16 Rex Ave · Portsmouth, VA 23702

$158,900

4 bd · 1.5 ba · 1,060 sqft · SingleFamily public records · 160 Days on market

Built 1952 Est $217k · 27% under

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Check out this house with 4 bedrooms and 2 baths. In addition, the home is convenient to interstates, bases, beaches, shopping, and more. Short sale being professionally handled; home to be sold as-is.

Key facts

• Convenient to bases
• 2 parking spots
• Built 1952

Tags

• CONVENIENT TO INTERSTATES
• CONVENIENT TO BASES
• CONVENIENT TO BEACHES
• CONVENIENT TO SHOPPING

Property features AI

Finance

• Other:
• Financial info:
• HOA & community: No HOA fees

Exterior

• Parking: Off-street parking; Driveway spaces (2 total)
• Security:
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached ranch; Single-story; Crawl foundation; Simple ownership
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Corner lot; Back yard fenced with wood fence

Interior

• Kitchen:
• Bedrooms: Master bedroom on the first floor; First floor bedroom
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; Bedroom and full bathroom on the first floor
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Walk-in closet
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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.
• Market conditions: Rents rising (+4.0%/yr); 64 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,245/mo this rent would consume 55% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $44k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 7y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $139,832 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.41% ✓
• Cap rate: 11.32%
• Cash-on-cash: 17.96%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $217,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 Dahlgren Ave Unit B	0.05mi	3/1.0 (-1)	1,078 (+2%)	1mo	$194,700	$181	87
132 Afton Pkwy	0.29mi	3/2.0 (-1)	1,056 (-0%)	3mo	$244,900	$232	76
12 Oakcrest St	0.23mi	3/1.0 (-1)	1,115 (+5%)	3mo	$120,000	$108	71
93 Nicholson St	0.15mi	3/1.5 (-1)	1,200 (+13%)	7mo	$221,500	$185	60
14 Woodland St	0.60mi	3/2.0 (-1)	1,040 (-2%)	7mo	$240,000	$231	56
171 Gillis Rd	0.61mi	3/2.0 (-1)	1,040 (-2%)	9mo	$240,000	$231	54
25 Fiske St	0.49mi	3/1.5 (-1)	1,148 (+8%)	6mo	$235,000	$205	53
5 Rodgers Pl	0.67mi	3/1.0 (-1)	1,072 (+1%)	9mo	$223,000	$208	52
59 Bainbridge Ave	0.36mi	3/1.0 (-1)	1,214 (+14%)	3mo	$120,000	$99	50
3 Prospect Pkwy	0.47mi	3/2.0 (-1)	1,216 (+15%)	2mo	$126,000	$104	45
1512 Boxwood Dr	0.72mi	3/2.0 (-1)	1,208 (+14%)	2mo	$365,000	$302	34
1905 Redgate Dr	0.64mi	3/1.0 (-1)	920 (-13%)	8mo	$175,000	$190	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 29.6%
• Equity multiple: 3.34×
• Total profit: $104,299
• Equity at exit: $143,150

10-year hold

• IRR: 26.1%
• Equity multiple: 7.75×
• Total profit: $300,428
• Equity at exit: $308,708

Cash invested: $44,492 (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: 5.9×

Monthly cashflow live

• Estimated rent: $2,245 high
• Mortgage (P&I): −$833
• Tax from tax record: −$208 /mo · $2,502/yr
• Insurance: −$66
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $239

Break-even live

Break-even rent $1,942

Max offer price $158,900

Occupancy floor 84%

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	43d	1	0.83mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	12d	1	1.18mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	23d	1	1.32mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	23d	1	1.44mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	43d	1	1.44mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	23d	1	1.48mi

