322 Constitution Ave · Portsmouth, VA 23704

$199,000

4 bd · 2.0 ba · 1,946 sqft · SingleFamily public records · 29 Days on market

Built 1923 $102/sqft · 35% below area Est $304k · 35% under ↓ 3% since listing

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Why this score? — see what drove the B- 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.4/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity in sought-after Shea Terrace! This 4-bedroom, 2-bath home is perfectly positioned on a spacious corner lot and includes a detached garage and ample outdoor space. With its flexible layout, the property presents exciting potential for updates, value-add improvements, or possible conversion into a duplex for added income opportunities. Ideally located near the Naval Hospital, major interstates, shopping, and dining, this home offers both convenience and long-term upside. A rare chance to secure a versatile property in a well-established neighborhood with strong growth potential.

Key facts

• Possible conversion
• Flexible layout
• Outdoor space

Tags

• CORNER LOT
• DETACHED GARAGE
• OUTDOOR SPACE
• FLEXIBLE LAYOUT
• VALUE-ADD IMPROVEMENTS
• POSSIBLE CONVERSION

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Detached 1-car garage; Driveway parking; Street parking
• Utilities: City/County water; City/County sewer; Electric water heater; Heat pump system
• Home design: Detached traditional home; 2 stories; Crawl foundation; Simple ownership
• Construction: Vinyl exterior; Crawl foundation; Asphalt shingle roof
• Exterior features: Partial fence; Vinyl siding; Asphalt shingle roof

Interior

• Kitchen: Kitchen
• Bedrooms: Master bedroom; Additional bedroom; Bedroom and full bathroom on first floor
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Carpet flooring
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.6% in Portsmouth — 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 73/100 on livability (#172 in VA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment C-, crime F, commute F.
• Portsmouth City Public School District (urban): math 34% / reading 58% proficiency, ranked #107 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.3%/yr); 134 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,273/mo this rent would consume 55% of the median local household income ($50k/yr) (locally 1727% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; 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 $196,015 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — 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 B-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: 1.14% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $304,408
• List price: $199,000
• Delta: -34.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1912 County St	0.35mi	4/3.0	1,988 (+2%)	3mo	$310,000	$156	74
604 Yorktown Ave	0.34mi	5/2.5 (+1)	1,990 (+2%)	3mo	$330,000	$166	71
2109 Queen St	0.19mi	4/3.0	2,100 (+8%)	5mo	$314,000	$150	70
240 Plover Dr	0.20mi	4/2.0	1,700 (-13%)	2mo	$305,000	$179	68
1704 Holladay St	0.35mi	4/2.0	1,775 (-9%)	3mo	$270,000	$152	67
2508 Markham St	0.59mi	5/2.0 (+1)	1,891 (-3%)	2mo	$324,900	$172	61
1915 County St	0.37mi	3/2.5 (-1)	1,768 (-9%)	5mo	$295,000	$167	56
1914 County St	0.35mi	3/2.5 (-1)	1,670 (-14%)	1mo	$290,000	$174	52
1601 Bain St	0.42mi	3/2.0 (-1)	1,670 (-14%)	1mo	$300,000	$180	51
515 Maryland Ave	0.70mi	3/1.5 (-1)	1,758 (-10%)	4mo	$300,000	$171	41
1370 Wool Ave	0.64mi	3/2.5 (-1)	1,659 (-15%)	2mo	$305,000	$184	37
555 Mt Vernon Ave	0.73mi	4/1.0	1,683 (-14%)	6mo	$255,000	$152	35

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 · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.94×
• Total profit: $-3,517
• Equity at exit: $29,672

10-year hold

• IRR: 8.4%
• Equity multiple: 1.65×
• Total profit: $36,014
• Equity at exit: $17,206

Cash invested: $55,720 (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 23704

• Home prices YoY: -4.6%
• Rents YoY: 3.3%
• Active inventory: 134
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,273 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$230 /mo · $2,756/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $440

Break-even live

Break-even rent $1,717

Max offer price $199,000

Occupancy floor 76%

Sensitivity live

Price	-10% $552	-5% $496	+0% $440	+5% $383	+10% $327
Rent	-10% $260	-5% $350	+0% $440	+5% $529	+10% $619
Rate	-1.0pp $540	-0.5pp $490	base $440	+0.5pp $388	+1.0pp $336

