215 Charles 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
Rental property for sale in Detroit Lakes at 215 Charles Ave, Detroit Lakes, MN, 56501 offers $2,323/mo rent that, after a $1,170/mo payment, leaves $830/mo cash flow. Total monthly income is $2,323/mo, and annual cash flow is $9,964/yr on $79,229 cash. Return on cash invested measures 32.49% in year one, and rental yield stands at 11.66% at a $239,000 entry. Equity gained on principal adds $1,542/yr while 5% annual appreciation compounds into $66,031 by year five. Five-year ROI records 170.39% and total cumulative return in cash reaches $135,000. Lending can use Ziffy Mortgage’s DSCR loan, which structures approval around $2,323/mo property income versus a $1,170/mo payment rather than borrower’s personal income verification through W2s, Salary slips, and Tax returns.
Single Family
Built in 1965
0.27 Acres 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: Lisa Jasken • Re/Max Lakes Region
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6750930