Flipper/Rehabber · Highland, MI · Member since 2015 · 60 posts · 13 votes
A nicely remodeled duplex with 3 bedrooms and 1.5 bathrooms located near downtown Ann Arbor.
Each unit offers 3 spacious bedrooms and 1.5 bathrooms. The duplex boasts a recently renovated kitchen that features new granite counter tops and cherry cabinets. The kitchen also offers new stainless steel appliances as well. Re-done hardwood floors run all throughout the space. Additionally, this duplex offers an in-unit washer and dyer, an outdoor patio with a backyard, and parking spaces in the driveway out front.
The duplex is located in a cul-de-sac in the desirable Old West Side neighborhood just a short distance from downtown Ann Arbor. You're just a short drive from the YMCA, downtown Ann Arbor, Kerrytown, and the University of Michigan's Central Campus.
Based on $555,000 price; Down payment = $110K Condo conversion = $2.5K (BTW, I was talking to some folks, we can get this for less) Unit Upgrades = $6K Monthly Payments (6 mths) = $9K
Sale price $658K ($329K each), net $605.36 Profit = $605.36 - $550 -$2.5 - $6K = $46.86 in 6 months (that's a return of 35% in 6 mths, $46.86/$132.5K cash-outlay)
Dexter, MI · Member since 2017 · 18 posts · 5 votes
8y
@Jeff Helm Just want to be clear--what is your role? Are you looking for a partner to bring the capital (~$130k) to close the deal? Or are you wholesaling it?