6242 Highway 1Silver BayMN55614
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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 Silver Bay at 6242 Highway 1, Silver Bay, MN, 55614 generates $1,800/mo in rent, after a $1,468/mo payment. Total monthly income is $1,800/mo. Return on cash invested sits at 19.03% in year one, and rental yield is 7.2% on a $299,900 entry. Equity gained on principal adds $1,935/yr, while 5% annual appreciation builds toward $82,857 over five years. Five-year ROI reaches 98.25% and total cumulative return in cash sums $97,672. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,800/mo property income rather than buyer’s personal income.
Single Family
Built in 1966
3.22 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55614, Silver Bay, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 1,471 (100%) |
| Owner Occupied HU | 965 (65.6%) |
| Renter Occupied HU | 168 (11.4%) |
| Vacant Housing Units | 338 (23.0%) |
| Median Home Value | $216,209 |
| Average Home Value | $325,624 |
Housing Distribution
Address Breakdown
Residential
1,222
Single Family
1,179
Multi-Family
43
Businesses
74
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Listed by: Crystal Peterson • Century 21 Atwood
Mls Name: Lake Superior Area Realtors
Mls ID: #6119457