123 W Chapman StElyMN55731
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeTight but positive: 123 W Chapman St, Ely, MN, 55731 in Ely at $109,000 earns $847/mo in rent and nets $166/mo after the $490/mo payment, a 9.32% yield with limited short-term income headroom. The equity story offsets the thin monthly spread: 5% annual appreciation adds $30,115 over five years. Ziffy Mortgage underwrites this on a 1.73 DSCR without U.S. credit history. With $1,004/yr in principal paydown, total projected return reaches $52,077.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.3% | 6.0% |
| Monthly Cash Flow | $166 | $600 |
City averages based on Ely market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $847 |
| Total Monthly Debt Service | $637 |
| DSCR Ratio | 1.33x |
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.
Single Family
Built in 1917
3,049 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55731, Ely, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,875 (100%) |
| Owner Occupied HU | 2,036 (41.8%) |
| Renter Occupied HU | 675 (13.8%) |
| Vacant Housing Units | 2,164 (44.4%) |
| Median Home Value | $269,626 |
| Average Home Value | $319,896 |
Housing Distribution
Address Breakdown
Residential
3,274
Single Family
3,079
Multi-Family
195
Businesses
379
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 1917
3,049 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55731, Ely, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,875 (100%) |
| Owner Occupied HU | 2,036 (41.8%) |
| Renter Occupied HU | 675 (13.8%) |
| Vacant Housing Units | 2,164 (44.4%) |
| Median Home Value | $269,626 |
| Average Home Value | $319,896 |
Housing Distribution
Address Breakdown
Residential
3,274
Single Family
3,079
Multi-Family
195
Businesses
379
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Julian Rasmusson • Z' Up North Realty
Mls Name: Lake Superior Area Realtors
Mls Provider:
Mls ID: #6121235
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.