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Become a Landlord in East English Village for a Mere $70K

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Photos via <a href="http://www.zillow.com/homes/for_sale/Detroit-MI/88126521_zpid/17762_rid/pricea_sort/42.509564,-82.746621,42.19546,-83.451119_rect/10_zm/20_p/%22">Zillow</a>
Photos via Zillow

This adorable East English Village Tudor offers the income property dream of living in one unit and renting the other. The current owner of this 2-unit building wants to retire, and has left a little punch list of projects for the new owner, mainly upgrading kitchen counters and cabinets. The (possibly) good news: he left the materials to complete this remodel in the basement. The units each feature hardwood floors, leaded glass windows, full formal dining rooms, and coved ceilings.

Each 2-bedroom, 1-bath unit rents for $649.50 (the listing says the whole building brings in $1299 a month in income, so…math), and the tenants are described as both "good" and "long term." Given the neighborhood's hot rental market, these units could do even better, should they become vacant and undergo pretty modest upgrades. The original woodwork and fireplaces already look very nice, and the home's exteriors has the curb appeal you expect for a 1930 Tudor in one of Detroit's most beautiful neighborhoods. Living in one unit and renting the other seems like a good move here, too—given the low, low price and that the estimated mortgage is under $300 a month, this place could be all profit for the right buyer.

·5751 Grayton St [Zillow]