Washburn St.
Detroit, MI 48238

1555 sq. ft., 4 bedroom / 2 bathroom
Duplex

Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238
Washburn St.</br> Detroit, MI 48238

Property Information

Current Status Occupied
Lease Start Date 03/05/2025
Lease End Date 03/31/2026
Utilities Lawn/Water/Sewer paid by Tenants
Initial Investment* $38,775

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

Purchase Price $135,000

Current Rent $1,700
Cap Rate 10%
Cash on Cash Return* 35%
Net Cash Flow Per Month* $500

*Assuming 25% down with a loan at 2PTS + 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 – newer (under 5 yrs old)
– soffit repair and painting
– all new siding
– 2 brand new furnaces
– exterior paint
– front porch covering was upgraded

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

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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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