1523 Manson St · Norfolk, VA 23523

$105,900

2 bd · 2.0 ba · 1,140 sqft · SingleFamily public records · 20 Days on market

Built 1905 2,495 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTORS-Come see this charming 3 bedroom Colonial waiting for you to update and revitalize-located near shopping and main roads. The large gutted kitchen is open to the living room. The primary bedroom is on the first floor-the remaining bedrooms are on the second floor-bathrooms are also ready for renovations. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

Key facts

• Large gutted kitchen
• Open to living room
• 2,495 sq ft lot

Tags

• LARGE GUTTED KITCHEN
• OPEN TO LIVING ROOM
• PRIMARY BEDROOM ON FIRST FLOOR
• LOCATED NEAR SHOPPING
• LOCATED NEAR MAIN ROADS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $106k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Recommended offer: $104k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: Southside Stem Academy At Campostella (math 11% / reading 37%, grade F, #1,064 of 1,108 statewide, top 96%, 737 students, 95% FRL); Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% FRL) — zoned schools average 94% FRL vs 59% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 25 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $732 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $104,311 (1.5% below list)

Questions for the listing agent

1. Built in 1905 — 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: 1.47% ✓
• Cap rate: 11.54%
• Cash-on-cash: 18.72%
• DSCR: 1.83
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $271,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
611 Partridge Ave	0.23mi	3/2.0 (+1)	1,200 (+5%)	1mo	$200,000	$167	74
1535 Vine St	0.05mi	3/1.5 (+1)	992 (-13%)	3mo	$245,000	$247	67
1415 Hibie St	0.39mi	3/1.5 (+1)	1,056 (-7%)	1mo	$247,000	$234	62
1507 Colon Ave	0.32mi	3/2.0 (+1)	1,050 (-8%)	7mo	$275,000	$262	61
1012 Nelson St	0.48mi	3/1.5 (+1)	1,075 (-6%)	1mo	$260,000	$242	61
1314 18th St	0.60mi	3/2.0 (+1)	1,212 (+6%)	5mo	$277,000	$229	52
702 Bethel Rd	0.72mi	3/1.0 (+1)	1,175 (+3%)	1mo	$309,000	$263	51
410 Middlesex St	0.53mi	3/2.5 (+1)	1,212 (+6%)	8mo	$173,000	$143	51
606 Bethel Rd	0.73mi	3/2.0 (+1)	1,216 (+7%)	6mo	$290,000	$238	45
711 Vellines Ave	0.49mi	3/1.5 (+1)	1,000 (-12%)	9mo	$252,900	$253	42
1236 Old Atlantic Ave	0.70mi	2/1.5	984 (-14%)	6mo	$173,298	$176	38
811 Whitehead Ave	0.60mi	3/1.0 (+1)	980 (-14%)	9mo	$212,500	$217	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $12,353
• Equity at exit: $15,790

10-year hold

• IRR: 19.6%
• Equity multiple: 2.65×
• Total profit: $48,891
• Equity at exit: $9,156

Cash invested: $29,652 (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 23523

• Home prices YoY: -16.6%
• Active inventory: 25
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,562 high
• Mortgage (P&I): −$555
• Tax from tax record: −$171 /mo · $2,058/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $463

Break-even live

Break-even rent $976

Max offer price $105,900

Occupancy floor 65%

Sensitivity live

Price	-10% $523	-5% $493	+0% $463	+5% $433	+10% $403
Rent	-10% $339	-5% $401	+0% $463	+5% $524	+10% $586
Rate	-1.0pp $516	-0.5pp $490	base $463	+0.5pp $435	+1.0pp $407

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: $26,475
• Closing costs: $3,177
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1535 Vine St Norfolk, VA	3.0	1.5	992	$2,100	$2.12	45d	1	0.08mi
1510 Wilson Rd Unit 1 Norfolk, VA	3.0	1.0	1100	$1,325	$1.20	25d	1	0.20mi
1510 Wilson Rd Unit 3 Norfolk, VA	3.0	1.0	1273	$1,200	$0.94	45d	1	0.20mi
1510 Wilson Rd #4 Norfolk, VA	3.0	1.0	1273	$1,400	$1.10	21d	1	0.20mi
1510 Wilson Rd #5 Norfolk, VA	2.0	1.0	900	$1,200	$1.33	25d	1	0.20mi
1510 Wilson Rd Norfolk, VA	3.0	1.0	815	$1,375	$1.69	45d	1	0.20mi
900 Partridge Ave Chesapeake, VA	3.0	1.5	1000	$1,900	$1.90	5d	1	0.34mi
1100 Wilson Rd Norfolk, VA	3.0	1.0	900	$1,550	$1.72	5d	1	0.41mi
1100 Wilson Rd Unit 7 Norfolk, VA	3.0	1.5	900	$1,550	$1.72	8d	1	0.41mi
1201 Transylvania Ave Chesapeake, VA	2.0	1.0	750	$1,350	$1.80	25d	1	0.59mi
903 Sherman Ln Norfolk, VA	3.0	1.0	1031	$1,850	$1.79	45d	1	0.63mi
909 E Liberty St Norfolk, VA	3.0	1.0	1030	$1,495	$1.45	45d	1	0.68mi
1009 Middlesex St Norfolk, VA	2.0	2.0	844	$1,189	$1.41	25d	3	0.77mi
1321 Chesapeake Ave Unit B Chesapeake, VA	3.0	1.0	1000	$1,695	$1.70	25d	1	0.81mi
1415 Commerce Ave Apt 1 Chesapeake, VA	2.0	1.0	800	$1,450	$1.81	8d	1	0.85mi
711 Grayson St Unit 712-04 Norfolk, VA	2.0	1.0	860	$1,200	$1.40	13d	1	0.85mi
1411 Seaboard Ave Unit A UP Chesapeake, VA	1.0	1.0	700	$925	$1.32	3d	1	0.87mi
1151 Perry St Chesapeake, VA	3.0	1.0	1296	$2,000	$1.54	18d	1	0.97mi
701 S Main St Norfolk, VA	3.0	2.0	1076	$1,349	$1.25	3d	2	1.08mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,525	$1.46	25d	1	1.09mi
1333 Perry St Chesapeake, VA	2.0	1.0	1048	$1,495	$1.43	16d	1	1.10mi
2638 King Ct Chesapeake, VA	3.0	1.5	1462	$2,000	$1.37	21d	1	1.17mi
405 Clifton St Unit A Norfolk, VA	2.0	1.0	700	$1,245	$1.78	25d	1	1.19mi
405 Clifton St Unit A Norfolk, VA	2.0	2.0	787	$1,245	$1.58	18d	1	1.19mi
2620 Sunrise Ave Chesapeake, VA	3.0	1.5	1462	$1,850	$1.27	25d	1	1.21mi
1712 Bainbridge Blvd Unit 4 Chesapeake, VA	2.0	1.0	750	$1,300	$1.73	25d	1	1.32mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,195	$2.08	16d	1	1.38mi
720 Forbes St Norfolk, VA	3.0	2.0	1056	$2,250	$2.13	45d	1	1.38mi
2016 Pond Ln Unit 2016 Chesapeake, VA	2.0	1.0	850	$1,450	$1.71	25d	1	1.40mi

