3121 Jersey Ave · Norfolk, VA 23513

$140,000

2 bd · 1.0 ba · 732 sqft · SingleFamily public records · 50 Days on market

Built 1940 5,235 sqft lot $191/sqft · 41% below area Est $237k · 41% under

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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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ATTENTION INVESTORS!!! currently Tenant occupied….. Tenant would like to stay but can vacate prior to closing. Property is a fixer upper ARV is approximately 230k. seller desires cash buyers

Key facts

• 5,235 sq ft lot
• Built 1940
• Listed 49 days

🏷️ Possibly a rental listed for sale. The $140,000 price doesn't fit this home's estimated sale value (~$237,396) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (5.1% below list).
• Recommended offer: $133k (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Coleman Place Elementary (math 13% / reading 38%, grade F, #1,046 of 1,108 statewide, top 95%, 617 students, 98% FRL); Norview Middle (math 19% / reading 54%, grade F, #320 of 342 statewide, top 95%, 1,259 students, 89% FRL); Booker T Washington High (math 26% / reading 70%, grade D, #303 of 319 statewide, top 95%, 947 students, 94% FRL) — zoned schools average 94% FRL vs 59% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 135 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $140k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $132,798 (5.1% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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: 0.95% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.27%
• DSCR: 1.15
• GRM: 8.8

CMA / ARV

• ARV (median comp): $237,396
• List price: $140,000
• Delta: -41.03%
• 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
3711 Atterbury St	0.16mi	2/1.0	760 (+4%)	7mo	$225,000	$296	80
3749 Davis St	0.35mi	2/1.0	797 (+9%)	2mo	$125,000	$157	68
3521 Essex Cir	0.70mi	2/1.0	732 (0%)	2mo	$215,000	$294	66
2325 Rush St	0.68mi	2/1.0	720 (-2%)	8mo	$192,000	$267	59
2735 Harrell Ave	0.65mi	2/1.0	684 (-7%)	5mo	$180,000	$263	55
2421 Alder St	0.68mi	2/1.0	768 (+5%)	9mo	$200,000	$260	52
3061 Tree Chop Rd	0.67mi	2/1.0	800 (+9%)	3mo	$165,000	$206	51
3021 Sewells Point Rd	0.72mi	2/1.0	752 (+3%)	13mo	$178,450	$237	51
3125 Saint Mihiel Ave	0.69mi	2/1.0	800 (+9%)	5mo	$215,000	$269	48
3709 Wayne Cres	0.57mi	2/1.0	804 (+10%)	11mo	$244,719	$304	48
2733 Mckann Ave	0.69mi	2/1.5	810 (+11%)	3mo	$250,000	$309	46
4717 Krick St	0.68mi	3/2.0 (+1)	835 (+14%)	3mo	$255,000	$305	33

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 · 3.42% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-15,313
• Equity at exit: $20,874

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-2,221
• Equity at exit: $12,105

Cash invested: $39,200 (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 23513

• Home prices YoY: -9.3%
• Rents YoY: 3.4%
• Active inventory: 135
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$734
• Tax from tax record: −$150 /mo · $1,797/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $107

Break-even live

Break-even rent $1,193

Max offer price $140,000

Occupancy floor 87%

Sensitivity live

Price	-10% $186	-5% $146	+0% $107	+5% $67	+10% $28
Rent	-10% $2	-5% $54	+0% $107	+5% $159	+10% $212
Rate	-1.0pp $177	-0.5pp $142	base $107	+0.5pp $71	+1.0pp $34