Listing history 42 events

1. 2026-06-16
   statusdays on market $158,900 Under Contract 160 DOM
2. 2026-06-15
   days on market $158,900 Active Under Contract 159 DOM
3. 2026-06-13
   days on market $158,900 Active Under Contract 157 DOM
4. 2026-06-09
   days on market $158,900 Active Under Contract 153 DOM
5. 2026-06-08
   days on market $158,900 Active Under Contract 152 DOM
6. 2026-06-07
   days on market $158,900 Active Under Contract 151 DOM
7. 2026-06-03
   days on market $158,900 Active Under Contract 147 DOM
8. 2026-06-02
   days on market $158,900 Active Under Contract 146 DOM
9. 2026-06-01
   days on market $158,900 Active Under Contract 145 DOM
10. 2026-05-31
    days on market $158,900 Active Under Contract 144 DOM
11. 2026-04-22
    historical Active Under Contract
12. 2026-04-13
    price $158,900
13. 2026-04-13
    status Active
14. 2026-01-12
    historical Active Under Contract
15. 2026-01-07
    listed $150,000 Active
16. 2025-10-16
    historical
17. 2025-09-24
    price $180,800
18. 2025-06-27
    price $180,900
19. 2025-06-19
    status Active
20. 2025-04-25
    historical Active Under Contract
21. 2025-04-10
    listed $150,000 Active
22. 2021-12-06
    soldstatus $189,900
23. 2021-11-15
    status Under Contract
24. 2021-11-03
    historical Active Under Contract
25. 2021-10-21
    listed $189,900 Active
26. 2021-10-21
    historical
27. 2021-10-05
    price $193,900
28. 2021-09-17
    status Active
29. 2021-09-17
    price $200,000
30. 2021-08-16
    historical Active Under Contract
31. 2021-08-12
    price $189,900
32. 2021-08-11
    listed $199,900 Active
33. 2020-06-05
    status Under Contract
34. 2020-06-02
    status Active
35. 2020-05-31
    historical
36. 2020-01-21
    historical Active Under Contract
37. 2020-01-16
    listed $29,900 Active
38. 2019-08-19
    historical
39. 2019-07-02
    price $89,900
40. 2019-05-20
    price $99,000
41. 2019-04-19
    listed $109,000 Active
42. 2005-09-28
    soldstatus $92,000

ⓘ 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: $2,502 · $208/mo
• Projected year-2 tax: $2,502 · $208/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 5/10 Major FEMA zone AE · 43% 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: $26,945
• − Mortgage interest: −$8,901
• − Property taxes: −$2,502
• − Insurance: −$5,913
• − Repairs & maintenance: −$2,156
• − Management: −$2,156
• − Depreciation: −$4,623
• Taxable income: $695
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $2,705/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

+72.7% since first listed

32 events — show timeline

• 2026-04-22 Contingent — REINMLS
• 2026-04-13 Price Changed $158,900 REINMLS
• 2026-04-13 Relisted — REINMLS
• 2026-01-12 Contingent — REINMLS
• 2026-01-07 Listed $150,000 REINMLS
• 2025-10-16 Listing Removed — REINMLS
• 2025-09-24 Price Changed $180,800 REINMLS
• 2025-06-27 Price Changed $180,900 REINMLS
• 2025-06-19 Relisted — REINMLS
• 2025-04-25 Contingent — REINMLS
• 2025-04-10 Listed $150,000 REINMLS
• 2021-12-06 Sold (Public Records) $189,900 Public Records
• 2021-11-15 Pending — REINMLS
• 2021-11-03 Contingent — REINMLS
• 2021-10-21 Listing Removed — REINMLS
• 2021-10-21 Listed $189,900 REINMLS
• 2021-10-05 Price Changed $193,900 REINMLS
• 2021-09-17 Relisted — REINMLS
• 2021-09-17 Price Changed $200,000 REINMLS
• 2021-08-16 Contingent — REINMLS
• 2021-08-12 Price Changed $189,900 REINMLS
• 2021-08-11 Listed $199,900 REINMLS
• 2020-06-05 Pending — REINMLS
• 2020-06-02 Relisted — REINMLS
• 2020-05-31 Listing Removed — REINMLS
• 2020-01-21 Contingent — REINMLS
• 2020-01-16 Listed $29,900 REINMLS
• 2019-08-19 Listing Removed — REINMLS
• 2019-07-02 Price Changed $89,900 REINMLS
• 2019-05-20 Price Changed $99,000 REINMLS
• 2019-04-19 Listed $109,000 REINMLS
• 2005-09-28 Sold (Public Records) $92,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $2,502 · +1.4% YoY. Source: county tax records.