Washburn St. Detroit, MI 48238
1555 sq. ft., 4 bedroom / 2.0 bathroom
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 1/16/2026 |
| Lease End Date | 01/31/2027 |
| Utilities | Utilities by Tenant/Yard by Owner |
| Initial Investment* | $39,050 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $140,000
| Current Rent | $1,720 |
| Cap Rate | 9% |
| Cash on Cash Return* | 11% |
| Net Cash Flow Per Month* | $324 |
*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 is a DUPLEX. Located in a convenient area with easy access to shopping, dining, and entertainment options. Both units are now occupied. Tenants pay their own utilities.
Harmony Village is a small neighborhood located about 10 miles northwest of Detroit. Harmony Village is comprised of densely populated residential avenues that offer renters an array of rental choices. While mostly residential, shops, restaurants, and businesses dot the neighborhood too, especially along West Six Mile Road and Schaefer Highway. More excitement is available by heading a bit south into the big city. Detroit is filled with unique architecture and landmarks all within arm’s reach for Harmony Village residents. Comerica Park and the Detroit Zoo are less than 10 miles away and offer plenty of activities for fans and families alike.
Renovations include:
Updated both kitchens:
One with new cabinets and counters, the other with refreshed cabinetry
New floors in both kitchens
Fresh carpet throughout both units
Roof under 5 yrs old
Soffit repair and painting
All new siding
2 brand new furnaces
Exterior paint
Waste pipe replaced
Scrape and painted garage.This property is being marketed for a FlipSystem client.
- 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 depend on the title company. Actual closing costs will be outlined on the final settlement statement.