This single-family property was acquired for $52,000, with a projected total basis of approximately $72,010 after counting in closing costs and initial improvements. This acquisition captures an estimated equity of 39%.
At the time of acquisition, Piedmont was renting for $600/month, with stabilization projected at $750. This property currently performs above expectations, and now rents at $815/month, which improves overall cash flow and return potential.
It is a brick three bedroom, one bath home with approximately 1,045 sq ft of space. The home benefits from durable brick construction and has maintained long-term tenant occupancy of 10 years.
This property is located in the Warrendale neighborhood in Detroit, near the Islamic Center of America, Fairlane Town Center, and the Henry Ford Medical Center. Piedmont was bought sight unseen, and for the privacy of the tenant, we were not able to acquire any photos of the property in current condition. However, the nearby comps support built-in equity.
6014 FAUST Avenue Detroit, MI 48228-3854 Sold for 89k
6150 ARTESIAN Street Detroit, MI 48228-4913 Sold for 96k
Subject property’s Zestimate is currently at $113,700. Since there is a long-term renter, the team expects a substantisal renovation cost to incur after the current tenant moves out, in order for this property value to be on par with the comps and its Zestimate.
At the time of acquisition, Piedmont was renting for $600/month, with stabilization projected at $750. This property currently performs above expectations, and now rents at $815/month, which improves overall cash flow and return potential.
It is a brick three bedroom, one bath home with approximately 1,045 sq ft of space. The home benefits from durable brick construction and has maintained long-term tenant occupancy of 10 years.
This property is located in the Warrendale neighborhood in Detroit, near the Islamic Center of America, Fairlane Town Center, and the Henry Ford Medical Center. Piedmont was bought sight unseen, and for the privacy of the tenant, we were not able to acquire any photos of the property in current condition. However, the nearby comps support built-in equity.
6014 FAUST Avenue Detroit, MI 48228-3854 Sold for 89k
6150 ARTESIAN Street Detroit, MI 48228-4913 Sold for 96k
Subject property’s Zestimate is currently at $113,700. Since there is a long-term renter, the team expects a substantisal renovation cost to incur after the current tenant moves out, in order for this property value to be on par with the comps and its Zestimate.