SFR Acqusition #15 – 18951 L. Street; Exceptional Growth Potential, Exceptional Rents

Post-Purchase Update:  This property was approved for $1,500/mo., starting January 1, 2025.

• Type: Single-Family Residence
• Size: 2,596 sq ft
• Year Built: 1952
• Bedrooms: 4
• Bathrooms: 1.5
• Neighborhood: College Park
• Lot Size: 50 x 128 ft

• Purchase Price: $135,000
• Current Rent: $1,000/month (tenant contributes $130/month directly, increasing to $1,500/month starting January 1, 2025) (tenant contributes $130/month directly)
• CapEx: Estimated at $2,500 (primarily glass block windows replacement)

1. Neighborhood: Located in the College Park area near 7 Mile Road, offering a mix of Detroit’s urban environment and suburban-style amenities. The neighborhood is primarily solid brick construction.
2. Proximity to Key Amenities:

• Home Depot: A few minutes away.
• Costco Business Center: 6-minute drive.
• Glory Super Market: A local independent fresh food supermarket.
• DMC Sinai Grace Hospital: Nearby medical facility.
• National retail presence: A strong indicator of the area’s economic potential.

1. 18426 M. Street:

• Sold for: $239,000 on 09/06/24
• Size: 2,232 sq ft
• Features: 3 bedrooms, 3 bathrooms

1. 18411 R. Street:

• Sold for: $194,500 on 06/14/24
• Size: 1,378 sq ft
• Features: 3 bedrooms, 3 bathrooms

• Stable Tenancy: The current tenant has been in place for 14 years and is a ection 8 paying tenant, ensuring reliable income.
• Immediate Cash Flow: Rent of $1,000/month can easily be raised.
• Area Growth Potential: The proximity to major retailers, corporate offices, and healthcare facilities positions this property for potential appreciation and stable long-term demand.
• Minimal Initial Investment for Improvements: With only $2,500 in planned capital expenditures, the property requires limited updates.

• The neighborhood’s blend of urban and suburban amenities attracts a broad range of tenants.
• The area’s solid reputation, supported by Fortune 500 proximity, enhances long-term property value.