1024 Gates Ave APT 6BNorfolkVA23507
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Norfolk at 1024 Gates Ave APT 6B, Norfolk, VA, 23507 offers a 10% rental yield on a $267,000 purchase with $2,225/mo rent. Total monthly income registers $2,225/mo, and a $1,307/mo payment leaves $629/mo available for distribution. Annual cash flow reaches $7,545/yr on $88,511 to close, and return on cash invested stands at 28.43% in year one. Equity gained on principal adds $1,723/yr while 5% annual appreciation supports $73,767 over five years. Portfolio math shows five-year ROI at 148.28% and total cumulative return in cash at $131,239. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $2,225/mo property income against a $1,307/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Condo
Built in 1983
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23507, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 3,367 (100%) |
| Owner Occupied HU | 1,371 (40.7%) |
| Renter Occupied HU | 1,817 (54.0%) |
| Vacant Housing Units | 179 ( 5.3%) |
| Median Home Value | $570,652 |
| Average Home Value | $591,734 |
Housing Distribution
Address Breakdown
Residential
3,309
Single Family
1,888
Multi-Family
1,421
Businesses
140
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