$134,900
16701 TULLER Street Detroit, MI 48221 2973
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$134,900
Est. payment /mo
2 BA
1,067 SqFt
Pending
16701 TULLER Street Detroit, MI 48221 2973
UPDATED:
11/08/2024 02:40 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 1,067 sqft
Price per Sqft $126
Subdivision Mi
MLS Listing ID 60347330
Full Baths 2
Year Built 1926
Annual Tax Amount $978
Lot Size 3,049 Sqft
Acres 0.07
Lot Dimensions 30.00 x 100.00
Property Description
Welcome to 16701 Tuller Street, a beautifully renovated duplex located in the heart of Detroit, MI. This property has been meticulously upgraded from top to bottom, making it an ideal turnkey investment opportunity for buyers looking for immediate cash flow and solid returns. Priced at just $134,900, this 4-bedroom, 2-bathroom home offers tremendous value with an above-average 9.73% CAP rate. Key Features: - Fully Renovated in October 2024 – Enjoy peace of mind with new plumbing, two brand-new hot water heaters, updated electrical systems, and fresh paint throughout both units. - Modernized Kitchens & Bathrooms – Both units have updated kitchens and bathrooms, featuring new flooring, cabinetry, and fixtures. - Income-Generating Property – The upper unit will be rented for $650/month to a reliable tenant whose rent is covered by The Michigan State Housing Development Authority through December 2024. The lower unit is rented for $1,175/month, bringing total monthly rental income to $1,825. Tenants are responsible for all DTE utilities and partial water. - High ROI Potential – With stable tenants in place and minimal maintenance required after the renovations, this property offers an incredible investment opportunity with a 9.73% CAP rate, ensuring strong returns on your investment. Assuming a 15%-20% down payment on an investment property loan and today's interest rate, the monthly mortgage payment would be roughly $879. Property monthly rental income is $1,875. - New 6ft Privacy Fence – The fully fenced-in yard provides added privacy and security for tenants, enhancing the overall value of the property. - Two New Hot Water Heaters, New Windows, Updated Furnace – Both units are fitted with some new windows and an updated furnace, ensuring energy efficiency and comfort for tenants year-round. This property is legally zoned as a duplex but can easily be converted into a spacious single-family home, adding even more versatility for future owners.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Rooms
Basement Block
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Waterfront No
Building
Foundation Basement
Water Public Water at Street
Structure Type Brick
Schools
School District Detroit City School District
Others
Assessment Amount $240
Energy Description Natural Gas
Financing Cash,Conventional,FHA,VA
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by KW Metro
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