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Archived almost 5 years ago

$29,000

5+ bd 2 ba

3320 Richton St, Detroit, MI 48206

Residential SFR Needs Repairs Off MLS

Current Rent **

$4,500

Projected Rent **

N/A

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Estimated Rent †

Pro Only

Estimated Rent Confidence ‡

Medium

2 Fam / Rooming into SFR

Hello Detroit Investors (and out of state investors),

I am about to put my 2-fam that has been partitioned into a rooming house back on the market after a partial cleanout. Address is 3320 Richton St., Detroit, MI 48206. Rooming house had 10 rooms and 2 basement partitions but house is better suited as a 2 Fam with 6 bd and 2 baths, formal living and dining once converted back. Rent roll if 100% occupied is $4500 but as 2 Fam, closer to $1200. One has a working furnace, needs a second and 2 water heaters. The conversion from rooming would be just a bit of demo = new baths and kitchens. See my investments section for more details on the property. (https://www.biggerpockets.com/forums/850/topics/707070-dexter-linwood-russell-woods?page=1#p4171226). Considering offers before it hits the market at 29k next week, please message if interested. Find my profile by name or email for more details: [email protected]

Location:

3320 Richton St, Detroit, MI 48206

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.