Private Real Estate Capital · Hampton Roads & Miami

Disciplined capital,
underwritten to a ceiling.

We acquire and renovate undervalued houses across Hampton Roads, Virginia. Every deal is underwritten before we talk price: comp-supported ARV, tier-calibrated rehab budget with contingency, and a computed offer ceiling. Target 15 to 20 percent IRR for accredited investors. Minimum investment $100K.

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411
Deals Analyzed
10
Live Offers
3
Closed or Under Contract
What We Do

Our Core Investment Strategies

We source off-market and MLS opportunities, underwrite every deal to the 70 percent rule with tier-calibrated rehab budgets, and execute disciplined exits. Our operating market is Hampton Roads, Virginia. Miami is our headquarters and expansion market.

Fix & Flip

We acquire undervalued residential properties across Norfolk, Chesapeake, Portsmouth, and the wider Hampton Roads metro, execute tier-calibrated renovations with licensed contractors, and exit to retail buyers within disciplined 6–10 month cycles. One property closed and in renovation, two more under contract, all run through the same underwriting ceiling.

  • MLS scan plus off-market sourcing across seven Hampton Roads cities
  • Calibrated rehab tiers: $18 / $29 / $45 per sq ft, plus 10% contingency
  • 70% of ARV ceiling enforced on every offer
  • Dual exit: retail sale with rental backup
View Fix & Flip Projects

ADU Development

In our Miami headquarters market, we evaluate select Accessory Dwelling Unit opportunities where zoning and lot economics support them. We manage the full process, from Miami-Dade zoning analysis and permit applications to construction and tenant placement. This is a selective, deal-by-deal strategy alongside our Hampton Roads flip operation.

  • Miami-Dade zoning analysis & permit management
  • Design, engineering & construction oversight
  • Detached, attached & garage conversions
  • Rental income optimization post-completion
Discuss an ADU Project

Multifamily

We evaluate select Miami multifamily assets with strong fundamentals, typically 4–20 unit buildings in high-demand neighborhoods, where operational improvements and unit upgrades drive NOI growth. Like ADU work, this is a selective headquarters-market strategy, underwritten deal by deal.

  • Value-add acquisition strategy in key Miami submarkets
  • NOI optimization through unit renovation & rent growth
  • Property management oversight & vendor coordination
  • Long-term wealth building with cash flow distributions
Discuss a Multifamily Deal
By the Numbers

Discipline you can audit

Every offer we make traces back to the same math: comp-supported ARV, a tier-calibrated rehab budget with contingency, and a hard ceiling at 70 percent of ARV. The numbers below are the operation, not the pitch.

See the Portfolio
411

Deals underwritten across Hampton Roads

70%Hard cap

Offer ceiling as a share of ARV, enforced on every deal

15–20%Target

Target IRR for accredited investors, underwritten deal by deal

6–10Months

Disciplined exit cycle from acquisition to sale

Wholesalers & Off-Market Sellers

Have a deal? We will look at it.

Naqua reviews off-market opportunities daily. Wholesaler emails, distressed listings, direct seller leads, and assignment contracts. If the numbers work, we close fast with cash. If the spread is there, we will take the assignment. Send us your pipeline.

Send Us a Deal
Our Markets

Hampton Roads Operations, Miami Headquarters

Our capital deploys where renovation spreads exist today: Hampton Roads, Virginia. Median prices sit well below the national average, a 1.8 million population anchored by Naval Station Norfolk provides stable buyer demand, and our calibrated rehab tiers are proven on active projects across Norfolk and Chesapeake.

Miami is home base and the expansion market. Persistent in-migration, no state income tax, and constrained land supply make it a structural story. At today's prices it no longer offers flip spreads at scale, so we evaluate select Miami multifamily and ADU opportunities while the flip engine runs in Virginia.

Relationships in both markets, wholesalers, attorneys, contractors, and lenders, give Naqua consistent access to off-market deals before they reach the MLS.

60%+
Miami home value appreciation since 2020
#3
U.S. metro for domestic in-migration (U-Haul, 2024)
0%
Florida state income tax, attracting high-net-worth residents
2.9%
Miami-Dade rental vacancy rate, well below national average
Active Market

Active in Hampton Roads, Virginia

Naqua runs an active fix and flip pipeline across Hampton Roads. The region pairs the largest naval base in the world with a stable working population and a median home price well below the national average, creating renovation spreads Miami no longer offers at scale.

We source through the MLS, local wholesalers, attorneys, and direct-to-seller outreach. Renovation budgets are calibrated to per-square-foot tiers proven on our own projects, plus a 10 percent contingency. Every deal goes through the same ARV stress test, holding cost model, and exit timing analysis before an offer goes out.

Cities we cover: Norfolk, Chesapeake, Portsmouth, Virginia Beach, Hampton, Newport News, Suffolk.

411
Hampton Roads deals analyzed through our underwriting pipeline
10
Live offers out to sellers right now
3
Properties closed or under contract in Hampton Roads
7
Independent cities sourced for off-market deals

Pipeline figures as of May 2026.

Jafit Morales, Co-Founder of Naqua Capital
Co-Founder

Jafit Morales

Worldwide Real Estate Finance, Amazon

Finance leader on Amazon's Worldwide Real Estate Finance team, supporting Fulfillment Center investment decisions across North America and emerging markets. Penn State engineering, Cornell graduate education.

Edgar Dasilva, Co-Founder of Naqua Capital
Co-Founder

Edgar Dasilva

Finance Manager, Real Estate at Amazon

Finance Manager for Amazon Real Estate in New York. Background at Honeywell, PwC, and Santander. Duke MBA, Harvard Extension Data Science.

