511 Ashlawn Dr · Norfolk, VA 23505

$750,000

None bd · None ba · 4,488 sqft · MultiFamily public records · 19 Days on market

Built 1979

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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 +24.0/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investment opportunity in a 6-unit brick apartment building. All units have recently renovated. Currently fully occupied, this property provides strong rental income and long-term potential. To be sold with another fully renovated and fully rented 6 unit apartment building at 540 Ashlawn Drive. A great option for those looking to expand or begin their investment portfolio.

Key facts

• Built 1979
• Listed 18 days

Property features AI

Exterior

• Parking: Assigned/reserved parking
• Utilities: City water; City sewer; Electric service; Electric water heater
• Home design: 2 stories; Simple ownership type
• Construction: Block and frame construction; Slab foundation
• Exterior features: Brick siding; Asphalt shingle roof; Garden-style apartments

Interior

• Bedrooms: 6 total units (multi-unit property)
• Flooring: Vinyl
• Heating & cooling: Baseboard heating; Electric heating; Window/wall air conditioning
• Interior features: Vinyl flooring

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/?-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $750k).
• Recommended offer: $739k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Granby High (math 33% / reading 80%, grade C, #270 of 319 statewide, top 86%, 1,837 students, 94% FRL) — zoned schools average 94% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 56% at this address vs 42% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Norfolk City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+12.1%/yr); 108 active listings in the ZIP; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• At $7,915/mo this rent would consume 162% of the median local household income ($59k/yr) (locally 2299% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $210k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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

• 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 $738,750 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $14,045
• Equity at exit: $111,827

10-year hold

• IRR: 15.5%
• Equity multiple: 2.54×
• Total profit: $322,969
• Equity at exit: $64,846

Cash invested: $210,000 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 108
• Price-to-rent: 47.4×

Monthly cashflow live

• Estimated rent: $7,915 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$533 /mo · $6,400/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,662
• Net cashflow: $1,474

Break-even live

Break-even rent $6,049

Max offer price $750,000

Occupancy floor 76%

Sensitivity live

Price	-10% $1,899	-5% $1,686	+0% $1,474	+5% $1,262	+10% $1,049
Rent	-10% $849	-5% $1,161	+0% $1,474	+5% $1,787	+10% $2,099
Rate	-1.0pp $1,852	-0.5pp $1,665	base $1,474	+0.5pp $1,280	+1.0pp $1,082

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	2	—	$7,914
Total (6 units)			$7,915

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $750,000 Active 19 DOM
2. 2026-06-18
   days on market $750,000 Active 16 DOM
3. 2026-06-17
   days on market $750,000 Active 15 DOM
4. 2026-06-16
   days on market $750,000 Active 14 DOM
5. 2026-06-15
   days on market $750,000 Active 13 DOM
6. 2026-06-13
   days on market $750,000 Active 11 DOM
7. 2026-06-09
   days on market $750,000 Active 7 DOM
8. 2026-06-08
   days on market $750,000 Active 6 DOM
9. 2026-06-07
   days on market $750,000 Active 5 DOM
10. 2026-06-02
    remarks 375-char remark
11. 2026-06-02
    listed $750,000 Active 1 DOM

ⓘ 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: $6,400 · $533/mo
• Projected year-2 tax: $6,400 · $533/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 ≥104°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,980
• − Mortgage interest: −$42,012
• − Property taxes: −$6,400
• − Insurance: −$3,750
• − Repairs & maintenance: −$7,598
• − Management: −$7,598
• − Depreciation: −$21,818
• Taxable income: $5,804
• Est. tax owed @ 24.0%: −$1,393
• After-tax cash flow: $16,295/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): 28,247
• Household income: $58,579
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2299.0

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 0.67)
• Race & ethnicity: White 44% Black 34% Hispanic / Latino 12% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada, United Kingdom, South Korea
• Languages at home: 87% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -71.86%
• Current HPI: 294.9807
• Rent YoY: ▲ 12.08%
• 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

+257.1% since first listed

9 events — show timeline

• 2026-06-02 Listed $750,000 REINMLS
• 2025-02-17 Rental Removed $1,150 LEASESTAR
• 2025-01-15 Rental Removed $1,150 BUILDIUM
• 2025-01-10 Listed for Rent $1,150 BUILDIUM
• 2024-12-08 Rental Removed $1,150 BUILDIUM
• 2024-12-06 Listed for Rent $1,150 LEASESTAR
• 2024-12-05 Listed for Rent $1,150 BUILDIUM
• 2021-05-14 Sold (Public Records) $830,000 Public Records
• 1995-06-01 Sold (Public Records) $210,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $6,400 · +14.5% YoY. Source: county tax records.