TITLE:
Discounted Land Contract Starter Rental in Stable Detroit Metro City
CONTROL:
Partner
VALUE:
$115,000
LOAN:
$80,000
EQUITY:
$35,000
TYPE:
Homes/Condos
HAVE:
Great starter rental available in Warren, Michigan and rent certified. Possibility for a ~$15k discount on the underlying debt. Experienced creative sellers. Property being sold subject-to underlying debt where ~$20k is at 0% financing.
ADDRESS:
7520 Studebaker Blvd, Warren, Michigan
BENEFITS TO NEW OWNER:
Great Lease Option, Land Contract, or starter rental with the potential to payoff a 0% loan and built in discounted equity. We will negotiate that for you. We can add cash. Great neighborhood. Great for Section 8.
GROSS SCHEDULED INCOME:
$14,500 Projected
VACANCY LOSS:
$1,400
GROSS EFFECTIVE INCOME:
$13,100
EXPENSES:
$3,000
NOI:
$10,100
DEBT SERVICE:
$6,000
CASH FLOW:
$4,100
CAP RATE:
8.78%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$61,000
$450
7%
06/01/2052
No
LOAN 2
$25,000
$25
0%
07/20/2029
No
BENEFITS SOUGHT:
About $7k cash out and flexible on remainder. Would like to be relieved of management. Have 3.5 years left on land contract that you will wrap. Growth on ~$15k of equity.
CAN ADD:
About $20k IRA on something else you own. Possibly $20k in 2-4 months.
COUNSELOR:
Cara Kennedy
Great Lakes Real Estate Exchange
PO Box 430676
Pontiac, Michigan, 48343
