289 Essex St APT 307SalemMA01970
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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 Salem at 289 Essex St APT 307, Salem, MA, 01970 uses $142,214 cash to close to unlock $226/yr annual cash flow and $19/mo monthly cash flow. Total monthly income runs $2,723/mo, and a $2,100/mo payment keeps the spread at $19/mo. Purchase price stands at $429,000, and rental yield measures 7.62% with $2,723/mo rent. Return on cash invested shows 20.07% in year one, and 5% annual appreciation builds toward $118,525 over five years. Five-year ROI reaches 103.84% and total cumulative return in cash records $147,673. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $2,723/mo property income covering a $2,100/mo payment rather than investor’s personal income.
Condo
Built in 1987
0.31 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 01970, Salem, MA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 20,846 (100%) |
| Owner Occupied HU | 10,263 (49.2%) |
| Renter Occupied HU | 9,561 (45.9%) |
| Vacant Housing Units | 1,022 ( 4.9%) |
| Median Home Value | $626,422 |
| Average Home Value | $665,116 |
Housing Distribution
Address Breakdown
Residential
18,571
Single Family
12,690
Multi-Family
5,881
Businesses
1,702
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Listed by: Laura Crowell • J. Barrett & Company
Mls Name: MLS PIN
Mls ID: #73452251