Berkshire St
Detroit, MI 48224

Property Information

Current Status Occupied
Lease Start Date 03/05/2024
Lease End Date 03/31/2025
Utilities Paid by Tenant
Initial Investment* $36,480

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

Purchase Price $155,000

Current Rent $1,450
Cap Rate 8%
Cash on Cash Return* 31%
Net Cash Flow Per Month* $223

*Assuming 20% down with a loan at 2PTS + 7.25% interest for 30 years. Including equity build up and 3% appreciation per year.

About This Property

This house is section 8 in a very good area. 100% of rents are being paid through program.

This home is a Brick & Vinyl Colonial built in 1941 in Detroit’s “Morningside Sub!” Near Grosse Pointes off I-94, this is a much sought after area.

Major renovations including: New water heater, new furnace, updated kitchen with new wall cabinets & base cabinets, new kitchen countertop & 4 inch backsplash, two new kitchen pendant light fixtures, new upper bathroom, new basement bathroom, repipe the whole house and drywall repair, new luxury vinyl plank flooring on 1st floor & basement, new carpet flooring on 2nd floor & staircase, new front entry & security door, new side entry & security door, new rear entry & security door, new basement interior door, new door hardware throughout, new living room & bedroom windows, new light fixtures throughout, new electrical outlets & switches, new vertical blinds throughout, new smoke & CO detectors, new hard dryer vent pipe, new downspouts, repaired front yard light post, repaired fence and new interior paint.

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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