Listing photoDetroit, MI 48224 · MLS 61031975
"Investment-opportunity: property is sold as is and only accepting cash offers."
3506 Haverhill St is a 4-bedroom, 2-bath home in Detroit, Michigan listed at $46,500 with 1,920 square feet, built in 1925. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 100% down ($46,500), we fund the $211,200 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. See every hard money opportunity in Michigan or our Michigan hard money lending page.
From the listing. Investment-opportunity: property is sold as is and only accepting cash offers. PLEASE BE AWARE SQUATTERS OCCUPY PROPERTY AND THERE IS NO WAY TO GAIN ACCESS AT THIS TIME. SELLER IS WORKING ON REMOVING THEM BUT WOULD PREFER FOR BUYER TO HANDLE. Looking for your next project? This 2-family flat on Detroit's East Side is priced to move and ready for your vision. This upper/lower configuration provides two distinct units with solid bones and classic layouts. Lower Unit: 2 Bedrooms, 1 Bath, Living Room, Formal Dining Room, Kitchen. Upper Unit: 2 Bedroom, 1 Bath, Living Room, Formal Dining Room, Kitchen. This property is being sold AS-IS, making it the perfect canvas for a full renovation. EMD to be held by listing broker & be certified/cashier's funds. Proof of funds required with all offers. Owner has other rentals/properties to sell and this can be bought individually or as a package deal.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Fix and flip: 100% down | |
|---|---|---|
| At closing | ||
| Qualifies as entered | No | |
| Buyer down payment | $46,500 (100%) | |
| Loan at closing | $0 | |
| Full renovation, rough estimate* | We fund $211,200 | |
| Total loan | $211,200 | |
| Rate, interest only | from 9.75% | |
| Points | 1.5 ($3,168) | |
| Appraisal | Required | |
| Estimated monthly interest | $1,716 at full draw | |
| Cash to close, rough estimate | $54,058 | |
Rough estimates at the list price of $46,500 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down takes a 740 score or a deeper track record; a first flip under 720 puts 25% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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