Appoline Street Detroit, MI, 48227
Property Information
Current Status | Occupied |
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Lease Start Date | 07/10/2024 |
Lease End Date | 07/31/2025 |
Utilities | Paid by Tenant |
Initial Investment* | $44,580 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $192,500
Current Rent | $2,000 |
Cap Rate | 10% |
Cash on Cash Return* | 39% |
Net Cash Flow Per Month* | $526 |
*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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Extensive renovations, including:
1. **Walls and Paint**:
– Entire interior painted with cotton gray on walls, semi-gloss white on doors and trim, and flat white on ceilings.
– Drywall repairs throughout the home.
2. **Kitchen Remodel**:
– Installation of new white shaker cabinets, cabinet handles, garbage disposal, faucet with drain connections, and all appliances
3. **Granite Countertops**:
– Installation of Luna Pearl granite countertops + backsplash.
4. **Bathroom Remodel**:
– Upper and lower bathrooms: demolition of existing tiles, installation of single vanities, faucets, toilets, mirrors, vanity lights, bathroom sets, fans vented to the exterior, new tubs and diverters, tiled tub walls, shelves, and LVP flooring.
5. **Flooring**:
– New vinyl flooring in main areas, kitchen, bathrooms, and stairwell to basement.
– New subflooring where needed.
– New carpet and padding in upstairs and bedrooms.
6. **Windows**:
-23 new windows with new trim inside and out.
7. **Doors**:
– New side exterior door, security storm door, painted front door, 17 new interior doors with hinges and knobs, and new exterior door locks.
8. **Electrical Work**:
– New panel and breakers, replacement of plugs and switches with wall cover plates, GFCI plugs in kitchen, bathrooms, and laundry, new LED lights, exterior light fixtures, and smoke/carbon monoxide detectors.
9. **Plumbing**:
– Repairs to supply lines and drains.
– New 40-gallon gas water heater
10. **HVAC**:
– New furnace with gas connection, ductwork, and new vents for air supply and cold air return.
11. **Basement Work**:
– 6 new glass block windows, laundry tub with washer connections, paint…AND MORE.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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