13989 Cherrylawn ST Detroit, MI 48238
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Coming Soon
Purchase Type For Sale
Square Footage 1,774 sqft
Price per Sqft $47
Subdivision Oakman-Walsh-Weston
MLS Listing ID 20261062104
Style Bungalow
Full Baths 2
Year Built 1929
Lot Size 3,484 Sqft
Acres 0.08
Property Sub-Type MultiFamily
Property Description
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 Area05042Det6Tiregrnfldlivernois
Rooms
Basement Partially Finished
Interior
Heating Forced Air, Natural Gas
Cooling Ceiling Fans
Fireplace No
Exterior
Parking Features Garage
Pool None
View Y/N No
Garage true
Building
Foundation Basement, BrickMortar
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Detroit
Others
Senior Community false
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Yes
NEARBY SCHOOL & BUSINESS
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