8024 E Spirit Cove DrDuluthMN55807
INVESTMENT ANALYSIS
Investment Verdict
Appreciation PlayGlobal investors willing to prioritise equity over near-term yield will find 8024 E Spirit Cove Dr, Duluth, MN, 55807 in Duluth worth study. Rental yield 2.77%. The 2.77% gross yield is below cash-flow benchmarks at $650,900, but 5% annual appreciation, adding $179,832 over five years, frames this as a capital growth position. Rent of $1,500/mo partially offsets the $2,927/mo payment. Ziffy Mortgage finances appreciation-play properties (0.51 DSCR) for non-U.S. residents without domestic income documentation; a 30–35% down payment maximises coverage. Total projected return: $64,315.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 2.8% | 5.6% |
| Monthly Cash Flow | $(2,858) | $650 |
City averages based on Duluth market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,500 |
| Total Monthly Debt Service | $4,099 |
| DSCR Ratio | 0.37x |
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.
Condo
Built in 1996
6,098 sqft lot
$N/A/sqft
$880 quarterly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55807, Duluth, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,523 (100%) |
| Owner Occupied HU | 2,737 (60.5%) |
| Renter Occupied HU | 1,518 (33.6%) |
| Vacant Housing Units | 268 ( 5.9%) |
| Median Home Value | $186,574 |
| Average Home Value | $250,443 |
Housing Distribution
Address Breakdown
Residential
4,509
Single Family
4,025
Multi-Family
484
Businesses
362
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 1996
6,098 sqft lot
$N/A/sqft
$880 quarterly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 55807, Duluth, MN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,523 (100%) |
| Owner Occupied HU | 2,737 (60.5%) |
| Renter Occupied HU | 1,518 (33.6%) |
| Vacant Housing Units | 268 ( 5.9%) |
| Median Home Value | $186,574 |
| Average Home Value | $250,443 |
Housing Distribution
Address Breakdown
Residential
4,509
Single Family
4,025
Multi-Family
484
Businesses
362
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Tom Little • RE/MAX Results
Mls Name: Lake Superior Area Realtors
Mls Provider:
Mls ID: #6115726
Disclaimer: Information is supplied by seller and other third parties and has not been verified. Open House information is subject to change without notice. Copyright 2025 Lake Superior Area REALTORS, Inc.® MLS All Rights Reserved.