Investment Summary: 11653 Sussex
Property Overview
- Address: 11653 Sussex Street, Detroit, MI 48227
- Purchase Price: $70,000
- Estimated After Repair Value (ARV): $110,000
- CapEx (Capital Expenditure): $15,000 (maximum)
- Rent Potential: $1,200/month (currently at $950)
- Square Footage: 1,169 sqft
- Year Built: 1940
- Lot Size: 40 x 108 ft (0.099 acres)
- Property Taxes (2024): $1,822.40
- Zoning: R1 (Residential
Neighborhood Analysis
- Location: Plymouth-Hubbell neighborhood
- Conveniently situated right off I-96, offering excellent access within Detroit and to Greater Detroit.
- Known for its quiet, all-brick streets and cohesive residential feel.
- Market Insights: The area has experienced above-average growth over recent years while remaining an affordable housing market.
- Proximity to Amenities:
- 5 minutes’ drive to Grand Price Foodland, providing fresh food access.
Comparable Sales
- 11701 Robson Street
- Sold Price: $96,000
- Size: 1,358 sqft
- 11651 Prest Street
- Sold Price: $108,000
- Size: 1,386 sqft
Operational Highlights
- Management Advantage: The property management team is highly familiar with the street, offering streamlined operations and tenant relations.
- Quick Turn Potential: Minimal renovations are needed to prepare the property for rental, allowing for faster cash flow realization.
Investment Summary
This property represents an excellent opportunity in the Plymouth-Hubbell neighborhood, combining affordability, strong rental potential, and proximity to key amenities. The Property Manager is confident the rents can be increased to $1,100 to $1,200 immediately. With a low CapEx requirement and a projected ARV of $110,000, the investment aligns well with strategic goals for affordable housing markets poised for steady growth. You know the going is good when investments sound this easy it’s boring!