Duchess Street Detroit, MI 48224
Property Information
Current Status | Occupied |
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Lease Start Date | 07/10/2025 |
Lease End Date | 07/31/2026 |
Utilities | Paid by Tenant |
Initial Investment* | $30,038 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $105,000
Current Rent | $1,250 |
Cap Rate | 10% |
Cash on Cash Return* | 33% |
Net Cash Flow Per Month* | $338 |
*Assuming 25% down with a loan at 1PTSÂ + 7% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
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Welcome to this stylish and modern 3-bedroom, 1-bathroom bungalow located in the heart of Detroit, MI. This home boasts plenty of natural light, creating a bright and inviting atmosphere throughout. The spacious layout provides ample room for comfortable living, while the modern kitchen is perfect for preparing meals and entertaining guests. With its great location, this house offers convenience and accessibility to all that Detroit has to offer. Don’t miss out on the opportunity!
Renovations include:
-Install new gutter system on the house – extend all downspouts away from house
-Skim coat brick on front porch
-Improve grade along back of house
-Install smart-key lock-sets to entry & security doors (keyed alike)
-Replace wood framed windows with new vinyl
-Keep existing blinds on 1st floor – install new vinyl blinds to 2nd floor windows
-Patch, prime & paint throughout interior – walls, ceilings, trim (keep wood doors)
-Install 10 year battery smoke detectors
-Install CO2 detectors each level (one is there already)
-Glaze bathtub & re-caulk bathroom
-Install tub stopper
-Install new GFCI outlets in bathroom, kitchen, laundry area
-Replace all ungrounded outlets with 2 prong outlets (code) & new covers t/o
-Place all open spliced wires in basement inside boxes with covers
-Install door closer to front security door (missing)
-Replace carpet in living room & 2nd floor
-Grout tiles at base of basement stairway
-Install access panel in basement ceiling outside of bathroom (to plumbing above)
-Laundry room – foundation walls – fill cracks with hydraulic cement – treat with kilz prior to drylok
-Laundry room – drylok walls & paint floors grey
-Install new flush mount light fixture in basement stairway
-Repair pull chain light fixture in laundry area
-Clean & poly hardwood floors in 2 bedrooms
-Install safety tip brackets to stove in kitchen
-Fill cracks in front porch cap – paint entire cap once finished
-Remove vegetation off of the brick on exterior of house
-Roof is 5 years old
-Furnace: 2022 or 2023~This is being marketed for a FlipSystem client.
- Financing Options
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MartelTurnkey has partnered with some of the top lenders that provide a wide range of financial solutions to meet your Rental investing needs. Talk to an Advisor to learn more or visit our partner to get pre-approved.
- Property Management Company
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Click here to learn more about the property management in our markets. If you have any further questions please schedule a call with an advisor
- Investment Terms
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Purchase and Sale Agreement (PSA): A PSA will be delivered electronically once an agreement has been made and must be executed by Buyer within 24 hours of receipt.
Earnest Money Deposit (EMD) of $1,000 must be wired to the Title Company within 3 days of PSA signing.
Appraisal Contingency is available for financed properties, and will be waived automatically if the property appraises for the sale price. If it does not appraise for the sale price, then the Buyer and Seller will have the opportunity to come to terms or the Buyer can cancel the contract.
Closing Date: The Closing Date will occur within 15 days of PSA execution for cash transactions and 45 days of PSA execution for financing unless otherwise agreed by Buyer and Seller.
Lease Agreement: The current lease agreement will be provided to Buyer at Closing.
Closing Costs: Closing costs shall be paid based on local custom, and will include discounts negotiated by Martel TurnKey to lower transaction costs for Buyers and Sellers. Actual closing costs will be outlined on the final settlement statement. - Buying Process
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Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor