242 E Palmer St #2 & 1DetroitMI48202
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Detroit at 242 E Palmer St #2 & 1, Detroit, MI, 48202 uses $111,881 cash to close to unlock $29,367/yr annual cash flow and $2,447/mo monthly cash flow. Total monthly income runs $5,243/mo, and a $1,652/mo payment keeps the spread at $2,447/mo. Purchase price stands at $337,500, and rental yield measures 18.64% with $5,243/mo rent. Return on cash invested shows 46.16% in year one, and 5% annual appreciation builds toward $93,245 over five years. Five-year ROI reaches 246.37% and total cumulative return in cash records $275,641. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $5,243/mo property income covering a $1,652/mo payment rather than investor’s personal income.
Condo
Built in 1920
8,712 sqft lot
$N/A/sqft
$570 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 48202, Detroit, MI area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 11,134 (100%) |
| Owner Occupied HU | 2,253 (20.2%) |
| Renter Occupied HU | 6,556 (58.9%) |
| Vacant Housing Units | 2,325 (20.9%) |
| Median Home Value | $260,755 |
| Average Home Value | $317,030 |
Housing Distribution
Address Breakdown
Residential
8,614
Single Family
4,239
Multi-Family
4,375
Businesses
886
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
