435 E Freemason St Unit 1B · Norfolk, VA 23510

$225,000

1 bd · 1.0 ba · 882 sqft · Condo public records · 63 Days on market

Built 2005 $255/sqft · at area comps Est $256k · 12% under $412/mo HOA · 24% of rent ↓ 13% 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 +13.0/15.0
• Appreciation +5.1/10.0
• Cash flow +4.9/30.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Turn-key, first-floor condo with zero-step entry - completely updated and move-in ready. Enjoy a brand-new kitchen featuring quartz countertops and newer stainless steel appliances. The spa-like bathroom offers a beautifully tiled shower and modern finishes. Fresh flooring and tasteful paint run throughout the home. Spacious layout includes a massive living room, dining area with space for a home office, and a large bedroom with a walk-in closet. Separate laundry closet provides additional storage. Relax on the inviting front porch with privacy from manicured bushes. Ample street parking available. Ideally located on a quiet, tree-lined street just minutes from the shops, dining, and energy of Granby Street!

Key facts

• Quartz countertops
• First-floor condo
• Zero-step entry

Tags

• FIRST-FLOOR CONDO
• ZERO-STEP ENTRY
• BRAND-NEW KITCHEN
• QUARTZ COUNTERTOPS
• SPA-LIKE BATHROOM
• TILED SHOWER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-540 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (42.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (23.4% below list).
• Recommended offer: $130k (42.4% 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.
• 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.
• Market conditions: Rents rising fast (+5.0%/yr); 44 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($2k loan paydown + $401 appreciation (0.2% local appreciation)).

Negotiation context

• It's been on market 63 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $129,672 (42.4% 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. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.77% ✗
• Cap rate: 3.41%
• Cash-on-cash: -10.28%
• DSCR: 0.54
• GRM: 10.9

CMA / ARV

• ARV (median comp): $256,500
• List price: $225,000
• Delta: -12.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

0.18% appreciation · 4.96% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.44×
• Total profit: $-35,357
• Equity at exit: $67,345

10-year hold

• IRR: -3.8%
• Equity multiple: 0.56×
• Total profit: $-27,609
• Equity at exit: $82,575

Cash invested: $63,000 (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 23510

• Home prices YoY: 0.1%
• Rents YoY: 5.0%
• Active inventory: 44
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,723 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$215 /mo · $2,581/yr
• Insurance: −$94
• HOA: −$412
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-540

Break-even live

Break-even rent $2,406

Max offer price $129,672

Occupancy floor —

Sensitivity live

Price	-10% $-412	-5% $-476	+0% $-540	+5% $-603	+10% $-667
Rent	-10% $-676	-5% $-608	+0% $-540	+5% $-472	+10% $-404
Rate	-1.0pp $-426	-0.5pp $-482	base $-540	+0.5pp $-598	+1.0pp $-657

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
444 E Freemason St Unit 1B Norfolk, VA	1.0	1.0	864	$1,700	$1.97	17d	1	0.01mi
415 Saint Pauls Blvd Norfolk, VA	1.0–2.0	2.0	1186	$1,750	$1.48	4d	3	0.09mi
415 Saint Pauls Blvd Norfolk, VA	2.0	2.0	1185	$2,348	$1.98	13d	4	0.09mi
426 Granby St Unit 2B Norfolk, VA	2.0	1.5	1100	$1,895	$1.72	24d	1	0.22mi
426 Granby St Unit 2B Norfolk, VA	2.0	1.5	1100	$2,000	$1.82	44d	1	0.22mi
500 E Plume St Norfolk, VA	1.0	1.0	591	$1,622	$2.74	4d	1	0.23mi
388 Boush St Norfolk, VA	2.0	2.0	1057	$2,070	$1.96	2d	2	0.29mi
388 Boush St Norfolk, VA	2.0	2.0	1057	$1,895	$1.79	21d	2	0.29mi
1 E Plume St Unit 3 Norfolk, VA	2.0	1.0	675	$1,950	$2.89	4d	1	0.35mi
645 Church St Norfolk, VA	1.0–3.0	1.0–2.0	881	$1,140	$1.29	8d	1	0.35mi
200 College Pl Norfolk, VA	1.0–3.0	1.0–2.0	1047	$1,847	$1.76	2d	12	0.36mi
229 W Bute St Norfolk, VA	1.0	1.0	573	$1,889	$3.30	4d	4	0.37mi
321 E Main St Norfolk, VA	3.0	1.0–2.0	1147	$2,766	$2.41	2d	15	0.37mi
740 Duke St Norfolk, VA	1.0	1.0	701	$1,675	$2.39	44d	1	0.49mi
500 Botetourt St Norfolk, VA	1.0–2.0	1.0–2.0	650	$1,400	$2.15	2d	3	0.58mi
330 W Brambleton Ave Norfolk, VA	2.0	1.0–2.0	744	$1,525	$2.05	3d	1	0.59mi
200 Drummond Pl Unit b2 Norfolk, VA	2.0	1.0	1000	$1,695	$1.70	45d	1	0.70mi
200 Drummond Pl Norfolk, VA	1.0–2.0	1.0	975	$1,695	$1.74	24d	4	0.70mi
408 Mowbray Arch Unit 3 Norfolk, VA	1.0	1.0	780	$1,460	$1.87	44d	1	0.70mi
1110 Chapel St Unit 6 Norfolk, VA	2.0	1.0	1000	$1,200	$1.20	44d	1	0.71mi
119 E Princess Anne Rd Unit 205 Norfolk, VA	2.0	2.0	1024	$2,375	$2.32	16d	1	0.72mi
119 E Princess Anne Rd Unit 204 Norfolk, VA	1.0	1.0	670	$1,900	$2.84	16d	1	0.72mi
119 E Princess Anne Rd Unit 206 Norfolk, VA	1.0	1.0	760	$1,950	$2.57	16d	1	0.72mi
119 E Princess Anne Rd Unit 305 Norfolk, VA	2.0	2.0	1024	$2,325	$2.27	17d	1	0.72mi
407 Fairfax Ave Unit 201 Norfolk, VA	1.0	1.0	800	$1,300	$1.62	20d	1	0.75mi
407 Fairfax Ave Unit 201 Norfolk, VA	1.0	1.0	800	$1,300	$1.62	24d	1	0.75mi
407 Fairfax Ave Unit 103 Norfolk, VA	2.0	1.0	975	$1,450	$1.49	3d	1	0.75mi
533 Front St Norfolk, VA	1.0	1.0	813	$1,825	$2.24	44d	1	0.89mi
533 Front St Apt 329 Norfolk, VA	2.0	2.0	1105	$3,300	$2.99	19d	1	0.89mi
819 Colonial Ave Norfolk, VA	1.0–3.0	1.0–2.0	1092	$1,700	$1.56	2d	11	0.94mi
742 Lexington St Unit A Norfolk, VA	2.0	1.0	780	$1,100	$1.41	20d	1	0.98mi
405 Clifton St Unit A Norfolk, VA	2.0	2.0	787	$1,245	$1.58	17d	1	0.99mi
405 Clifton St Unit A Norfolk, VA	2.0	1.0	700	$1,245	$1.78	24d	1	0.99mi
758 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	8d	1	1.03mi
754 Fremont St Norfolk, VA	2.0	1.0	852	$995	$1.17	3d	1	1.03mi
450 W Princess Anne Rd #304 Norfolk, VA	1.0	1.0	800	$1,775	$2.22	44d	1	1.04mi
1210 Colonial Ave Norfolk, VA	1.0	1.0	486	$1,146	$2.36	44d	1	1.05mi
1215 Colonial Ave Unit 3 Norfolk, VA	1.0	1.0	675	$1,000	$1.48	24d	1	1.09mi
359 Middle St Portsmouth, VA	1.0	1.0	700	$1,150	$1.64	44d	1	1.10mi
303 North St #2 Portsmouth, VA	1.0	1.0	800	$1,224	$1.53	15d	1	1.12mi

