9528 Montrose St, Detroit, MI 48227
- $45,000
- 5
- BD
- 2
- BA
- 1,514
- SqFt
- Sold Price
- $45,000
- List Price
- $50,000
- Closing Date
- Jul 08, 2024
- MLS#
- 20240037848
- Status
- CLOSED
- Bedrooms
- 5
- Bathrooms
- 2
- Total Square Footage
- 1,514
- Subdivision
- FRISCHKORNS DYNAMIC (PLATS)
Property Description
This is your sign! A rare 5 bedroom, 2 full bath home is great for a large family to move right in and add your touches when you're ready. The 2 adjoining lots are owned by the Detroit Land Bank. Buy them and fence them in. Investors, this is an amazing Buy & Hold Deal. With a little TLC this home can be Section 8. Collect around $2,000 in rent each month based on MSHDA's 2024 HCV (aka Section 8) 2024 Payment Standard for Wayne County. See photo # 2. Don't go and cash out on a $25K full gut rehab? Instead, you need to consider this Land Contract option: Use your $25K as a downpayment, 10% interest, $1,000 per month (Principal & Interest Only) for 2 years. Land Contract purchase price is $60K. Get higher than average cashflow by becoming a Section 8 landlord. Paying $2,000 per month could have the home paid in full within 2 years. The Buyer is responsible for taxes and insurance. You will get a clear title with Title Insurance. Seller is selling their assignable interest.
Additional Information
- Year Built
- 1928
- Basement Type
- Unfinished
- Foundation
- Basement, Block
- Acres
- 0.11
- Style
- Colonial
- Acres
- 0.11
- School District
- Detroit
- Heating
- Forced Air, Natural Gas
- Garage Description
- None
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Courtesy of Real Estate Management Specialists Inc 3135336300
Selling Office: Real Estate Management Specialists Inc.
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