23 W Harvey StElyMN55731
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeSolid, durable, and financeable, 23 W Harvey St, Ely, MN, 55731 in Ely earns a 9.96% gross yield at $225,000. Rent of $1,868/mo nets $382/mo after the $1,012/mo mortgage. The 1.85 DSCR signals clean DSCR underwriting through Ziffy Mortgage, with no personal income verification required. Five-year value growth of $62,163 and $2,072/yr in equity accumulation project a total cumulative return of $110,328.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 10% | 6.0% |
| Monthly Cash Flow | $382 | $600 |
City averages based on Ely market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,868 |
| Total Monthly Debt Service | $1,396 |
| DSCR Ratio | 1.34x |
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 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
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 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
Nearby investment properties with comparable rents
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.