Description
Located on the Eastside of Detroit, Drennan & Seldons regents park subdivision, 8 Mile & Gratiot.This beautiful bungalow home has three bedrooms and one full size bath.The current value of the property is $100k, giving you a new investment property with over $25,000 in equity at closing with residual income of $10,500 annually and $875 per month.The tenants are currently in month-to-month leases so rental rate has the flexibility to be increased to the current market rental rate of $1500 per month for a three bedroom.Operating expenses are minimal and self-sufficient, with individually metered electric and gas service for each unit covered by the tenants. Owner pays water, property taxes, and insurance.This property has a current cap rate of 7.8% with flexibility to increase to 13.5%Property management services are available for purchaser if needed. This is a true turnkey income producing property in an appreciating neighborhood. warranty deed available (free & clear)Purchaser to pay $645 compliance fee to Prestige Realty Services, LLCThis property is available individually or in a 4-property package deal with: 15361 Sorrento 18659 Shaftsbury 17638 Albion 14141 RossiniPlease contact listing agent for further details on package deal.
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3BEDS
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0.12ACRES
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1BATHS
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01/2 BATHS
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1,088SQFT
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$69$/SQFT
Description
Located on the Eastside of Detroit, Drennan & Seldons regents park subdivision, 8 Mile & Gratiot.This beautiful bungalow home has three bedrooms and one full size bath.The current value of the property is $100k, giving you a new investment property with over $25,000 in equity at closing with residual income of $10,500 annually and $875 per month.The tenants are currently in month-to-month leases so rental rate has the flexibility to be increased to the current market rental rate of $1500 per month for a three bedroom.Operating expenses are minimal and self-sufficient, with individually metered electric and gas service for each unit covered by the tenants. Owner pays water, property taxes, and insurance.This property has a current cap rate of 7.8% with flexibility to increase to 13.5%Property management services are available for purchaser if needed. This is a true turnkey income producing property in an appreciating neighborhood. warranty deed available (free & clear)Purchaser to pay $645 compliance fee to Prestige Realty Services, LLCThis property is available individually or in a 4-property package deal with: 15361 Sorrento 18659 Shaftsbury 17638 Albion 14141 RossiniPlease contact listing agent for further details on package deal.
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IDX provided courtesy of Realcomp II Ltd., via Prestige Realty Services Llc: (248) 904-1974 and Realcomp, ©2023 Realcomp II Ltd. Shareholders.