Whitcomb St Detroit, MI 48228
1633 sq. ft., 3 bedroom / 2 bathroom
Property Information
| Current Status | Occupied |
|---|---|
| Lease Start Date | 05/26/2026 |
| Lease End Date | 05/26/2027 |
| Utilities | Paid by Tenant |
| Initial Investment* | $33,900 |
*Includes down payment plus $3,000 of closing costs
Purchase Price $120,000
| Current Rent | $1,300 |
| Cap Rate | 8% |
| Cash on Cash Return* | 9% |
| Net Cash Flow Per Month* | $246 |
*Assuming 33900% down with a loan at 1PTS + 7% interest for 30 years. Including equity build up and 3% appreciation per year.
- About This Property
Welcome to this charming 3-bedroom bungalow located in the vibrant city of Detroit, MI. This home boasts two full bathrooms and is situated in a highly convenient location, making it an ideal choice for those who value accessibility. The property is also in close proximity to major commuter routes, ensuring easy and quick access to the city’s many attractions and amenities. The bungalow’s design is perfect for a comfortable lifestyle, offering ample space for relaxation and entertainment. Experience the perfect blend of comfort and convenience in this Detroit gem.
Renovations include:
Completed main sewer cable repair
Repaired and tuckpointed chimney; installed new chimney cap
Repaired and sealed driveway concrete and exterior cement areas
Applied Drylok waterproofing to basement walls
Painted basement floors
Replaced plumbing riser and vent components
Installed and serviced mechanical systems, including new filters
Completed meter piping installation and plumbing upgrades
Performed multiple bathroom repairs and fixture securements
Re-caulked tubs, toilets, shower surrounds, and shower pans
Secured vanity tops, faucets, and bathroom accessories
Repaired and tightened basement bathroom fixtures and vent fan
Installed kitchen and laundry appliances
Sealed countertops and backsplash areas
Repaired basement stair treads
Repaired and adjusted window locks and window trim
Completed basement plumbing repairs, including wye connection repairs
Performed final cleaning and project completion work- 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