1305 Hoover Ave · Chesapeake, VA 23324

$121,600

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 1 Days on market

Built 1952 Est $200k · 39% under

---

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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.8/10.0
• Schools +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 1952

Property features AI

Finance

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

Exterior

• Parking: Driveway parking; Street parking
• Security:
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached ranch; Single-story
• Construction: Crawl foundation; Asphalt shingle roof
• Exterior features: Aluminum siding; Back fenced yard; Storage shed

Interior

• Kitchen: Electric range
• Bedrooms: Bedroom with full bathroom on the first floor; Total of 4 rooms
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump; Central air
• Interior features: Carpet flooring
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Cap rate 9.3% vs local median 3.7% in Chesapeake — 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 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rena B. Wright Primary (271 students, 96% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 83% FRL vs 28% district-wide (55 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 116 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $841 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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.
• Current owner paid $48k; list at $122k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $121,600

Questions for the listing agent

1. Built in 1952 — 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. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.90%
• DSCR: 1.49
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $200,160
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
624 Crystal Ave	0.66mi	2/1.0	725 (+1%)	10mo	$232,875	$321	60
1616 Manson St	0.73mi	2/1.0	707 (-2%)	7mo	$200,000	$283	57
1119 Decatur St	0.46mi	2/1.0	818 (+14%)	2mo	$164,000	$200	54
642 Partridge Ave	0.57mi	2/1.0	650 (-10%)	11mo	$160,000	$246	48
722 Stewart St	0.75mi	2/1.0	792 (+10%)	12mo	$220,000	$278	38
903 Bethel Rd	0.70mi	3/1.0 (+1)	825 (+15%)	9mo	$210,000	$255	31

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: 0.0%
• Equity multiple: 1.00×
• Total profit: $11
• Equity at exit: $18,131

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $25,420
• Equity at exit: $10,514

Cash invested: $34,048 (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 23324

• Home prices YoY: -17.3%
• Active inventory: 116
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,429 medium
• Mortgage (P&I): −$638
• Tax from tax record: −$131 /mo · $1,573/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $309

Break-even live

Break-even rent $1,037

Max offer price $121,600

Occupancy floor 73%

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: $30,400
• Closing costs: $3,648
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 Transylvania Ave Chesapeake, VA	2.0	1.0	750	$1,350	$1.80	23d	1	0.12mi
1411 Seaboard Ave Unit A UP Chesapeake, VA	1.0	1.0	700	$925	$1.32	2d	1	0.20mi
1712 Bainbridge Blvd Unit 4 Chesapeake, VA	2.0	1.0	750	$1,300	$1.73	23d	1	0.72mi

Listing history 13 events

1. 2026-04-10
   status Under Contract
2. 2026-04-09
   status Active
3. 2026-04-09
   listed $121,600 Active
4. 2026-04-09
   historical
5. 2025-09-05
   status Under Contract
6. 2025-09-05
   historical
7. 2025-09-02
   listed $175,000 Active
8. 2025-03-21
   status Under Contract
9. 2025-01-14
   status Under Contract
10. 2025-01-14
    historical
11. 2025-01-09
    listed $171,000 Active
12. 1993-09-23
    soldstatus $47,600
13. 1991-05-10
    soldstatus $57,500

ⓘ 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: $1,573 · $131/mo
• Projected year-2 tax: $1,573 · $131/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 X (unshaded) · 49% 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: $17,146
• − Mortgage interest: −$6,811
• − Property taxes: −$1,573
• − Insurance: −$608
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − Depreciation: −$3,537
• Taxable income: $1,874
• Est. tax owed @ 24.0%: −$450
• After-tax cash flow: $3,263/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: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

Amenities F Commute F Cost of living C- Crime C- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• 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

+111.5% since first listed

13 events — show timeline

• 2026-04-10 Pending — REINMLS
• 2026-04-09 Relisted — REINMLS
• 2026-04-09 Listing Removed — REINMLS
• 2026-04-09 Listed $121,600 REINMLS
• 2025-09-05 Pending — REINMLS
• 2025-09-05 Listing Removed — REINMLS
• 2025-09-02 Listed $175,000 REINMLS
• 2025-03-21 Pending — REINMLS
• 2025-01-14 Pending — REINMLS
• 2025-01-14 Listing Removed — REINMLS
• 2025-01-09 Listed $171,000 REINMLS
• 1993-09-23 Sold (Public Records) $47,600 Public Records
• 1991-05-10 Sold (Public Records) $57,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,573 · +45.1% YoY. Source: county tax records.