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$ 136,000
$ 134,900 0.8%
16701 TULLER Street Detroit, MI 48221
2 Beds
2 Baths
1,067 SqFt
UPDATED:
Key Details
Sold Price $136,000
Property Type Multi-Family
Sub Type Upper/Lower Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 1,067 sqft
Price per Sqft $127
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
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
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
Bought with Redfin Corporation