507 Patrick AveRichmondVA23222
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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 507 Patrick Ave, Richmond, VA, 23222 priced at $298,800 converts $2,265/mo rent into $479/mo cash flow after a $1,462/mo obligation. Total monthly income equals $2,265/mo, and annual cash flow totals $5,752/yr on $99,052 invested. Return on cash invested prints 25.72% in year one, and rental yield reads 9.1% against a $298,800 entry. Equity gained on principal adds $1,928/yr, while 5% annual appreciation compiles into $82,553 by year five. Five-year ROI reaches 133.72% and total cumulative return in cash sums $132,451. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $2,265/mo property income covering a $1,462/mo payment, not borrower’s personal income.
Single Family
Built in 1945
9,173 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23222, Richmond, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 12,389 (100%) |
| Owner Occupied HU | 5,700 (46.0%) |
| Renter Occupied HU | 5,278 (42.6%) |
| Vacant Housing Units | 1,411 (11.4%) |
| Median Home Value | $283,438 |
| Average Home Value | $341,200 |
Housing Distribution
Address Breakdown
Residential
11,351
Single Family
10,018
Multi-Family
1,333
Businesses
504
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