Updated: Apr 26
Multifamily Investment Opportunity
$2,730,000.00 (Subject to Existing Mortgage)
21 Units - $20,400/monthly Rent
Great opportunity to invest in a cash flowing portfolio in Ypsilanti and Farmington Hills, MI using creative financing. All of these properties are located in desirable areas with quality tenants. We are willing to accept $2,730,000.00 with land contract terms of $585,000 down, 5.875% interest only, with a 5 to 7 year balloon. We can only accept "subject to" terms, because of an underlying note. The buyer will have the right to pay the note payment directly to the lender as part of their monthly payment. Currently the rents are under market rate by close to $5,000.00 per month. A lot of the tenants have been in the homes for many years. Same ownership of the homes for over 10 years.
EMD needs to be 50K.
CAP Rate 7.0%
Cash On Cash 12.0%
The seller has also agreed to increase rents by 5,000 per month within 90 days, for a nonrefundable $100,000.00 deposit. If the total rents go up 5K per month, the CAP Rate becomes 9.4% and the cash on cash is 23.7%! Portfolio ARV is $2.85M. Please submit all offers directly to firstname.lastname@example.org
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
eAll Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*