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$129,900

Sale Pending
206 N Steer St, Addison, MI 49220
3 Beds
1 Bath
1,536 Square Feet
0.10 Acres Lot
Built in 1920
Sale Pending
Units n/a
Checked: 4 hours ago
Updated: Sep 30, 2025 at 10:08AM

Investment Summary


Monthly Cash Flow
$250
Cap Rate
8.0%
Cash-on-Cash Return
10.0%
Debt Coverage Ratio
1.41
Internal Rate of Return (5 years)
13.8%

Property Description


0.10 Acres Lot
Built in 1920
Sale Pending
Units n/a

Zero Down RD financing, FHA and VA offers considered. Great location in the Village of Addison. Nicely updated 3 bedroom home with spacious living room, kitchen features stainless appliances and valuted ceilings. Home also features a main floor laundry, central air and a nice workshop area and detached garage.

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Location


Property Details


Parking

  • Description: Detached
  • Details: Detached
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 1
  • Basement Description: Crawl Space

Exterior Features

  • Roof Material: Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: WD1003709200
  • Lot Size: 4356 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Traditional
  • Year Built: 1920

Tax Information

  • Annual Tax: $1,217

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Lenawee

Listing Details


Listed by:
William Coats
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 565-3311

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25038280
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
$250
Cap Rate
8.0%
Cash-on-Cash Return
10.0%
Debt Coverage Ratio
1.41
Internal Rate of Return (5 years)
13.8%

Purchase Details

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Purchase price:
$129,900
Amount financed:
-$103,920
Down payment:
$25,980
Closing costs:
$3,897
Rehab costs:
$0
Initial cash invested:
$29,877
Square feet:
1,536
Cost per square foot:
$85
Monthly rent per square foot:
$0.91

Financing Details

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Loan amount:
$103,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$615
Property tax:
$101
Insurance:
$98
Private mortgage insurance (PMI):
$0
Monthly payment:
$814

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,400 $16,800
Vacancy loss: (6%)
6% -$84 -$1,008
Operating income:
$1,316 $15,792

Operating Expenses


% Rent Monthly Yearly
Property taxes: (7%)
7%-$101-$1,217
Insurance: (7%)
7%-$98-$1,176
Property management: (8%)
8%-$112-$1,344
Repairs & maintenance: (5%)
5%-$70-$840
Capital expenditures: (5%)
5%-$70-$840
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (32%)
32%-$451-$5,417

Cash Flow


Monthly Yearly
Net operating income:
$865 $10,380
Mortgage payments:
-$615 -$7,380
Cash flow:
$250 $3,000