Multi Family Investment Opportunity - 3-family flat for $150,000
/$150,000 for this beautiful 1927 well-built 3-family home. I already have two buyers who want this property. This is a tour of the one unit we have renovated so far. The two units upstairs are one bedroom each. This is the front unit that has the living room with a faux fireplace and front porch. We are now renovating the back unit that is smaller but also has one bedroom.
Downstairs the tenant who came with the property is refusing to pay market rent so we are hoping she accepts our cash for keys ($1,000), but we may have to evict her. She had 30 days to take us up on the cash for keys offer, but she said that was too much of a rush for her. She'd take the eviction option instead. My next video will be about how evictions are going these days in Detroit. Basically, it takes a good 3 months.
The lower unit is a very large 3-bedroom unit. I'm not 100% sure yet what rent I will get for the downstairs but I'll be going for someone with a Section 8 voucher (see why in my Section 8 playlist).
I'm hoping for $900-$1,100 maybe. The upstairs units are for $600 on one side and $700 on the other side. The property taxes are around $1,500 in 2022. The insurance is around $900/year. We are working on getting the water to bill separately. That's that is a MAYBE at this point. Stay tuned for future videos of this property as we get each unit rent ready.
If you are interested in being on my Exclusive Buyer's List, just email me at Monique@greatdaypm.com and we can have a conversation. We're starting to buy and hold the properties for ourselves or buy and renovate them to sell them on the MLS to homeowners. There's more profit these days in selling retail. So if you want an investment property, TIME IS OF THE ESSENCE before we stop doing this gig!
Properties:
East Side of Detroit: https://bit.ly/EastSidecoall
West Side of Detroit: https://bit.ly/WestSidecoall
Detroit Renovation Project Start to Finish: https://bit.ly/DetroitRenovationProject