Investment Summary:
We closed on this property on 2025-03-18. This is our second acquisition on Ward, See details for our first, 16502 Ward.
The property needed a full rehabilitation, and as always, we had an accurate repair quote before closing; $75,000. The construction team did not surpass it. The property’s Zestimate is now $117,100 (September 2025).
By our own valuation, a conservative $100,000 is well supported by nearby sales records pulled by our veteran realtors. The estimated equity growth is 25%.
The property was rented on 2025-08-04, in 5 months, for $1,200, making making the starting return on capital, or cash-on-cash above 13% subject to upcoming new tax rates.
Property Overview
Address: 15765 Ward Avenue, Detroit, MI 48227
- Purchase Price: $5,000
- Estimated After Repair Value (ARV): $100,000
- Original CapEx (Capital Expenditure): $75,000
- Projected Rent: $1,200/month
- Square Footage: 1,460 sqft
- Year Built: 1930
- Lot Size: 35 x 117ft
- Property Taxes (2024): $1,584.05
- Zoning: R1 (Residential)
Neighborhood Analysis
- Location: Bethune neighborhood
- A solid location close to all the amenities such as the DMC Sinai Grace Hospital (6 mins), and the highly popular Greenfield Market (4 mins).
- Sits on a quiet, mostly brick street. 16502 Ward, our first acquisition on the street, is 2 minutes’ drive toward Southfield.
- Many dining options off Fenkell and West McNichols.
- Market Insights: The Zillow Home Values Index shows the zip code’s average home price was around $70,000, and the area
appreciated over 4.1% YOY as of September 2025,
Comparable Sales
-
15724 Sorrento St, Detroit, MI 48227, sold for $163,000 on Apr 25, 2025, giving $74/sqft, making Subject Property at around $108,000.
- 15896 HARTWELL Street Detroit, MI 48227-3333 sold for $138,000 on Nov 7, 2024; $80/sqft.
Final Takeaways
This property was purchased for next to nothing, because the rehabbers who had purchased it could not take on the project, and decided to cut their losses.
A project such as this one would pose a huge risk for out-of-town investors and fund managers if they could not have full confidence in their ground operators, which, luckily, is not the case with Mutual Trust Management Advisors, LP.
With our partner construction company
AZA Management as our “partner in crime,” we were able to confidently order the work, and monitor the progress as the property went through mold remediation, electrical re-wiring, and reconstructions of the concrete steps in front of the entrance door.
Updated interior work can be seen on
Zillow.
The benefit of doing such extensive rehab work is that we know the bones will be solid for years to come, supporting tenant satisfaction and reducing maintenance needs down the road.
MTMA and its local partners take pride in recreating Detroit’s future by taking on construction projects that other investors may shy away from. It is our longstanding commitment and investment in the community and its neighborhoods that allows us to take on the hardest jobs and makes us stand out among others.