HOA detail condo

• Monthly dues: $412 · $4,944/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $225,000 Active 63 DOM
2. 2026-06-17
   days on market $225,000 Active 62 DOM
3. 2026-06-16
   days on market $225,000 Active 61 DOM
4. 2026-06-15
   days on market $225,000 Active 60 DOM
5. 2026-06-13
   days on market $225,000 Active 58 DOM
6. 2026-06-09
   days on market $225,000 Active 54 DOM
7. 2026-06-08
   days on market $225,000 Active 53 DOM
8. 2026-06-07
   days on market $225,000 Active 52 DOM
9. 2026-06-03
   days on market $225,000 Active 48 DOM
10. 2026-06-02
    days on market $225,000 Active 47 DOM
11. 2026-06-01
    days on market $225,000 Active 46 DOM
12. 2026-05-31
    days on market $225,000 Active 45 DOM
13. 2026-04-21
    price $225,000 717-char remark

    Show marketing remark (717 chars)

    Turn-key, first-floor condo with zero-step entry - completely updated and move-in ready. Enjoy a brand-new kitchen featuring quartz countertops and newer stainless steel appliances. The spa-like bathroom offers a beautifully tiled shower and modern finishes. Fresh flooring and tasteful paint run throughout the home. Spacious layout includes a massive living room, dining area with space for a home office, and a large bedroom with a walk-in closet. Separate laundry closet provides additional storage. Relax on the inviting front porch with privacy from manicured bushes. Ample street parking available. Ideally located on a quiet, tree-lined street just minutes from the shops, dining, and energy of Granby Street!

14. 2026-04-15
    listed $235,000 Active 717-char remark

    Show marketing remark (717 chars)

    Turn-key, first-floor condo with zero-step entry - completely updated and move-in ready. Enjoy a brand-new kitchen featuring quartz countertops and newer stainless steel appliances. The spa-like bathroom offers a beautifully tiled shower and modern finishes. Fresh flooring and tasteful paint run throughout the home. Spacious layout includes a massive living room, dining area with space for a home office, and a large bedroom with a walk-in closet. Separate laundry closet provides additional storage. Relax on the inviting front porch with privacy from manicured bushes. Ample street parking available. Ideally located on a quiet, tree-lined street just minutes from the shops, dining, and energy of Granby Street!

15. 2007-01-31
    soldstatus $259,900

ⓘ 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: $2,581 · $215/mo
• Projected year-2 tax: $2,581 · $215/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 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 5/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,676
• − Mortgage interest: −$12,603
• − Property taxes: −$2,581
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − HOA: −$4,944
• − Depreciation: −$6,545
• Taxable loss: −$10,432
• Est. tax savings @ 24.0%: +$2,504
• After-tax cash flow: $-3,972/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): 9,190
• Household income: $73,524
• Rent vs Own: 82.5% rent · 17.5% own
• Severe rent burden: 803.0

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 0.65)
• Race & ethnicity: White 45% Black 38% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 3% Slovak 2% Scotch-Irish 2%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 6% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 0.18%
• Current HPI: 217.9574
• Rent YoY: ▲ 4.96%
• 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

-13.4% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $225,000 REINMLS
• 2026-04-15 Listed $235,000 REINMLS
• 2007-01-31 Sold (Public Records) $259,900 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,581 · -7.8% YoY. Source: county tax records.