1505 E 3rd AveMitchellSD57301
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeTight but positive: 1505 E 3rd Ave, Mitchell, SD, 57301 in Mitchell at $270,000 earns $1,810/mo in rent and nets $103/mo after the $1,214/mo payment, a 8.04% yield with limited short-term income headroom. The equity story offsets the thin monthly spread: 5% annual appreciation adds $74,596 over five years. Ziffy Mortgage underwrites this on a 1.49 DSCR without U.S. credit history. With $2,487/yr in principal paydown, total projected return reaches $109,253.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8% | 6.5% |
| Monthly Cash Flow | $103 | $300 |
City averages based on Mitchell market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,810 |
| Total Monthly Debt Service | $1,599 |
| DSCR Ratio | 1.13x |
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 1962
8,537 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 57301, Mitchell, SD area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 9,154 (100%) |
| Owner Occupied HU | 4,924 (53.8%) |
| Renter Occupied HU | 3,257 (35.6%) |
| Vacant Housing Units | 973 (10.6%) |
| Median Home Value | $209,750 |
| Average Home Value | $268,574 |
Housing Distribution
Address Breakdown
Residential
8,580
Single Family
7,302
Multi-Family
1,278
Businesses
962
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 1962
8,537 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 57301, Mitchell, SD area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 9,154 (100%) |
| Owner Occupied HU | 4,924 (53.8%) |
| Renter Occupied HU | 3,257 (35.6%) |
| Vacant Housing Units | 973 (10.6%) |
| Median Home Value | $209,750 |
| Average Home Value | $268,574 |
Housing Distribution
Address Breakdown
Residential
8,580
Single Family
7,302
Multi-Family
1,278
Businesses
962
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: N/A • N/A
Mls Name: undefined
Mls ID: #N/A