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 North St Portsmouth, VA	4.0	1.5	1500	$2,100	$1.40	17d	1	0.03mi
1914 King St Portsmouth, VA	3.0	2.5	1332	$2,200	$1.65	45d	1	0.30mi
112 Idlewood Ave Portsmouth, VA	3.0	2.0	1508	$2,200	$1.46	44d	1	0.43mi
1611 McDaniel St Unit A Portsmouth, VA	3.0	2.0	1500	$1,950	$1.30	8d	1	0.51mi
1522 Barron St Portsmouth, VA	3.0	2.5	1920	$2,795	$1.46	21d	1	0.61mi
1447 Talley Cir Portsmouth, VA	3.0	2.5	1440	$2,000	$1.39	24d	1	0.63mi
148 Owens St Portsmouth, VA	3.0	2.0	1500	$2,350	$1.57	24d	1	0.69mi
1321 Columbia St Unit 1533640P Portsmouth, VA	3.0	2.5	1582	$5,609	$3.55	8d	1	0.73mi
507 Broad St Unit 507 Portsmouth, VA	3.0	1.5	1700	$1,350	$0.79	44d	1	0.76mi
416 Maryland Ave Unit A Portsmouth, VA	3.0	2.0	1450	$2,300	$1.59	44d	1	0.82mi
20149 County St Portsmouth, VA	3.0	2.5	1738	$2,400	$1.38	44d	1	0.84mi
430 Mt Vernon Ave Portsmouth, VA	3.0	2.0	2179	$2,100	$0.96	44d	1	0.88mi
1508 Richmond Ave Portsmouth, VA	4.0	2.0	1600	$2,000	$1.25	4d	1	0.93mi
336 Mt Vernon Ave Portsmouth, VA	5.0	1.0	1847	$5,000	$2.71	44d	1	0.97mi
258 Maryland Ave Unit 2 Portsmouth, VA	4.0	2.0	1650	$1,950	$1.18	11d	1	0.97mi
258 Maryland Ave Unit 1 Portsmouth, VA	3.0	2.0	1600	$1,850	$1.16	11d	1	0.97mi
1440 Lasalle Ave Portsmouth, VA	4.0	2.0	1493	$2,500	$1.67	24d	1	1.12mi
3509 Floyd St Portsmouth, VA	4.0	2.5	1670	$2,400	$1.44	3d	1	1.18mi
147 Florida Ave Portsmouth, VA	3.0	1.5	2061	$2,200	$1.07	44d	1	1.19mi
147 Florida Ave Portsmouth, VA	3.0	1.5	2061	$2,200	$1.07	18d	1	1.19mi
2304 Nashville Ave Portsmouth, VA	3.0	1.5	1226	$1,395	$1.14	44d	1	1.19mi
528 Hampton Pl Unit 3 Portsmouth, VA	3.0	2.0	1650	$2,000	$1.21	18d	1	1.25mi
3607 Bart St Portsmouth, VA	3.0	2.0	1326	$1,850	$1.40	11d	1	1.26mi
2111 Atlanta Ave Portsmouth, VA	3.0	2.0	1418	$2,395	$1.69	44d	1	1.26mi
210 Monitor Rd Portsmouth, VA	4.0	4.0	2512	$3,200	$1.27	44d	1	1.26mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	1.26mi
511 Hampton Pl Unit A Portsmouth, VA	3.0	2.0	2100	$2,950	$1.40	44d	1	1.28mi
2215 Atlanta Ave Portsmouth, VA	4.0	1.0	1628	$2,150	$1.32	8d	1	1.31mi
414 London St Unit 3 Portsmouth, VA	3.0	2.0	1600	$1,595	$1.00	24d	1	1.34mi
403 Court St Portsmouth, VA	3.0	1.5	2380	$1,950	$0.82	24d	1	1.40mi
300 Russell St Portsmouth, VA	3.0	1.5	1534	$2,250	$1.47	24d	1	1.48mi

Listing history 9 events

1. 2026-06-09
   days on market $199,000 Active 29 DOM
2. 2026-06-08
   days on market $199,000 Active 28 DOM
3. 2026-06-07
   days on market $199,000 Active 27 DOM
4. 2026-06-03
   days on market $199,000 Active 23 DOM
5. 2026-06-02
   days on market $199,000 Active 22 DOM
6. 2026-06-01
   days on market $199,000 Active 21 DOM
7. 2026-05-31
   days on market $199,000 Active 20 DOM
8. 2026-05-18
   price $199,000 604-char remark
9. 2026-05-11
   listed $205,000 Active 604-char remark

ⓘ 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: $2,756 · $230/mo
• Projected year-2 tax: $2,756 · $230/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 5/10 Major FEMA zone X (unshaded) · 50% 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: $27,277
• − Mortgage interest: −$11,147
• − Property taxes: −$2,756
• − Insurance: −$995
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − Depreciation: −$5,789
• Taxable income: $2,225
• Est. tax owed @ 24.0%: −$534
• After-tax cash flow: $4,741/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: Portsmouth City Public School District
• NCES district ID: 5103000
• Math proficiency: 34% ▼ -40.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $46,152
• Composite: 39.01/100
• National rank: #4071
• State rank: #107 of 131 in VA

Livability — Portsmouth

• Score: 73/100
• State rank: #172
• US rank: #5381

Category grades

Amenities A+ Commute F Cost of living A+ 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: Portsmouth, VA
• County: Portsmouth City · 96,366 people
• City population: 96,366
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 19,207
• Household income: $49,583
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1727.0

Population outlook (Portsmouth County) Hauer SSP2

• Today (2025): 96,730 people
• By 2030: 96,760 · +0.0%
• By 2040: 96,573 · -0.2%
• By 2050: 95,606 · -1.2%
• By 2075: 93,579 · -3.3%
• By 2100: 83,756 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Portsmouth

• 2024 margin: Solid D (+38.6) · D 68.6% · R 30.0% · Other 1.4%
• 2008→2024 swing: -0.7pp no change · 2008: 39.3pp · 2024: 38.6pp
• All cycles: 2024: D+38.6 2020: D+40.8 2016: D+36.5 2012: D+39.6 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.69%
• Current HPI: 322.7335
• Rent YoY: ▲ 3.31%
• 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

-2.9% since first listed

3 events — show timeline

• 2026-06-10 Listing Removed — REINMLS
• 2026-05-18 Price Changed $199,000 REINMLS
• 2026-05-11 Listed $205,000 REINMLS

Property tax history

+3.2%/yr

Latest (2025): $2,756 · +4.1% YoY. Source: county tax records.