Here for sale is a nice frame home with 3 bedrooms and 2 bathrooms with a basement. It is 1,020 square feet and it was built in 1943. This property is on the Westside of Detroit. This home is currently occupied with a section 8 tenant paying $850.00 a month and has been there for 3 years. The tenant now pays $0.00 and section 8 pays the full $850.00. The section 8 full amount is paid from the housing authority from 5/1/2020 until 4/30/2021. This property is in the Pembroke neighborhood which is good for rentals and fix and flip. The home does not have a garage. There is a lot next to the home that you may be able to purchase from the city with the side lot program for $100.00 from www.buildingdetroit.org.
The property is managed by the owner so you will have to obtain your own property management. I can refer some to you and it is some listed in the Detroit Real Estate Yellow Pages. Copies of the lease and rent rolls will only be given once the deposit has been sent. I have seen this house and it does need some repairs. The lease expires on 8/18/2020 and has just been extended until 4/30/2021. Please click the link below to view the pictures.
Estimated Rehab: $8,000.00 – $15,000.00 – Will need the following:
Downspouts, Gutters cleaned, electrical and some plumbing. There is a leak at the water meter that just happened. The owner will fix the plumbing leak. There is some electrical needed as well (gfci’s, ground plugs, check panel and add circuits as needed, etc) and glass block windows. I do suggest adding vinyl siding in the future but you can wait a few years before installing.
This is a buy and hold neighborhood but you can fix and flip depending on the house and what streets you are on in the area. ARV is $45,000 – $60,000 depending on finishes.
The home is OCCUPIED WITH A TENANT and will be delivered OCCUPIED WITH A TENANT at closing. BUYER IS TO PAY ALL CLOSING COST! PLEASE DRIVE BY THE PROPERTY ONLY. 10 day inspection period once deposit of $1,500.00 has been paid. Deposit is non refundable if buyer does not perform. Deposit is only refundable if the seller does not perform or failed inspection. A failed inspection consist of structure issues such as the foundation or roof rafters only.
Showing requests that have an offer included will be given priority.
DO NOT DISTURB THE TENANT
Asking price: $35,000.00/obo
View Pictures here:
Title Company: Detroit Title and Escrow, Fidelity Title, or Regions Title
Annual Taxes: $1,000.00 +/-
Deposit: $1,500.00 – only refundable if the seller does not close or failed inspection. 10 day inspection period. Will be delivered OCCUPIED at closing.
Estimated Rehab: $8,000.00 – $15,000.00