6190 H. is a charming brick building located in the highly desirable East English Village neighborhood, just north of Grosse Pointe. Known as one of Detroit’s most stable and well-maintained communities, this area provides excellent investment potential.
- Acquisition Date: August 8, 2024
- Acquisition Price: $73,860
- Capital Expenditures (CapEx): $35,000
- After Repair Value (ARV): $150,000 to $155,000 (conservatively)
- Potential Rent: $1,200 per month (conservatively)
Here in the Midwest, because weather conditions can be quite severe on building structures, the local residents generally prefer a brick building. Vinyl siding is durable and resistant to moisture and insects, but it can be susceptible to impact damage and fading over time. In contrast, brick provides superior durability, weather resistance and longevity, which makes it a long-lasting choice. This can sometimes even affect property resale value, so investors will see that when possible, the Mutual Trust Management Advisors Team will always prefer to acquire a brick building in a mostly brick street.
Here is a street view around the Subject Property, courtesy of Google Maps.
With Detroit’s largest property management company overseeing the renovation as well as tenant screening, the stabilization date is projected to be within 4 to 5 months after closing.