Goddard St
Detroit, MI 48212

923 sq. ft., 3 bedroom / 1.0 bathroom

Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212
Goddard St</br> Detroit, MI 48212

Property Information

Current Status Occupied
Lease Start Date 10/01/2024
Lease End Date 09/30/2026
Utilities Paid by Tenant
Initial Investment* $26,175

*Includes down payment plus $3,000 of closing costs

Purchase Price $90,000

Current Rent $1,100
Cap Rate 11%
Cash on Cash Return* 35%
Net Cash Flow Per Month* $349

*Assuming 25% down with a loan at 1PTSĀ + 7% interest for 30 years. Including equity build up and 3% appreciation per year.

About This Property

This centrally located brick property was fully renovated in 2024. Tenant recently renewed the lease thru Sept 2026.

S8, passed lead inspection, passed home inspection.

***20% Section 8 Coverage ($300 of $1100)

Renovations include:
– Interior: Fresh paint throughout, including trim and caulking
– Kitchen: The renovated kitchen features new cabinets, a sink, granite countertop, and a range hood
– Upgrades & Safety: New windows, outlets, light switches, and fixtures installed. Smoke and CO detectors in every room
– Bathroom: Remodeled with a new vanity, sink, bathtub, and tiled walls
– Appliances: All new appliances—stove, refrigerator, microwave, water heater, electrical & plumbing. Furnace installed 2025
– Basement: The basement offers new cabinets, countertops, a laundry tub, and floor molding
– Flooring: Sanded wood floors in the living room, hallway, and bedrooms. New carpet throughout the house
– Exterior Enhancements: A new porch, motion-sensing lights, and a new chimney cap improve security and curb appeal
– Security: Updated entry and exit doors enhancing safety

This is being marketed for a FlipSystem client.

Financing Options

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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Investment Terms

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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