$45,000
$50,000
10.0%For more information regarding the value of a property, please contact us for a free consultation.
5 Beds
2 Baths
1,514 SqFt
SOLD DATE : 07/08/2024
Key Details
Sold Price $45,000
Property Type Single Family Home
Sub Type Colonial
Listing Status Sold
Purchase Type For Sale
Square Footage 1,514 sqft
Price per Sqft $29
Subdivision Frischkorns Dynamic (Plats)
MLS Listing ID 20240037848
Sold Date 07/08/24
Style Colonial
Bedrooms 5
Full Baths 2
HOA Y/N no
Originating Board Realcomp II Ltd
Year Built 1928
Annual Tax Amount $410
Lot Size 4,791 Sqft
Acres 0.11
Lot Dimensions 37.00 x 125.00
Property Description
This is your sign! A rare 5 bedroom, 2 full bath home is great for a large family to move right in and add your touches when you're ready. The 2 adjoining lots are owned by the Detroit Land Bank. Buy them and fence them in. Investors, this is an amazing Buy & Hold Deal. With a little TLC this home can be Section 8. Collect around $2,000 in rent each month based on MSHDA's 2024 HCV (aka Section 8) 2024 Payment Standard for Wayne County. See photo # 2.
Don't go and cash out on a $25K full gut rehab? Instead, you need to consider this Land Contract option: Use your $25K as a downpayment, 10% interest, $1,000 per month (Principal & Interest Only) for 2 years. Land Contract purchase price is $60K. Get higher than average cashflow by becoming a Section 8 landlord. Paying $2,000 per month could have the home paid in full within 2 years. The Buyer is responsible for taxes and insurance. You will get a clear title with Title Insurance. Seller is selling their assignable interest.
Location
State MI
County Wayne
Area Det: Joy-Schoolcraft Grnfld-Limi
Direction From Southfield Rd, head Eastbound on W Chicago. Turn Left onto Montrose St. to address.
Rooms
Basement Unfinished
Interior
Interior Features Furnished - No
Hot Water Natural Gas
Heating Forced Air
Fireplace yes
Heat Source Natural Gas
Exterior
Garage Description No Garage
Pool No
Waterfront no
Roof Type Asphalt
Porch Porch - Covered, Porch
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Architectural Style Colonial
Warranty No
Level or Stories 2 Story
Structure Type Brick,Vinyl
Schools
School District Detroit
Others
Pets Allowed Yes
Tax ID W22I052902S
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash, Contract
Listing Terms Cash, Contract
Financing Cash,Contract
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Bought with Real Estate Management Specialists Inc