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Julius Harris

julius.harris@exprealty.com +1(248) 910-9991

$ 85,000

Est. payment | -/mo

3 Beds

2 Baths

1,603 SqFt

Save

$ 85,000

Est. payment | -/mo

Save

3 Beds

2 Baths

1,603 SqFt

Key Details

Property Type Single Family Home

Sub Type SingleFamilyResidence

Listing Status Active

Purchase Type For Sale

Square Footage 1,603 sqft

Price per Sqft $53

Subdivision Drennan & Seldons Lasalle College Park

MLS Listing ID 20261036809

Style Bungalow

Bedrooms 3

Full Baths 2

Year Built 1938

Lot Size 5,227 Sqft

Acres 0.12

Property Sub-Type SingleFamilyResidence

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

Area Area05054Det8Togratiothoustonto7

Rooms

Basement Full, Unfinished

Entry Level, 10 X 10 Bedroom

Basement Level BathFull

Second Level, 15 X 12 PrimaryBedroom

Entry Level, 11 X 10 Bedroom

Entry Level, 10 X 8 Kitchen

Entry Level BathFull

Entry Level, 9 X 8 DiningRoom

Second Level, 10 X 9 BonusRoom

Entry Level, 13 X 11 LivingRoom

Interior

Interior Features HighSpeedInternet

Heating Forced Air, Natural Gas

Fireplaces Type LivingRoom, WoodBurning

Fireplace Yes

Exterior

Parking Features NoGarage

Pool None

View Y/N No

Garage false

Building

Foundation Basement, Block

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Detroit

Others

Senior Community false

Acceptable Financing Cash, Conventional, FHA, WarrantyDeed

Listing Terms Cash, Conventional, FHA, WarrantyDeed

Special Listing Condition ShortSaleNo, Standard

Pets Allowed Yes

Listed by Anuj Chand of Keller Williams First

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(248) 910-9991

julius.harris@exprealty.com

39555 Orchard Hill Place, Suite 600, Novi, Michigan, 48375

11437 Kenmoor ST Detroit, MI 48205