1301 W 38th StNorfolkVA23508
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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 1301 W 38th St, Norfolk, VA, 23508 offers a 7.68% rental yield on a $224,900 purchase with $1,440/mo rent. Total monthly income registers $1,440/mo, and a $1,101/mo payment leaves $95/mo available for distribution. Annual cash flow reaches $1,144/yr on $74,554 to close, and return on cash invested stands at 21.44% in year one. Equity gained on principal adds $1,451/yr while 5% annual appreciation supports $62,136 over five years. Portfolio math shows five-year ROI at 110.84% and total cumulative return in cash at $82,633. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $1,440/mo property income against a $1,101/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Condo
Built in 1914
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23508, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 7,693 (100%) |
| Owner Occupied HU | 3,355 (43.6%) |
| Renter Occupied HU | 3,776 (49.1%) |
| Vacant Housing Units | 562 ( 7.3%) |
| Median Home Value | $449,338 |
| Average Home Value | $541,747 |
Housing Distribution
Address Breakdown
Residential
7,986
Single Family
6,901
Multi-Family
1,085
Businesses
432
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