600 Monroe Ave NW APT 407Grand RapidsMI49503
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThis Grand Rapids rental at 600 Monroe Ave NW APT 407, Grand Rapids, MI, 49503 sits in the solid-income band: 8.77% gross yield, $3,353/mo rent, $326/mo net after the $2,064/mo debt service, DSCR 1.62. Entry price of $459,000 is well-calibrated for the income it produces. Ziffy Mortgage finances this type of asset on rental income alone, no tax returns, no U.S. credit profile. Projected five-year appreciation of $126,813 and $4,227/yr in principal reduction bring total cumulative return to $195,856.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8.8% | 6.8% |
| Monthly Cash Flow | $326 | $850 |
City averages based on Grand Rapids market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $3,353 |
| Total Monthly Debt Service | $2,844 |
| DSCR Ratio | 1.18x |
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.
Condo
Built in 1880
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49503, Grand Rapids, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 20,238 (100%) |
| Owner Occupied HU | 7,149 (35.3%) |
| Renter Occupied HU | 11,464 (56.6%) |
| Vacant Housing Units | 1,625 ( 8.0%) |
| Median Home Value | $281,804 |
| Average Home Value | $332,147 |
Housing Distribution
Address Breakdown
Residential
18,278
Single Family
12,427
Multi-Family
5,851
Businesses
2,048
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
Condo
Built in 1880
N/A lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 49503, Grand Rapids, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 20,238 (100%) |
| Owner Occupied HU | 7,149 (35.3%) |
| Renter Occupied HU | 11,464 (56.6%) |
| Vacant Housing Units | 1,625 ( 8.0%) |
| Median Home Value | $281,804 |
| Average Home Value | $332,147 |
Housing Distribution
Address Breakdown
Residential
18,278
Single Family
12,427
Multi-Family
5,851
Businesses
2,048
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Kyle Visser • ReSIDE Grand Rapids
Mls Name: MichRIC
Mls ID: #25045534