940 Monroe Ave NW #347Grand RapidsMI49503
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeAt 1.57, 940 Monroe Ave NW #347, Grand Rapids, MI, 49503 in Grand Rapids sits at the top of Ziffy Mortgage's DSCR coverage band, a significant advantage for non-U.S. buyers closing without domestic income documentation. Rental yield 8.47%. The 8.47% yield is backed by 5% annual appreciation projecting $109,131 in value gain, plus $3,638/yr in principal reduction. Total projected cumulative return: $132,648.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 8.5% | 6.8% |
| Monthly Cash Flow | $(310) | $850 |
City averages based on Grand Rapids market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $2,786 |
| Total Monthly Debt Service | $2,940 |
| DSCR Ratio | 0.95x |
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 1892
N/A lot
$N/A/sqft
$492 monthly 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 1892
N/A lot
$N/A/sqft
$492 monthly 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: Bradley S Veneklase • Urban Soil Realty
Mls Name: MichRIC
Mls Provider:
Mls ID: #25036207
Disclaimer: Information is deemed reliable but not guaranteed. Copyright 2025 MichRIC, LLC. All rights reserved.