1423 Ocean View Ave #5NorfolkVA23503
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThis is a cash-flow-light asset: 1423 Ocean View Ave #5, Norfolk, VA, 23503 in Norfolk, $135,000, 9.09% gross yield, $76/mo net income. Consider it a market-entry position, the $1,023/mo rent covers the $607/mo payment with a margin, and 5%/yr appreciation is projected to add $37,298 to the asset's value over five years. Ziffy Mortgage approves DSCR loans (coverage 1.69) for non-U.S. residents without domestic income documentation. Consider a higher down payment to widen the monthly margin. Total projected return: $64,982.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.1% | 6.5% |
| Monthly Cash Flow | $76 | $1,250 |
City averages based on Norfolk market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,023 |
| Total Monthly Debt Service | $753 |
| DSCR Ratio | 1.36x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 1979
840.71 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23503, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 15,289 (100%) |
| Owner Occupied HU | 6,167 (40.3%) |
| Renter Occupied HU | 7,804 (51.0%) |
| Vacant Housing Units | 1,318 ( 8.6%) |
| Median Home Value | $326,217 |
| Average Home Value | $371,028 |
Housing Distribution
Address Breakdown
Residential
14,352
Single Family
12,409
Multi-Family
1,943
Businesses
317
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
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
Condo
Built in 1979
840.71 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23503, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 15,289 (100%) |
| Owner Occupied HU | 6,167 (40.3%) |
| Renter Occupied HU | 7,804 (51.0%) |
| Vacant Housing Units | 1,318 ( 8.6%) |
| Median Home Value | $326,217 |
| Average Home Value | $371,028 |
Housing Distribution
Address Breakdown
Residential
14,352
Single Family
12,409
Multi-Family
1,943
Businesses
317
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices