Acquisition Summary
Property Detail: 3BR 1BA, 1,095 sq ft
Acquisition Date: September 20, 2024
Purchase Price: $40,000
Total Repair Estimate: $10,000
Projected Total Investment: $50,000
Current Rent: $1,000/month (Increased from $775 on October 1, 2024)
The property at 15418 L. Street is located in the Belmont neighborhood of Detroit, a few minutes from DMC Sinai-Grace Hospital and Greenfield Market, a well-known fresh food supermarket. This location is highly familiar to our property management team, which oversees numerous properties in the area, ensuring operational efficiency and local market expertise.
This single-family home, built in 1949, spans 1,095 sq ft with an 891 sq ft basement on a 35 x 148 ft lot. It is zoned R1 Residential and has been assessed at $25,600 for 2024, with a taxable value of $17,436. Current taxes for 2024 are $1,633.21.
The property’s tenant, who has resided there since 2019, was previously paying $775 per month.
Following the acquisition, the rent was successfully increased to $1,000 per month as of October 1, 2024, reflecting market rates and enhancing cash flow stability. The planned repairs will further contribute to the property’s value and rental appeal.
Given the property’s strategic location, reliable tenancy, and growth prospects in Belmont, this acquisition is a valuable addition to the MTMA portfolio.