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$85,000
Est. payment /mo
3 Beds
2 Baths
1,603 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 1,603 sqft
Price per Sqft $53
MLS Listing ID 20261036809
Bedrooms 3
Full Baths 2
Year Built 1938
Annual Tax Amount $2,488
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 40X131
Property Sub-Type Single Family Residence
Source Realcomp
Property Description
Here's a cash-flowing tenant occupied brick rental with strong fundamentals already in place. Priced at $85,000 and currently rented at $1,375/month, with a scheduled increase to $1,448/month, this 3-bedroom, 2-bath single-family home offers investors immediate income and attractive rent-to-price performance. The tenant is currently month-to-month and is willing to sign an annual lease if the next owner prefers longer-term stability. From an investor standpoint, the numbers are strong. At the current rent, the property produces $16,500/year in gross rental income, which equals approximately a 19.4% gross rent-to-price return. At the scheduled rent increase of $1,448/month, annual gross rent rises to $17,376/year, increasing the gross rent-to-price return to approximately 20.4%. For DSCR-focused buyers, the rental income gives this property attractive coverage potential. Based on an estimated 75% LTV loan, the current rent produces a strong estimated DSCR before taxes and insurance, and the scheduled rent increase improves that position even further. Final DSCR will depend on lender rate, taxes, insurance, and underwriting guidelines. The home also offers several ownership advantages investors look for. Brick construction, a good roof, a new furnace in 2024, and a new hot water heater in 2024 help reduce near-term capital concerns. The 1,603 sq ft layout includes 3 bedrooms, 2 full baths, a fireplace, and newer windows, giving tenants the comfort and functionality that support long-term occupancy. This is the kind of asset investors want in a buy-and-hold portfolio: already rented, solid monthly income, durable brick construction, recent mechanical updates, and upside with a scheduled rent increase. Please do not disturb the tenants. Contact us for details and showing instructions.
Location
State MI
County Wayne
Direction Take 6 mile Mcnichols toward Gunston south to Kenmoor west to property
Interior
Heating Forced Air
Fireplaces Type Living Room
Fireplace true
Exterior
View Y/N No
Garage No
Building
Story 2
Sewer Public
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W21I014091S
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
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Listed by Keller Williams First
Nearby Locations
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