24942 County Highway 6Detroit LakesMN56501
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeTight but positive: 24942 County Highway 6, Detroit Lakes, MN, 56501 in Detroit Lakes at $295,000 earns $2,001/mo in rent and nets $159/mo after the $1,327/mo payment, a 8.14% yield with limited short-term income headroom. The equity story offsets the thin monthly spread: 5% annual appreciation adds $81,503 over five years. Ziffy Mortgage underwrites this on a 1.51 DSCR without U.S. credit history. With $2,717/yr in principal paydown, total projected return reaches $122,142.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8.1% | 6.5% |
| Monthly Cash Flow | $159 | $750 |
City averages based on Detroit Lakes market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $2,001 |
| Total Monthly Debt Service | $1,725 |
| DSCR Ratio | 1.16x |
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 1977
5.20 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
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 1977
5.20 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
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Steven Larson • Coldwell Banker At The Lakes
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6762786