granite countertops
• Garage

Tags

• ONE CAR ATTACHED GARAGE
• OPEN CONCEPT LIVING AREA
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• LVP FLOORING
• PRIVATE ENSUITE BATHROOM

Property features AI

Finance

• HOA & community: No HOA fees indicated

Exterior

• Parking: Attached 1-car garage; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power available
• Home design: Detached traditional-style home; Two stories; Slab foundation; Simple ownership
• Construction: Shingle exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Shingle siding; Asphalt shingle roof

Interior

• Kitchen: Range; Dishwasher
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Walk-in closet; Carpet and laminate flooring
• Laundry & utility: Washer hookup; Dryer hookup; Utility room; Utility closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $345k.

Deal economics

• At list price, monthly cash flow is $-974 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (48.3% below list).
• Recommended offer: $179k (48.3% below list) — sets the bar for 1% rule.
• Cap rate 2.9% vs local median 4.6% in Portsmouth — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Victory Elementary (math 37% / reading 57%, grade D-, #794 of 1,108 statewide, top 74%, 589 students, 117% FRL); I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 108% FRL vs 60% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• This rent runs 44% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $34k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$59k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $345k implies a 393% 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 $178,525 (48.3% 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. 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. 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?
6. 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.
7. 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.
8. 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: 0.52% ✗
• Cap rate: 2.91%
• Cash-on-cash: -12.10%
• DSCR: 0.46
• GRM: 16.1

CMA / ARV

• ARV (median comp): $254,810
• List price: $345,000
• Delta: 35.39%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.32×
• Total profit: $127,656
• Equity at exit: $310,803

10-year hold

• IRR: 15.6%
• Equity multiple: 5.44×
• Total profit: $428,470
• Equity at exit: $670,259

Cash invested: $96,600 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $1,785 high
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,175/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-974

Break-even live

Break-even rent $3,018

Max offer price $204,079

Occupancy floor —

Sensitivity live

Price	-10% $-735	-5% $-855	+0% $-974	+5% $-1,093	+10% $-1,212
Rent	-10% $-1,115	-5% $-1,044	+0% $-974	+5% $-903	+10% $-833
Rate	-1.0pp $-800	-0.5pp $-886	base $-974	+0.5pp $-1,063	+1.0pp $-1,154

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3724 Deep Creek Blvd Unit 3728 Portsmouth, VA	2.0	1.0	900	$995	$1.11	24d	1	0.18mi
3724 Deep Creek Blvd Unit 3754 Portsmouth, VA	2.0	1.0	900	$995	$1.11	13d	1	0.18mi
231 Edison Ave Portsmouth, VA	2.0	1.5	1100	$1,275	$1.16	20d	1	0.20mi
231 Edison Ave Unit 231 Portsmouth, VA	2.0	1.5	1050	$1,275	$1.21	11d	1	0.20mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	0.24mi
21 DeKalb Ave Portsmouth, VA	2.0	1.0	984	$1,550	$1.58	44d	1	0.31mi
70 Manly St Portsmouth, VA	2.0	1.0	1000	$1,350	$1.35	44d	1	0.38mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	18d	1	0.44mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	15d	1	0.44mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	0.53mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	0.53mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	0.54mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	0.56mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.56mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	0.62mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.67mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	0.68mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	0.74mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	0.79mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	0.80mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	0.85mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	24d	1	0.94mi
1915 Des Moines Ave Portsmouth, VA	3.0	1.0	1070	$1,700	$1.59	17d	1	0.94mi
1915 Lansing Ave Portsmouth, VA	3.0	1.0	1085	$1,675	$1.54	4d	1	0.95mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	0.98mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	0.99mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	1.03mi
2756 Peach St Portsmouth, VA	2.0	1.5	1040	$1,495	$1.44	24d	1	1.06mi
2906 Chestnut St Unit 1328007P Portsmouth, VA	2.0	1.0	947	$4,650	$4.91	8d	1	1.13mi
18 Cooper Dr Portsmouth, VA	2.0	1.0	920	$1,400	$1.52	18d	1	1.13mi
1802 Atlanta Ave Unit 2 Portsmouth, VA	2.0	1.0	1200	$1,500	$1.25	24d	1	1.14mi
2007 Elm Ave Portsmouth, VA	3.0	1.0	903	$1,300	$1.44	21d	1	1.14mi
102 Francis St #98 Portsmouth, VA	2.0	1.5	1000	$1,395	$1.40	17d	1	1.18mi
98 Francis St Portsmouth, VA	2.0	2.0	984	$1,395	$1.42	15d	1	1.18mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	1.19mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	44d	1	1.22mi
818 Coolidge St Portsmouth, VA	2.0	1.0	1230	$2,100	$1.71	44d	1	1.24mi
1416 Richmond Ave Portsmouth, VA	2.0	1.0	1024	$1,150	$1.12	44d	1	1.25mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	1.31mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	1.36mi

Listing history 2 events

1. 2026-05-15
   listed $345,000 Active 494-char remark
2. 2021-06-10
   soldstatus $70,000

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,423
• − Mortgage interest: −$19,325
• − Property taxes: −$5,175
• − Insurance: −$1,725
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$10,036
• Taxable loss: −$18,266
• Est. tax savings @ 24.0%: +$4,384
• After-tax cash flow: $-7,303/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+392.9% since first listed

4 events — show timeline

• 2026-05-30 Pending — REINMLS
• 2026-05-20 Contingent — REINMLS
• 2026-05-15 Listed $345,000 REINMLS
• 2021-06-10 Sold (Public Records) $70,000 Public Records

Property tax history

+13.8%/yr

Latest (2025): $595 · -47.9% YoY. Source: county tax records.