SFR acquisitions

Investment Summary

This property is part of the 29 Pack Portfolio acquired in 2025, with a standardized purchase price of $52,000 plus related acquisition costs. The property also has $5,000 set aside as projected CapEx during the initial year.

15667 Manning is a 3-bedroom, 1-bathroom single-family home with approximately 948 square feet of living space. The property has a Section 8 tenant who moved in around 2020.

Property & Condition Overview

The property is located on a solid brick block and is a 3-bedroom, 1-bathroom single-family home with approximately 948 square feet of living space.

The property has a Section 8 tenant who moved in around 2020, providing stable rental income.

Location & Accessibility

The property is located in the Regent Park area, a residential neighborhood with steady rental demand.

• Positioned just off 8 Mile
• Close to major retail stores such as Home Depot and Aldi
• Surrounded by everyday amenities and services, including ALDI and Gratiot Fairmount Market, a meat and specialty market

Comparable Sales

The comparable sales for this property include:

• 16461 E State Fair Street, Detroit, MI 48205-2038, sold for $105,000
• 16511 Manning Street, Detroit, MI 48205, sold for $80,000

The comparable sales utilized are provided for reference only. They may differ from the subject property in condition, interior features, renovations, size, occupancy, and other characteristics. When the subject property is occupied, its interior condition and features may not be directly comparable to those of vacant properties. When the property is a value-add, the repair quote is a forward projection that may or may not apply. Any value indicated based on these comparable sales is a guidance and should not be considered a definitive valuation across time.

Disclaimer

This article is for educational purposes only and does not constitute investment, legal, or tax advice. It is not an offer to sell or a solicitation to buy securities. Any investment opportunity should be evaluated only through the applicable offering documents and with the advice of each investor’s own professional advisors.

Investment Summary on the 29 Pack Mostly-Rented Portfolio Purchase

The acquisition team was able to locate and negotiate an extremely favorable opportunity in this 29 Pack.

The thought process is that while picking up value-add SFRs one by one is a profitable model we have perfected, it typically takes up to nine months before a property is cash-flowing. That time lag has a cost. When we can vet every home in a discounted rental portfolio to our satisfaction, we can apply our other model—purchasing rented properties—and have them perform right away.

Our value-add property purchases typically need about $100,000 until stabilization in order to achieve top rent of $1,200.

In contrast, this pre-existing portfolio was quite attractive at $52,000 a door, because of the below components

• mostly in areas we focus
• priced at $52,000 a door; less serious capital expenditure to follow
• mostly rented at $720 a door; possible rental raise in play immediately after the closing

Out of the 29, only three properties, (5203 Beaconsfield, 11123 Wayburn, 13636 Pinewood) were vacant.

All the properties were given a visit that included a full inspection and renter interview followed by a repair estimate. Many of the rented properties were basically underwritten for $5,000 capital expenditure per property.  Some, including a few that are rented, needed more work, bringing the average capital expenditure per unit to $10,000.