208 E Ludington St Unit 7Iron MountainMI49801
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThe cash-flow margin at 208 E Ludington St Unit 7, Iron Mountain, MI, 49801 in Iron Mountain is narrow, $60/mo net on $1,380/mo rent after the $832/mo debt service, but the property operates at break-even-plus, not a loss. At $185,000 with a 8.95% yield, the long-run equity case via 5% appreciation ($51,112 over five years) and $1,704/yr in principal paydown is where the returns accumulate. Ziffy Mortgage's 1.66 DSCR loan requires no W-2s or U.S. credit. Total projected cumulative return: $80,789.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9% | 7.0% |
| Monthly Cash Flow | $60 | $350 |
City averages based on Iron Mountain market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,380 |
| Total Monthly Debt Service | $1,146 |
| DSCR Ratio | 1.20x |
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 1889
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49801, Iron Mountain, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 5,881 (100%) |
| Owner Occupied HU | 4,061 (69.1%) |
| Renter Occupied HU | 1,147 (19.5%) |
| Vacant Housing Units | 673 (11.4%) |
| Median Home Value | $178,357 |
| Average Home Value | $215,842 |
Housing Distribution
Address Breakdown
Residential
5,352
Single Family
5,196
Multi-Family
156
Businesses
755
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 1889
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49801, Iron Mountain, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 5,881 (100%) |
| Owner Occupied HU | 4,061 (69.1%) |
| Renter Occupied HU | 1,147 (19.5%) |
| Vacant Housing Units | 673 (11.4%) |
| Median Home Value | $178,357 |
| Average Home Value | $215,842 |
Housing Distribution
Address Breakdown
Residential
5,352
Single Family
5,196
Multi-Family
156
Businesses
755
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: RYAN GORDON • STEPHENS REAL ESTATE
Mls Name: Upper Peninsula AOR
Mls ID: #50199382