Cherrylawn St Detroit, MI 48238
1250 SQ FT/ 3 Bedrooms/ 2 Bathrooms
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 4/10/2026 |
| Lease End Date | 4/9/2027 |
| Utilities | 0 |
| Initial Investment* | $35,188 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $125,000
| Current Rent | $1500 |
| Cap Rate | 10% |
| Cash on Cash Return* | 14% |
| Net Cash Flow Per Month* | $418 |
*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
Welcome home to this charming two-story brick colonial nestled on a tree-lined street in Detroit’s desirable northwest side! This classic home offers three spacious bedrooms, two full bathrooms, and the perfect blend of traditional character and modern comfort. Step inside to find beautiful hardwood floors flowing through the main living areas, complemented by cozy carpeted bedrooms for warmth and comfort. The inviting living room features plenty of natural light, ideal for relaxing or entertaining. A formal dining area connects seamlessly to the kitchen, offering the perfect layout for family meals or hosting guests.
The basement adds valuable living space and includes a second full bathroom, perfect for guests, a home office, or recreation. Outside, enjoy a fenced backyard and the timeless appeal of a brick exterior that showcases the home’s classic colonial architecture. Conveniently located near schools, parks, shopping, and major freeways — this home is an excellent opportunity for homeowners or investors seeking a well-maintained property in a solid Detroit neighborhood. Don’t miss your chance to make Cherrylawn your next home or investment property.
Renovations include:
– Fully rehabbed | All new mechanicals
– New floors
– New paint job
– New hot water tank
– Full appliances
– New furnace
– New stainless steel fridge ,dishwasher, oven range retail finishes
– Granite countertops with undermount stainless sink, faucet, garbage disposal
– Backyard fence gate re-installed
– LVP flooring
– Tile backsplash
– Basement painted with dri lock- 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 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.