37
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$85,000
Est. payment /mo
2 Baths
1,774 SqFt
Active
13989 Cherrylawn Street Detroit, MI 48238 2428
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,774 sqft
Price per Sqft $47
Subdivision Mi
MLS Listing ID 61022845
Style 1 1/2 Story
Full Baths 2
Year Built 1929
Annual Tax Amount $773
Lot Size 3,484 Sqft
Acres 0.08
Lot Dimensions 35X100.28
Property Sub-Type Multi-Family
Property Description
You found me, and if a brick two-family with income already in place is what you've been hunting for on Detroit's west side, you can stop looking. I'm 13989 Cherrylawn, a brick and vinyl two-family with an original fireplace surround and mantel, arched doorways, a decorative ceiling medallion, and original mosaic tile bathroom flooring, the kind of detail builders don't put in anymore. My hardwood floors are preserved underneath the laminate throughout, waiting for you to reveal them whenever you're ready. A partially finished basement and a 2-car detached garage behind a covered brick porch add everyday convenience. Here's what makes me interesting on paper. One unit is already tenant occupied at 800 dollars a month, and assuming today's roughly 6.75 percent rate, a DSCR loan at 20 percent down puts your cash-on-cash return around 25 percent using that income alone, meaning for every dollar you put in, you'd get about a quarter back every year after the mortgage. Live in the other unit yourself and that same 800 dollars a month can cover the bulk of your payment. Rent both units out at similar rates instead, and a low-down-payment FHA or conventional buyer could see cash-on-cash returns well over 100 percent, since so little cash goes in relative to the income coming back. I sit in the Livernois and Grand River corridor on Detroit's west side, minutes from Henry Ford Hospital and Marygrove College, with quick access to I-96 for a straight shot downtown, the kind of location that keeps tenant demand steady for years to come. Reach out to the listing agent for details.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Rooms
Basement Partially Finished
Interior
Heating Forced Air
Cooling Ceiling Fan(s)
Fireplace No
Exterior
Exterior Feature Brick, Vinyl Siding
Building
Story 1 1/2 Story
Foundation Basement
Water Public Water
Structure Type Brick,Vinyl Siding
Schools
School District Detroit City School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional,FHA
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Pretty Home Realty
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