1115 Summit AveDetroit LakesMN56501
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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 Detroit Lakes at 1115 Summit Ave, Detroit Lakes, MN, 56501 listed at $549,000 pairs $3,160/mo rent with a $2,687/mo payment. Total monthly income runs $3,160/mo. Return on cash invested measures 18.28% in year one, and rental yield registers 6.91% at a $549,000 basis. Equity gained on principal adds $3,543/yr, and annual property appreciation at 5% supports $151,679 by year five. Five-year ROI tracks 94.14% and total cumulative return in cash totals $170,036. Financing can be arranged with Ziffy Mortgage’s DSCR loan, which qualifies using $3,160/mo property income relative to a $2,687/mo payment rather than your personal income (W2, Tax Returns, Paystubs, or 1099).
Single Family
Built in 1905
0.60 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 56501, Detroit Lakes, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 10,550 (100%) |
| Owner Occupied HU | 5,565 (52.7%) |
| Renter Occupied HU | 2,196 (20.8%) |
| Vacant Housing Units | 2,789 (26.4%) |
| Median Home Value | $357,335 |
| Average Home Value | $436,261 |
Housing Distribution
Address Breakdown
Residential
8,830
Single Family
7,427
Multi-Family
1,403
Businesses
614
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Listed by: Lisa Jasken • Re/Max Lakes Region
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6803602