1241 Worden Way · Suffolk, VA 23435

$415,000

3 bd · 3.0 ba · 2,249 sqft · Condo · 87 Days on market

Built 2023 $185/sqft · 11% below area Est $465k · 11% under $176/mo HOA · 6% of rent ↓ 1% since listing

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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 +12.4/15.0
• Cash flow +6.7/30.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully maintained three-story condo in the sought-after Harbour View Townes community. Enjoy a private balcony retreat with a cozy stone gas fireplace and mounted TV, perfect for relaxing evenings or entertaining guests. The first level offers a versatile flex space ideal for a home office, gym, or media room, along with a utility room and garage access with potential for a 4th bedroom. The main living level features abundant natural light and an open-concept layout with a spacious kitchen, oversized island, SS appliances, LVP flooring, and ample cabinetry with pantry storage. Upstairs, the spacious primary suite includes a walk-in closet and private bath with dual vanities and a walk-in shower. Two additional bedrooms share a full hall bath, with laundry conveniently located on the same level. Enjoy community amenities like a dog park and green space, all in a prime Suffolk location near shopping, dining, and within 35–45 minutes of Hampton Roads military bases.

Key facts

• Mounted tv
• Utility room
• Flex space

Tags

• PRIVATE BALCONY RETREAT
• STONE GAS FIREPLACE
• MOUNTED TV
• FLEX SPACE
• UTILITY ROOM
• GARAGE ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $415k.

Deal economics

• At list price, monthly cash flow is $-670 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (23.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $301k (27.6% below list).
• Recommended offer: $301k (27.6% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.5% in Suffolk — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#88 in VA, #2,896 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: crime C-, commute F.
• Suffolk City Public School District (suburban): math 41% / reading 69% proficiency, ranked #72 of 131 in VA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northern Shores Elementary (math 61% / reading 76%, grade B+, #357 of 1,108 statewide, top 33%, 822 students, 65% FRL); John Yeates Middle (math 60% / reading 83%, grade A, #72 of 342 statewide, top 22%, 506 students, 64% FRL); Nansemond River High (math 44% / reading 87%, grade B, #204 of 319 statewide, top 65%, 1,698 students, 64% FRL) — zoned schools average 64% FRL vs 39% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 68% at this address vs 55% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Suffolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+10.6%/yr); 518 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 680 units permitted in Suffolk city in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($112k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Suffolk County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($390k) is reasonable based on typical stale-listing flexibility.

Recommended offer $300,530 (27.6% 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 87 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 4.36%
• Cash-on-cash: -6.92%
• DSCR: 0.69
• GRM: 11.5

CMA / ARV

• ARV (median comp): $465,320
• List price: $415,000
• Delta: -10.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -22.5%
• Equity multiple: 0.19×
• Total profit: $-93,871
• Equity at exit: $61,878

10-year hold

• IRR: -7.1%
• Equity multiple: 0.45×
• Total profit: $-63,761
• Equity at exit: $35,882

Cash invested: $116,200 (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 23435

• Rents YoY: 10.6%
• Active inventory: 518
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,005 medium
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,225/yr
• Insurance: −$173
• HOA: −$176
• Vacancy / Maint / Mgmt: −$631
• Net cashflow: $-670

Break-even live

Break-even rent $3,853

Max offer price $318,081

Occupancy floor —

Sensitivity live

Price	-10% $-383	-5% $-526	+0% $-670	+5% $-813	+10% $-957
Rent	-10% $-907	-5% $-788	+0% $-670	+5% $-551	+10% $-432
Rate	-1.0pp $-461	-0.5pp $-564	base $-670	+0.5pp $-777	+1.0pp $-887

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Hearthstone Reach Suffolk, VA	4.0	2.5	2364	$3,600	$1.52	45d	1	1.09mi
1005 Bay Breeze Dr Unit 1 Suffolk, VA	3.0	2.0	2013	$3,150	$1.56	25d	1	1.21mi
159 Stoney Ridge Ave Suffolk, VA	4.0	2.5	2325	$2,650	$1.14	9d	1	1.26mi

