506 Olde Covington WayArdenNC28704
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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 Arden at 506 Olde Covington Way, Arden, NC, 28704 offers $1,337/mo rent that, after a $1,488/mo payment. Total monthly income is $1,337/mo. Return on cash invested measures 13.77% in year one, and rental yield stands at 5.28% at a $304,000 entry. Equity gained on principal adds $1,962/yr while 5% annual appreciation compounds into $83,990 by year five. Five-year ROI records 69.81% and total cumulative return in cash reaches $70,352. Lending can use Ziffy Mortgage’s DSCR loan, which structures approval around $1,337/mo property income versus a $1,488/mo payment rather than borrower’s personal income verification through W2s, Salary slips, and Tax returns.
Condo
Built in 2002
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 28704, Arden, NC area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,283 (100%) |
| Owner Occupied HU | 6,564 (49.4%) |
| Renter Occupied HU | 5,409 (40.7%) |
| Vacant Housing Units | 1,310 ( 9.9%) |
| Median Home Value | $460,403 |
| Average Home Value | $610,342 |
Housing Distribution
Address Breakdown
Residential
12,048
Single Family
9,990
Multi-Family
2,058
Businesses
976
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Listed by: Kristi Brannon • Two Trails LLC
Mls Name: Canopy MLS as distributed by MLS GRID
Mls ID: #4314368