123 Rogers Ave · Norfolk, VA 23505

$215,000

3 bd · 2.0 ba · 1,296 sqft · SingleFamily public records · 1 Days on market

Built 1922 4,504 sqft lot $166/sqft · 22% below area Est $276k · 22% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• Rent growth +5.0/5.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated 2-story gem in sought-after Glenwood Park, featuring LVP flooring, fresh paint, and stylish fixtures throughout. The eat-in kitchen offers stainless steel appliances, granite countertops, and modern cabinetry, great for everyday living and entertaining. Enjoy the covered front porch or relax in the private backyard, with a detached garage providing extra storage or workspace. Conveniently located near Hampton Blvd, Naval Station Norfolk, Old Dominion University, shopping, dining, and interstates, this home blends classic Norfolk charm with modern updates. Short sale subject to third-party approval. Sold as-is.

Key facts

• Shopping
• Granite countertops
• Detached garage

Tags

• DETACHED GARAGE
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NAVAL STATION NORFOLK
• OLD DOMINION UNIVERSITY
• SHOPPING

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Detached 1-car garage; Additional parking on driveway, off-street and street parking
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached traditional home; 2 stories; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Deck; Patio; Vinyl siding; Fenced yard (chain link, picket, and privacy sections)

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator; Pantry; Breakfast area
• Bedrooms: No bedroom with a full bathroom on the first floor
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window or wall cooling
• Interior features: Decorative fireplace
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $48 ($580/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (9.1% below list).
• Recommended offer: $195k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: Camp Allen Elementary (math 22% / reading 47%, grade F, #966 of 1,108 statewide, top 89%, 417 students, 97% 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 (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.1%/yr); 106 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 40% of the median local income ($59k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 4y 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.
• Current owner paid $118k; list at $215k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $195,366 (9.1% below list)

Questions for the listing agent

1. Built in 1922 — 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: 0.91% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $275,960
• List price: $215,000
• Delta: -23.90%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 Beechwood Ave	0.03mi	3/2.0	1,220 (-6%)	2mo	$180,000	$148	88
313 Rogers Ave	0.24mi	3/2.0	1,300 (+0%)	3mo	$300,000	$231	85
125 Rogers Ave	0.01mi	2/1.0 (-1)	1,250 (-4%)	5mo	$180,000	$144	80
235 Forrest Ave	0.20mi	3/2.0	1,218 (-6%)	11mo	$298,000	$245	72
312 Glendale Ave	0.28mi	3/2.0	1,195 (-8%)	8mo	$283,500	$237	68
240 Glendale Ave	0.23mi	3/2.0	1,420 (+10%)	11mo	$315,000	$222	64
428 Woodview Ave	0.47mi	3/2.0	1,200 (-7%)	4mo	$299,000	$249	62
116 Woodview Ave	0.19mi	2/2.0 (-1)	1,457 (+12%)	5mo	$265,000	$182	61
504 Glendale Ave	0.48mi	4/2.0 (+1)	1,256 (-3%)	9mo	$200,000	$159	60

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.64×
• Total profit: $-21,400
• Equity at exit: $32,057

10-year hold

• IRR: 5.9%
• Equity multiple: 1.54×
• Total profit: $32,464
• Equity at exit: $18,589

Cash invested: $60,200 (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 23505

• Home prices YoY: -19.6%
• Rents YoY: 12.1%
• Active inventory: 106
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,954 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$278 /mo · $3,336/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $48

Break-even live

Break-even rent $1,892

Max offer price $215,000

Occupancy floor 93%

Sensitivity live

Price	-10% $170	-5% $109	+0% $48	+5% $-13	+10% $-73
Rent	-10% $-106	-5% $-29	+0% $48	+5% $126	+10% $203
Rate	-1.0pp $157	-0.5pp $103	base $48	+0.5pp $-7	+1.0pp $-64

