367 Middle St · Portsmouth, VA 23704

$650,000

None bd · 5.0 ba · 3,036 sqft · MultiFamily public records · 11 Days on market

Built 1852

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare opportunity to acquire a well-maintained 5-unit multifamily property in the heart of Portsmouth's highly sought-after Olde Towne Historic District. ? The property consists of two 2-bedroom, 1-bath units and three 1-bedroom, 1-bath units, offering an attractive unit mix that appeals to a broad tenant base. ? Positioned in one of Hampton Roads' most walkable and desirable neighborhoods, the property is just blocks from the Elizabeth River waterfront, Portsmouth-Norfolk Ferry, restaurants, coffee shops, museums, parks, and entertainment venues. ? Surrounded by major employment centers including Naval Medical Center Portsmouth, Norfolk Naval Shipyard, and Rivers Casino Portsmouth, the asse

Key facts

• Strong rental demand
• Turnkey asset
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• OLDE TOWNE HISTORIC DISTRICT
• WALKABLE NEIGHBORHOODS
• ELIZABETH RIVER WATERFRONT
• STRONG RENTAL DEMAND
• TURNKEY ASSET

Property features AI

Finance

• Financial info: Five-unit investment property (unit sizes listed separately)

Exterior

• Parking: Off-street parking
• Utilities: City water; City sewer; Electric; Telephone available; Electric water heater
• Home design: Multi-unit property with 5 total units; 2-story building; Simple ownership
• Construction: Frame construction; Basement foundation; Metal roof
• Exterior features: Brick siding

Interior

• Kitchen: Five ranges; Five refrigerators; Five dishwashers
• Bedrooms: Five separate units (unit-level bedroom counts not provided)
• Flooring: Carpet; Laminate
• Bathrooms: Each unit includes 1 bathroom (five units total with one bath each)
• Heating & cooling: Heat pump with auxiliary; Central air; Window/wall units
• Interior features: Carpet and laminate flooring
• Laundry & utility: No washers or dryers listed

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 3×1bd/1.0ba units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $819 ($10k/yr) — positive. Per door: $164/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $647k (0.4% below list).
• Recommended offer: $647k (0.4% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 4.6% in Portsmouth — 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 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: Park View Elementary (math 22% / reading 47%, grade F, #966 of 1,108 statewide, top 89%, 463 students, 99% 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 100% FRL vs 60% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 134 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $6,474/mo this rent would consume 157% of the median local household income ($50k/yr) (locally 1727% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $285k; list at $650k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1852 — 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $647,400 (0.4% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1852 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.00% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $394,680
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 North St	0.06mi	6/2.0	3,118 (+3%)	12mo	$425,000	$136	71
361 Dinwiddie St	0.17mi	4/3.0	3,300 (+9%)	2mo	$427,500	$130	68
130 Riverview Ave	0.74mi	—/—	2,600 (-14%)	2mo	$299,999	$115	40

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-51,176
• Equity at exit: $96,917

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $30,858
• Equity at exit: $56,200

Cash invested: $182,000 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 134
• Price-to-rent: 39.9×

Monthly cashflow live

• Estimated rent: $6,474 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$616 /mo · $7,394/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,360
• Net cashflow: $819

Break-even live

Break-even rent $5,438

Max offer price $650,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,187	-5% $1,003	+0% $819	+5% $635	+10% $451
Rent	-10% $307	-5% $563	+0% $819	+5% $1,075	+10% $1,330
Rate	-1.0pp $1,146	-0.5pp $984	base $819	+0.5pp $650	+1.0pp $479

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,714
▸ 3× units	1	1	$3,762
Total (5 units)			$6,474

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	24d	1	0.10mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	0.22mi
410 Pendleton St Unit A Norfolk, VA	3.0	1.5	3624	$1,400	$0.39	44d	1	0.92mi
1008 Grayson St Norfolk, VA	3.0	2.0	2200	$2,495	$1.13	44d	1	1.08mi
732 Yarmouth St Unit A Norfolk, VA	2.0	2.0	2257	$2,200	$0.97	24d	1	1.21mi

Listing history 7 events

1. 2026-06-21
   days on market $650,000 Active 11 DOM
2. 2026-06-18
   days on market $650,000 Active 8 DOM
3. 2026-06-17
   days on market $650,000 Active 7 DOM
4. 2026-06-16
   days on market $650,000 Active 6 DOM
5. 2026-06-15
   days on market $650,000 Active 5 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $650,000 Active 3 DOM

ⓘ 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: $7,394 · $616/mo
• Projected year-2 tax: $7,394 · $616/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 (shaded) · 57% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 15 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: $77,688
• − Mortgage interest: −$36,410
• − Property taxes: −$7,394
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,215
• − Management: −$6,215
• − Depreciation: −$18,909
• Taxable loss: −$705
• Est. tax savings @ 24.0%: +$169
• After-tax cash flow: $9,995/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): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

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: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

+91.2% since first listed

6 events — show timeline

• 2026-06-10 Listed $650,000 REINMLS
• 2019-12-11 Sold (Public Records) $285,000 Public Records
• 2019-10-30 Pending — REINMLS
• 2019-08-12 Price Changed $330,000 REINMLS
• 2019-06-14 Price Changed $347,000 REINMLS
• 2019-06-13 Listed $340,000 REINMLS

Property tax history

+5.2%/yr

Latest (2025): $7,394 · +2.7% YoY. Source: county tax records.