101643 Home SfrDetroit, MI 48223

Property Details for 101643 Home Sfr

Year built

1946

Property size (Sq ft)

8,594 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of ten single-family rental homes situated in Detroit, Michigan. The portfolio comprises a mix of unit sizes, including four 2-bedroom, five 3-bedroom, and one 4-bedroom home, totaling 8,594 square feet across a 48,787 square foot lot. Built between 1923 and 1962, with an average construction year of 1946, these homes offer a blend of character and potential. Currently boasting 100% occupancy with fully vetted tenants, the portfolio generates a substantial net operating income (NOI) of $93,249, representing a 10.97% cap rate. Pro-forma NOI is projected at $95,264, yielding an 11.21% cap rate. The current average rent of $970 per month is 15% below market rate ($1,139), presenting a significant opportunity to increase returns through lease renewals. Extensive capital improvements have been made, including new roofs and windows where needed, renovated HVAC systems, kitchen and bathroom renovations in select units, new flooring and appliances, updated bathroom fixtures, and necessary electrical and plumbing repairs. The portfolio is professionally managed by a third-party company, a subsidiary of the seller, which is available to continue management post-sale. This stabilized, cash-flow investment is priced at $850,000, offering a compelling entry point into the Detroit real estate market, which shows strong growth potential. The property is offered fee simple.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3963

Longitude

-83.2452

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