Our Story

Built on Local Knowledge, Driven by Results

Naqua Capital was founded by Jafit Morales and Edgar Dasilva, two operators with over 30 years of combined experience across real estate investment, corporate finance, and operations. Both work day jobs in real estate finance at Amazon. Naqua is where they run the deals they would invest in themselves.

The firm is headquartered in Miami Beach and runs an active fix-and-flip pipeline across Hampton Roads, Virginia, with select South Florida activity. Local relationships built over years give us access to off-market deal flow. Disciplined underwriting against a 70 percent of ARV ceiling and calibrated rehab tiers keeps us out of the deals that look good but do not pencil.

Investor Culture30+ years of combined experience across cycles
Transaction ManagementOff-market deal sourcing & disciplined underwriting
Asset ManagementFull lifecycle oversight from acquisition to exit
Risk FrameworkData-driven scenario analysis before every deal
Meet the Team
How We Work

A Disciplined Investment Process

Underwriting Discipline

Every acquisition runs through one ceiling: 70 percent of ARV minus calibrated rehab cost. Rehab tiers are priced per square foot from our own pipeline, not national estimating guides. We invest our own capital alongside yours, so we underwrite the deal we would actually do.

  • · Light rehab: $18 per sq ft
  • · Medium rehab: $29 per sq ft
  • · Heavy rehab: $45 per sq ft

Investor Reporting Cadence

You hear from us on a fixed schedule, not when convenient. Capital partners get the same operational view we use internally, including budget burn against scope, milestone dates, and exit price tracking against pro forma.

  • · Monthly project status with photos
  • · Quarterly capital position statement
  • · Final closing statement at exit
Built In-House

The Underwriting Tool Behind Every Deal

We do not guess at numbers. Every Hampton Roads opportunity flows through our internal pipeline tool, gets scored against the 70 percent of ARV ceiling, and gets modeled across three strategies and three financing structures before a single dollar moves.

Naqua Capital deal pipeline view showing real Hampton Roads addresses, status, cash-on-cash return, net profit, ARV, purchase price, rehab tier, and deal score
Live pipeline. Every deal we look at, scored.
Naqua Capital single-deal analyzer for 224 W 26th St Norfolk showing fix and flip, BRRRR, and buy-and-hold returns under cash purchase, hard money, and private lender financing structures
Single-deal underwriting. Three strategies, three financings.
The tool is internal. Investor partners get monthly status reports that surface the same numbers in plain language.
Investor Questions

Frequently Asked Questions

Common questions about Hampton Roads fix-and-flip, the 70 percent of ARV rule, how the private lien works, and what happens when a deal overruns budget.

Hampton Roads offers renovation spreads that Miami no longer provides at scale. Median home prices remain well below the national average, while a 1.8 million population anchored by Naval Station Norfolk provides stable buyer demand. We source across Norfolk, Chesapeake, Portsmouth, Virginia Beach, Hampton, Newport News, and Suffolk. Miami remains our headquarters and a secondary market for select multifamily and ADU activity.

Maximum allowable offer (MAO) equals 70 percent of after-repair value minus rehab cost. The 30 percent buffer absorbs holding costs, financing, selling costs, and target profit. Every deal we underwrite, whether sourced through MLS or direct seller outreach, runs through this ceiling. If the numbers do not pencil at 70 percent of ARV, we walk.

We use per-square-foot tiers calibrated on our own Hampton Roads pipeline: light rehab at $18 per sq ft, medium at $29, heavy at $45. Tier assignment comes from the listing description, photos, and inspection. We do not guess. A 1,200 sq ft house at medium tier prices to $35K of rehab, not a round number.

Minimum investment is $100,000. Both capital structures, private lending (secured note) and JV equity partnership, are available to accredited investors as defined under SEC Rule 501 of Regulation D. Naqua Capital makes no investment offerings to non-accredited investors. Contact us to receive current deal documents.

When you invest as a private lender, your principal is secured by a recorded first-position mortgage on the subject property. The loan-to-ARV is capped at 70 percent, which means even at exit pricing well below pro forma, the property value covers your principal first. The term is fixed with a stated maturity date, and interest is paid monthly or accrued to maturity depending on the deal structure.

Budget overrun risk is real. We model it three ways: a 10 percent contingency baked into every rehab estimate, calibrated tier pricing that already reflects historical variance, and a backup exit to landlord or wholesale if retail timing slips. Investors get monthly status with photos showing burn against scope. If a deal underperforms, you see the variance before the close.

Have more questions about investing with Naqua Capital?

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How Your Capital Is Structured

Two Paths to Participate

Investors choose the structure that fits their risk profile. Both come with the same underwriting discipline and the same milestone reporting cadence.

Private Lending

Fixed-rate notes secured by a recorded first-position mortgage on the subject property. Your principal sits behind real estate collateral with a clear LTV cap, a defined term, and a stated exit. Suited for investors prioritizing capital protection and predictable income.

  • First-position recorded mortgage
  • Maximum 70% loan-to-ARV cap
  • Fixed term with stated maturity
  • Monthly or accrued interest options

JV Equity Partnership

Preferred equity position in a single project or pooled vehicle. Returns are tied to deal performance with a preferred return hurdle before any promote. Suited for accredited investors targeting higher upside in exchange for project-level risk.

  • Preferred return paid first
  • Pro-rata share of project profit
  • Quarterly milestone and budget reporting
  • Available per-deal or as a pooled allocation

All offerings are private placements available to accredited investors only, as defined under SEC Rule 501 of Regulation D. Past performance does not guarantee future results. Contact us for current deal documents and full risk disclosures.

Get Started

Want to See the Next Deal?

Naqua partners with accredited investors on off-market Hampton Roads fix-and-flip and select South Florida real estate. Minimum $100K. Target 15 to 20 percent IRR.

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