505 E 3rd StElk RapidsMI49629
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 Elk Rapids at 505 E 3rd St, Elk Rapids, MI, 49629 priced at $335,000 converts $1,859/mo rent into after a $1,640/mo obligation. Total monthly income equals $1,859/mo. Return on cash invested prints 16.12% in year one, and rental yield reads 6.66% against a $335,000 entry. Equity gained on principal adds $2,162/yr, while 5% annual appreciation compiles into $92,554 by year five. Five-year ROI reaches 83.07% and total cumulative return in cash sums $92,252. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $1,859/mo property income covering a $1,640/mo payment, not borrower’s personal income.
Single Family
Built in 1940
0.25 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: Christian Nelson • REMAX Of Elk Rapids
Mls Name: NGLRMLS
Mls Provider:
Mls ID: #1927139
Disclaimer: The information in this listing was gathered from third-party sources including the seller. Northern Great Lakes REALTORS MLS and its subscribers disclaim any and all representations or warranties as to the accuracy of this information. Copyright 2024 Northern Great Lakes REALTORS MLS. All Rights Reserved.