20 bedrooms Flat for sale, 48202 Detroit

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Currently available in Detroit

20 bedrooms Flat for sale

$419,000.00
Fixed price

1251 Glynn St Detroit 48202

Property details
Map & nearby

FOR SALE

RESERVED. $419,000 Superb block in great Detroit district. 18.54% net yield.

1251 Glynn St, Detroit, MI 48202 is a substantial block of 20 apartments located in the much sought after historic Boston Edison district.
It comprises 10 one bedroom apartments and 10 2 bedroom apartments and benefits from a basement and communal parking area.
The entire property is currently being refurbished to a very high standard and once complete will be in a first class condition and fully tenanted prior to the closing of the sale. Investors can reserve now with just a 5% deposit paid in to the escrow account of the title company handling the transaction.
The refurbishment works include the following:
Exterior:
Overhaul roof, overhaul windows, repoint where necessary and overhaul stairs where required.
Interior:
Install new bathrooms suites, completely re-fit kitchens, replace all flooring, update all electrical in building up to code, replace/update all plumbing in building up to code, redecorate throughout, Install new interior doors as necessary (including hardware), Install new exterior doors as necessary (including security doors), Install all new lights and light fixture, Install new/newer furnace/boiler, Install new/newer hot water tanks, Install glass block windows in basement, etc.
We highly recommend this opportunity which is available to cash purchasers only. The refurbishment works will be completed and the units 100% occupied by 15th March. Please bear in mind this opportunity is priced to sell now and can be reserved with just a 5% deposit to the escrow account of the title company.
Please note that in the figures below we have allowed for vacancy and also rental income insurance. Once complete, these units will be as good as new.
We welcome investors to visit completed and recently available projects in Detroit and have staff available 52 weeks of the year to tour clients. If you are not available to visit the city, we are happy to provide inspection reports of recently refurbished properties and/or references from existing clients.
This block is section 8 approved and compliant.
Unlike many of our competitors, we take into account all closing and ongoing costs to give you a genuine net yield!
KEY FIGURES:
Purchase price: $419,000
Closing Costs: $1,000
Agency Fee: $4,000
TOTAL INVESTMENT REQUIRED: $424,000
RENTAL INCOME: $129,000 per annum
OUTGOINGS:
PropertyTaxes: $5,500
Insurance: $5,000
Gas: $8,400
Electric: $2,400
Water: $9,600
Vacancy: $2,580
Rental Insurance: $4,000
Maintenance: $3,870
Management (7%): $9,030
TOTAL OUTGOINGS: $50,380
NET INCOME: $78,620
THE NET YIELD IS THEREFORE A FANTASTIC 18.54% with excellent potential for capital appreciation.
For further information or to reserve this property, please complete the enquiry form as soon as possible.
UP TO 60% MORTGAGE NOW AVAILABLE ON THIS PROPERTY. PLEASE CONTACT US FOR DETAILS.
Price: 419000.00 $ Bedrooms: 20 apartments

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