Here for sale is a brick home with 3 bedrooms and 1 bathrooms with a basement. It has a 1 car detached garage. It is 1,152 square feet and it was built in 1944. This property is on the Eastside of Detroit. This home is currently vacant with fire damage to the kitchen. Estimated rehab is $150,000 – 200,000.00. This is one of the neighborhoods that Chase Bank will be loaning $5 million to the area towards development and to home owners for repairs. This property is in the Cornerstone neighborhood which is good for rentals and fix and flip. Property has been boarded up for safety.
I have seen this house and it does need severe repairs. You should be able to obtain a renovation loan for this property through the Detroit Home Mortgage Program. My company Denson Construction Services is an approved contractor for them as well.
Estimated Rehab: $150,000.00 – $200,000.00 – Will need the following:
Full rehab including a roof.
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 $65,000 – $125,000 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.
Asking price: $15,000.00/obo
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.
Please click the link to view the pictures: https://www.dropbox.com/sh/ffxpzcxvjab2vxv/AAAILWJWlQTKuJyggM7z6bIea?dl=0
We now have financing available for all of our properties. Please put Denson Construction Services in the investment summary section or under source after referral where it says “how did you hear about us”.
1. What is the minimum amount you can borrow? – $100,000
2. How much is needed for the down payment? – 20%
3. What is the Minimum credit score? – 620
Apply here for the loan:
We now have financing available from $75,000 up to $5 million for purchase, renovation, fix and flip or commercial properties with Flip Funding.