16207 Ward St Detroit, MI 48235
|Lease Start Date||10/05/2023|
|Lease End Date||10/31/2024|
|Utilities||Paid by Tenant|
*Includes down payment plus $3,000 of closing costs
Purchase Price $135,000
|Cash on Cash Return*||30%|
|Net Cash Flow Per Month*||$177|
*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 turnkey rental property is a perfect investment opportunity for anyone looking to generate stable passive income.
The home has been recently renovated with new paint, new HWT, refinished hardwood flooring, updated Kitchen and updated bathrooms. Detailed list of updates can be provided on request. It is located in a high-demand market with low vacancy rates and strong rental growth.
Alleviate any concerns you might have on vacancy and maintenance issues as this home has a Section 8 tenant in place with a long term contract paying $1300/month.
This property is a low-maintenance investment, as it is in excellent condition. It is also professionally managed, so you can be rest assured that it is being well-taken care of.
New paint throughout the house including bathrooms and basement,
Refinished Hardwood flooring and new window sills throughout,
Updated Bathrooms- New Tiles, toilet, vanity and glazed tub.
Updated kitchen- New countertops, vent, faucet and backsplash tiles.
Updated electricals, lighting and repaired roof.
Trimmed and cleaned up backyard and exterior.
Located in a high-demand market with low vacancy rates and strong rental growth
Generate passive income with minimal effort
Enjoy the peace of mind of knowing that your investment is being well-taken care of
Take advantage of strong rental growth in a high-demand market with great cash flow.
This house is being marketed for a Flipsystem partner.
This house is section 8 occupied.
- 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
- 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.
Have additional questions?Book a call!