Diary of a Real Estate Fund Manager

Investment Summary

This property is part of the 29 Pack Portfolio acquired in 2025, where standardized pricing allowed the fund to secure cash-flowing assets at an attractive basis.

15736 Appoline is currently performing at approximately $900 monthly rent, with underwriting assumptions supporting stable cash flow of roughly $398 per month. While returns are more conservative relative to some assets in the portfolio, the deal benefits from a low basis and consistent income.

This property was acquired with a strong equity position of 38%. The tighter cash flow profile is primarily driven by higher taxes, which creates a tradeoff between strong equity and yield, but still supports a solid overall investment case.

Property & Condition Overview

The property is a 3-bedroom, 2-bath single-family home with approximately 1,492 square feet of living space.

It sits on a solid brick block and features a larger-than-average layout, including a colonial-style design with additional living space off the back. The home includes a 2-car garage and full bathrooms on both levels.

Location & Accessibility

• 4 minutes from a nearby CVS
• 10 minutes from DMC Sinai-Grace Hospital
• Surrounded by markets such as Greenfield Market and multiple restaurants within a 5 minute drive

The property benefits from a convenient and well-supported location, supporting tenant demand and long-term occupancy stability.

Valuation & Market Position

• Zillow Estimate: $86,500
• Internal Valuation: $86,300
• Equity Capture: 38%

The property benefits from a favorable basis relative to surrounding market values, reinforcing both downside protection and long-term upside potential.

Comparable Sales

1. 15896 Hartwell Street sold for $138,000
2. 15838 Hartwell Street sold for $158,000

These comparable nearby sales further support the valuation. Overall, Appoline represents a balanced investment with strong equity, stable income, and long-term appreciation potential despite a tighter cash flow profile.

Investment Summary

This property is part of the 29 Pack Portfolio acquired in 2025, where the packaged cash purchase allowed the fund to secure cash-flowing assets at an attractive basis.

20410 Packard is stabilized at $900 monthly rent, generating approximately $532 in monthly cash flow.

This property came with a solid equity capture of 21%. While the high taxes that often accompany a solid brick home in a desirable area make the cash flow lower than some of its counterparts in the pack, we still view this as a strong acquisition with a stable in-place tenant and clear long term value.

Property Overview

• Purchase Price: $52,000
• Projected CapEx: $15,000
• Total Basis: $53,862
• Monthly Rent: $900
• Estimated Monthly Cash Flow: $532
• Expected Return on Invested Capital: 6.94%
• Square Footage: 1,069 sq ft

The property is a 3-bedroom, 1-bath single-family home with 1,069 square feet of living space. Packard is a stabilized asset with a long-term tenant in place since 2020, providing immediate income continuity.

The property also benefits from several positives already in place. The furnace and water tank are new, and while there are still repair items to address, including the roof, front step, and driveway, the overall setup supports continued operation without urgent disruption.

Neighborhood Analysis

Location: Right by 8 Mile Road, near East Van Dyke

• Nearby daily convenience retail, including Joe Randazzo’s Fruit & Vegetable Market, about 4 minutes away
• Located on a solid B-class block
• Surrounded by stable brick housing stock

The location supports steady tenant demand because it combines convenience, established housing, and access to everyday shopping. For a stabilized single-family rental, that kind of setting matters because it helps support occupancy and reduces leasing friction over time.

Valuation & Market Position

The property benefits from a favorable basis relative to market values.

• Zillow Estimate: $70,500
• Internal Valuation: $68,400
• Equity Capture: $14,523 (21%)

Even after accounting for the repair needs and the tax burden, the deal still presents meaningful built-in value. In our view, that makes Packard an appealing hold with stable income already in place and upside preserved through basis discipline.

Comparable Sales

1. 20144 Packard Street, Detroit, MI 48234, sold for $85,000.
2. 20045 Rogge Street, Detroit, MI 48234, sold for $80,000.

These comparable nearby sales further support the valuation. Overall, Packard offers a combination of existing cash flow, a long-term tenant, and locked-in equity that makes it a solid addition to the portfolio.

Investment Summary

5916 Lakepointe is part of the 29 Pack Portfolio acquired in 2025, with a standardized purchase price of $52,000 and a total projected basis of approximately $60,000 after closing costs and planned capital expenditures.