863 Little Bay Ave APT 1NorfolkVA23503
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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 863 Little Bay Ave APT 1, Norfolk, VA, 23503 generates $1,871/mo in rent and, after a $1,150/mo payment, leaves $466/mo in cash flow. Total monthly income is $1,871/mo, and annual cash flow is $5,597/yr on $77,903 invested. Return on cash invested sits at 27.09% in year one, and rental yield is 9.55% on a $235,000 entry. Equity gained on principal adds $1,516/yr, while 5% annual appreciation builds toward $64,926 over five years. Five-year ROI reaches 141.11% and total cumulative return in cash sums $109,924. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,871/mo property income rather than buyer’s personal income.
Condo
Built in 1988
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23503, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 15,289 (100%) |
| Owner Occupied HU | 6,167 (40.3%) |
| Renter Occupied HU | 7,804 (51.0%) |
| Vacant Housing Units | 1,318 ( 8.6%) |
| Median Home Value | $326,217 |
| Average Home Value | $371,028 |
Housing Distribution
Address Breakdown
Residential
14,352
Single Family
12,409
Multi-Family
1,943
Businesses
317
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