$58,000
10147 Lanark St
Detroit, MI 48224
The numbers
Cap rate
17.8%
on asking
Cap @ all-in
15.7%
price + rehab
NOI
$10,349/yr
Cash flow
$862/mo
unlevered
GRM
3.3
Rent / price
2.5%
1% rule
Income & expenses (annual)
- Gross rent
- $17,364
- Vacancy (8%)
- − $1,389
- Effective gross income
- $15,975
- Property taxes
- − $1,350
- Insurance
- − $1,080
- Management (10%)est.
- − $1,598
- Maintenance & capex (10%)est.
- − $1,598
- Net operating income
- $10,349
35% expense ratio
Financed scenario
25% down · 7.5% rate · 30-yr · ~2% closing — assumptions, run your own numbers.
- Down payment
- $14,500
- Loan amount
- $43,500
- P&I payment
- $304/mo
- Cash to work the deal
- $23,660
- Cash flow after debt
- $558/mo
- Cash-on-cash
- 28.3%
- DSCR
- 2.84
Spread
$24,000
ARV − all-in
Flip ROI
36.4%
spread / all-in
% of ARV
73%
all-in vs ARV
Price / sqft
$64
ARV / sqft
$99
Rehab / sqft
$9
- Asking price
- $58,000
- Est. rehab
- + $8,000
- All-in
- $66,000
- After-repair value
- $90,000
- Projected spread
- $24,000
Deal terms
- Close method
- Assignment
Property facts
- Property type
- Single Family — frame/siding
- Bedrooms
- 3
- Bathrooms
- 1
- Interior
- 907 sqft
- Lot size
- 4,356 sqft
- Year built
- 1949
- ZIP
- 48224
Why this deal
- On the MLS at $79,900 — yours at $58k OBO
- Renovated: LVP, new windows, appliances, LP siding
- Zillow rent est. $1,447/mo — double-digit cap at ask
- Punch-out only — est. rehab $0–8k
Comps backing the ARV
10470 Merlin St
Sold — 3/1, 1,011 sqft, nearby renovated support
$76,500
9366 Sanilac St
Sold — 3/1, 901 sqft, near-identical size
$81,500
6304 Bluehill St
Sold — 3/1, 1,088 sqft
$99,000
10704 Duprey St
Sold — 3/1, 845 sqft, renovated smaller home
$104,000
10593 Marne St
Sold — 3/1, 995 sqft, renovated upside support
$109,000
10761 Worden St
Sold — 3/2, 1,078 sqft, upper-end renovated
$130,000
About this deal
Renovated 3-bed that's live on the MLS at $79,900 right now — take it here at $58,000 OBO, about 27% below list. Updated top to bottom: LVP flooring, fresh paint, updated kitchen, newer appliances, new windows, LP siding, clean basement. Zillow rents it at $1,447/month, so the yield works at ask, and nearby renovated sales run $90k–$130k for the resale exit. Remaining work is punch-out items only, estimated under $8k.
Location
10147 Lanark St
Detroit, MI 48224