5516 Webb St, Detroit, MI 48204

8 Bedrooms / 4 Baths / Multiple Family

For Sale: $29,950.00

Available (Wholesale)

Contact Info

 (313) 652-9120

View On Property Owner's Website

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Fixer-upper with Great Income Student Housing Potential. This rock bottom price comes only once in a while. If you're in the market for a great investment property, take a look at this 8 bedroom, 4 bath Brick Building. This property needs and after Extensive work and will be ready to make you a nice financial return. It's located in Livernois and Oakman area, easy to access the bus or freeways in the area and would rent for 850.00 each unit/month. Hurry! Call today to learn more about this great moneymaking property! Here are the approximate numbers: ARV 150,000 Purchase Price $29,950 cost to fix $60,000 Total $89,950 Cost of money 4 Points $3,598 Cost for 4 months at 12% ($900.00 a month) X 4 months= $3,700 Total cost of Hard Money $7,196 Time of repair 4 Months All in $97,146 Rent per unit $850.00 X 4= $3,400 X 12 months low or no maintenance=$40,800-25% maintenance =$30,600.00 a year is a cap rate of 30% or Sell at ARV and earn approximately $39,354 after closing cost of 9% of Asking. Comparable Property on 1934 Seward st Sold 7/14/17 for $150,000 and is renting units for $850 each X 4 Units is $40,800 a year. Please call or text 313-562-9120 or email if interested. Or go to website

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