248 Shorewood DrDetroit 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
Investment property for sale in Detroit Lakes at 248 Shorewood Dr, Detroit Lakes, MN, 56501 offers a 1.07% rental yield on a $1,620,000 purchase with $1,440/mo rent. 53% in year one. Equity gained on principal adds $10,454/yr while 5% annual appreciation supports $447,576 over five years. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $1,440/mo property income against a $7,929/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Single Family
Built in 2014
8,276 sqft 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: Stacy Heinlein • HomeSmart Adventure Realty
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6751019