1518 Chela Ave

Norfolk, VA

HUD Homes (REO)Structure

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Location & enrichment

Property type: Structure
Zoning: —
Flood zone: AE
Lot size: —
Nearest metro: 74.3 mi
Nearest airport: 7.2 mi
Assessed value (county): —
Area median home value: $264,300
Area pop. trend (5yr): -2.4%
Area median rent: $1,119/mo
Owner-occupied: 30.6%
Rental vacancy: 14.1%

Not investment advice. Verify eligibility, price, and restrictions with the source listing before acting. Imagery is approximate (parcel centroid). Inventory checked September 20, 2026.

How to buy from the HUD Homes (REO)

The HUD Homes (REO) is a public agency that resells government-owned property. Start from the source listing, confirm the parcel is still available, and follow the land bank's published application or offer process.

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Quick deal check

Purchase priceRenovation budgetAfter-repair value

All-in $210,000 = 79% of ARV

Workable, thin margin

ARV starts from the area's median home value (Census) — replace it with real comps before acting. The 70% rule: flippers target purchase + rehab ≤ 70% of ARV. Not financial advice.

Buildability report

Pro

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