940 Monroe Ave NW UNIT 415Grand RapidsMI49503
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeSolid, durable, and financeable, 940 Monroe Ave NW UNIT 415, Grand Rapids, MI, 49503 in Grand Rapids earns a 9.8% gross yield at $197,000. Rent of $1,609/mo nets $310/mo after the $886/mo mortgage. The 1.82 DSCR signals clean DSCR underwriting through Ziffy Mortgage, with no personal income verification required. Five-year value growth of $54,427 and $1,814/yr in equity accumulation project a total cumulative return of $95,026.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.8% | 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 | $1,609 |
| Total Monthly Debt Service | $1,221 |
| DSCR Ratio | 1.32x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, 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
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
N/A 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: Emilee Samfilippo • Keller Williams GR East
Mls Name: MichRIC
Mls ID: #26001989