Detroit Duplex Deal!
Hi guys!
Just wanted to get some insight on this deal I just got accepted as my first!
It’s a duplex in the Morningside/East Indian Village neighborhood in Detroit, Michigan.
Purchase price: $73,000 (pending appraisal)
- 25 % down at 4.5 interest rate but with 3 points (I’m being told I’m going to get charged an extra point or two for the small amount of the loan)
Expenses:
Mortgage= $287
Property taxes= $125 monthly
Insurance= $100 monthly
Repairs= 7%
Cap ex= 7%
Water= $50 (I’m almost certain tenants will pay)
Property management= $150 a month
Other expenses= $50 a month
Total income= $1400-1500
Total cashflow= roughly $350 per month
All insight is greatly appreciated!