507 Elliott St SEGrand RapidsMI49507
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeInvestors who value predictability will appreciate 507 Elliott St SE, Grand Rapids, MI, 49507 in Grand Rapids. At $284,000 it earns $2,230/mo in rent and distributes $357/mo to the owner after the $1,277/mo payment, a consistent 9.42% yield. DSCR 1.75 clears Ziffy Mortgage's income-only underwriting standard. Over five years, 5% annual appreciation adds $78,464 in value; $2,616/yr in principal paydown compounds ownership stake. Total projected return: $131,214.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.4% | 6.8% |
| Monthly Cash Flow | $357 | $850 |
City averages based on Grand Rapids market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $2,230 |
| Total Monthly Debt Service | $1,760 |
| DSCR Ratio | 1.27x |
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 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
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 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
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: N/A • N/A
Mls Name: MichRIC
Mls ID: #26012861