Property Overview
Address: 3607 S B Street, Detroit, MI 48217
Neighborhood: Detroit – Boynton
Property Type: Single-Family Residence
Year Built: 1945
Size: 872 sq. ft. with a 280 sq. ft. garage and an 864 sq. ft. basement
Lot Size: 0.095 acres (39 ft x 106 ft)
Purchase Price: $65,000
Area Characteristics
3607 S B. Street is located in Detroit’s Boynton neighborhood, the southernmost part of the city. The area faces neighboring cities like Lincoln Park and provides convenient access to key amenities and destinations:
- Healthcare: 15 minutes to Corewell Health Dearborn Hospital in Dearborn.
- Employment: Close to industrial areas in River Rouge to the southeast and Ford’s headquarters campuses 10 minutes to the north.
- Shopping and Recreation: Proximity to Fairlane Green in Allen Park (10-minute drive) offers premier shopping, dining, fitness centers, and retail stores such as Target, Home Depot, and Planet Fitness.
The street predominantly features vinyl siding homes, which may suggest slower equity growth. However, the property’s advantageous location and rental potential offer significant investment value.
Financial Highlights
- Current Rent: $1,200/month ($14,400/year)
Original Section 8 Rent: $1,075/month, immediately renegotiated to $1,200/month with the tenant and Section 8 office. - Net Operating Income (NOI): Well over 10% cash-on-cash return, factoring in operating costs.
CapEx: Zero. No immediate capital expenditures were needed.
Investment Appeal
- Section 8 Approval: Long-term tenant with an option to request annual rent increases through Section 8.
- Turnkey Opportunity: The property required no additional upfront investment for repairs, ensuring immediate profitability.
- Strategic Location: Accessible to industrial job markets, Dearborn’s healthcare facilities, and premier shopping centers.
- Value Buy: With a purchase price of $65,000 and annual rent of $14,400, the property is a strong bargain.
- Stability: The property is already under professional management and generates consistent income.
This zero-CapEx, high-return property is the definition of a turnkey investment, combining affordability, rental stability, and accessibility into one unbeatable package.