3020 Patterson Ave #U9RichmondVA23221
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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
Rental property for sale in Richmond at 3020 Patterson Ave #U9, Richmond, VA, 23221 generates $1,542/mo in rent and, after a $1,167/mo payment, leaves $117/mo in cash flow. Total monthly income is $1,542/mo, and annual cash flow is $1,399/yr on $79,063 invested. Return on cash invested sits at 21.68% in year one, and rental yield is 7.76% on a $238,500 entry. Equity gained on principal adds $1,539/yr, while 5% annual appreciation builds toward $65,893 over five years. Five-year ROI reaches 112.07% and total cumulative return in cash sums $88,607. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,542/mo property income rather than buyer’s personal income.
Condo
Built in 1924
531.43 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23221, Richmond, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 8,345 (100%) |
| Owner Occupied HU | 3,976 (47.6%) |
| Renter Occupied HU | 3,922 (47.0%) |
| Vacant Housing Units | 447 ( 5.4%) |
| Median Home Value | $592,338 |
| Average Home Value | $684,208 |
Housing Distribution
Address Breakdown
Residential
7,935
Single Family
5,547
Multi-Family
2,388
Businesses
641
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