54 Burtis St · Portsmouth, VA 23702

$235,000

4 bd · 2.5 ba · 1,626 sqft · SingleFamily public records · 88 Days on market

Built 1929 8,712 sqft lot $145/sqft · 18% below area Est $285k · 18% under

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Why this score? — see what drove the B- 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 +18.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.8/10.0
• 1% rule +4.7/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming 4 bedroom, 2.5 bathroom home in the heart of Portsmouth. Offering over 1,600 square feet of comfortable living space and endless potential. With a well-designed layout and generously sized rooms, this home is a great canvas to make your own. Whether you’re a first-time buyer, investor, or someone looking to put their personal touch on a home, this property is full of promise and ready for its next chapter. Conveniently located near dining, shopping, and more! Call today for more information and to schedule your tour! Case#544-360655 IN (Insurable) Subject to Appraisal. Property is Owned by the US Dept. of HUD. Seller makes no representations or warranties as to the property condition. HUD Homes are Sold "AS IS". Equal Housing Opportunity. Seller may contribute up to 3% for buyers closing costs upon, upon bid submission.

Key facts

• 8,712 sq ft lot
• Built 1929
• Listed 88 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/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 $228k (3.0% below list).
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,279/mo this rent would consume 56% 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 $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago; this cycle's ask has dropped $51k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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: 0.97% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.04%
• DSCR: 1.18
• GRM: 8.6

CMA / ARV

• ARV (median comp): $285,393
• List price: $235,000
• Delta: -17.66%
• 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
27 Afton Pkwy	0.18mi	4/2.0	1,631 (+0%)	1mo	$309,000	$189	88
45 Prospect Pkwy	0.15mi	4/3.5	1,750 (+8%)	2mo	$302,000	$173	75
83 Channing Ave	0.35mi	4/3.0	1,721 (+6%)	1mo	$307,500	$179	71
25 Alden Ave	0.41mi	3/2.0 (-1)	1,656 (+2%)	1mo	$246,500	$149	70
422 Forecastle St	0.30mi	3/2.5 (-1)	1,520 (-6%)	2mo	$360,000	$237	68
25 Cushing St	0.30mi	4/2.5	1,802 (+11%)	1mo	$310,000	$172	67
19 Burtis St	0.21mi	4/2.0	1,400 (-14%)	1mo	$85,000	$61	64
13 Kennedy Dr	0.63mi	4/2.0	1,682 (+3%)	1mo	$298,000	$177	62
34 Alden Ave	0.41mi	3/2.0 (-1)	1,504 (-8%)	2mo	$260,000	$173	60
1445 Boxwood Dr	0.62mi	3/1.5 (-1)	1,618 (-0%)	3mo	$370,009	$229	59
2629 Greenwood Dr	0.71mi	4/2.0	1,700 (+5%)	1mo	$303,000	$178	57
12 Brierdale Pl	0.45mi	3/2.0 (-1)	1,437 (-12%)	2mo	$250,000	$174	51

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: 26.7%
• Equity multiple: 3.13×
• Total profit: $140,172
• Equity at exit: $211,707

10-year hold

• IRR: 23.6%
• Equity multiple: 7.23×
• Total profit: $409,840
• Equity at exit: $456,553

Cash invested: $65,800 (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: 8.6×

Monthly cashflow live

• Estimated rent: $2,279 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$248 /mo · $2,979/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $155

Break-even live

Break-even rent $2,082

Max offer price $235,000

Occupancy floor 88%

Sensitivity live

Price	-10% $288	-5% $222	+0% $155	+5% $89	+10% $22
Rent	-10% $-25	-5% $65	+0% $155	+5% $245	+10% $335
Rate	-1.0pp $274	-0.5pp $215	base $155	+0.5pp $94	+1.0pp $32

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	0.21mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	0.23mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	0.42mi
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.74mi
2750 Greenwood Dr Portsmouth, VA	3.0	2.0	1200	$1,700	$1.42	24d	1	0.88mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	0.95mi
251 Independence St Portsmouth, VA	3.0	2.5	1294	$2,550	$1.97	24d	1	1.00mi
213 Beacon Rd Portsmouth, VA	3.0	2.0	1280	$2,300	$1.80	24d	1	1.09mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	1.16mi
2810 Roanoke Ave Portsmouth, VA	3.0	1.5	1100	$2,100	$1.91	44d	1	1.27mi
1314 Summit Ave Portsmouth, VA	3.0	1.5	1152	$1,750	$1.52	44d	1	1.28mi
1061 Saint Julian Dr Chesapeake, VA	4.0	2.0	1611	$2,550	$1.58	24d	1	1.38mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	4d	1	1.40mi
3317 Downes St Portsmouth, VA	3.0	2.0	1148	$1,995	$1.74	11d	1	1.40mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	1.44mi
1114 Woodland Terrace Dr Chesapeake, VA	3.0	1.0	1223	$2,000	$1.64	24d	1	1.49mi

