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Buy&Hold (Vacation Rentals): 1471, 1473 & 1475 E ML King Dr, Idlewild, MI 49642 - Deal Available

Updated: Jul 10, 2023

Single Family Investment Opportunity




















Price

$140,000


PROPERTY DESCRIPTION:


Property Address: 1471, 1473 & 1475 E ML King Dr

Off-Market Listing Description:


Investment Opportunity: 3 Cottages for Profitable Vacation Rentals in Idlewild, Michigan

Embrace a remarkable investment opportunity in the historic town of Idlewild, Michigan. This off-market listing offers three charming cottages, perfect for establishing a profitable vacation rental business. These cottages are being sold as a portfolio, providing a unique chance to acquire a thriving rental property in a location rich in history and natural beauty.


Nestled in the heart of Idlewild, this property includes one studio unit and two 2-bedroom units, each with 1 bath, catering to various guest needs. Ideally situated on the corner of Broadway and E ML King Blvd, these cottages occupy five expansive lots, enjoying prime visibility and convenient access.


Idlewild holds a significant place in African American history, renowned as a thriving resort community during the mid-20th century. It served as a cherished destination for black entertainers, professionals, and families seeking refuge from racial tensions. Idlewild's vibrant entertainment venues hosted legendary artists such as Louis Armstrong, B.B. King, and Della Reese, establishing it as a cultural hub for African American talent.


This property presents an exciting opportunity to be a part of Idlewild's storied legacy. Immerse yourself in the town's history while capitalizing on the modern demand for vacation rentals. Acquired in 2020, the cottages have already undergone several upgrades by the current owners, amounting to over $45,000 in improvements.


While an additional investment of approximately $10,000 to $15,000 is required to complete the cottages, the potential return on investment makes it a compelling prospect. The necessary repairs include drilling a new well for $3,500 and tiling the bathrooms. The corner unit requires flooring and paint, while the kitchen in the same unit needs completion. Additionally, the installation of hot water tanks and an exterior power wash are recommended.


Noteworthy progress has already been made on the property. A new motor for the well has been installed, ensuring a reliable water supply for guests. Two of the units have received fresh paint and new flooring, enhancing their visual appeal. The studio unit boasts a brand-new bathroom, offering enhanced comfort for guests. The exterior windows and doors have been wrapped, and the cottages' foundations have been supported with new encasing, improving both aesthetics and structural integrity. Furthermore, exterior lights and security cameras have been installed, enhancing safety, while keyless entry systems provide convenience for guests and owners alike.


The bathrooms are prepared for tiling, and new toilets, sinks, and bathroom tiles are ready for installation. All units have been completely gutted, providing a blank canvas for your vision and personal touch.


Don't miss this exceptional investment opportunity in Idlewild, Michigan. Submit all offers to sarter@promiselandrealtyllc.com and seize the chance to contribute to the town's historical legacy. With the necessary repairs and completion, these cottages can be transformed into highly sought-after vacation rentals, generating substantial returns. Act now and unlock the potential of these charming cottages in a town imbued with history and natural beauty.


Property Map




"Your #1 Source for Off Market Properties, NATIONWIDE"






PROMISE LAND REALTY, LLC

Work: 864-762-2509


All 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*






















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