UPDATED:
11/08/2024 01:16 PM
Key Details
Property Type Multi-Family
Sub Type Upper/Lower Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 1,067 sqft
Price per Sqft $126
Subdivision The Garden Addition No 2 (Plats)
MLS Listing ID 20240077603
Style Upper/Lower Apartment
Bedrooms 2
Full Baths 2
Originating Board Realcomp II Ltd
Year Built 1926
Annual Tax Amount $978
Lot Size 3,049 Sqft
Acres 0.07
Lot Dimensions 30.00 x 100.00
Property Description
Key Features:
- Fully Renovated in October 2024 – Enjoy peace of mind with new plumbing, two brand-new hot water heaters, updated electrical systems, and fresh paint throughout both units.
- Modernized Kitchens & Bathrooms – Both units have updated kitchens and bathrooms, featuring new flooring, cabinetry, and fixtures.
- Income-Generating Property – The upper unit will be rented for $650/month to a reliable tenant whose rent is covered by The Michigan State Housing Development Authority through December 2024. The lower unit is rented for $1,175/month, bringing total monthly rental income to $1,825. Tenants are responsible for all DTE utilities and partial water.
- High ROI Potential – With stable tenants in place and minimal maintenance required after the renovations, this property offers an incredible investment opportunity with a 9.73% CAP rate, ensuring strong returns on your investment. Assuming a 15%-20% down payment on an investment property loan and today's interest rate, the monthly mortgage payment would be roughly $879. Property monthly rental income is $1,875.
- New 6ft Privacy Fence – The fully fenced-in yard provides added privacy and security for tenants, enhancing the overall value of the property.
- Two New Hot Water Heaters, New Windows, Updated Furnace – Both units are fitted with some new windows and an updated furnace, ensuring energy efficiency and comfort for tenants year-round.
This property is legally zoned as a duplex but can easily be converted into a spacious single-family home, adding even more versatility for future owners.
Location
State MI
County Wayne
Area Det 6-Tire - Grnfld - Livernois
Zoning Multi-Family
Direction West of Livernois South of McNichols
Rooms
Basement Unfinished
Interior
Hot Water Natural Gas
Heating Forced Air
Fireplace no
Heat Source Natural Gas
Exterior
Roof Type Asphalt
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Water at Street
Architectural Style Upper/Lower Apartment
Level or Stories 3 Story
Structure Type Brick
Schools
School District Detroit
Others
Pets Allowed No
Tax ID W16I026955S
Ownership Broker/Agent Owned,Short Sale - No
Assessment Amount $240
Acceptable Financing Cash, Conventional, FHA, VA
Listing Terms Cash, Conventional, FHA, VA
Financing Cash,Conventional,FHA,VA
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