940 Gates Ave APT A5NorfolkVA23517
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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 940 Gates Ave APT A5, Norfolk, VA, 23517 generates $1,771/mo in rent and, after a $954/mo payment, leaves $606/mo in cash flow. Total monthly income is $1,771/mo, and annual cash flow is $7,269/yr on $64,643 invested. Return on cash invested sits at 31.15% in year one, and rental yield is 10.9% on a $195,000 entry. Equity gained on principal adds $1,258/yr, while 5% annual appreciation builds toward $53,875 over five years. Five-year ROI reaches 162.87% and total cumulative return in cash sums $105,286. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,771/mo property income rather than buyer’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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