4185 Buckingham Detroit, MI 48224
|Lease Start Date||04/22/2022|
|Lease End Date||04/21/2024|
|Utilities||Paid by Tenant|
*Includes down payment plus $3,000 of closing costs
Purchase Price $139,500
|Cash on Cash Return*||31%|
|Net Cash Flow Per Month*||$207|
*Assuming 20% down with a loan at 2PTS + 7% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
This property is being marketed for Trinity Properties.
Renovations include: Refinished hardwood floors, new carpet on stairs & bedrooms, new luxury vinyl plank flooring on steps & landing to basement, new rear security door, repaired pantry cabinets in kitchen, caulked bathroom, new bathroom lights, new window blinds, new handrail on basement stairs, new laundry tub in basement, new hot water tank, new light fixtures, new smoke & CO detectors, repaired house roof, new garage roof, new rear step railing, new porch railing, repaired gutters & downspouts, repaired soffit, landscaping, interior & exterior paint.
Tenant renewed lease.
Up and coming B class area called Morningside. Prime location nudged up to one of the most prestigious neighborhoods in Detroit. Big revitalization plan underway.
- 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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