Single-Family Rental Financing in Norfolk, VA

Single-Family Rental investing in Norfolk

Single-family rentals are the cleanest DSCR file you can write in Norfolk. One unit, one lease, one Form 1007 market rent schedule, and the deepest set of sale and rent comps in the Norfolk City County appraisal market. Detached stock also carries the longest average tenancies, which is what actually protects the ratio you close at.

At the Norfolk median of $300,000, a single-family rental prices near $300,000. Minimum down is 20% ($60,000), leaving a loan of $240,000. Estimated all-in PITIA runs about $2,003 per month.

Returns and structure

Return metrics at the Norfolk median for this product: an estimated cap rate of 5.95%, and monthly cash flow of $397 positive at 20% down. A file that cash-flows at the minimum down payment is the exception in Virginia right now, and it gives you room to absorb an insurance renewal without going to the reserve account.