656 Lake Forest CirDetroit LakesMN56501
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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 Detroit Lakes at 656 Lake Forest Cir, Detroit Lakes, MN, 56501 generates $1,440/mo in rent, after a $3,000/mo payment. Total monthly income is $1,440/mo. Return on cash invested sits at 5.85% in year one, and rental yield is 2.82% on a $613,000 entry. Equity gained on principal adds $3,956/yr, while 5% annual appreciation builds toward $169,361 over five years. Five-year ROI reaches 27.52% and total cumulative return in cash sums $55,501. For financing, investors can use Ziffy Mortgage’s DSCR loan, which considers $1,440/mo property income rather than buyer’s personal income.
Single Family
Built in 2024
0.46 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 56501, Detroit Lakes, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 10,550 (100%) |
| Owner Occupied HU | 5,565 (52.7%) |
| Renter Occupied HU | 2,196 (20.8%) |
| Vacant Housing Units | 2,789 (26.4%) |
| Median Home Value | $357,335 |
| Average Home Value | $436,261 |
Housing Distribution
Address Breakdown
Residential
8,830
Single Family
7,427
Multi-Family
1,403
Businesses
614
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Listed by: Kayla Ulschmid • Keller Williams Realty Profess
Mls Name: NorthstarMLS as distributed by MLS GRID
Mls ID: #6716759