Spencer Avenue
Detroit, MI 48234

1106 sq. ft., 3 bedroom / 2.0 bathroom

Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234
Spencer Avenue</br> Detroit, MI 48234

Property Information

Current Status Occupied
Lease Start Date 09/10/2025
Lease End Date 09/30/2026
Utilities Paid by Tenant
Initial Investment* $33,900

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

Purchase Price $120,000

Current Rent $1,313
Cap Rate 9%
Cash on Cash Return* 31%
Net Cash Flow Per Month* $326

*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

Discover this beautifully renovated home in the heart of Detroit, MI. Featuring three generous bedrooms and 1.5 bathrooms, this residence offers the perfect balance of comfort and functionality. Sunlight fills the interior, creating a bright, welcoming atmosphere that makes every space feel like home. Ideally situated, you’ll enjoy easy access to everything Detroit has to offer—from vibrant dining and entertainment to parks and cultural landmarks. Experience stylish living in a location that truly connects you to the city.

95% Section 8 Coverage

Renovations include:
– Exterior:
3 new downspouts
Gutter repairs
New address plaque and mailbox
5 new key sets
Replace front steps
New window screens
15 new window blinds
New window
New exterior sensor light
New security door
New overhead garage door*

– Interior:
New patch, prime and paint throughout
New LVT flooring and molding throughout*
Refinish hardwood floors*
New handrail to basement
Paint basement floors and steps
Electrical improvements
New drain covers
New furnace filter

– Kitchen:
Clean and paint cabinets, install hardware
New Granite countertop and undercount sink
New LVT flooring
New lights

– Half Bathroom:
New toilet seat and caulking

– Full Bathroom:
New fixtures (medicine cabinet, GFCI, Towel bar, TP holder, toilet seat)
Reglaze and Caulk bathtub

– Major Mechanicals:
Inspection show all in good working condition

This 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

Click here to learn more about buying rental properties from MartelTurnkey. If you have any further questions, schedule a call with an advisor