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2939 Marne Ave Norfolk, VA	2.0	1.0	659	$1,700	$2.58	45d	1	0.56mi
3219 Brest Ave Norfolk, VA	2.0	1.0	675	$1,100	$1.63	45d	1	0.63mi
4505 Cape Henry Ave Norfolk, VA	2.0	1.0	720	$1,000	$1.39	45d	1	0.83mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	4d	1	0.86mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	45d	1	0.86mi
2403 Sewells Point Rd Unit 3 Norfolk, VA	1.0	1.0	600	$950	$1.58	45d	1	0.87mi
2928 Tidewater Dr Norfolk, VA	2.0	1.0	740	$1,350	$1.82	25d	1	0.98mi
1822 Saint Denis Ave Apt 4 Norfolk, VA	2.0	1.0	750	$995	$1.33	45d	1	0.99mi
1801 Saint Denis Ave Unit 1 Norfolk, VA	1.0	1.0	750	$1,595	$2.13	25d	1	1.06mi
2707 Azalea Garden Rd Apt B3 Norfolk, VA	2.0	1.0	680	$1,195	$1.76	25d	1	1.12mi
4852 E Princess Anne Rd Norfolk, VA	1.0	1.0	700	$1,099	$1.57	19d	1	1.19mi
6225 Alexander St Norfolk, VA	2.0	1.0	750	$1,299	$1.73	45d	1	1.21mi
6225 Alexander St Unit F Norfolk, VA	2.0	1.0	750	$1,499	$2.00	22d	1	1.21mi
6241 Alexander St Unit F Norfolk, VA	2.0	1.0	704	$895	$1.27	14d	1	1.22mi
1445 Norcova Ave Apt E Norfolk, VA	2.0	1.0	750	$1,125	$1.50	45d	1	1.24mi
1507 Halstead Ave Apt 102 Norfolk, VA	1.0	1.0	500	$989	$1.98	45d	1	1.26mi
5010 E Princess Anne Rd Norfolk, VA	1.0	1.0	500	$989	$1.98	45d	1	1.26mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	3d	8	1.26mi
6340 Sewells Point Rd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	23d	1	1.35mi
6343 Chesapeake Blvd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	23d	1	1.36mi
2421 Bolton St Unit F Norfolk, VA	2.0	1.0	725	$1,275	$1.76	45d	1	1.39mi
151 Orleans Cir #3 Norfolk, VA	1.0	1.0	510	$1,075	$2.11	12d	1	1.40mi
151 Orleans Cir Unit 2 Norfolk, VA	1.0	1.0	510	$1,050	$2.06	12d	1	1.40mi

Listing history 5 events

1. 2026-04-06
   listed $140,000 Active 197-char remark

   Show marketing remark (197 chars)

   ATTENTION INVESTORS!!! currently Tenant occupied….. Tenant would like to stay but can vacate prior to closing. Property is a fixer upper ARV is approximately 230k. seller desires cash buyers

2. 2014-10-21
   price $54,900
3. 1988-01-07
   soldstatus $49,900
4. 1987-08-03
   soldstatus $45,100
5. 1985-06-14
   soldstatus $41,500

ⓘ 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: $1,797 · $150/mo
• Projected year-2 tax: $1,797 · $150/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 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥105°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: $15,936
• − Mortgage interest: −$7,842
• − Property taxes: −$1,797
• − Insurance: −$700
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$4,073
• Taxable loss: −$1,026
• Est. tax savings @ 24.0%: +$246
• After-tax cash flow: $1,528/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): 28,628
• Household income: $68,380
• Rent vs Own: 43.9% rent · 56.1% own
• Severe rent burden: 1342.0

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 0.63)
• Race & ethnicity: Black 55% White 23% Hispanic / Latino 11% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 1% Slovak 1% Lithuanian 0%
• Foreign-born: 10% · Canada
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 4% 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: ▼ -33.67%
• Current HPI: 329.2241
• Rent YoY: ▲ 3.42%
• 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

+237.3% since first listed

5 events — show timeline

• 2026-04-06 Listed $140,000 REINMLS
• 2014-10-21 Price Changed $54,900 REINMLS
• 1988-01-07 Sold (Public Records) $49,900 Public Records
• 1987-08-03 Sold (Public Records) $45,100 Public Records
• 1985-06-14 Sold (Public Records) $41,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $1,797 · +3.6% YoY. Source: county tax records.