8116 Mona Ave · Norfolk, VA 23518

$225,000

3 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 2 Days on market

Built 1954 Est $295k · 24% 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 +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This nice brick ranch starter home has a CLEAR crawl termite and Moisture letter and a NEW Roof! Don't hesitate to see this one before it's gone. Sells strictly AS-IS. Seller will do NO repairs. W/ D as is, washer is 3 years old. dryer, age unknown. all appliances as is. Water heater 3 years old. Gas Furnace, 3-5 years old. Some Hardwood Floors. NO VA or FHA loans. Conventional or Cash only.

Key facts

• Gas furnace
• New roof
• Hardwood floors

Tags

• NEW ROOF
• GAS FURNACE
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Neighborhood: ROOSEVELT GARDENS
• HOA & community: No HOA fees

Exterior

• Parking: Attached 1-car garage; Driveway parking; Street parking; Garage approximately 392 sq. ft.
• Utilities: City/County water; City/County sewer; Gas water heater
• Home design: Detached ranch; Single-story
• Construction: Crawl foundation; Asphalt shingle roof
• Exterior features: Brick siding; Partial chain-link fence

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: First-floor master bedroom; Bedroom and full bathroom on first floor; No bedrooms with ensuite
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Carpet, vinyl, and wood flooring; Attic
• Laundry & utility: Washer and dryer; Washer and dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/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 $209k (7.0% below list).
• Recommended offer: $209k (7.0% below list) — sets the bar for 1% rule.
• 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: Little Creek Elementary (math 20% / reading 49%, grade F, #966 of 1,108 statewide, top 89%, 631 students, 97% FRL); Lake Taylor High (math 38% / reading 72%, grade C, #279 of 319 statewide, top 88%, 1,030 students, 92% FRL) — zoned schools average 95% FRL vs 59% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 206 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 438 units permitted in Norfolk city in 2024 (273 in 5+ unit buildings).
• This rent runs 32% of the median local income ($78k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — 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 $209,227 (7.0% below list)

Questions for the listing agent

1. Built in 1954 — 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: 0.93% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $294,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8116 Mona Ave	0.00mi	3/1.0	1,080 (0%)	0mo	$210,000	$194	100
8237 Nathan Ave	0.23mi	3/1.0	1,073 (-1%)	0mo	$301,000	$281	88
8441 Nathan Ave	0.45mi	3/1.0	1,073 (-1%)	0mo	$260,000	$242	77
8412 Norristown Dr	0.41mi	3/1.0	1,073 (-1%)	4mo	$295,000	$275	77
8329 Mona Ave	0.29mi	3/1.0	1,197 (+11%)	0mo	$299,900	$251	68
2209 Dean Dr	0.34mi	2/1.0 (-1)	1,001 (-7%)	7mo	$260,000	$260	61
2913 David Ave	0.48mi	3/2.0	1,151 (+7%)	3mo	$307,300	$267	60
2332 Wharton Ct	0.69mi	3/2.0	1,105 (+2%)	3mo	$302,000	$273	57
1842 Springwood St	0.48mi	3/1.0	936 (-13%)	0mo	$260,000	$278	55
2129 Mervis St	0.74mi	3/1.0	1,165 (+8%)	4mo	$273,000	$234	49
2775 E Little Creek Rd	0.49mi	3/2.5	1,210 (+12%)	4mo	$345,000	$285	48
1815 Lightwood Ln	0.55mi	4/2.0 (+1)	1,200 (+11%)	2mo	$365,000	$304	45

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 · 3.07% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-15,153
• Equity at exit: $33,548

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $14,341
• Equity at exit: $19,454

Cash invested: $63,000 (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 23518

• Home prices YoY: -16.9%
• Rents YoY: 3.1%
• Active inventory: 206
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,092 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$45 /mo · $543/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $334

