103 3rd Ave WGrand MaraisMN55604
INVESTMENT ANALYSIS
Investment Verdict
Appreciation PlayYield and appreciation often trade off, and at 103 3rd Ave W, Grand Marais, MN, 55604 in Grand Marais the bet is firmly on appreciation. Rental yield 2.46%. The 2.46% gross yield on a $499,900 price is below income-first thresholds, but 5%/yr value growth projects $138,113 in equity by year five. Ziffy Mortgage's non-U.S. DSCR mortgage (0.46) finances the acquisition on rental income alone. A larger down payment (30–35%) reduces monthly debt service and tightens the spread. Total projected cumulative return: $54,858.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 2.5% | 6.0% |
| Monthly Cash Flow | $(2,096) | $250 |
City averages based on Grand Marais market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,026 |
| Total Monthly Debt Service | $2,923 |
| DSCR Ratio | 0.35x |
Ziffy Mortgage typically prefers a DSCR of 1.0+, but in some cases you may qualify with a DSCR below 1. To explore if this deal qualifies for an investment mortgage, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Single Family
Built in 1935
10,454 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55604, Grand Marais, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 3,559 (100%) |
| Owner Occupied HU | 1,413 (39.7%) |
| Renter Occupied HU | 428 (12.0%) |
| Vacant Housing Units | 1,718 (48.3%) |
| Median Home Value | $352,639 |
| Average Home Value | $483,783 |
Housing Distribution
Address Breakdown
Residential
1,403
Single Family
1,281
Multi-Family
122
Businesses
229
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
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
Single Family
Built in 1935
10,454 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55604, Grand Marais, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 3,559 (100%) |
| Owner Occupied HU | 1,413 (39.7%) |
| Renter Occupied HU | 428 (12.0%) |
| Vacant Housing Units | 1,718 (48.3%) |
| Median Home Value | $352,639 |
| Average Home Value | $483,783 |
Housing Distribution
Address Breakdown
Residential
1,403
Single Family
1,281
Multi-Family
122
Businesses
229
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Virginia Detrick Palmer • Coldwell Banker North Shore
Mls Name: Lake Superior Area Realtors
Mls Provider:
Mls ID: #6119361
Disclaimer: Information is supplied by seller and other third parties and has not been verified. Open House information is subject to change without notice. Copyright 2025 Lake Superior Area REALTORS, Inc.® MLS All Rights Reserved.