940 Monroe Ave NW Unit 341Grand RapidsMI49503
INVESTMENT ANALYSIS
Investment Verdict
Income-ProducingReliable and efficiently structured, 940 Monroe Ave NW Unit 341, Grand Rapids, MI, 49503 in Grand Rapids is a conservative rental investment at $345,000. Rental yield 6.9%. A 1.28 coverage ratio meets Ziffy Mortgage's DSCR standard for foreign-national financing. Five-year equity: 5% appreciation adds $95,317; $3,177/yr in principal paydown supplements. Total projected return: $112,737.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 6.9% | 6.8% |
| Monthly Cash Flow | $(690) | $850 |
City averages based on Grand Rapids market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,984 |
| Total Monthly Debt Service | $2,138 |
| DSCR Ratio | 0.93x |
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
2.87 Acres lot
$N/A/sqft
No 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
2.87 Acres lot
$N/A/sqft
No 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: Tyler Johnson • Clear Realty Group
Mls Name: MichRIC
Mls ID: #26006590