3426 Essex Cir · Norfolk, VA 23513

$215,000

3 bd · 1.0 ba · 937 sqft · SingleFamily public records · 179 Days on market

Built 1949 $229/sqft · 8% below area Est $261k · 18% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.2/30.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

Key facts

• Functional layout
• Solar panels
• Off-street parking

Tags

• CORNER LOT
• OFF-STREET PARKING
• SOLAR PANELS
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (26.9% below list).
• Recommended offer: $157k (26.9% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 4.0% in Norfolk — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising (+3.4%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $185k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — 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 $157,120 (26.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.73% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.00%
• DSCR: 0.82
• GRM: 11.4

CMA / ARV

• ARV (median comp): $260,889
• List price: $215,000
• Delta: -17.59%
• 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
4551 Dora Cir	0.27mi	3/1.0	864 (-8%)	4mo	$189,000	$219	71
3517 Essex Cir	0.07mi	4/2.0 (+1)	1,007 (+8%)	7mo	$300,000	$298	70
3705 Nottaway St	0.56mi	2/1.0 (-1)	917 (-2%)	2mo	$246,000	$268	64
3814 Essex Cir	0.42mi	2/1.0 (-1)	1,008 (+8%)	6mo	$260,000	$258	58
4832 Hampshire Ave	0.31mi	2/1.0 (-1)	834 (-11%)	6mo	$225,000	$270	57
6131 Alexander St	0.50mi	3/2.0	1,032 (+10%)	3mo	$231,610	$224	53
3664 Henrico St	0.61mi	2/1.0 (-1)	988 (+5%)	6mo	$230,000	$233	52
4611 Robin Hood Rd	0.53mi	2/2.0 (-1)	852 (-9%)	1mo	$260,000	$305	50
4741 Krick St	0.65mi	3/1.5	1,050 (+12%)	0mo	$185,000	$176	47
3061 Tree Chop Rd	0.46mi	2/1.0 (-1)	800 (-15%)	3mo	$165,000	$206	47
4717 Krick St	0.66mi	3/2.0	835 (-11%)	3mo	$255,000	$305	45
1280 Strand St	0.72mi	3/2.0	1,050 (+12%)	0mo	$300,000	$286	42

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: -22.6%
• Equity multiple: 0.22×
• Total profit: $-46,946
• Equity at exit: $32,057

10-year hold

• IRR: -15.9%
• Equity multiple: 0.09×
• Total profit: $-54,577
• Equity at exit: $18,589

Cash invested: $60,200 (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: 11.4×

Monthly cashflow live

• Estimated rent: $1,571 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$225 /mo · $2,696/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $-200

Break-even live

Break-even rent $1,825

Max offer price $179,581

Occupancy floor —

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4802 Norvella Ave Unit 1 Norfolk, VA	2.0	1.0	800	$1,050	$1.31	7d	1	0.15mi
4566 Hampshire Ave Unit A Norfolk, VA	2.0	1.0	870	$1,350	$1.55	44d	1	0.28mi
3820 Essex Cir Unit A Norfolk, VA	2.0	1.0	1000	$2,200	$2.20	21d	1	0.41mi
3820 Essex Cir Unit B 1 Norfolk, VA	2.0	1.0	900	$1,700	$1.89	21d	1	0.41mi
3820 Essex Cir #1 Norfolk, VA	2.0	1.0	1000	$2,250	$2.25	17d	1	0.41mi
1232 Norview Ave Unit NOR1232R-EA Norfolk, VA	3.0	2.0	1106	$1,600	$1.45	44d	1	0.42mi
3044 Sewells Point Rd Norfolk, VA	2.0	1.0	830	$1,134	$1.37	2d	1	0.50mi
6225 Alexander St Norfolk, VA	2.0	1.0	750	$1,299	$1.73	44d	1	0.52mi
6225 Alexander St Unit F Norfolk, VA	2.0	1.0	750	$1,499	$2.00	20d	1	0.52mi
6241 Alexander St Unit F Norfolk, VA	2.0	1.0	704	$895	$1.27	12d	1	0.54mi
6228 Chesapeake Blvd Unit G Norfolk, VA	2.0	1.0	885	$925	$1.05	44d	1	0.55mi
6249 Alexander St Unit F Norfolk, VA	2.0	1.0	817	$1,195	$1.46	4d	1	0.57mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	24d	1	0.57mi
6249 Alexander St Unit C Norfolk, VA	2.0	1.0	817	$1,195	$1.46	17d	1	0.57mi
6234 Chesapeake Blvd Norfolk, VA	2.0	1.0	986	$925	$0.94	17d	1	0.57mi
4745 Lind St Unit A Norfolk, VA	2.0	1.0	1000	$1,600	$1.60	44d	1	0.58mi
4745 Lind St Unit B Norfolk, VA	2.0	1.0	752	$1,350	$1.80	2d	1	0.58mi
3801 Chatham Cir Unit 2 Norfolk, VA	2.0	1.0	1100	$1,350	$1.23	7d	1	0.63mi
2707 Azalea Garden Rd Apt B3 Norfolk, VA	2.0	1.0	680	$1,195	$1.76	24d	1	0.72mi
6343 Chesapeake Blvd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	0.73mi
6340 Sewells Point Rd Apt communities Norfolk, VA	2.0	1.0	750	$1,099	$1.47	21d	1	0.74mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	3d	1	0.76mi
3872 Wake Cir Unit A Norfolk, VA	2.0	1.0	750	$1,395	$1.86	44d	1	0.76mi
2640 Azalea Garden Rd Norfolk, VA	3.0	1.5	1100	$2,150	$1.95	4d	1	0.81mi
3400 Lafayette Blvd #2 Norfolk, VA	2.0	1.0	800	$1,350	$1.69	3d	1	0.95mi
2412 Azalea Garden Rd Unit 105 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	24d	1	0.95mi
2412 Azalea Garden Rd Apt 210 Norfolk, VA	2.0	1.0	950	$1,325	$1.39	44d	1	0.95mi
5404 Douglas St Norfolk, VA	3.0	1.0	981	$1,950	$1.99	44d	1	0.96mi
4505 Cape Henry Ave Norfolk, VA	2.0	1.0	720	$1,000	$1.39	44d	1	1.13mi
4670 Kincaid Ave Apt E Norfolk, VA	2.0	1.0	800	$1,250	$1.56	3d	1	1.15mi
6450 Crescent Way Norfolk, VA	1.0–3.0	1.0–2.0	1128	$2,369	$2.10	2d	23	1.15mi
3326 Sandy St Norfolk, VA	3.0	1.0	1040	$1,695	$1.63	3d	1	1.22mi
3219 Brest Ave Norfolk, VA	2.0	1.0	675	$1,100	$1.63	44d	1	1.25mi
2721 Grandy Ave Norfolk, VA	2.0	1.0	900	$1,150	$1.28	24d	1	1.26mi
6115 Tidewater Dr Norfolk, VA	1.0–2.0	1.0–2.0	956	$2,274	$2.38	2d	8	1.26mi
1445 Norcova Ave Apt E Norfolk, VA	2.0	1.0	750	$1,125	$1.50	44d	1	1.27mi
2939 Marne Ave Norfolk, VA	2.0	1.0	659	$1,700	$2.58	44d	1	1.29mi
739 Waukesha Ave Norfolk, VA	2.0	1.0	860	$1,800	$2.09	24d	1	1.29mi
2405 Lafayette Blvd Unit A Norfolk, VA	3.0	2.0	1000	$2,200	$2.20	15d	1	1.32mi
2949 Verdun Ave Norfolk, VA	3.0	2.0	950	$3,000	$3.16	44d	1	1.32mi

