Investment Summary:

We purchased this property with a great tenant.  Some of the internals show the tenant keeps a great house.  This acquisition is by the playbook.  Purchase a great undervalued property in a good neighborhood, make sure the tenant is thoroughly vetted before the purchase, check the internals carefully including appliances such as the furnace and the hot water tank, do very little except  to make sure the property is managed well, and sit down and collect rent.  

Zillow is not showing a Zestimate for this property, but shows the home listing was removed at $80,000 last.  The number featured, $83,000, is the last sold price in 2022, not its Zestimate.  

We purchased this property with a good tenant with a 5-year history. 

The renter agreed to a rent increase of $100 after closing.  The acquisitions team flagged many updates as necessary for this property, but advised the managing partners that they could get them all done without removing the tenant, because much of it would be exterior work, such as siding and windows.  There was some work in the kitchen area as well.

We closed on this property on 2025-03-31 with a tenant who was paying $800 a month.  This property was under property management through our trusted local partner, Own It Detroit – Mutual Property Management since 2018.  The renter agreed to a $100 rent increase after closing, and in exchange, we offered some CapEx updates in the kitchen and the bathroom.

Zillow has the property valued at $80,700 in September 2025; however, based on the property’s internal condition, we have given it a more conservative internal valuation of $70,000.  For reference, this area’s average property values are above $83,000 today.

Sometimes deals are too good to be true, and sometimes they are real.