$64,900
6615 Lake Shore Dr S Apt 603
Richfield MN 55423
1 bed, 1 bath, 750 sqft
6615 Lake Shore Dr S Apt 603 is a 1 bed, 1 bath, 750 sqft condo home for sale at $64,900 in Richfield MN 55423. At 20% down it rents for an estimated $1,325/mo and returns $246/mo a month at a 11.1% cap rate.
The deal math
Modelled at 20% down on a 30-year loan at current market rates, before management, vacancy and maintenance reserves.
- Estimated rent
- $1,325/mo
- Monthly cash flow
- $246/mo
- Cap rate
- 11.1%
- Cash-on-cash
- 22.7%
- Max offer
- $64,900
Works right at asking price for a 1.2 DSCR and 8% cash-on-cash.
$64,900
6615 Lake Shore Dr S Apt 603
Richfield MN 55423
Works right at asking price for a 1.2 DSCR and 8% cash-on-cash.
Pro forma
What you'd spend on interior finishes before renting — starts at zero, set your own number (our photo-based estimate is $33,000). Counted as upfront cash: it raises cash to close and is part of the cash-on-cash return.
Every number on this page assumes the home stays rented and nothing is set aside. That is deliberate, but it is not what most landlords spend. Standard investor assumptions (18% of rent, about $239/mo for management, vacancy, maintenance and CapEx) would put cash flow at $37/mo. Set your own below.
Expenses owners pay
Tenants typically pay their own utilities on this home type, and the association dues (charged in full above) carry trash and exterior upkeep, so every line opens at $0. If you'll pay any of these as the owner, set them here — they come straight out of the cash flow above.
Monthly payment (PITI)
- Principal & interest$322
- Property tax$65
- Insurance$8
- HOA$654
- Total payment$1,049/mo
Cash-flow math charges taxes, insurance, HOA, PMI in full and holds nothing back from rent. Management, vacancy, maintenance and CapEx are yours to set above. Insurance runs lighter here: the association’s dues cover the structure’s master policy and exterior upkeep.
Cash you'd need to close (est.)
- Down payment (25.0%)$16,225
- Closing costs (~3%: title, lender, prepaid escrow)$1,947
- Reserves (2 months of payments)$2,098
- Total cash to close$20,270
An estimate — your lender's Loan Estimate is the real number. Doesn't include any repairs needed before renting.
Where it sits
6615 Lake Shore Dr S Apt 603 in context — the streets, water and amenities around it.
Property details
6615 Lake Shore Dr S Apt 603 · Richfield MN 55423
- Beds
- 1
- Baths
- 1
- Square feet
- 750
- Price / sqft
- $87
- Home type
- Condo
- Days on market
- 397 days
- HOA
- $654/mo
- Status
- For Sale
Status per the source feed — contingent/pending changes can lag the MLS by up to ~12 hours.