940 Gates Ave #1ANorfolkVA23517
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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
Investment property for sale in Norfolk at 940 Gates Ave #1A, Norfolk, VA, 23517 uses $67,958 cash to close to unlock $8,147/yr annual cash flow and $679/mo monthly cash flow. Total monthly income runs $1,904/mo, and a $1,003/mo payment keeps the spread at $679/mo. Purchase price stands at $205,000, and rental yield measures 11.15% with $1,904/mo rent. Return on cash invested shows 31.9% in year one, and 5% annual appreciation builds toward $56,638 over five years. Five-year ROI reaches 166.86% and total cumulative return in cash records $113,394. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $1,904/mo property income covering a $1,003/mo payment rather than investor’s personal income.
Condo
Built in 1930
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 23517, Norfolk, VA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 3,110 (100%) |
| Owner Occupied HU | 813 (26.1%) |
| Renter Occupied HU | 2,106 (67.7%) |
| Vacant Housing Units | 191 ( 6.1%) |
| Median Home Value | $482,500 |
| Average Home Value | $517,257 |
Housing Distribution
Address Breakdown
Residential
3,034
Single Family
1,709
Multi-Family
1,325
Businesses
763
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