Listing history 27 events

1. 2026-06-09
   days on market $215,000 Active 179 DOM
2. 2026-06-08
   days on market $215,000 Active 178 DOM
3. 2026-06-07
   days on market $215,000 Active 177 DOM
4. 2026-06-03
   days on market $215,000 Active 173 DOM
5. 2026-06-02
   days on market $215,000 Active 172 DOM
6. 2026-06-01
   days on market $215,000 Active 171 DOM
7. 2026-05-31
   days on market $215,000 Active 170 DOM
8. 2026-03-11
   price $215,000 385-char remark

   Show marketing remark (385 chars)

   Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

9. 2026-02-18
   status Active 385-char remark

   Show marketing remark (385 chars)

   Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

10. 2026-02-07
    price $225,000 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

11. 2026-01-26
    historical Active Under Contract 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

12. 2026-01-22
    price $150,000 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

13. 2026-01-20
    status Active 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

14. 2026-01-12
    historical Active Under Contract 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

15. 2025-12-12
    listed $200,000 Active 385-char remark

    Show marketing remark (385 chars)

    Charming 3-bedroom, 1-bath home on a spacious corner lot, offering endless possibilities. Enjoy generous off-street parking and attached garage.The home features solar panels and a functional layout ready for updates and personal touches. This property combines location, space, and potential in one appealing package. "Subject to Third Party Approval "; Property sold as-is.

16. 2025-10-30
    historical
17. 2025-10-09
    status Active
18. 2025-09-23
    historical Active Under Contract
19. 2025-09-04
    price $235,000
20. 2025-08-19
    status Active
21. 2025-08-07
    historical Active Under Contract
22. 2025-07-25
    listed $225,000 Active
23. 2021-07-02
    soldstatus $185,000
24. 2021-05-31
    status Under Contract
25. 2021-05-20
    historical Active Under Contract
26. 2021-05-13
    listed $185,000 Active
27. 2011-05-19
    soldstatus $93,700

ⓘ 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: $2,696 · $225/mo
• Projected year-2 tax: $2,696 · $225/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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: $18,854
• − Mortgage interest: −$12,043
• − Property taxes: −$2,696
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,508
• − Management: −$1,508
• − Depreciation: −$6,255
• Taxable loss: −$6,231
• Est. tax savings @ 24.0%: +$1,496
• After-tax cash flow: $-910/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

+129.5% since first listed

20 events — show timeline

• 2026-03-11 Price Changed $215,000 REINMLS
• 2026-02-18 Relisted — REINMLS
• 2026-02-07 Price Changed $225,000 REINMLS
• 2026-01-26 Contingent — REINMLS
• 2026-01-22 Price Changed $150,000 REINMLS
• 2026-01-20 Relisted — REINMLS
• 2026-01-12 Contingent — REINMLS
• 2025-12-12 Listed $200,000 REINMLS
• 2025-10-30 Listing Removed — REINMLS
• 2025-10-09 Relisted — REINMLS
• 2025-09-23 Contingent — REINMLS
• 2025-09-04 Price Changed $235,000 REINMLS
• 2025-08-19 Relisted — REINMLS
• 2025-08-07 Contingent — REINMLS
• 2025-07-25 Listed $225,000 REINMLS
• 2021-07-02 Sold (Public Records) $185,000 Public Records
• 2021-05-31 Pending — REINMLS
• 2021-05-20 Contingent — REINMLS
• 2021-05-13 Listed $185,000 REINMLS
• 2011-05-19 Sold (Public Records) $93,700 Public Records

Property tax history

+5.9%/yr

Latest (2025): $2,696 · +0.8% YoY. Source: county tax records.