346 Fairfax AveNorfolkVA23507
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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 Norfolk at 346 Fairfax Ave, Norfolk, VA, 23507 generates $2,582/mo in rent, after a $2,863/mo payment. Total monthly income is $2,582/mo. Return on cash invested sits at 14.36% in year one, and rental yield is 5.3% on a $585,000 entry. Equity gained on principal adds $3,775/yr, while 5% annual appreciation builds toward $161,625 over five years. Five-year ROI reaches 72.77% and total cumulative return in cash sums $140,058. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $2,582/mo property income rather than buyer’s personal income.
Multi Family
Built in 1902
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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