Lenore Ave. Detroit, MI 48219
1035 sq. ft., 3 bedroom / 2 bathroom
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 01/27/2024 |
| Lease End Date | 02/01/2025 |
| Utilities | Paid by Tenant |
| Initial Investment* | $30,000 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $125,000
| Current Rent | $1,250 |
| Cap Rate | 9% |
| Cash on Cash Return* | 34% |
| Net Cash Flow Per Month* | $269 |
*Assuming 20% down with a loan at 2PTSÂ + 7.25% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
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Fully Renovated Turnkey Rental Investment including:
1. Brand new roof
2. Complete kitchen revamp – New cabinetry, faucet, sink, countertops
3. Complete bathroom revamp – New tub, toilet, sink, faucet, mirror, handle set
4. Flooring upgrade – New luxury vinyl plank (LVP) flooring and refinished hardwood floors throughout. Newly installed carpet in bedrooms.
5. New hot water tank – Installed in 2024
6. Fresh coat of paint throughout the property
7. Illumination and fixture upgrade – New lighting, fixtures, and blinds throughout the property
8. New doors sets, switches, outlets, vent covers, smoke and CO detectors throughout the property.This property 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
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