424 Summers Pl · Portsmouth, VA 23702

$226,000

3 bd · 2.5 ba · 2,016 sqft · SingleFamily public records · 14 Days on market

Built 1948 10,454 sqft lot Est $349k · 35% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.2/10.0
• 1% rule +4.9/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Listing remarks

WOW-Come see this charming 4 bedroom Colonial waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is open large living/family room. The first floor primary bedroom is well proportioned with carpeting-the remaining bedrooms are also good sized-bathrooms feature tub/shower combinations-the detached garage and shed are there for extra storage. SOLD AS-IS, with no repairs by Seller. This property may qualify for Seller Financing (Vendee). If Property was built prior to 1978, Lead Based Paint Potentially Exists.

Key facts

• Extra storage
• Large living room
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• LARGE LIVING ROOM
• DETACHED GARAGE
• EXTRA STORAGE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Detached 1-car garage; Driveway parking spaces
• Utilities: City/County water; City/County sewer; Electric water heater
• Home design: Detached colonial-style home; Two stories; Crawl foundation
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding; Back fenced yard; 103 x 100 lot dimensions

Interior

• Bedrooms: One bedroom with ensuite
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Interior features: Carpet and laminate flooring; Bedroom and full bathroom on first floor; Seven total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $226k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/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 $223k (1.3% below list).
• Recommended offer: $223k (1.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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.
• Zoned schools: I.C. Norcom High (math 39% / reading 58%, grade D, #301 of 319 statewide, top 95%, 1,043 students, 100% FRL) — zoned schools average 100% FRL vs 60% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 64 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Portsmouth city in 2024 (112 in 5+ unit buildings).
• At $2,231/mo this rent would consume 55% of the median local household income ($49k/yr) (locally 534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 4.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 11y 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

• Watch-outs: built in 1948 — 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 $223,121 (1.3% below list)

Questions for the listing agent

1. Built in 1948 — 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: 0.99% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.72%
• DSCR: 1.12
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $348,768
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 Truxton Ave	0.38mi	4/2.5 (+1)	1,983 (-2%)	1mo	$350,000	$177	74
115 Wall St	0.37mi	4/2.5 (+1)	2,000 (-1%)	3mo	$349,900	$175	74
502 Beacon Rd	0.26mi	4/2.5 (+1)	2,116 (+5%)	2mo	$365,000	$172	73
248 Harmony Dr	0.28mi	4/2.5 (+1)	2,112 (+5%)	3mo	$364,000	$172	72
316 Wall St	0.21mi	4/2.5 (+1)	2,205 (+9%)	1mo	$350,000	$159	69
203 Woodstock St	0.36mi	4/3.0 (+1)	2,100 (+4%)	1mo	$355,000	$169	68
415 Summers Pl	0.03mi	4/2.5 (+1)	2,284 (+13%)	4mo	$375,000	$164	68
109 Appomattox Ave	0.33mi	4/2.5 (+1)	2,172 (+8%)	1mo	$375,000	$173	66
3906 Deep Creek Blvd	0.50mi	4/2.5 (+1)	1,900 (-6%)	2mo	$288,700	$152	61
3215 Greenwood Dr	0.58mi	3/2.5	2,172 (+8%)	1mo	$375,000	$173	60
507 Normandy St	0.61mi	3/2.5	1,864 (-8%)	3mo	$325,000	$174	56
2711 Magnolia St	0.69mi	4/3.0 (+1)	1,739 (-14%)	4mo	$315,000	$181	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 3.13×
• Total profit: $134,483
• Equity at exit: $203,599

10-year hold

• IRR: 23.6%
• Equity multiple: 7.22×
• Total profit: $393,629
• Equity at exit: $439,068

Cash invested: $63,280 (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 23702

• Home prices YoY: 5.2%
• Rents YoY: 4.0%
• Active inventory: 64
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,231 high
• Mortgage (P&I): −$1,185
• Tax from tax record: −$340 /mo · $4,080/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $143

Break-even live

Break-even rent $2,050

Max offer price $226,000

Occupancy floor 89%

Sensitivity live

Price	-10% $271	-5% $207	+0% $143	+5% $79	+10% $15
Rent	-10% $-33	-5% $55	+0% $143	+5% $231	+10% $320
Rate	-1.0pp $257	-0.5pp $201	base $143	+0.5pp $85	+1.0pp $25

