Post-Purchase Update: This property was approved for $1,500/mo., starting January 1, 2025.
Property Overview
Address: 3607 S B Street, Detroit, MI 48217
Neighborhood: Detroit – Boynton
Property Type: Single-Family Residence
Year Built: 1945
Size: 872 sq. ft. with a 280 sq. ft. garage and an 864 sq. ft. basement
Lot Size: 0.095 acres (39 ft x 106 ft)
Purchase Price: $65,000
Acquisition Summary
Property Detail: Single-family home, 1,152 sq ft, 1BA
Acquisition Date: October 4, 2024
Purchase Price: $45,000
Repair Estimate: $10,000 (roof and exterior work)
Total Investment: $55,000
Projected ARV: $80,000
Current Rent: $1,200/month (good tenant)
Estimated Future Taxes: $2,316/year (adjusted based on SEV for non-homestead property)
This single-family residence in the College Park neighborhood offers immediate stability and strong cash flow rather than a typical value-add project. Key highlights include:
Purchase Price: $75,000 – an exceptionally low entry point relative to the market.
Capital Expenditures: Minimal or none required ($5,000 or less anticipated).
ARV: $150,000, indicating significant inherent value.
Rent: $1,150/month, a strong return with no immediate need to adjust the lease.
Annual Taxes: $1,800 (current due: $1,615.05).
