SFR Acqusition #10 – 16307 Fairmount – Close to Grosse Pointe Woods

Acquisition Summary

Property Detail: 3BR 1BA, 1,141 sq ft
Acquisition Date: September 13, 2024
Purchase Price: $10,000
Repair Quote: $55,000
Total Investment: $71,913
Projected ARV: $90,000
Projected Rent: $1,100–$1,200
Cash-on-Cash Return Target: 9.03%

The property at 16307 F. is located in the Regent Park neighborhood of Detroit, near 8 Mile Road. This area borders Eastpointe and is close to Grosse Pointe Woods—upscale neighborhoods whose proximity positively impacts the value of Regent Park. The property is also just four minutes from the Home Depot in Harper Woods on Kelly Road, making it convenient for tenants and contributing to the area’s desirability.

This single-family home, built in 1947, features 1,141 sq ft of living space, a 280 sq ft detached garage, and a 778 sq ft basement. The lot spans 40 ft x 132 ft and is zoned R1 residential.

With a property purchase price of $10,000 and renovation costs of $55,000, the projected after-repair value (ARV) of $90,000 represents a strong investment. Planned renovations include updates to the roof, windows, kitchen, and bathrooms, along with plumbing and electrical enhancements, as well as a full cosmetic refresh. These improvements aim to attract long-term tenants or buyers in the future.

Given its strategic location, affordable investment cost, and rental potential of $1,100 to $1,200 per month, this property is a valuable addition to the MTMA portfolio.