DETROIT, MI 48205

PURCHASE PRICE: $79,999

4 BED | 2 BATH | ~1,651 SF | BRICK | FULL BASEMENT | 2-CAR GARAGE

Before you ask:

NO — WE ARE NOT REPRESENTING THIS AS A LEGAL DUPLEX.

However, zoning allows for Multi-family should you want to convert it. 

Now that we've gotten that out of the way, look at what you're actually buying for $79,999.

This property is legally recognized as a single-family residence but is currently set up, occupied and functioning as two separate 2-bedroom / 1-bath living spaces.

Each side has its own:

2 bedrooms

1 bathroom

Kitchen

Separate entrance

The property also has:

Separate electric meters

Separate gas meters

There is currently one furnace, with the tenants splitting the heating expense.

And this isn't a theoretical rental conversion.

THERE ARE ALREADY TWO FAMILIES LIVING HERE.

Combined current rent is:

$1,400/MONTH

That's:

$16,800/YEAR IN EXISTING GROSS RENT

The tenants are on an annual lease, pay their own utilities and have expressed a desire to remain.

At the $79,999 purchase price, the existing $16,800/year rent equals approximately a:

21% GROSS RENT-TO-PURCHASE YIELD

That's before expenses and is not represented as cap rate — but it should absolutely get a landlord's attention.

THIS ISN'T YOUR TYPICAL $80K DETROIT PROJECT

Look at the pictures.

This isn't a boarded-up shell requiring you to rebuild the property before collecting a dollar.

It's occupied.

It's functional.

And frankly, it's dated more than it's destroyed.

The kitchens and baths aren't winning design awards.

The finishes could use modernization.

But there are hardwood floors throughout substantial portions of the property, both living spaces are currently functioning, and the property gives an investor the ability to determine how much renovation actually makes sense for their strategy.

We're carrying approximately:

$20K–$30K for an investor-grade cosmetic/update scope

with buyers responsible for establishing their own final scope after inspection.

NOW LOOK 0.4 MILES DOWN THE SAME STREET

20015-17 Schoenherr St — SOLD $170,000

4 Bed / 2 Bath~1,632 SFTwo 2/1 UnitsSame StreetFully RenovatedLegal Duplex

Our subject?

4 Bed / 2 Bath~1,651 SFFunctions as two 2/1 living spaces

Are we calling ours a $170,000 ARV?

NO.

The $170K property was fully renovated and legally recognized as a duplex.

We're using approximately:

Conservative Renovated Value: ~$140K

Working ARV: ~$150K

Potential Renovated Range: ~$145K–$160K

And we're showing you the $170K sale because it demonstrates the upper-end value that superior, fully renovated legal two-family product has actually achieved on Schoenherr.

LET'S RUN THE NUMBERS WITHOUT USING $170K

At our $150K working ARV:

Resale: $150,000

Purchase: $79,999

Estimated Rehab: $25,000

10% Hold/Selling Allowance: $15,000

PROJECTED INVESTOR MARGIN: ~$30,000

Don't like $150K?

Let's use $140K and increase rehab to $30K:

Resale: $140,000

Purchase: $79,999

Rehab: $30,000

Hold/Selling: $14,000

PROJECTED INVESTOR MARGIN: ~$16,000

And if strong execution gets you to $160K with a $25K renovation:

PROJECTED MARGIN: ~$39,000

The deal doesn't require you to believe the subject is worth $170K.

OR DON'T FLIP IT AT ALL

This may actually be the more interesting play.

Buy it.

Take over an existing $1,400/month income stream.

Keep the tenants.

Then determine whether it makes sense to update the property gradually as leases turn rather than immediately carrying an empty renovation.

You have:

Two existing households

$16,800/year gross rent

Tenant-paid utilities

Separate entrances

Separate kitchens

Separate gas meters

Separate electric meters

Full basement

Long driveway

Detached 2-car garage

Brick construction

and a purchase price of:

$79,999

IMPORTANT — READ BEFORE CALLING

The property is NOT legally recognized as a duplex or multifamily property.

It is legally recognized as a single-family residence.

The existing physical configuration functions as two separate 2BR/1BA living spaces and two-family use is reportedly allowed under the applicable zoning; however, buyer must independently verify zoning, current legal use, occupancy requirements, permitting, licensing and what—if anything—would be required to obtain legal two-family recognition.

We're disclosing that upfront.

We're also pricing it accordingly.

If you want a completely renovated, legally recognized duplex, one sold down the street for $170,000.

THIS ONE IS $79,999.

THE BOTTOM LINE

4 Bed / 2 Bath

~1,651 SF

Two functioning 2/1 living spaces

$1,400/month current rent

$16,800 annual gross rent

Separate electric + gas meters

Two kitchens

Separate entrances

Full basement

2-car garage

Occupied

Value-add potential

Same-street legal duplex sold for $170K

PURCHASE PRICE: $79,999

Contact Evan for lease information, access, questions or to lock it up.

Buyer to perform all independent due diligence and independently verify property condition, occupancy, leases, rents, tenant payment history, square footage, bed/bath count, zoning, legal use, permitting, multifamily eligibility, utilities/meters, repair costs, ARV, title and all other property information.