224 Harvey St EElyMN55731
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
Investment Highlights
Investment property for sale in Ely at 224 Harvey St E, Ely, MN, 55731 offers a 11.57% rental yield on a $249,000 purchase with $2,400/mo rent. Total monthly income registers $2,400/mo, and a $1,219/mo payment leaves $817/mo available for distribution. Annual cash flow reaches $9,807/yr on $82,544 to close, and return on cash invested stands at 31.79% in year one. Equity gained on principal adds $1,607/yr while 5% annual appreciation supports $68,794 over five years. Portfolio math shows five-year ROI at 166.82% and total cumulative return in cash at $137,696. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $2,400/mo property income against a $1,219/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Single Family
Built in 1950
5,227 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55731, Ely, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,875 (100%) |
| Owner Occupied HU | 2,036 (41.8%) |
| Renter Occupied HU | 675 (13.8%) |
| Vacant Housing Units | 2,164 (44.4%) |
| Median Home Value | $269,626 |
| Average Home Value | $319,896 |
Housing Distribution
Address Breakdown
Residential
3,274
Single Family
3,079
Multi-Family
195
Businesses
379
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Listed by: Patricia Bulinski • Bear Island Realty LLC
Mls Name: Lake Superior Area Realtors
Mls Provider:
Mls ID: #6116599
Disclaimer: Information is supplied by seller and other third parties and has not been verified. Open House information is subject to change without notice. Copyright 2024 Lake Superior Area REALTORS, Inc.® MLS All Rights Reserved.