Seeing is Believing! I filmed our investor tour yesterday and now she wants everything!
/Our Detroit Investor Tour was yesterday. The buyer is getting under contract today for most of these properties that are at 11% to 12% ROI.
We will give our serious buyers an inside tour of Before Renovation and After Renovation houses that we are working on.
We also swing through downtown Detroit to show them how vibrant it is now and nothing like what they see in the news.
We always recommend that our investors stay downtown Detroit so they can feel the good energy of the city these days and maybe walk on the Detroit River Walk, go to the Detroit Institute of Arts, catch a show in the Entertainment District, catch a game at Hockeytown or Comerica Park, go out to eat at one of our many great restaurants and SO MUCH MORE!
There were a few houses we did not show this investor that are still for sale. If you are interested, please contact me and I'll put you on my exclusive buyer list. Most of these houses already have renters lined up pre-renovation. Renters have a waiting list too. There is far more demand than supply, especially when the properties are as nice as ours.
www.GreatDayPropertyManagement.com/moniques-blog Exclusive Buyer List: www.GreatDayPropertyManagement.com/exclusive-buyer-list
Detroit Doggie Door video of the Before House at 19988 Hickory
12041 E State Fair, Detroit, MI 48205
3 Beds/1 full bath
Frame
Basement
Square feet: 912
Year built: 1946
Sale Price: $70,000
Rental Income: $10,800
2022 taxes (inclu. winter tax estimated at $200): $1,101
Property Management: $1,200
Est. Insurance: $700
Cash Flow: $7,799
ROI: 11%
We bought this house with a very long-term tenant who has been paying rent. I gradually increased it up to $900 (from $550), to which he has complied without hassle. The property has newer windows, brand new hot water heater, the furnace is in good shape, the roof is about 10 years old. In the next 3 weeks it is scheduled to get new flooring, new interior paint, and new kitchen cabinets. We will be doing whatever repairs need to be done there as well while we're in it.
12049 E. State Fair, Detroit, MI 48205
3 Beds/1 full bath
Frame
Basement
Square feet: 900
Year built: 1946
Sale Price: $70,000
Rental Income: $10,800
2022 taxes (inclu. winter tax estimated at $200): $1,084
Property Management: $1,200
Est. Insurance: $700
Cash Flow: $7,799
ROI: 11%
Same info as 12041 E. State Fair, except the roof is a little newer. The houses were purchased from the same seller and both are in the same shape. Neither tenants have Section 8 but they are long-term payers.
5609 Marlborough, Detroit, MI 48224
3 Beds/1 full bath
Brick
Basement
Garage
Square feet: 1,294
Year built: 1948
Sale Price: $76,500
Rental Income: $13,200
2022 taxes (inclu winter tax est. at $200) : $1,147
Property Management: $1,200
Est. Insurance: $700
Cash Flow: $10,153
ROI: 13.3%
We are currently evicting the occupants that came with the property when we purchased it. The property will be renovated we believe by the end of August. I'm stating this price based on finding a tenant for $1,100/mo rent. I could get $1,200 and the sale price will be $81,000. If we can get $1,300 the sale price will be $87,000.
13425 Promenade, Detroit, MI 48213
UNDER CONSTRUCTION!
3 beds, 1 full bath
Brick
Basement
Garage
Square feet: 840
Year built: 1949
Sale Price: $76,500
Rental Income: $13,200
2022 taxes (inclu. est. $200 for winter tax): $919
Property Management: $1,200
Est. Insurance: $700
Cash Flow: $10,381
ROI: 13.6%
I don't have a good front photo yet of this one. The image is a similar-looking house to 13425 Promenade. We are currently evicting the occupants that came with the property when we purchased it. We expect to have the tenants out by the end of July and have the house ready to sell by the end of August. I'm stating this price based on finding a tenant for $1,100/mo rent. I could get $1,200 and the sale price will be $81,000. If we can get $1,300 the sale price will be $87,000. I'm targeting Section 8.
12240 Stout, Detroit, Mi 48228
3 Beds/1 full bath
Brick
Basement
Garage
Square feet: 737
Year built: 1948
Sale Price: $70,000
Rental Income: $12,000
2022 taxes (includes est. $200 for winter tax): $1,664
Property Management: $1,200
Est. Insurance: $700
Cash Flow: $8,436
ROI: 12.1%
Most newly renovated and tenant ready. Targeting Section 8 with this one for $1,000/month.
12681 Santa Rosa, Detroit, MI 48238
3 family home1 bedroom
upper front for $600/month
1 bedroom upper back or $700/month
3 bedroom lower unit for $1,100/month
Brick
Basement -- shared but has separate laundry areas, separated hot water heaters and furnaces. Two furnaces are in the attic.
Square feet: 2,600
Year built: 1927
Sale Price: $150,000
Rental Income: $28,800
2022 taxes (includes est. $200 for winter tax): $1,590
Property Management: $3,000
Est. Insurance: $900
Cash Flow: $23,310
ROI: 15.5%
The front upper unit is completed and now rented with a video, attached. The tenant is on a month-to-month lease. You could raise it up to $700 possibly if it's somewhat gradual. We are currently renovating the back 1 bedroom unit. I'm advertising it for $700/month. The lower unit we are evicting. We expect to have the lower unit completed by the end of August. Tenants pay gas and electric. Owner pays water. Water averages $65/mo/3-bedroom and $50/mo for the 1-bedrooms.
Winter taxes come in between $100-$200. We're seeing insurance come in between $550-$700/year if you use our carrier, NREIG.
If interested in any of these properties, I can draw up a purchase agreement pending an inspection (back out clause if you don't approve of the completed project -- which has never happened to us yet!). This is a backlog of available properties for us resulting from a big mailer I did to tired landlords.
Once we've sold these properties, we are starting to buy properties that we can sell on the MLS to retail homeowners, unless the origination prices of these houses drop with the market. In that case, we may continue buying this type of house and selling them to investors. Right now though the profit margin isn't enough to continue selling to investors.