304 Walker Ave · Norfolk, VA 23523

$304,900

5 bd · 2.0 ba · 2,306 sqft · SingleFamily public records · 14 Days on market

Built 1953 4,791 sqft lot Est $346k · 12% 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 +21.4/30.0
• ARV discount +12.8/15.0
• DSCR +6.8/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully updated 5-bedroom, 2-bath colonial offering space, comfort, and modern upgrades throughout! Fully renovated in 2016, this move-in ready home features updated HVAC, roof, windows, kitchen, bathrooms, appliances, plumbing, and electrical for peace of mind. Step inside to find spacious living areas filled with natural light and brand new carpet downstairs adding a fresh, modern feel. The kitchen and baths have been thoughtfully updated with stylish finishes while maintaining the home’s classic charm. Additional improvements include newer gutters installed in 2019 and a fully encapsulated crawl space with dehumidifier. Step outside to enjoy the fully fence

Key facts

• 4,791 sq ft lot
• Built 1953
• Listed 13 days

Property features AI

Finance

• HOA & community: No HOA fees reported

Exterior

• Parking: Off-street parking; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Detached property; Cape Cod / Colonial style; 2 stories; Simple ownership
• Construction: Asphalt shingle roof; Crawl foundation (sealed/encapsulated crawl space); Built with brick and vinyl
• Exterior features: Brick and vinyl siding; Full privacy wood fence; Storage shed; Porch; Screened porch

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric range; Refrigerator
• Bedrooms: Master bedroom; Additional bedroom; Bedroom and full bathroom on first floor
• Flooring: Carpet; Ceramic; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Electric fireplace; Cedar closet; Attic; Pantry; Porch; Screened porch; Utility closet; One fireplace
• Laundry & utility: Washer and dryer included; Washer hookup; Dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $305k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $305k).
• Cap rate 8.1% 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: St. Helena Elementary (math 8% / reading 27%, grade F, #1,094 of 1,108 statewide, top 99%, 230 students, 96% FRL); Matthew Fontaine Maury High (math 46% / reading 90%, grade B, #180 of 319 statewide, top 57%, 1,697 students, 96% FRL) — zoned schools average 96% FRL vs 59% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 24 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y ago; this cycle's ask is 45% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $207k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — 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 $304,900

Questions for the listing agent

1. Built in 1953 — 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. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $345,900
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Walker Ave	0.15mi	5/3.0	2,136 (-7%)	0mo	$320,000	$150	76
901 Grayson St	0.12mi	5/1.5	2,048 (-11%)	1mo	$227,600	$111	73
416 Pendleton St	0.30mi	5/3.5	2,024 (-12%)	3mo	$357,000	$176	57
214 Hough Ave	0.35mi	5/3.0	2,472 (+7%)	13mo	$355,400	$144	57
601 B St	0.73mi	5/3.0	2,200 (-5%)	1mo	$392,000	$178	53
1100 Berkley Ave Ext	0.68mi	4/2.5 (-1)	2,122 (-8%)	5mo	$310,000	$146	44
1713 Selden Ave	0.74mi	4/3.0 (-1)	2,400 (+4%)	9mo	$356,000	$148	42
1219 Hibie St	0.57mi	4/3.0 (-1)	2,005 (-13%)	5mo	$420,000	$209	38

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-20,455
• Equity at exit: $45,462

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $19,503
• Equity at exit: $26,362

Cash invested: $85,372 (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 23523

• Home prices YoY: -16.6%
• Active inventory: 24
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,169 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$323 /mo · $3,877/yr
• Insurance: −$127
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $454

Break-even live

Break-even rent $2,594

Max offer price $304,900

Occupancy floor 81%

Sensitivity live

Price	-10% $627	-5% $541	+0% $454	+5% $368	+10% $282
Rent	-10% $204	-5% $329	+0% $454	+5% $580	+10% $705
Rate	-1.0pp $608	-0.5pp $532	base $454	+0.5pp $375	+1.0pp $295

