Eastwood St Detroit, MI 48205
1080 sq. ft., 3 bedroom / 1 bathroom
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 12/23/2022 |
| Lease End Date | 12/31/2027 |
| Utilities | Paid by Tenant |
| Initial Investment* | $32,613 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $115,000
| Current Rent | $1,275 |
| Cap Rate | 9% |
| Cash on Cash Return* | 11% |
| Net Cash Flow Per Month* | $291 |
*Assuming 25% down with a loan at 1PTS + 7% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
This nice property is home to an excellent long term tenant since 2022. S8 subsidized. The property was updated in 2022, and has passed all S8 inspections.
***One car garage and fenced in yard.***MSHDA pays $925 of the total rent.
Renovations include:
New HVAC (2022)
Cleaned carpet throughout
4 new screens
New front octagon window
New smoke and CO detectors
New blinds where needed, new door hardware
Repaired handrails
Secured laundry tub
2 new pex valves and supply lines
New hard dryer vent
New over flow pipe on water tank
Repaired front porch
Repaired slab
Repaired vinyl siding
Repaired wood fence in front- 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
Your turnkey property already has a local property management company in place. During the purchasing process, you will be introduced to them.
- 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
Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor