3500 Evangeline St · Norfolk, VA 23502

$206,000

4 bd · 2.0 ba · 1,892 sqft · MultiFamily public records · 5 Days on market

Built 1956

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Why this score? — see what drove the C+ 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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor special! Big Back yard and lot space! Located on a corner lot! Full Rehab needed. Cash or Rehab loan only!

Key facts

• Big back yard
• Corner lot
• Built 1956

Tags

• BIG BACK YARD
• CORNER LOT

Property features AI

Finance

• Other: Property listed as fixer upper; Each unit typically leased yearly

Exterior

• Parking: Driveway parking; Street parking
• Utilities: Separate meters for all utilities (electric and gas); City/County water; City/County sewer; Electric water heater
• Home design: Duplex; Simple ownership; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Wood siding; Back yard fenced with chain-link; Corner lot

Interior

• Kitchen: Each unit has a kitchen; Electric range in each unit
• Bedrooms: Two 2-bedroom units
• Flooring: Carpeted floors in each unit
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric heating in each unit; Central air conditioning in each unit
• Interior features: Cable TV hookup; Utility closet; Main floor laundry (accessible)
• Laundry & utility: Washer hookup in each unit; Dryer hookup in each unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $206k.

Deal economics

• At list price, monthly cash flow is $393 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $206k).
• Cap rate 8.6% 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: Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% FRL) — zoned schools average 92% FRL vs 59% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 55% at this address vs 42% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+15.1%/yr); 78 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% 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 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $58k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $98k; list at $206k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• 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 $206,000

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $4,026
• Equity at exit: $30,715

10-year hold

• IRR: 15.8%
• Equity multiple: 2.60×
• Total profit: $92,144
• Equity at exit: $17,811

Cash invested: $57,680 (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: 78
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,338 high
• Mortgage (P&I): −$1,080
• Tax from tax record: −$288 /mo · $3,458/yr
• Insurance: −$86
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $393

Break-even live

Break-even rent $1,841

Max offer price $206,000

Occupancy floor 78%

Sensitivity live

Price	-10% $509	-5% $451	+0% $393	+5% $334	+10% $276
Rent	-10% $208	-5% $300	+0% $393	+5% $485	+10% $577
Rate	-1.0pp $496	-0.5pp $445	base $393	+0.5pp $339	+1.0pp $285

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: $51,500
• Closing costs: $6,180
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	3d	1	0.85mi
2841 Earlscourt Ave Norfolk, VA	4.0	2.0	1404	$2,000	$1.42	4d	1	0.85mi
2808 Westminster Ave Norfolk, VA	4.0	2.0	1988	$2,295	$1.15	25d	1	0.89mi
2920 Cape Henry Ave Unit A Norfolk, VA	3.0	1.5	2331	$1,900	$0.82	3d	1	0.89mi
2700 Myrtle Ave Norfolk, VA	3.0	3.0	1888	$2,600	$1.38	45d	1	0.91mi
2806 Kimball Ter Norfolk, VA	3.0	2.5	1700	$2,100	$1.24	45d	1	1.01mi
1022 Kenton Ave Norfolk, VA	3.0	2.0	1400	$2,400	$1.71	11d	1	1.04mi
2800 Chesterfield Blvd Norfolk, VA	3.0	2.5	1760	$2,400	$1.36	5d	1	1.11mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	25d	1	1.14mi
1531 Spruce St Unit B Norfolk, VA	3.0	2.0	1304	$1,600	$1.23	45d	1	1.14mi
2531 Vincent Ave Norfolk, VA	3.0	2.0	1600	$2,195	$1.37	45d	1	1.20mi
2624 Chesterfield Blvd Norfolk, VA	4.0	1.5	1512	$2,000	$1.32	45d	1	1.23mi
1323 W Norcova Dr Norfolk, VA	3.0	1.0	1410	$2,500	$1.77	45d	1	1.26mi
2537 McKann Ave Norfolk, VA	4.0	2.5	2321	$2,695	$1.16	16d	1	1.28mi
1403 Lead St Norfolk, VA	4.0	2.5	1854	$2,550	$1.38	45d	1	1.32mi
1562 Norcova Ave Norfolk, VA	3.0	1.0	1288	$2,000	$1.55	18d	1	1.49mi
2660 Chesapeake Blvd Norfolk, VA	3.0	2.0	1375	$2,100	$1.53	18d	1	1.49mi

Listing history 4 events

1. 2026-05-21
   listed $206,000 Active
2. 2002-01-31
   soldstatus $97,500
3. 1999-11-17
   soldstatus $45,000
4. 1994-10-04
   soldstatus $40,000

ⓘ 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: $3,458 · $288/mo
• Projected year-2 tax: $3,458 · $288/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 ≥106°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: $28,052
• − Mortgage interest: −$11,539
• − Property taxes: −$3,458
• − Insurance: −$1,030
• − Repairs & maintenance: −$2,244
• − Management: −$2,244
• − Depreciation: −$5,993
• Taxable income: $1,544
• Est. tax owed @ 24.0%: −$371
• After-tax cash flow: $4,339/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

+415.0% since first listed

4 events — show timeline

• 2026-05-21 Listed $206,000 REINMLS
• 2002-01-31 Sold (Public Records) $97,500 Public Records
• 1999-11-17 Sold (Public Records) $45,000 Public Records
• 1994-10-04 Sold (Public Records) $40,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $3,458 · +14.8% YoY. Source: county tax records.