3904 Starboard Rd · Chesapeake, VA 23321

$172,900

3 bd · 2.0 ba · 1,323 sqft · SingleFamily public records · 20 Days on market

Built 1964 9,104 sqft lot Est $323k · 46% under

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Why this score? — see what drove the C+ 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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• Schools +5.8/10.0
• 1% rule +5.1/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Here is your next renovation project! 3/2 ranch home on a pleasant lot near easy access to downtown, schools, and parks. Needs new roof and other updates. Could be a great fixer upper with upside! Nice curb appeal. See it today! RESERVE AUCTION PROPERTY- Property sold “AS-IS” without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect before bidding.

Key facts

• 9,104 sq ft lot
• Built 1964
• Listed 20 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached structure; Brick veneer construction; Composite/shingle roof; Slab foundation
• Construction: Estimated year built
• Exterior features: Property is outside city limits; No tidal water

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (natural gas); Central air conditioning (natural gas); Natural gas hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $173k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $173k).
• Recommended offer: $170k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% 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+, schools 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.
• Market conditions: Rents rising fast (+7.6%/yr); 231 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 597 units permitted in Chesapeake city in 2024 (0 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 $5k 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 + 7.6% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• 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 $170,306 (1.5% below list)

Questions for the listing agent

1. Built in 1964 — 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: 1.01% ✓
• Cap rate: 7.70%
• Cash-on-cash: 5.02%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $322,812
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3917 Sextant St	0.20mi	4/2.0 (+1)	1,350 (+2%)	9mo	$315,000	$233	75
1704 Rowlock Ct	0.25mi	3/1.0	1,296 (-2%)	8mo	$270,000	$208	74
3929 Galleon Dr	0.17mi	4/2.0 (+1)	1,221 (-8%)	7mo	$322,000	$264	68
3980 Port Rd	0.28mi	3/2.0	1,485 (+12%)	1mo	$330,000	$222	66
3725 Bosun Dr	0.19mi	4/2.0 (+1)	1,476 (+12%)	5mo	$320,000	$217	63
3932 Sextant St	0.23mi	4/2.0 (+1)	1,221 (-8%)	11mo	$300,000	$246	62
243 Jarman Ave	0.48mi	3/2.0	1,391 (+5%)	9mo	$280,000	$201	61
4015 Garwood Ave	0.51mi	4/2.0 (+1)	1,250 (-6%)	2mo	$310,000	$248	60
4029 Sea Cliff Rd	0.39mi	3/2.0	1,485 (+12%)	2mo	$375,000	$253	60
1704 Sandy Pines Ct	0.50mi	3/2.0	1,459 (+10%)	4mo	$355,900	$244	57
4020 Sea Cliff Rd	0.36mi	3/2.0	1,500 (+13%)	7mo	$350,000	$233	55
4301 Airline Blvd	0.73mi	3/2.0	1,488 (+12%)	3mo	$365,000	$245	43

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 · 7.59% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.86×
• Total profit: $-6,634
• Equity at exit: $25,780

10-year hold

• IRR: 10.8%
• Equity multiple: 2.01×
• Total profit: $49,108
• Equity at exit: $14,949

Cash invested: $48,412 (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 23321

• Rents YoY: 7.6%
• Active inventory: 231
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,752 high
• Mortgage (P&I): −$907
• Tax from tax record: −$203 /mo · $2,435/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $203

Break-even live

Break-even rent $1,496

Max offer price $172,900

Occupancy floor 83%

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: $43,225
• Closing costs: $5,187
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4100 Sail Ct Unit 4118 Chesapeake, VA	3.0	2.0	1100	$1,500	$1.36	7d	1	0.27mi
4100 Sail Ct Unit 4105 Chesapeake, VA	3.0	2.0	1100	$1,495	$1.36	17d	1	0.27mi
4100 Sail Ct Unit 4124 Chesapeake, VA	3.0	2.0	1100	$1,595	$1.45	14d	1	0.27mi
1507 Hodges Ferry Rd Portsmouth, VA	3.0	1.5	1827	$1,650	$0.90	43d	1	0.86mi
840 Lancer Dr Unit 694 Portsmouth, VA	3.0	1.5	1202	$1,480	$1.23	17d	1	1.07mi
840 Lancer Dr Unit 615 Portsmouth, VA	2.0	1.5	1002	$1,288	$1.29	23d	1	1.07mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$900	$0.58	23d	1	1.21mi
1203 Baskerville Ln Portsmouth, VA	4.0	2.0	1550	$2,300	$1.48	12d	1	1.21mi
1217 Lakeview Dr Portsmouth, VA	4.0	2.0	1425	$2,550	$1.79	7d	1	1.22mi
4642 Greenwood Dr Portsmouth, VA	2.0	1.0	946	$1,550	$1.64	43d	1	1.22mi
1008 Cherokee Rd Portsmouth, VA	1.0–2.0	1.0	835	$1,345	$1.61	43d	1	1.30mi
1017 Hodges Ferry Rd Portsmouth, VA	2.0	1.5	880	$1,350	$1.53	43d	1	1.34mi
207 Robin Rd Portsmouth, VA	3.0	1.5	1250	$1,950	$1.56	7d	1	1.50mi

Listing history 16 events

1. 2026-06-17
   status $172,900 Pending 20 DOM
2. 2026-06-17
   days on market $172,900 Active 20 DOM
3. 2026-06-16
   days on market $172,900 Active 19 DOM
4. 2026-06-15
   days on market $172,900 Active 18 DOM
5. 2026-06-13
   days on market $172,900 Active 16 DOM
6. 2026-06-09
   days on market $172,900 Active 12 DOM
7. 2026-06-08
   days on market $172,900 Active 11 DOM
8. 2026-06-07
   days on market $172,900 Active 10 DOM
9. 2026-06-03
   days on market $172,900 Active 6 DOM
10. 2026-06-02
    days on market $172,900 Active 5 DOM
11. 2026-06-01
    days on market $172,900 Active 4 DOM
12. 2026-05-31
    days on market $172,900 Active 3 DOM
13. 2026-05-28
    listed $172,900 Active
14. 2025-06-30
    historical
15. 2025-05-30
    listed $255,000 Active
16. 2006-10-24
    soldstatus $166,000

ⓘ 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: $2,435 · $203/mo
• Projected year-2 tax: $2,435 · $203/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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,026
• − Mortgage interest: −$9,685
• − Property taxes: −$2,435
• − Insurance: −$864
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − Depreciation: −$5,030
• Taxable loss: −$353
• Est. tax savings @ 24.0%: +$85
• After-tax cash flow: $2,515/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): 40,176
• Household income: $101,568
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 839.0

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 0.63)
• Race & ethnicity: White 49% Black 37% Two or more races 8% Hispanic / Latino 5% Asian 3%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, South Korea
• Languages at home: 92% English-only · Spanish 4% Vietnamese 1% Korean 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: ▼ -256.23%
• Current HPI: 295.6473
• Rent YoY: ▲ 7.59%
• 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

+4.2% since first listed

4 events — show timeline

• 2026-05-28 Listed $172,900 BRIGHT MLS
• 2025-06-30 Listing Removed — REINMLS
• 2025-05-30 Listed $255,000 REINMLS
• 2006-10-24 Sold (Public Records) $166,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $2,435 · +4.7% YoY. Source: county tax records.