602 3rd St SWRed Lake FallsMN56750
INVESTMENT ANALYSIS
Investment Verdict
Income-ProducingReliable and efficiently structured, 602 3rd St SW, Red Lake Falls, MN, 56750 in Red Lake Falls is a conservative rental investment at $180,000. Rental yield 6.4%. A 1.19 coverage ratio meets Ziffy Mortgage's DSCR standard for foreign-national financing. Five-year equity: 5% appreciation adds $49,731; $1,658/yr in principal paydown supplements. Total projected return: $52,183.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 6.4% | 7.0% |
| Monthly Cash Flow | $(257) | $400 |
City averages based on Red Lake Falls market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $960 |
| Total Monthly Debt Service | $1,146 |
| DSCR Ratio | 0.84x |
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.
Single Family
Built in 1910
0.55 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 56750, Red Lake Falls, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 1,173 (100%) |
| Owner Occupied HU | 816 (69.6%) |
| Renter Occupied HU | 211 (18.0%) |
| Vacant Housing Units | 146 (12.4%) |
| Median Home Value | $199,603 |
| Average Home Value | $236,964 |
Housing Distribution
Address Breakdown
Residential
1,001
Single Family
931
Multi-Family
70
Businesses
107
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 1910
0.55 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 56750, Red Lake Falls, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 1,173 (100%) |
| Owner Occupied HU | 816 (69.6%) |
| Renter Occupied HU | 211 (18.0%) |
| Vacant Housing Units | 146 (12.4%) |
| Median Home Value | $199,603 |
| Average Home Value | $236,964 |
Housing Distribution
Address Breakdown
Residential
1,001
Single Family
931
Multi-Family
70
Businesses
107
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Paula Monette • Oxford Realty
Mls Name: GFBMLS
Mls Provider:
Mls ID: #25-92
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.