Cash Cow

91 Elm Street, River Rouge, MI

13.32% return

SP: $189,000

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Property Description

Amazing Investment!!!

Quadplex. All brick. 4 large 2bed/1bath units. Each unit has a balcony and will rent easily for $800-850. Fully occupied. Garage in the back. Tons of upside and growth in the city! Insane returns on investment. Property management is available. Do not miss out on this opportunity.

Property Information

Listing statusSold
Property typeMulti Family
Total units4
Total bedrooms8
Total bathrooms4
Building size4908 sq. ft.
Lot size0.0 acres
Year built1925

CountyWayne County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingBoiler
CoolingWindow A/C

Property Financial Summary

Sale price$189,000
Estimated rehab¹$0
Total investment$189,000

TypeProforma

Gross income (annually)$38,400
Operating expenses (annually)$13,226
Net income (annually)$25,174
Gross return20.32%

Gross income (monthly)$3,200
Operating expenses (monthly)$1,102
Net income (monthly)$2,098
Net return13.32%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 2 bed / 1 bath$800/month$9,600/year
Unit 2: 2 bed / 1 bath$800/month$9,600/year
Unit 3: 2 bed / 1 bath$800/month$9,600/year
Unit 4: 2 bed / 1 bath$800/month$9,600/year
Total$3,200/month$38,400/year

Expenses

Property Taxes$402/month$4,826/year
Maintenance reserve$167/month$2,000/year
Insurance (estimated)$208/month$2,500/year
Water and Sewer$175/month$2,100/year
Gas Utility Bill$150/month$1,800/year
Total$1,102/month$13,226/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.