Listing history 31 events

1. 2026-01-31
   status Under Contract
2. 2026-01-10
   listed $105,900 Active
3. 2023-12-04
   soldstatus $182,731
4. 2023-05-11
   soldstatus $169,000
5. 2023-05-02
   status Under Contract
6. 2023-04-24
   historical Active Under Contract
7. 2023-04-17
   status Active
8. 2023-03-10
   historical Active Under Contract
9. 2023-03-10
   status Active
10. 2023-02-28
    historical Active Under Contract
11. 2023-02-23
    listed $149,900 Active
12. 2021-08-12
    status Under Contract
13. 2021-08-12
    status Active
14. 2021-08-06
    historical Active Under Contract
15. 2021-08-02
    status Active
16. 2021-02-08
    historical
17. 2021-01-21
    price $118,000
18. 2021-01-19
    listed $120,000 Active
19. 2020-12-28
    status Under Contract
20. 2020-12-18
    listed $99,000 Active
21. 2019-05-15
    soldstatus $80,000
22. 2019-05-01
    status Under Contract
23. 2019-03-20
    price $79,999
24. 2019-02-15
    price $84,999
25. 2018-12-07
    listed $89,999 Active
26. 2017-04-21
    historical
27. 2017-01-18
    listed $105,000 Active
28. 2005-09-19
    soldstatus $94,100
29. 2004-10-27
    soldstatus $80,000
30. 2003-02-05
    soldstatus $76,500
31. 2001-01-09
    soldstatus $30,660

ⓘ 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: $2,058 · $171/mo
• Projected year-2 tax: $2,058 · $171/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 ≥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: $18,738
• − Mortgage interest: −$5,932
• − Property taxes: −$2,058
• − Insurance: −$530
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$3,081
• Taxable income: $4,140
• Est. tax owed @ 24.0%: −$994
• After-tax cash flow: $4,558/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
• City population: 214,042
• Population (ZIP): 7,698

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: Predominantly Black (87%)
• Race & ethnicity: Black 87% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -53.73%
• Current HPI: 269.0309
• Rent YoY: —
• Metro: —
• 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

+245.4% since first listed

31 events — show timeline

• 2026-01-31 Pending — REINMLS
• 2026-01-10 Listed $105,900 REINMLS
• 2023-12-04 Sold (Public Records) $182,731 Public Records
• 2023-05-11 Sold (Public Records) $169,000 Public Records
• 2023-05-02 Pending — REINMLS
• 2023-04-24 Contingent — REINMLS
• 2023-04-17 Relisted — REINMLS
• 2023-03-10 Contingent — REINMLS
• 2023-03-10 Relisted — REINMLS
• 2023-02-28 Contingent — REINMLS
• 2023-02-23 Listed $149,900 REINMLS
• 2021-08-12 Pending — REINMLS
• 2021-08-12 Relisted — REINMLS
• 2021-08-06 Contingent — REINMLS
• 2021-08-02 Relisted — REINMLS
• 2021-02-08 Listing Removed — REINMLS
• 2021-01-21 Price Changed $118,000 REINMLS
• 2021-01-19 Listed $120,000 REINMLS
• 2020-12-28 Pending — REINMLS
• 2020-12-18 Listed $99,000 REINMLS
• 2019-05-15 Sold (Public Records) $80,000 Public Records
• 2019-05-01 Pending — REINMLS
• 2019-03-20 Price Changed $79,999 REINMLS
• 2019-02-15 Price Changed $84,999 REINMLS
• 2018-12-07 Listed $89,999 REINMLS
• 2017-04-21 Listing Removed — REINMLS
• 2017-01-18 Listed $105,000 REINMLS
• 2005-09-19 Sold (Public Records) $94,100 Public Records
• 2004-10-27 Sold (Public Records) $80,000 Public Records
• 2003-02-05 Sold (Public Records) $76,500 Public Records
• 2001-01-09 Sold (Public Records) $30,660 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,058 · +5.0% YoY. Source: county tax records.