507 Elliott St SEGrand RapidsMI49507
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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
Investment property for sale in Grand Rapids at 507 Elliott St SE, Grand Rapids, MI, 49507 offers a 9.8% rental yield on a $289,900 purchase with $2,368/mo rent. Total monthly income registers $2,368/mo, and a $1,419/mo payment leaves $456/mo available for distribution. Annual cash flow reaches $5,474/yr on $96,102 to close, and return on cash invested stands at 25.61% in year one. Equity gained on principal adds $1,871/yr while 5% annual appreciation supports $80,094 over five years. Portfolio math shows five-year ROI at 133.95% and total cumulative return in cash at $128,733. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $2,368/mo property income against a $1,419/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Single Family
Built in 1927
6,534 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49507, Grand Rapids, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,654 (100%) |
| Owner Occupied HU | 8,476 (62.1%) |
| Renter Occupied HU | 4,606 (33.7%) |
| Vacant Housing Units | 572 ( 4.2%) |
| Median Home Value | $221,284 |
| Average Home Value | $243,171 |
Housing Distribution
Address Breakdown
Residential
12,903
Single Family
12,159
Multi-Family
744
Businesses
715
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Listed by: Kyle Sheerin • Independence Realty (Main)
Mls Name: MichRIC
Mls ID: #25055159