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: $76,225
• Closing costs: $9,147
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 Walker Ave Norfolk, VA	5.0	3.5	2200	$3,500	$1.59	44d	1	0.07mi
722 Culpepper St Norfolk, VA	5.0	4.0	1742	$2,550	$1.46	44d	1	0.20mi
201 Bellamy Ave Norfolk, VA	5.0	2.5	2200	$2,750	$1.25	44d	1	0.36mi
1021 Joyce St Norfolk, VA	5.0	3.0	2612	$4,000	$1.53	44d	1	0.71mi
1505 Delevan St Norfolk, VA	5.0	3.5	2800	$3,300	$1.18	18d	1	0.91mi
1009 Elkin St Norfolk, VA	4.0	2.5	1914	$2,500	$1.31	13d	1	0.98mi
1231 Stewart St Chesapeake, VA	4.0	2.5	2159	$2,550	$1.18	4d	1	1.21mi
511 Hampton Pl Unit B Portsmouth, VA	4.0	2.0	3000	$3,450	$1.15	44d	1	1.33mi

Listing history 22 events

1. 2026-06-18
   days on market $304,900 Active 14 DOM
2. 2026-06-17
   days on market $304,900 Active 13 DOM
3. 2026-06-16
   days on market $304,900 Active 12 DOM
4. 2026-06-15
   days on market $304,900 Active 11 DOM
5. 2026-06-13
   days on market $304,900 Active 9 DOM
6. 2026-06-09
   days on market $304,900 Active 5 DOM
7. 2026-06-08
   days on market $304,900 Active 4 DOM
8. 2026-06-07
   statusdays on market $304,900 Active 3 DOM
9. 2026-06-03
   days on market $304,900 Coming Soon 5 DOM
10. 2026-06-02
    days on market $304,900 Coming Soon 4 DOM
11. 2026-06-01
    days on market $304,900 Coming Soon 3 DOM
12. 2026-05-31
    days on market $304,900 Coming Soon 2 DOM
13. 2026-05-29
    historical $304,900
14. 2020-03-13
    soldstatus $207,000
15. 2020-02-14
    status Under Contract
16. 2020-02-04
    historical Active Under Contract
17. 2020-01-23
    listed $209,900 Active
18. 2016-11-08
    soldstatus $174,900
19. 2016-10-11
    status Under Contract
20. 2016-09-14
    price $174,900
21. 2016-08-10
    price $179,900
22. 2016-07-18
    listed $184,900 Active

ⓘ 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: $3,877 · $323/mo
• Projected year-2 tax: $3,877 · $323/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 ≥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: $38,027
• − Mortgage interest: −$17,079
• − Property taxes: −$3,877
• − Insurance: −$1,524
• − Repairs & maintenance: −$3,042
• − Management: −$3,042
• − Depreciation: −$8,870
• Taxable income: $592
• Est. tax owed @ 24.0%: −$142
• After-tax cash flow: $5,311/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
• City population: 214,042
• Population (ZIP): 7,698

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: Predominantly Black (87%)
• Race & ethnicity: Black 87% White 7% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -53.73%
• Current HPI: 269.0309
• Rent YoY: —
• Metro: —
• 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

+64.9% since first listed

10 events — show timeline

• 2026-05-29 Coming Soon $304,900 REINMLS
• 2020-03-13 Sold (Public Records) $207,000 Public Records
• 2020-02-14 Pending — REINMLS
• 2020-02-04 Contingent — REINMLS
• 2020-01-23 Listed $209,900 REINMLS
• 2016-11-08 Sold (Public Records) $174,900 Public Records
• 2016-10-11 Pending — REINMLS
• 2016-09-14 Price Changed $174,900 REINMLS
• 2016-08-10 Price Changed $179,900 REINMLS
• 2016-07-18 Listed $184,900 REINMLS

Property tax history

+5.1%/yr

Latest (2025): $3,877 · +1.0% YoY. Source: county tax records.