402 Chestnut StSalemVA24153
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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 Salem at 402 Chestnut St, Salem, VA, 24153 priced at $284,000 converts $1,711/mo rent into after a $1,390/mo obligation. Total monthly income equals $1,711/mo. Return on cash invested prints 18.91% in year one, and rental yield reads 7.23% against a $284,000 entry. Equity gained on principal adds $1,833/yr, while 5% annual appreciation compiles into $78,464 by year five. Five-year ROI reaches 97.64% and total cumulative return in cash sums $91,925. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $1,711/mo property income covering a $1,390/mo payment, not borrower’s personal income.
Single Family
Built in 2003
7,405 sqft lot
$N/A/sqft
$70 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 24153, Salem, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 16,874 (100%) |
| Owner Occupied HU | 11,469 (68.0%) |
| Renter Occupied HU | 4,141 (24.5%) |
| Vacant Housing Units | 1,264 ( 7.5%) |
| Median Home Value | $317,038 |
| Average Home Value | $367,775 |
Housing Distribution
Address Breakdown
Residential
16,321
Single Family
15,046
Multi-Family
1,275
Businesses
1,603
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Listed by: Patrick Wilkinson • THE REAL ESTATE GROUP
Mls Name: RVAR
Mls Provider:
Mls ID: #917094
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