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$50,000
Est. payment /mo
2 Baths
3,484 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20251050262
HOA Y/N true
Year Built 1927
Annual Tax Amount $2,826
Lot Size 3,484 Sqft
Acres 0.08
Lot Dimensions 35X100
Source Realcomp
Property Description
Investor special in Detroit's up-and-coming Fitzgerald neighborhood! This solid brick duplex at 15865 Cloverlawn St features two 2-bedroom, 1-bath units located directly across the street from Mary McLeod Bethune Academy and just minutes from University of Detroit Mercy and Marygrove College. The property has a NEWER ROOF, approximately three years old, and is currently fully occupied with a month-to-month tenant paying $950 per month to occupy both units, providing immediate income with room to increase rents. Each unit offers a spacious layout and strong bones, with plenty of potential for value-add updates to maximize returns. Market rents in the area average $800–$900 per unit, offering a great opportunity for investors to improve cash flow through light renovations or repositioning. The Fitzgerald neighborhood has benefited from significant revitalization efforts, including the $4 million Fitzgerald Revitalization Project, which continues to attract investment and new development. This property offers an affordable entry point into a growing neighborhood with long-term appreciation potential, perfect for both new and experienced investors. At the current rent, the duplex still offers a respectable ~10.8% cap rate. Once re-rented at market levels, the property becomes a cash-flow powerhouse, with a 23–27% cap rate, depending on the rent achieved. This highlights a major value-add opportunity for an investor to buy based on current performance but realize significantly higher returns once the property is repositioned.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Residential
Direction South of Puritan Ave, East of Wyoming Ave
Interior
Heating Forced Air
Exterior
Amenities Available Pets Allowed
View Y/N No
Building
Structure Type Brick,Vinyl Siding
Schools
School District Detroit
Others
Tax ID W16I031286S
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by RE/MAX City Centre
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