HOA detail condo

• Monthly dues: $176 · $2,112/yr
• Likely covers: gasgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $415,000 Active 87 DOM
2. 2026-06-18
   days on market $415,000 Active 84 DOM
3. 2026-06-17
   days on market $415,000 Active 83 DOM
4. 2026-06-16
   days on market $415,000 Active 82 DOM
5. 2026-06-15
   days on market $415,000 Active 81 DOM
6. 2026-06-13
   pricedays on market $415,000 Active 79 DOM
7. 2026-06-09
   days on market $419,900 Active 75 DOM
8. 2026-06-08
   days on market $419,900 Active 74 DOM
9. 2026-06-07
   days on market $419,900 Active 73 DOM
10. 2026-06-03
    days on market $419,900 Active 69 DOM
11. 2026-06-02
    days on market $419,900 Active 68 DOM
12. 2026-06-01
    days on market $419,900 Active 67 DOM
13. 2026-05-31
    days on market $419,900 Active 66 DOM
14. 2026-04-09
    price $419,900 1004-char remark

    Show marketing remark (1004 chars)

    Welcome to this beautifully maintained three-story condo in the sought-after Harbour View Townes community. Enjoy a private balcony retreat with a cozy stone gas fireplace and mounted TV, perfect for relaxing evenings or entertaining guests. The first level offers a versatile flex space ideal for a home office, gym, or media room, along with a utility room and garage access with potential for a 4th bedroom. The main living level features abundant natural light and an open-concept layout with a spacious kitchen, oversized island, SS appliances, LVP flooring, and ample cabinetry with pantry storage. Upstairs, the spacious primary suite includes a walk-in closet and private bath with dual vanities and a walk-in shower. Two additional bedrooms share a full hall bath, with laundry conveniently located on the same level. Enjoy community amenities like a dog park and green space, all in a prime Suffolk location near shopping, dining, and within 35–45 minutes of Hampton Roads military bases.

15. 2026-03-26
    listed $425,000 Active 1004-char remark

    Show marketing remark (1004 chars)

    Welcome to this beautifully maintained three-story condo in the sought-after Harbour View Townes community. Enjoy a private balcony retreat with a cozy stone gas fireplace and mounted TV, perfect for relaxing evenings or entertaining guests. The first level offers a versatile flex space ideal for a home office, gym, or media room, along with a utility room and garage access with potential for a 4th bedroom. The main living level features abundant natural light and an open-concept layout with a spacious kitchen, oversized island, SS appliances, LVP flooring, and ample cabinetry with pantry storage. Upstairs, the spacious primary suite includes a walk-in closet and private bath with dual vanities and a walk-in shower. Two additional bedrooms share a full hall bath, with laundry conveniently located on the same level. Enjoy community amenities like a dog park and green space, all in a prime Suffolk location near shopping, dining, and within 35–45 minutes of Hampton Roads military bases.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $36,064
• − Mortgage interest: −$23,246
• − Property taxes: −$6,225
• − Insurance: −$2,075
• − Repairs & maintenance: −$2,885
• − Management: −$2,885
• − HOA: −$2,112
• − Depreciation: −$12,073
• Taxable loss: −$15,438
• Est. tax savings @ 24.0%: +$3,705
• After-tax cash flow: $-4,332/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: Suffolk City Public School District
• NCES district ID: 5103710
• Math proficiency: 41% ▼ -43.00%
• Reading proficiency: 69% ▼ -8.00%
• Median HH income: $65,573
• Composite: 48.31/100
• National rank: #2151
• State rank: #72 of 131 in VA

Livability — Suffolk

• Score: 77/100
• State rank: #88
• US rank: #2896

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suffolk, VA
• County: Suffolk City · 88,108 people
• City population: 88,108
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 33,721
• Household income: $111,700
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 1074.0

Population outlook (Suffolk County) Hauer SSP2

• Today (2025): 95,269 people
• By 2030: 98,269 · +3.1%
• By 2040: 103,177 · +8.3%
• By 2050: 105,777 · +11.0%
• By 2075: 110,963 · +16.5%
• By 2100: 103,711 · +8.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 47% Black 36% Two or more races 9% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 91% English-only · Spanish 4% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Suffolk

• 2024 margin: D (+15.9) · D 57.4% · R 41.5% · Other 1.2%
• 2008→2024 swing: +2.7pp toward D · 2008: 13.2pp · 2024: 15.9pp
• All cycles: 2024: D+15.9 2020: D+17.3 2016: D+13.8 2012: D+15.1 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -155.93%
• Current HPI: 162.3775
• Rent YoY: ▲ 10.61%
• 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

-1.2% since first listed

2 events — show timeline

• 2026-04-09 Price Changed $419,900 REINMLS
• 2026-03-26 Listed $425,000 REINMLS