Listing history 20 events

1. 2026-06-02
   statusdays on market $235,000 Under Contract 88 DOM
2. 2026-05-14
   historical Active Under Contract 872-char remark

   Show marketing remark (872 chars)

   Welcome to this charming 4 bedroom, 2.5 bathroom home in the heart of Portsmouth. Offering over 1,600 square feet of comfortable living space and endless potential. With a well-designed layout and generously sized rooms, this home is a great canvas to make your own. Whether you’re a first-time buyer, investor, or someone looking to put their personal touch on a home, this property is full of promise and ready for its next chapter. Conveniently located near dining, shopping, and more! Call today for more information and to schedule your tour! Case#544-360655 IN (Insurable) Subject to Appraisal. Property is Owned by the US Dept. of HUD. Seller makes no representations or warranties as to the property condition. HUD Homes are Sold "AS IS". Equal Housing Opportunity. Seller may contribute up to 3% for buyers closing costs upon, upon bid submission.

3. 2026-04-21
   price $235,000 872-char remark

   Show marketing remark (872 chars)

   Welcome to this charming 4 bedroom, 2.5 bathroom home in the heart of Portsmouth. Offering over 1,600 square feet of comfortable living space and endless potential. With a well-designed layout and generously sized rooms, this home is a great canvas to make your own. Whether you’re a first-time buyer, investor, or someone looking to put their personal touch on a home, this property is full of promise and ready for its next chapter. Conveniently located near dining, shopping, and more! Call today for more information and to schedule your tour! Case#544-360655 IN (Insurable) Subject to Appraisal. Property is Owned by the US Dept. of HUD. Seller makes no representations or warranties as to the property condition. HUD Homes are Sold "AS IS". Equal Housing Opportunity. Seller may contribute up to 3% for buyers closing costs upon, upon bid submission.

4. 2026-02-27
   listed $286,000 Active 872-char remark

   Show marketing remark (872 chars)

   Welcome to this charming 4 bedroom, 2.5 bathroom home in the heart of Portsmouth. Offering over 1,600 square feet of comfortable living space and endless potential. With a well-designed layout and generously sized rooms, this home is a great canvas to make your own. Whether you’re a first-time buyer, investor, or someone looking to put their personal touch on a home, this property is full of promise and ready for its next chapter. Conveniently located near dining, shopping, and more! Call today for more information and to schedule your tour! Case#544-360655 IN (Insurable) Subject to Appraisal. Property is Owned by the US Dept. of HUD. Seller makes no representations or warranties as to the property condition. HUD Homes are Sold "AS IS". Equal Housing Opportunity. Seller may contribute up to 3% for buyers closing costs upon, upon bid submission.

5. 2022-09-15
   soldstatus $225,000
6. 2022-08-18
   status Under Contract
7. 2022-08-15
   listed $220,000 Active
8. 2018-03-27
   status Under Contract
9. 2018-03-05
   listed $169,900 Active
10. 2018-02-12
    listed $95,000
11. 2018-02-01
    soldstatus $95,000
12. 2017-12-12
    status Under Contract
13. 2017-11-30
    status Active
14. 2017-11-10
    status Under Contract
15. 2017-10-31
    price $95,000
16. 2017-10-19
    status Active
17. 2017-10-09
    status Under Contract
18. 2017-09-24
    listed $100,000 Active
19. 2014-06-03
    price $124,900 Active
20. 2011-07-08
    soldstatus $153,000

ⓘ 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: $2,979 · $248/mo
• Projected year-2 tax: $2,979 · $248/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 8/10 Severe FEMA zone X (shaded) · 99% 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: $27,347
• − Mortgage interest: −$13,164
• − Property taxes: −$2,979
• − Insurance: −$1,972
• − Repairs & maintenance: −$2,188
• − Management: −$2,188
• − Depreciation: −$6,836
• Taxable loss: −$1,980
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $2,339/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: 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

+53.6% since first listed

19 events — show timeline

• 2026-05-14 Contingent — REINMLS
• 2026-04-21 Price Changed $235,000 REINMLS
• 2026-02-27 Listed $286,000 REINMLS
• 2022-09-15 Sold (Public Records) $225,000 Public Records
• 2022-08-18 Pending — REINMLS
• 2022-08-15 Listed $220,000 REINMLS
• 2018-03-27 Pending — REINMLS
• 2018-03-05 Listed $169,900 REINMLS
• 2018-02-12 Listed $95,000 REINMLS
• 2018-02-01 Sold (Public Records) $95,000 Public Records
• 2017-12-12 Pending — REINMLS
• 2017-11-30 Relisted — REINMLS
• 2017-11-10 Pending — REINMLS
• 2017-10-31 Price Changed $95,000 REINMLS
• 2017-10-19 Relisted — REINMLS
• 2017-10-09 Pending — REINMLS
• 2017-09-24 Listed $100,000 REINMLS
• 2014-06-03 Price Changed $124,900 REINMLS
• 2011-07-08 Sold (Public Records) $153,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $2,979 · +2.5% YoY. Source: county tax records.