1229 Madison Ave APT 293Detroit LakesMN56501
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeFinancing efficiency matters for international buyers, and 1229 Madison Ave APT 293, Detroit Lakes, MN, 56501 in Detroit Lakes offers it: the 1.76 DSCR gives Ziffy Mortgage's underwriting team an unusually clean file, no U.S. credit, no personal income required. Rental yield 9.49%. Long-term, 5% appreciation is forecast to add $30,059, and $1,002/yr in principal paydown compounds equity steadily. Projected five-year cumulative return: $52,959.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.5% | 6.5% |
| Monthly Cash Flow | $(19) | $750 |
City averages based on Detroit Lakes market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $860 |
| Total Monthly Debt Service | $636 |
| DSCR Ratio | 1.35x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, 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.
Condo
Built in 1973
2,613 sqft 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
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
Condo
Built in 1973
2,613 sqft 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
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: TJ Buboltz • HomeSmart Adventure Realty
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6824407