SFR acquisitions

Update: October 1, 2024
In just one month since acquisition, the property is already listed for rent. This quick turnaround demonstrates our ability to create value rapidly and capitalize on our in-house expertise.

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Acquisition Summary:

Property Detail: 3BR 1.5BA Bungalow
Acquisition Date: August 30, 2024
Acquisition Price: $65,000
Capital Expenditures (CapEx): $35,000
Potential Rent: $1,200
After Repair Value (ARV): 150,000

This is a 3 bed 1 bath, 1,400 square feet brick colonial with substantial after-repair-returns in sight. It is situated within the Hubbell-Puritan neighborhood, on a solid brick street, and is very close to a sizable fresh food supermarket, the Greenfield Market.

One of the MTMA fund managers brings extensive property management expertise. By the time the Team has a property that is being presented, all the relevant details such as the repair quote, potential rent, and nearby comparables, are at the fingertips of the underwriting team, directly from the property management side.

This property was acquired mid-renovation, and the team will take over to complete the repairs.

This property is located in the culturally rich Bagley district. In the 1960s, music icons like Marvin Gaye and Stevie Wonder lived and recorded in the area. Today, Bagley has experienced significant revitalization, making it one of Detroit’s most desirable neighborhoods for new investment opportunities.

The seller had been renting this oversized property for a long time to a section 8 tenant.  Rent comparables for this 4BR 2.5BA 2,377 sqft property are likely in the vicinity of $2,200 a month, but the owner had not asked for a raise.

The seller accepted the MTMA Team’s all-cash, quick-close offer, believing it to be their best option due to their preference to stay hands-off.

This 3-bed, 1.5-bath, 1,386-square-foot property is in a small neighborhood called Shulze, located right next to one of Detroit’s most popular residential areas, Bagley. It is just a short drive from Sinai-Grace Hospital.

• Acquisition Date: August 16, 2024
• Acquisition Price: $90,000
• Capital Expenditures (CapEx): $35,000
• Potential Rent: $1,400 per month
• After Repair Value (ARV): $160,000 to $192,000