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
35 Fairview Cir S Portsmouth, VA	4.0	1.5	1462	$2,100	$1.44	13d	1	0.43mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	15d	1	0.54mi
2715 Portsmouth Blvd Portsmouth, VA	2.0	1.0	1428	$1,425	$1.00	18d	1	0.54mi
207 Falcon Ave Portsmouth, VA	3.0	2.5	1720	$3,000	$1.74	44d	1	0.58mi
22 Radford St Portsmouth, VA	4.0	3.0	1651	$2,550	$1.54	4d	1	0.69mi
528 Normandy St Portsmouth, VA	3.0	2.5	2262	$2,800	$1.24	24d	1	0.69mi
134 Monmouth St Portsmouth, VA	3.0	2.5	1440	$2,450	$1.70	44d	1	0.82mi
213 Monmouth St Portsmouth, VA	3.0	2.5	1800	$2,450	$1.36	45d	1	0.94mi
10 Parkside Pl Portsmouth, VA	3.0	2.0	1800	$2,095	$1.16	18d	1	1.01mi
2509 Smithfield Rd Portsmouth, VA	3.0	2.5	1540	$2,345	$1.52	22d	1	1.05mi
108 Marcy St Portsmouth, VA	4.0	2.5	2100	$2,500	$1.19	44d	1	1.15mi
3401 Brighton St Portsmouth, VA	3.0	2.5	1439	$2,195	$1.53	4d	1	1.20mi
203 Median Cir Portsmouth, VA	4.0	2.5	2200	$2,195	$1.00	24d	1	1.25mi
521 Weaver Cir Portsmouth, VA	4.0	2.0	1890	$2,125	$1.12	44d	1	1.33mi
1409 Wilcox Ave Portsmouth, VA	3.0	2.5	1800	$2,500	$1.39	44d	1	1.39mi

Listing history 9 events

1. 2026-06-17
   status $226,000 Under Contract 14 DOM
2. 2026-06-16
   days on market $226,000 Active 14 DOM
3. 2026-06-15
   days on market $226,000 Active 13 DOM
4. 2026-06-13
   days on market $226,000 Active 11 DOM
5. 2026-06-09
   days on market $226,000 Active 7 DOM
6. 2026-06-08
   days on market $226,000 Active 6 DOM
7. 2026-06-07
   days on market $226,000 Active 5 DOM
8. 2026-06-03
   remarks 558-char remark
9. 2026-06-03
   listed $226,000 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: $4,080 · $340/mo
• Projected year-2 tax: $4,080 · $340/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 ≥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: $26,775
• − Mortgage interest: −$12,660
• − Property taxes: −$4,080
• − Insurance: −$1,130
• − Repairs & maintenance: −$2,142
• − Management: −$2,142
• − Depreciation: −$6,575
• Taxable loss: −$1,953
• Est. tax savings @ 24.0%: +$469
• After-tax cash flow: $2,189/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): 12,485
• Household income: $48,835
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 534.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 50% White 35% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 16.70%
• Current HPI: 340.0817
• Rent YoY: ▲ 3.97%
• 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

+7.7% since first listed

15 events — show timeline

• 2026-06-02 Listed $226,000 REINMLS
• 2019-05-24 Pending — REINMLS
• 2019-05-23 Sold (Public Records) $234,000 Public Records
• 2019-04-12 Relisted — REINMLS
• 2019-04-01 Pending — REINMLS
• 2019-03-27 Listed $238,000 REINMLS
• 2015-10-22 Sold (Public Records) $225,000 Public Records
• 2015-10-07 Pending — REINMLS
• 2015-10-05 Listing Removed — REINMLS
• 2015-09-15 Price Changed $225,000 REINMLS
• 2015-08-07 Relisted — REINMLS
• 2015-07-22 Pending — REINMLS
• 2015-07-14 Listing Removed — REINMLS
• 2015-06-15 Listed $229,900 REINMLS
• 2013-07-30 Sold (Public Records) $209,900 Public Records

Property tax history

+3.5%/yr

Latest (2025): $4,080 · +3.1% YoY. Source: county tax records.