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
229 Greenbrier Ave Norfolk, VA	3.0	1.5	1200	$1,900	$1.58	44d	1	0.14mi
136 Glendale Ave Norfolk, VA	3.0	2.0	1240	$2,275	$1.83	24d	1	0.15mi
121 Glendale Ave Norfolk, VA	4.0	3.0	1800	$2,400	$1.33	11d	1	0.18mi
412 Forrest Ave Unit 2 Norfolk, VA	2.0	1.0	1003	$1,145	$1.14	15d	1	0.37mi
412 Forrest Ave Unit 2 Norfolk, VA	2.0	1.0	1003	$1,145	$1.14	4d	1	0.37mi
8600 Glen Myrtle Ave Norfolk, VA	1.0–2.0	1.0	820	$1,589	$1.94	2d	18	0.38mi
7715 Harrison Rd Unit 7720-5 Norfolk, VA	2.0	1.0	1004	$1,645	$1.64	44d	1	1.04mi
7715 Harrisons Rd Norfolk, VA	2.0	1.0	1004	$1,645	$1.64	24d	1	1.04mi
7715 Harrisons Rd Norfolk, VA	2.0	1.0	862	$1,620	$1.88	17d	8	1.04mi
7423 Hampton Blvd Norfolk, VA	3.0	2.5	1800	$2,100	$1.17	44d	1	1.26mi
7472 Major Ave Norfolk, VA	4.0	1.5	1400	$2,600	$1.86	18d	1	1.46mi

Listing history 31 events

1. 2026-06-18
   pricedays on marketlisting id $215,000 Active 1 DOM
2. 2026-05-18
   price $209,999 653-char remark
3. 2026-04-28
   price $229,000 653-char remark
4. 2026-04-28
   status Active 653-char remark
5. 2026-04-07
   historical Active Under Contract 653-char remark
6. 2026-04-02
   listed $249,999 Active 653-char remark
7. 2026-03-27
   historical
8. 2026-03-18
   status Active
9. 2026-01-29
   status Under Contract
10. 2026-01-28
    historical Active Under Contract
11. 2026-01-17
    listed $289,999 Active
12. 2026-01-05
    status Under Contract
13. 2025-12-07
    historical
14. 2025-12-07
    historical
15. 2025-12-02
    status Active
16. 2025-09-30
    status Under Contract
17. 2025-09-29
    historical Active Under Contract
18. 2025-09-23
    price $289,999
19. 2025-09-10
    price $295,000
20. 2025-08-11
    price $300,000
21. 2025-08-07
    listed $315,000 Active
22. 2022-10-19
    status Under Contract
23. 2022-10-12
    historical Active Under Contract
24. 2022-09-27
    listed $260,000 Active
25. 2022-06-22
    soldstatus $118,000
26. 2022-05-26
    status Under Contract
27. 2022-05-23
    historical Active Under Contract
28. 2022-05-18
    listed $125,000 Active
29. 2011-06-13
    soldstatus $138,000
30. 2004-02-06
    soldstatus $87,000
31. 1995-08-29
    soldstatus $72,000

ⓘ 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: $3,336 · $278/mo
• Projected year-2 tax: $3,336 · $278/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 ≥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: $23,444
• − Mortgage interest: −$12,043
• − Property taxes: −$3,336
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$6,255
• Taxable loss: −$3,016
• Est. tax savings @ 24.0%: +$724
• After-tax cash flow: $1,304/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

+198.6% since first listed

32 events — show timeline

• 2026-06-18 Listed $215,000 REINMLS
• 2026-05-28 Listing Removed — REINMLS
• 2026-05-18 Price Changed $209,999 REINMLS
• 2026-04-28 Price Changed $229,000 REINMLS
• 2026-04-28 Relisted — REINMLS
• 2026-04-07 Contingent — REINMLS
• 2026-04-02 Listed $249,999 REINMLS
• 2026-03-27 Listing Removed — REINMLS
• 2026-03-18 Relisted — REINMLS
• 2026-01-29 Pending — REINMLS
• 2026-01-28 Contingent — REINMLS
• 2026-01-17 Listed $289,999 REINMLS
• 2026-01-05 Pending — REINMLS
• 2025-12-07 Listing Removed — REINMLS
• 2025-12-07 Listing Removed — REINMLS
• 2025-12-02 Relisted — REINMLS
• 2025-09-30 Pending — REINMLS
• 2025-09-29 Contingent — REINMLS
• 2025-09-23 Price Changed $289,999 REINMLS
• 2025-09-10 Price Changed $295,000 REINMLS
• 2025-08-11 Price Changed $300,000 REINMLS
• 2025-08-07 Listed $315,000 REINMLS
• 2022-10-19 Pending — REINMLS
• 2022-10-12 Contingent — REINMLS
• 2022-09-27 Listed $260,000 REINMLS
• 2022-06-22 Sold (Public Records) $118,000 Public Records
• 2022-05-26 Pending — REINMLS
• 2022-05-23 Contingent — REINMLS
• 2022-05-18 Listed $125,000 REINMLS
• 2011-06-13 Sold (Public Records) $138,000 Public Records
• 2004-02-06 Sold (Public Records) $87,000 Public Records
• 1995-08-29 Sold (Public Records) $72,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $3,336 · +8.6% YoY. Source: county tax records.