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$144,500

Sale Pending
5500 Oldtown St, Detroit, MI 48224
3 Beds
2 Baths
1,240 Square Feet
0.09 Acres Lot
Built in 1940
Sale Pending
Units n/a
Checked: 22 hours ago
Updated: Jun 21, 2025 at 03:13AM

Investment Summary


Monthly Cash Flow
$96
Cap Rate
6.9%
Cash-on-Cash Return
3.5%
Debt Coverage Ratio
1.13
Internal Rate of Return (5 years)
7.4%

Property Description


0.09 Acres Lot
Built in 1940
Sale Pending
Units n/a

''CHECK OUT THIS SHARP 3 BEDROOM 1.1 BATH BRICK BUNGALOW''. TOTALLY REMODELED FROM TOP TO BOTTOM. Move in Ready! Freshly Painted throughout, Large Living Room with Natural Fireplace, New Carpeting throughout, Dinning Area and New Kitchen, New Flooring and Nice Lighting. 2 Bedrooms on the Main Level and Newly Updated Full Bathroom. The Upstairs Bedroom also has a Newly Updated Lav and Lots of Storage Space and or Private Sitting Area. Large Clean Basement also has a large 2 Car Garage and Privacy Fence. Great Walking Area and Good View.. Walking Distance to Schools, Transportation and Parks. Have your Pre-Approval Ready to Schedule your Appointment Today.

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Location


Property Details


Parking

  • Description: Detached
  • Details: Detached
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

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

Interior Features

  • # of Rooms: 6
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Full
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Brick

Land Information

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

Lot Information

  • Parcel ID: 210753978
  • Lot Size: 3920 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1940

Tax Information

  • Annual Tax: $1,559

Utilities

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

Location

  • County: Wayne

Listing Details


Listed by:
Beverly Johnson
Villa In the Hills Realty
(248) 660-7012

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25011844
Southwestern Michigan Association of REALTORS

Investment Summary


Monthly Cash Flow
$96
Cap Rate
6.9%
Cash-on-Cash Return
3.5%
Debt Coverage Ratio
1.13
Internal Rate of Return (5 years)
7.4%

Purchase Details

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Purchase price:
$144,500
Amount financed:
-$115,600
Down payment:
$28,900
Closing costs:
$4,335
Rehab costs:
$0
Initial cash invested:
$33,235
Square feet:
1,240
Cost per square foot:
$117
Monthly rent per square foot:
$1.13

Financing Details

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Loan amount:
$115,600
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$740
Property tax:
$130
Insurance:
$98
Private mortgage insurance (PMI):
$0
Monthly payment:
$968

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: (9%)
9%-$130-$1,559
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: (34%)
34%-$480-$5,759

Cash Flow


Monthly Yearly
Net operating income:
$836 $10,032
Mortgage payments:
-$740 -$8,880
Cash flow:
$96 $1,152