503 W 2nd StElk RapidsMI49629
INVESTMENT ANALYSIS
Investment Verdict
Appreciation PlayMarkets with strong demand fundamentals often produce low-yield, high-appreciation assets. 503 W 2nd St, Elk Rapids, MI, 49629 in Elk Rapids fits: $699,900, 3.53% gross yield, and a projected 5% annual appreciation rate adding $193,369 in value within five years. Rental yield 3.53%. The narrow rent-to-debt spread is the trade-off for market growth. Ziffy Mortgage's DSCR loan (0.66) finances non-U.S. buyers without personal income documentation; optimise coverage with a 30–35% down payment. $6,446/yr in principal paydown and $193,369 in appreciation project a total return of $102,353.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 3.5% | 6.2% |
| Monthly Cash Flow | $(2,554) | $425 |
City averages based on Elk Rapids market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $2,062 |
| Total Monthly Debt Service | $4,337 |
| DSCR Ratio | 0.48x |
Ziffy Mortgage typically prefers a DSCR of 1.0+, but in some cases you may qualify with a DSCR below 1. To explore if this deal qualifies for an investment mortgage, 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.
Multi Family
Built in 1975
0.43 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49629, Elk Rapids, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 1,708 (100%) |
| Owner Occupied HU | 899 (52.6%) |
| Renter Occupied HU | 151 ( 8.8%) |
| Vacant Housing Units | 658 (38.5%) |
| Median Home Value | $372,701 |
| Average Home Value | $458,910 |
Housing Distribution
Address Breakdown
Residential
1,157
Single Family
1,026
Multi-Family
131
Businesses
247
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
Multi Family
Built in 1975
0.43 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49629, Elk Rapids, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 1,708 (100%) |
| Owner Occupied HU | 899 (52.6%) |
| Renter Occupied HU | 151 ( 8.8%) |
| Vacant Housing Units | 658 (38.5%) |
| Median Home Value | $372,701 |
| Average Home Value | $458,910 |
Housing Distribution
Address Breakdown
Residential
1,157
Single Family
1,026
Multi-Family
131
Businesses
247
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: James Garrow • Bayside Real Estate
Mls Name: NGLRMLS
Mls ID: #1938794