Diary of a Real Estate Fund Manager

Buy and Hold Opportunity

This is a 3 bed, 1 bath, brick construction currently rented.

Current Rent: $650/month

Tenant has agreed to increase the rent to $800 post-closing. She has lived in the property for over 10 years, providing stability, and is likely to remain long-term. This makes the property an attractive investment with consistent 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 Esimate:  9%+

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