Break-even live

Break-even rent $1,669

Max offer price $225,000

Occupancy floor 79%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1859 Branchwood St Unit 1492775P Norfolk, VA	3.0	2.0	1367	$3,800	$2.78	14d	1	0.42mi
2217 Helsley Ave Norfolk, VA	3.0	2.0	1039	$2,200	$2.12	3d	1	0.55mi
2204 Helsley Ave Norfolk, VA	3.0	1.0	1039	$2,000	$1.92	44d	1	0.60mi
8516 Halprin Dr Norfolk, VA	3.0	1.0	1086	$2,395	$2.21	7d	1	0.61mi
9544 5th Bay St Unit 6 Norfolk, VA	2.0	1.0	750	$1,650	$2.20	23d	1	0.89mi
8121 Tidal Rd Norfolk, VA	2.0	1.0	805	$1,425	$1.77	43d	1	0.93mi
2111 Pretty Lake Ave Norfolk, VA	2.0	2.0	950	$1,730	$1.82	2d	1	1.00mi
2916 Pleasant Ave Unit 6 Norfolk, VA	2.0	1.0	800	$1,195	$1.49	43d	1	1.00mi
9560 12th Bay St Unit B Norfolk, VA	2.0	1.0	800	$1,225	$1.53	43d	1	1.00mi
9617 11th Bay St Unit 2 Norfolk, VA	2.0	2.0	1200	$1,400	$1.17	43d	1	1.04mi
3857 Flowerfield Rd Norfolk, VA	1.0–3.0	1.0–1.5	931	$1,790	$1.92	2d	17	1.06mi
9563 15th Bay St Unit 4 Norfolk, VA	3.0	2.0	1100	$1,695	$1.54	43d	1	1.08mi
9551 16th Bay St Norfolk, VA	2.0	1.5	787	$1,495	$1.90	43d	1	1.09mi
9628 1st Bay St Norfolk, VA	2.0	1.0	750	$1,500	$2.00	3d	1	1.11mi
4138 Seafarer Ave Norfolk, VA	2.0	2.0	1175	$1,995	$1.70	2d	1	1.11mi
9627 1st Bay St Norfolk, VA	2.0	1.0	750	$1,475	$1.97	43d	1	1.12mi
8021 Ransom Rd Unit A-B Norfolk, VA	2.0	1.0	800	$1,400	$1.75	14d	1	1.12mi
4138 Seafarer Ave Unit 1 Norfolk, VA	2.0	2.0	1175	$1,995	$1.70	3d	1	1.14mi
9608 15th Bay St Norfolk, VA	2.0	1.0	800	$1,600	$2.00	43d	1	1.15mi
3601 Pleasant Ave Norfolk, VA	2.0	1.0	750	$1,562	$2.08	21d	1	1.15mi
9512 18th Bay St Unit B Norfolk, VA	3.0	1.0	952	$2,650	$2.78	43d	1	1.16mi
9714 11th Bay St Unit 1354823P Norfolk, VA	2.0	1.0	796	$2,386	$3.00	19d	1	1.17mi
9714 11th Bay St Unit 1533634P Norfolk, VA	2.0	1.0	775	$2,691	$3.47	3d	1	1.17mi
4217 Dunning Rd Norfolk, VA	3.0	1.0	800	$1,700	$2.12	21d	1	1.19mi
9533 19th Bay St Unit 1 Norfolk, VA	3.0	1.0	847	$1,350	$1.59	43d	1	1.19mi
9559 19th Bay St Norfolk, VA	2.0	1.0	744	$1,595	$2.14	23d	1	1.23mi
3805 Pleasant Ave Unit A Norfolk, VA	2.0	1.0	819	$1,250	$1.53	23d	1	1.24mi
9537 20th Bay St Unit A Norfolk, VA	2.0	1.0	725	$1,400	$1.93	23d	1	1.24mi
2020 E Ocean View Ave Unit 5 Norfolk, VA	3.0	2.0	1350	$2,350	$1.74	43d	1	1.27mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	7d	1	1.29mi
9322 Grove Ave Norfolk, VA	3.0	2.0	1365	$2,400	$1.76	23d	1	1.29mi
4314 Dunning Rd Unit 4 Norfolk, VA	2.0	1.0	701	$1,195	$1.70	23d	1	1.29mi
6419 Grimes Ave Norfolk, VA	3.0	2.0	1225	$2,150	$1.76	43d	1	1.30mi
9607 20th Bay St Unit 5 Norfolk, VA	2.0	1.0	750	$1,595	$2.13	43d	1	1.33mi
1346 Tallwood St Norfolk, VA	3.0	2.0	1293	$2,200	$1.70	4d	1	1.34mi
9617 20th Bay St #22 Norfolk, VA	2.0	1.0	750	$1,395	$1.86	43d	1	1.35mi
6975 Bonnot Dr Norfolk, VA	3.0	1.5	1188	$1,700	$1.43	43d	1	1.35mi
7906 Turner Rd Norfolk, VA	3.0	1.5	1400	$1,925	$1.38	43d	1	1.39mi
9615 21st Bay St Norfolk, VA	2.0	2.5	1500	$2,995	$2.00	7d	1	1.39mi
9631 21st Bay St Norfolk, VA	2.0	2.5	1500	$2,995	$2.00	16d	1	1.41mi

Listing history 1 events

1. 2026-05-26
   listed $225,000 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: $543 · $45/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$1,302/yr (+$109/mo · 240.0%)

ⓘ 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) · 51% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,107
• − Mortgage interest: −$12,603
• − Property taxes: −$543
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,009
• − Management: −$2,009
• − Depreciation: −$6,545
• Taxable income: $273
• Est. tax owed @ 24.0%: −$66
• After-tax cash flow: $3,942/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): 29,746
• Household income: $77,594
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1143.0

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 0.59)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 9% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 3% Slovak 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 88% English-only · Spanish 6% Tagalog/Filipino 2% 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: ▼ -60.26%
• Current HPI: 296.2161
• Rent YoY: ▲ 3.07%
• 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

1 event — show timeline

• 2026-05-26 Listed $225,000 REINMLS

Property tax history

-8.0%/yr

Latest (2025): $543 · -78.2% YoY. Source: county tax records.