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$399,000

Sold
2423 Mulberry Ct, Ann Arbor, MI 48104
2 Beds
3 Baths
1,580 Square Feet
0.03 Acres Lot
Built in 1993
Sold
Units n/a
Checked: 17 hours ago
Updated: Jun 28, 2025 at 03:16AM

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$825
Cap Rate
3.7%
Cash-on-Cash Return
-10.8%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-6.4%

Property Description


0.03 Acres Lot
Built in 1993
Sold
Units n/a

Airy, sun-filled end-unit condo in the center of Ann Arbor! Open floor plan in entry level with lots of windows, vaulted ceilings and mudroom laundry. Gorgeous wood floors throughout entry and upper levels. Great upper level loft space bathed in light could be amazing office, reading nook or movement space. En-suite bath in primary bedroom, and second bedroom has its own full hall bath. Basement has been nicely finished including recessed lighting, just needs flooring and could be amazing media room / exercise space. Lots of extra storage in unfinished area of basement. Two car garage. Very close to bus line, walk to York, Burns Park, Argus Market. Home Energy Score of 4. Download report at stream.a2gov.org Sale subject to Washtenaw County Probate Court Approval.

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Location


Property Details


Parking

  • Description: Garage
  • Details: Garage Door Opener, Garage Faces Front, Attached, Concrete
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 2
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 8
  • # of Stories: 2
  • Basement: Yes
  • Basement Description: Finished
  • Fireplace: Yes

Exterior Features

  • Foundation: Slab
  • Roof Material: Composition, Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 091204122008
  • Lot Size: 1150 sqft

Property Information

  • Property Type: Condominium
  • Style: Colonial
  • Year Built: 1993

Tax Information

  • Annual Tax: $6,076

Utilities

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

Location

  • County: Washtenaw

Listing Details


Listed by:
Adam Eichner
Eichner Realty, LLC
(734) 709-5136

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25022682
Southwestern Michigan Association of REALTORS

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$825
Cap Rate
3.7%
Cash-on-Cash Return
-10.8%
Debt Coverage Ratio
0.60
Internal Rate of Return (5 years)
-6.4%

Purchase Details

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Purchase price:
$399,000
Amount financed:
-$319,200
Down payment:
$79,800
Closing costs:
$11,970
Rehab costs:
$0
Initial cash invested:
$91,770
Square feet:
1,580
Cost per square foot:
$253
Monthly rent per square foot:
$1.58

Financing Details

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Loan amount:
$319,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,044
Property tax:
$506
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,725

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (20%)
20%-$506-$6,077
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (45%)
45%-$1,131-$13,577

Cash Flow


Monthly Yearly
Net operating income:
$1,219 $14,628
Mortgage payments:
-$2,044 -$24,528
Cash flow:
$825 $9,900