Metro Detroit Rental Success

4 Replies

City- Oak Park, Michigan

Purchase- 85,000 from a wholesaler.

Rehab- 26,000 plus 3,000 allocated company overhead

ARV- 180,000

Rent- $1600/month

I'm very happy how this one turned out! I purchased it while rehabbing a nearly identical home across the street (I picked that one up for 60k.)  I own three homes a few blocks over.  Those homes are bigger yet only get $1,150/month with long term tenants.  Time to up some rents!

@Carson M.

Nice job. Long term rentals are also turnover cost savers. I have been using longer lease offers at current market value to share savings with tenants and reduce my turnover frequency. I bring their lease to current market rent at next renewal Windows. it’s working for us delivering longer leases with less turnover costs and sounds like it can work for you.

Good luck.

Originally posted by @Carson M. :

City- Oak Park, Michigan

Purchase- 85,000 from a wholesaler.

Rehab- 26,000 plus 3,000 allocated company overhead

ARV- 180,000

Rent- $1600/month

I'm very happy how this one turned out! I purchased it while rehabbing a nearly identical home across the street (I picked that one up for 60k.)  I own three homes a few blocks over.  Those homes are bigger yet only get $1,150/month with long term tenants.  Time to up some rents!

Wow, that's great rent Carson! The house is looking awesome!

Is the house north or south of 696? 3 bedroom 1 bath?

 

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