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$289,900

For Sale - Active
510 Woodlawn St SE, Grand Rapids, MI 49507
Beds n/a
0 Baths
0 Square Feet
0.11 Acres Lot
Built in 1900
For Sale - Active
2 Units
Checked: 14 hours ago
Updated: Jun 18, 2025 at 03:14AM

Investment Summary


Monthly Cash Flow
-$294
Cap Rate
4.9%
Cash-on-Cash Return
-5.3%
Debt Coverage Ratio
0.80
Internal Rate of Return (5 years)
-1.1%

Property Description


0.11 Acres Lot
Built in 1900
For Sale - Active
2 Units

Amazing Investment Opportunity in the Heart of Grand Rapids! Welcome to 510 Woodlawn St SE, a meticulously maintained duplex offering an incredible opportunity for both seasoned and first-time investors. Steps away from the heart of the Madison neighborhood & Alexander park, this location makes for an exceptional investment. The upper 3 bedroom unit is currently leased, with both units historically bringing in $1,350/month each, and the property comes with a valid Certificate of Compliance, making it a true turn-key investment. The upper unit is occupied by exceptional tenants who care for the home like it's their own. Showings require a 24 hour notice. This property checks all the boxes: strong rental income, great condition, and compliance-ready. Showings require 24 hours notice. Don't miss out on this opportunity to add an exceptional duplex to your portfolio!

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 2

Bathroom Information

  • # of Baths (Total): 0.0

Interior Features

  • Basement: Yes
  • Basement Description: Full
  • Fireplace: Yes

Exterior Features

  • Roof Material: Composition

Land Information

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

Lot Information

  • Parcel ID: 411431456003
  • Lot Size: 4792 sqft

Property Information

  • Property Type: Multi Family
  • Year Built: 1900

Tax Information

  • Annual Tax: $2,268

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air

Location

  • County: Kent

Listing Details


Listed by:
Taylor Macias
Keller Williams GR East
(517) 488-2280

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25026238
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
-$294
Cap Rate
4.9%
Cash-on-Cash Return
-5.3%
Debt Coverage Ratio
0.80
Internal Rate of Return (5 years)
-1.1%

Purchase Details

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Purchase price:
$289,900
Amount financed:
-$231,920
Down payment:
$57,980
Closing costs:
$8,697
Rehab costs:
$0
Initial cash invested:
$66,677
Square feet:
0
Cost per square foot:
n/a
Monthly rent per square foot:
n/a

Financing Details

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Loan amount:
$231,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$1,485
Property tax:
$189
Insurance:
$140
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,814

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,000 $24,000
Vacancy loss: (6%)
6% -$120 -$1,440
Operating income:
$1,880 $22,560

Operating Expenses


% Rent Monthly Yearly
Property taxes: (9%)
9%-$189-$2,268
Insurance: (7%)
7%-$140-$1,680
Property management: (8%)
8%-$160-$1,920
Repairs & maintenance: (5%)
5%-$100-$1,200
Capital expenditures: (5%)
5%-$100-$1,200
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (34%)
34%-$689-$8,268

Cash Flow


Monthly Yearly
Net operating income:
$1,191 $14,292
Mortgage payments:
-$1,485 -$17,820
Cash flow:
$294 $3,528