Investment Summary
This property is part of the 29 Pack Portfolio purchased in the summer of 2025. The standard purchase price assigned is $54,000, including related costs.
This property is showing a great cash-on-cash return of 14.8% the first year. The tenant has been here for 6 years and screens extremely well.
The property has also gone through several key updates as of recent; newer roof, furnace and hot water tank were exchanged 3 and 2 years ago respectively. The capital expenditure on this property is mostly precautionary.
Parts of Warrendale have become increasingly popular due to its proximity to Dearborn. However, it is a big area, and this property in particular may be in a slower area in terms of price appreciation. In the meantime, we are confident in the rental desirability where we can create extraordinary cash flows. Sometimes, the best move is to acquire a stress-free property, sit and wait.
Property Overview
- Purchase Price: $54,000 (standardized from the portfolio purchase)
- Original Capital Expenditure Planned: $5,000
- Original Rent: $950/month
- Projected Rent: $1,015
- Final Rent: $1,015
- Square Footage: 861 sq ft
- Property Taxes (2024): $1,327.17
- Zoning: R1 (Residential)
Neighborhood Analysis
- Location: Warrendale neighborhood
- A good location close to Dearborn and employers such as Ford
- Close to good amenities such as Walmart, Home Depot and many other places of convenience at the Fairlane North Shopping Center (6 mins).
- This is not a brick home, but in a quiet neighborhood
- Market Insights: Zillow data on 48228 zip code shows median sales price to be at around $70,000, with 4.5%YOY sales price growth.
Comparable Sales
- 8681 ARTESIAN Street Detroit, MI 48228-3005, sold on May 29, 2025, for $72,000.
- 8474 GRANDVILLE Avenue Detroit, MI 48228-3010, sold on Apr 15, 2025, for $80,000.
- 8107 ARTESIAN Street Detroit, MI 48228-3349, sold on Mar 19, 2025, for $110,000.
This property is rather small, but as the conditions stand, putting in a minimal turn budget will likely allow it to hit the $80,000 mark relatively easily. For now, we are happy being conservative in assigning it no immediate value growth since purchase.