964 Marietta Ave · Norfolk, VA 23513

$199,000

5 bd · 2.0 ba · 2,184 sqft · SingleFamily public records · 16 Days on market

Built 1948 10,027 sqft lot $91/sqft · 50% below area Est $397k · 50% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.9/10.0
• 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

Investor special! Builders you want to take a look as new homes are going for $459k, this is a cash only or rehab loan property. Come see it today and submit your best offer. Buyer does their own due diligence. Sq ft pulled from tax records. This home if renovated can easily be converted to a five bedroom. Home on just under 1/4 acre, detached garage and driveway in the back.

Key facts

• 0.23 acre lot
• Garage
• Built 1948

Property features AI

Finance

• HOA & community: No HOA or POA fees reported

Exterior

• Parking: Detached 1-car garage; Additional driveway space; Off-street parking; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached home; Transitional style; Two stories; Crawl foundation; Simple ownership
• Construction: Crawl foundation; Aluminum and vinyl exterior
• Exterior features: Aluminum and vinyl siding; Chain-link fence; Asphalt shingle roof; Approximately 0.23-acre lot

Interior

• Bedrooms: Master bedroom (first floor) with ensuite
• Flooring: Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: One fireplace; Carpet flooring; First-floor bedroom with full bathroom; Office/Study; Breakfast area

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: Willard Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 506 students, 98% FRL); Norview High (math 33% / reading 85%, grade C+, #256 of 319 statewide, top 81%, 1,915 students, 97% FRL) — zoned schools average 97% FRL vs 59% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 132 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $2,570/mo this rent would consume 45% of the median local household income ($68k/yr) (locally 1342% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $196,015 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — 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 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: 1.29% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.70%
• DSCR: 1.57
• GRM: 6.5

CMA / ARV

• ARV (median comp): $397,440
• List price: $199,000
• Delta: -49.93%
• 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
964 Marietta Ave	0.00mi	4/2.0 (-1)	2,184 (0%)	1mo	$199,000	$91	94
977 Wolcott Ave	0.11mi	5/2.0	2,316 (+6%)	3mo	$380,000	$164	83
6446 Clare Rd	0.24mi	4/2.5 (-1)	2,214 (+1%)	6mo	$459,900	$208	74
1072 Joyner St	0.46mi	4/2.5 (-1)	2,146 (-2%)	3mo	$410,000	$191	66
1055 Kittrell St	0.42mi	4/2.5 (-1)	2,250 (+3%)	3mo	$449,900	$200	66
6348 Whittier Dr	0.48mi	4/2.5 (-1)	2,243 (+3%)	1mo	$460,000	$205	65
7012 Gregory Dr	0.40mi	4/2.5 (-1)	2,312 (+6%)	3mo	$405,000	$175	62
1072 Kane St	0.56mi	4/2.5 (-1)	2,170 (-1%)	7mo	$440,000	$203	60
6384 Dove St	0.37mi	4/3.0 (-1)	1,998 (-8%)	3mo	$403,800	$202	57
809 Craten Rd	0.53mi	4/2.5 (-1)	2,380 (+9%)	4mo	$390,000	$164	50
1029 Avenue E	0.66mi	4/2.5 (-1)	2,034 (-7%)	4mo	$409,000	$201	47
1077 Green St	0.67mi	4/2.5 (-1)	1,949 (-11%)	0mo	$400,000	$205	44

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $6,477
• Equity at exit: $29,672

10-year hold

• IRR: 13.0%
• Equity multiple: 2.06×
• Total profit: $58,832
• Equity at exit: $17,206

Cash invested: $55,720 (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: 132
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,570 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$314 /mo · $3,774/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $590

Break-even live

Break-even rent $1,824

Max offer price $199,000

Occupancy floor 72%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7120 Clarion Ln Norfolk, VA	4.0	2.0	1506	$2,300	$1.53	17d	1	0.62mi
941 Avenue G Unit G Norfolk, VA	4.0	2.5	2029	$2,600	$1.28	3d	1	0.67mi
6261 Alexander St Norfolk, VA	5.0	2.0	2166	$2,495	$1.15	43d	1	0.76mi
946 Avenue H Norfolk, VA	4.0	2.0	1980	$750	$0.38	43d	1	0.82mi
3776 Wayne Cir Norfolk, VA	4.0	3.0	2301	$2,795	$1.21	43d	1	0.88mi
409 Draper Dr Norfolk, VA	4.0	2.5	2262	$2,850	$1.26	43d	1	1.17mi
3541 Chesapeake Blvd Norfolk, VA	5.0	1.0	1476	$1,275	$0.86	7d	1	1.19mi
8028 Glade Rd Norfolk, VA	4.0	2.5	2061	$2,900	$1.41	43d	1	1.24mi
405 San Antonio Blvd Norfolk, VA	4.0	2.5	2200	$2,600	$1.18	12d	1	1.29mi
8107 Old Ocean View Rd Norfolk, VA	4.0	1.0	1562	$2,095	$1.34	17d	1	1.36mi
845 Burksdale Rd Norfolk, VA	5.0	2.0	1680	$1,895	$1.13	23d	1	1.38mi
3414 Tidewater Dr Norfolk, VA	4.0	2.5	2200	$3,000	$1.36	43d	1	1.42mi
3640 Robin Hood Rd Norfolk, VA	4.0	2.5	1400	$2,999	$2.14	17d	1	1.49mi

Listing history 3 events

1. 2026-05-13
   status Under Contract 378-char remark
2. 2026-05-02
   historical Active Under Contract 378-char remark
3. 2026-04-27
   listed $199,000 Active 378-char remark

ⓘ 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: $3,774 · $314/mo
• Projected year-2 tax: $3,774 · $314/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 ≥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: $30,844
• − Mortgage interest: −$11,147
• − Property taxes: −$3,774
• − Insurance: −$995
• − Repairs & maintenance: −$2,468
• − Management: −$2,468
• − Depreciation: −$5,789
• Taxable income: $4,205
• Est. tax owed @ 24.0%: −$1,009
• After-tax cash flow: $6,066/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

+0.0% since first listed

4 events — show timeline

• 2026-05-29 Sold (MLS) $199,000 REINMLS
• 2026-05-13 Pending — REINMLS
• 2026-05-02 Contingent — REINMLS
• 2026-04-27 Listed $199,000 REINMLS

Property tax history

+3.5%/yr

Latest (2025): $3,774 · +6.4% YoY. Source: county tax records.