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$475,000

For Sale - Active
48 Elmhurst Dr SE, Grand Rapids, MI 49506
3 Beds
2 Baths
1,744 Square Feet
0.26 Acres Lot
Built in 1953
For Sale - Active
Units n/a
Checked: 1 hour ago
Updated: Aug 26, 2025 at 06:30PM

Investment Summary


Monthly Cash Flow
-$1,446
Cap Rate
2.0%
Cash-on-Cash Return
-15.9%
Debt Coverage Ratio
0.36
Internal Rate of Return (5 years)
-11.4%

Property Description


0.26 Acres Lot
Built in 1953
For Sale - Active
Units n/a

Exceptional ranch home located in the desirable ''Golden Triangle'' where EGR schools meet Grand Rapids Township taxes. Renovations include kitchen with quartz counters, dual sinks, ample storage and a professional series gas range. The open floor plan flows seamlessly between kitchen, dining room and living room. Three bedrooms round out the main floor and the full bath shines with custom tile work and floating vanity. The lower level offers a generous family room with a second fireplace, kitchenette and additional full bath. One stall attached garage and large 3 season porch/mudroom provide plentiful storage. Additionally, the private back yard features a patio with pergola. A great place to call home!

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Location


Property Details


Parking

  • Description: 1, Attached
  • Details: Attached, Paved
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 8
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Full
  • Fireplace: Yes

Land Information

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

Lot Information

  • Parcel ID: 411427404004
  • Lot Size: 11326 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Ranch
  • Year Built: 1953

Tax Information

  • Annual Tax: $8,591

Utilities

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

Location

  • County: Kent

Listing Details


Listed by:
Tiffany M Ireland
Living Homes Realty
(616) 600-2919

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25040145
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
-$1,446
Cap Rate
2.0%
Cash-on-Cash Return
-15.9%
Debt Coverage Ratio
0.36
Internal Rate of Return (5 years)
-11.4%

Purchase Details

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Purchase price:
$475,000
Amount financed:
-$380,000
Down payment:
$95,000
Closing costs:
$14,250
Rehab costs:
$0
Initial cash invested:
$109,250
Square feet:
1,744
Cost per square foot:
$272
Monthly rent per square foot:
$1.26

Financing Details

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Loan amount:
$380,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$2,248
Property tax:
$716
Insurance:
$154
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,118

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,200 $26,400
Vacancy loss: (6%)
6% -$132 -$1,584
Operating income:
$2,068 $24,816

Operating Expenses


% Rent Monthly Yearly
Property taxes: (33%)
33%-$716-$8,591
Insurance: (7%)
7%-$154-$1,848
Property management: (8%)
8%-$176-$2,112
Repairs & maintenance: (5%)
5%-$110-$1,320
Capital expenditures: (5%)
5%-$110-$1,320
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (58%)
58%-$1,266-$15,191

Cash Flow


Monthly Yearly
Net operating income:
$802 $9,624
Mortgage payments:
-$2,248 -$26,976
Cash flow:
-$1,446 -$17,352