Vacant Brick Detroit, MI 48224
4001 Buckingham Detroit, MI 48224- 3 beds
- 1.5 bath
- 900 sq ft
Basics
Description
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Description:
4001 Buckingham Ave, Detroit, MI 48224
This 3 Bed/1.5Bath -Brick Bungalow in the Morningside/East English Village area of Detroit will be a great rental with a Ton of Equity OR a straight forward retail flip. This property is in solid shape as is but will need miscellaneous repairs and updating throughout to reflect full market value. As a flip it will need interior paint throughout, some drywall work, a basic kitchen package- cabinets/counter tops, 7-9 new windows and landscape work, etc. The reno budget will be $30k. It will easily rent for $1,350 once the work is done.This is an easy, straight forward project that even a new investor will not have any trouble with. Do this with decent finish out quality & you can expect a $172k or More Retail Sale.
Property Info:
– ARV: $172,630
– Reno Budget: $30k
– Price: $85,000 OBO
– Flip Profit: $45k+
– Market Rent: $1,350
– 9.8% + Annual ROI
– Equity as a rental: $55K+*********************************
Flip Comps:
1) 3485 Chatsworth St, Detroit, MI 48224
3 bd 2 ba 1,288 sqft
Sold: $179,900 | Sold on 05/12/22 | Sold PPSF: $139.672) 4142 Buckingham Ave, Detroit, MI 48224
3 bd 1 ba 1,340 sqft
Sold: $165,000 | Sold on 07/25/22 | Sold PPSF: $123.133) 4142 Buckingham Ave, Detroit, MI 48224
5 bd 2 ba 1,140 sqft
Sold: $175,000 | Sold on 01/04/22 | Sold PPSF: $153.51*AVG. Sold PPSF = $138.77
*ARV = $138.77 x 1,244 sqft = $172,630
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Rental Comps:
1) $1,450/mo | 3 bd 1 ba 1,537 sqft
4391 Berkshire St, Detroit, MI 482242) $1,350/mo | 3 bd 1 ba 1,575 sqft
3441 Buckingham Ave, Detroit, MI 482243) $1,340/mo | 3 bd 3 ba 1,493 sqft
4851 Berkshire St, Detroit, MI 48224**AVG Rental Listing Price: $1,380 / mo
*This Property will Rent for $1,350+/Month – all day long.
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