Diary of a Real Estate Fund Manager

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This is a unique and exclusive equity capture play with no emphasis on cash flows.

• Property Address: 18204 Cherrylawn, Detroit, Michigan 48221
• Acquisition Date: August 23, 2024
• Acquisition Price: $177,000.00
• Capital Expenditures (CapEx):  Minimal, currently rented.
• Current Rent: $892/mo. on Section 8
• Future Rent: Will apply for an immediate increase to $1,200 – $1,500
• Comparables: $300,000.  See Comp 1, Comp 2,  Comp 3, Comp 4

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.

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.

The Subject Property’s zip code, 48235, is a highly sought-after area.  Zillow’s Home Value Index places the average home values within this zip code at around $97,000, its YOY returns showing a healthy 3.5% as of September 2025. Within 48235, Shulze has an average home price of close to $120,000, a added premium against the Detroit market with its average prices still below $80,000.

• Acquisition Date: August 16, 2024
• Acquisition Price: $90,000
• Capital Expenditures (CapEx): $35,000
• Projected Rent: $1,400 a month
• Actual Rent: $1,350 a month
• After Repair Value (ARV): $160,000 to $192,000.  Comp 1, Comp 2.
• Simple Cash-on-cash Return: 8.59%
• Equity Gains After Repair:

The team was able to make a great opportunity out of this property through its strategic partnership with its sister company, Own It Detroit – Mutual Property Management, LLC, who has managed this property for a long distance investor for a long time.

The property in the Harmony Village neighborhood, close to great suburban amenities such as DMC Sinai Grace Hospital (3 mins) and Home Depot (5 mins) .

This low-maintenance tenant has been in this property since 2018 and does not wish to leave.  She agreed to a rent increase to $800 post-closing.

The recommended play is to buy it as-is for cash, and do nothing. Let the tenant stay for as long as possible with small increases in rent over time, and eventually it would make a great flip because the area has great growth potential, and nearby comparables are available at about $125,000 for this gem.

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.