SFR acquisitions

This is a 3 bed, 1 bath, brick construction currently rented in the Warrendale area.  Warrendale has started to show popularity in the recent years due to its proximity to the affluent city of Dearborn for those priced out.

The tenant has lived in the property for over 10 years, providing stability, and is likely to remain long-term. Her rents were at $650 a month, but our team was able to get her to agree to a post-closing rent of $800 per month, much closer to the market rent of today.  This makes the property an attractive investment with no CapEx, and immediate cash flow.

• Property Address: 6190 Harvard Street, Detroit, Michigan 48224
• Acquisition Date: August 8, 2024
• Acquisition Price: $73,860
• Capital Expenditures (CapEx): $35,000
• After Repair Value (ARV): $150,000 to $155,000 (conservatively)  See Comp 1, Comp 2, Comp 3.
• Potential Rent: $1,200 per month (conservatively)
• Simple Cash-0n-Cash Return Estimate:  10%+

6190 Harvard is a charming brick building located in the highly sought-after East English Village neighborhood, just north of Grosse Pointe.