This is a 3 bed 1 bath, 1,400 square feet brick colonial with substantial after-repair-returns in sight. It is situated within the Hubbell-Puritan neighborhood, on a solid brick street, and is very close to a sizable fresh food supermarket, the Greenfield Market.
One of the MTMA fund managers brings extensive property management expertise. By the time the Team has a property that is being presented, all the relevant details such as the repair quote, potential rent, and nearby comparables, are at the fingertips of the underwriting team, directly from the property management side.
This property was acquired mid-renovation, and the team will take over to complete the repairs.
- Acquisition Date: August 29, 2024
- Acquisition Price: $60,000
- Capital Expenditures (CapEx): $45,000
- Potential Rent: $1,250 per month
- After Repair Value (ARV): $150,000
Many investors in the Detroit real estate market struggle with every stage of property management. The low entry price point of the local real estate makes many properties look great on paper, but the execution is key.
Repairs have always been costly, and managing workmen was already challenging—but both became even more difficult following COVID. Our Team’s strategic property manager allows the Team to estimate future values, and more importantly, follow through with the vision. Value in real estate is truly made at acquisition – that is, if you have reliable local partners.