1416 Michigan St APT C1Storm LakeIA50588
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeTight but positive: 1416 Michigan St APT C1, Storm Lake, IA, 50588 in Storm Lake at $102,500 earns $769/mo in rent and nets $103/mo after the $461/mo payment, a 9% yield with limited short-term income headroom. The equity story offsets the thin monthly spread: 5% annual appreciation adds $28,319 over five years. Ziffy Mortgage underwrites this on a 1.67 DSCR without U.S. credit history. With $944/yr in principal paydown, total projected return reaches $45,406.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9% | 6.5% |
| Monthly Cash Flow | $103 | $150 |
City averages based on Storm Lake market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $769 |
| Total Monthly Debt Service | $630 |
| DSCR Ratio | 1.22x |
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 1981
871.20 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 50588, Storm Lake, IA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,962 (100%) |
| Owner Occupied HU | 2,950 (59.5%) |
| Renter Occupied HU | 1,537 (31.0%) |
| Vacant Housing Units | 475 ( 9.6%) |
| Median Home Value | $217,957 |
| Average Home Value | $295,617 |
Housing Distribution
Address Breakdown
Residential
4,706
Single Family
4,086
Multi-Family
620
Businesses
516
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 1981
871.20 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 50588, Storm Lake, IA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,962 (100%) |
| Owner Occupied HU | 2,950 (59.5%) |
| Renter Occupied HU | 1,537 (31.0%) |
| Vacant Housing Units | 475 ( 9.6%) |
| Median Home Value | $217,957 |
| Average Home Value | $295,617 |
Housing Distribution
Address Breakdown
Residential
4,706
Single Family
4,086
Multi-Family
620
Businesses
516
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Robert D Smith • Rob Smith Homes & Land
Mls Name: Northwest Iowa Regional BOR
Mls Provider:
Mls ID: #829254
Disclaimer: Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing information is deemed reliable, but not guaranteed.