5328 Merritt DrChincoteagueVA23336
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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 Chincoteague at 5328 Merritt Dr, Chincoteague, VA, 23336 generates $1,596/mo in rent and, after a $1,096/mo payment, leaves $257/mo in cash flow. Total monthly income is $1,596/mo, and annual cash flow is $3,088/yr on $74,256 invested. Return on cash invested sits at 24.07% in year one, and rental yield is 8.55% on a $224,000 entry. Equity gained on principal adds $1,445/yr, while 5% annual appreciation builds toward $61,887 over five years. Five-year ROI reaches 124.91% and total cumulative return in cash sums $92,755. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,596/mo property income rather than buyer’s personal income.
Manufactured
Built in 2003
4,909 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23336, Chincoteague Island, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,287 (100%) |
| Owner Occupied HU | 1,250 (29.2%) |
| Renter Occupied HU | 409 ( 9.5%) |
| Vacant Housing Units | 2,628 (61.3%) |
| Median Home Value | $365,359 |
| Average Home Value | $380,074 |
Housing Distribution
Address Breakdown
Residential
2,439
Single Family
2,415
Multi-Family
24
Businesses
307
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Listed by: Meghan Oliver Clarkson • Long & Foster - Main St
Mls Name: Eastern Shore AOR
Mls ID: #64918