Are you ready to take a tour of this turnkey investment property in Detroit, Michigan? This Detroit turnkey property tour was filmed originally filmed as a Facebook Live and broadcasted to our Turnkey Rental Properties Group. If you enjoyed this tour, be sure to join me on Facebook at
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Details on this turnkey rental property:
– 3 bedroom / 1.5 bath
– 1248 sq ft
– basement
– 2 car garage
This property is located in the Schulze neighborhood on Detroit’s Northwest side and is one of the most densely populated neighborhoods in Detroit. Beautiful brick, colonial and bungalow properties line the streets and each home with its own unique character, perfect for first time buyers and young families. Some of the best educational institutions are located in this area, including University of Detroit Mercy, Marygrove college and U of D Jesuit High School.
The Math:
Purchase price: $140,000
Estimated rent: $1,350 (almost hits the 1% rule!)
Monthly expenses:
Property taxes: $97
Insurance: $50
Management: $122 (9% monthly rent)
Vacancy estimate (not deducted from income): $68
Maintenance estimate (not deducted from income): $68
Total monthly cash flow: $1,082 (with maintenance/vacancy $946)
Estimated mortgage payment (6.5% interest): $664
Take-home monthly cash flow after financing: $418 ($282 maintenance & vacancy)
Cap rate: 8.11%
Cash-on-cash return: 8.65%
Disclaimer: All information contained in this video is deemed reliable but not guaranteed. No warranties are made as to the accuracy of any descriptions and/or other details regarding the specific property presented and I make no guarantee, warranty or representation as to the property, seller, or the current or future performance of the property.
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