16580 Steel StDetroit, Michigan

Detroit, MI 48235 · MLS 61027097

List price

$119,900

3 bd / 1.5 ba
Bedrooms / baths: 1,909 sq ft
Living area

"Property is priced for cash-only buyers due to furnace needing repair."

Listed by Ronald Lacasse Jr Brookstone, Realtors LLC (248) 963-0505

16580 Steel St is a 3-bedroom, 1.5-bath home in Detroit, Michigan listed at $119,900 with 1,909 square feet. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with at least one completed project puts 10% down ($11,990), we fund the $85,905 renovation estimate in draws, and the loan closes in 2 weeks. A first flip puts 20% down. See every hard money opportunity in Michigan or our Michigan hard money lending page.

From the listing. Welcome to 16580 Steele St, a 3-bedroom colonial offering classic character, great space & a convenient Detroit location. The main level features a spacious living room with fireplace, formal dining room & wood floors throughout. Full basement includes a half bath & plenty of additional storage space. Brick & siding exterior, 2-car detached garage & fenced backyard with a convenient exterior door, making it easy to let the dog out. Located just 1 mile from Palmer Woods & Palmer Park, providing easy access to some of Detroit's most desirable parks & recreation. Property is priced for cash-only buyers due to furnace needing repair. Great opportunity for an investor or buyer looking to add value in a sought-after area. This property is eligible under the Freddie Mac First Look Initiative through 10/03/2026. Only owner occupant offers and approved non-profit buyer offers will be considered during this period. Seller will not complete any repairs to the subject property, either lender or buyer requested. The property is sold in AS IS condition.

01 - Price This Property

Hard money financing on 16580 Steel St: what you qualify for.

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.

List price $119,900

State MI

Your credit score, approximate

Type a number, like 720. A ballpark is fine and nothing is pulled. Leave it empty if you have no score.

Investment projects you completed in the last 3 years

Flips, rentals bought and sold, or builds. Decides the down payment.

Renovation budget

Our super rough estimate at $45 per sq ft. Put in your contractor's number if you have one.

After-repair value, if you know it

The loan stays under 75% of it. Leave blank to size on the price alone.

1. Your score740Qualifies, high-score terms
2. Your experience1 to 2 projectsTier 2: 10% down
3. Down payment10% down$11,990 at closing

You qualifyAt a 740 score with 1 completed project, you qualify for 10% down on this property with the renovation funded.

Fix and flip, experienced

10% down

We fund 100% of the renovation. Closes in 2 weeks.

Cash to close, rough estimate $19,287

Loan at closing $107,910

Rate, interest only from 9.75%

A 740 or better score on a purchase under $750,000 gets the high-score terms: the loan can reach 90% of after-repair value instead of 75%.
Experience Tier 2 on 1 completed project in three years: 10% down, 100% of the renovation funded.

02 - The Numbers at Closing

16580 Steel St priced at the list price.

Item		Fix and flip: 10% down
At closing
Qualifies as entered	Yes
Buyer down payment	$11,990 (10%)
Loan at closing	$107,910
Cosmetic renovation, rough estimate*	We fund $85,905
Total loan	$193,815
Rate, interest only	from 9.75%
Points	1.5 ($2,907)
Appraisal	Required
Estimated monthly interest	$1,575 at full draw
Cash to close, rough estimate	$19,287

Rough estimates at the list price of $119,900 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 $45 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 is for experienced investors; first-time flippers put 20% down. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.

We are the lender, not the listing agent. This property is listed by Ronald Lacasse Jr, Brookstone, Realtors LLC ((248) 963-0505). To see it or make an offer, contact Ronald directly, or work with your own buyer's agent. The numbers on this page are simply what our financing would look like on this property. Viewing them is not a commitment to borrow from us, and you are free to finance the purchase however you choose. We do not represent buyers or sellers.

Request the Term Sheet Call (323) 304-4978

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