23 W Harvey StElyMN55731
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
Rental property for sale in Ely at 23 W Harvey St, Ely, MN, 55731 offers $1,868/mo rent that, after a $1,101/mo payment, leaves $382/mo cash flow. Total monthly income is $1,868/mo, and annual cash flow is $4,589/yr on $74,588 cash. Return on cash invested measures 26.06% in year one, and rental yield stands at 9.96% at a $225,000 entry. Equity gained on principal adds $1,452/yr while 5% annual appreciation compounds into $62,163 by year five. Five-year ROI records 136.41% and total cumulative return in cash reaches $101,745. Lending can use Ziffy Mortgage’s DSCR loan, which structures approval around $1,868/mo property income versus a $1,101/mo payment rather than borrower’s personal income verification through W2s, Salary slips, and Tax returns.
Single Family
Built in 1946
5,662 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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Nearby investment properties with comparable prices
Listed by: Patricia Bulinski • Bear Island Realty LLC
Mls Name: Lake Superior Area Realtors
Mls Provider:
Mls ID: #6116896
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 2025 Lake Superior Area REALTORS, Inc.® MLS All Rights Reserved.