1303 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 1303 Summit Ave, Detroit Lakes, MN, 56501 with 5% annual appreciation on a $319,900 basis while $2,258/mo rent supports operations. Total monthly income totals $2,258/mo and a $1,566/mo payment preserves $260/mo for cash returns. Annual cash flow comes to $3,122/yr on $106,047 deployed, and return on cash invested reaches 22.85% in year one. Equity gained on principal adds $2,064/yr, and five-year appreciation sums $88,382 alongside rental yield of 8.47%. Five-year ROI measures 118.73% and total cumulative return in cash totals $125,912.
Investors can finance this property with Ziffy Mortgage’s DSCR loan that underwrites to $2,258/mo property income versus a $1,566/mo payment rather than your W2s, Paystubs, Tax returns, or 1099 forms.
Single Family
Built in 1972
6,098 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
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Listed by: Eric Lundmark • Counselor Realty Detroit Lakes
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6801279