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Jim Blehm

Team Owner, Realtor® | The Blehm Group | Keller Williams

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13989 Cherrylawn St , Detroit, MI 48238
$85,000
Est. Payment: $188.89/mo
0 Bed
2 Bath
0 Sqft
Status: Active | Days on site: 28
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House 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.

Highlights

Listed by Shawn A Calhoun , 248-905-1402 Pretty Home Realty , 248-905-1402.

Property Type

Multi-Family

Lot/Acreage
0.08

HOA Fee

Year Built

1929

County

Wayne

School District

Detroit

Listing ID

20261062104

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:0
  • Bathrooms:2
  • Full Bathrooms:
Water:Public

Exterior Features

Principal Interest
$189
Taxes
$64
HOA
$0

Home Price

$85,000

Loan Details

30 yrs
%

Down Payment

20%
$17,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$188.89

Principal

Taxes

Principal Taxes HOA Total
Monthly $188.89 $64.42 $0.00 $253.31
Yearly $2,266.67 $773.00 $0.00 $3,039.67
Total $68,000.00 $23,190.00 $0.00 $91,190.00

Today's Rates

30 Year

0%

20 Year

0%

15 Year

0%

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Market insight data is pulled from the same city as the listing being viewed (Detroit, MI).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.