16701 TULLER Street, Detroit, MI 48221 – 20240077603

Key Details

Property Type Multi-Family

Sub Type Upper/Lower Apartment

Listing Status Pending

Purchase Type For Sale

Square Footage 1,067 sqft

Price per Sqft $126

Subdivision The Garden Addition No 2 (Plats)

MLS Listing ID 20240077603

Style Upper/Lower Apartment

Bedrooms 2

Full Baths 2

Year Built 1926

Annual Tax Amount $978

Lot Size 3,049 Sqft

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 Det 6-Tire - Grnfld - Livernois

Zoning Multi-Family

Interior

Hot Water Natural Gas

Heating Forced Air

Exterior

Waterfront no

Roof Type Asphalt

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Water at Street

Structure Type Brick

Schools

School District Detroit

Others

Assessment Amount $240

Acceptable Financing Cash,Conventional,FHA,VA

Listing Terms Cash,Conventional,FHA,VA