5081 Somerset AveDetroit, Michigan

Detroit, MI 48224 · MLS 61029298

List price

$54,900

6 bd / 2 ba
Bedrooms / baths: 2,098 sq ft
Living area: 1929
Year built

"property is sold as is and only accepting cash offers"

Listed by James Haidar RE/MAX First (586) 781-2900

5081 Somerset Ave is a 6-bedroom, 2-bath home in Detroit, Michigan listed at $54,900 with 2,098 square feet, built in 1929. 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 15% down ($8,235), we fund the $94,410 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 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.

01 - Price This Property

Hard money financing on 5081 Somerset Ave: 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 $54,900

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
2. Your experience1 to 2 projectsTier 2: 15% down
3. Down payment15% downNot priced as entered: see why below

Not yetAt a 740 score with 1 completed project, this property does not price on our programs as entered. The reasons are below; change what you can, or call the desk.

Fix and flip, experienced

15% down

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

Cash to close, rough estimate $14,741

Loan at closing $46,665

Rate, interest only from 9.75%

Why not. An extensive (100% of the price or more) renovation is not offered at Tier 2. It opens at Tier 3 (3 or more completed projects).

02 - The Numbers at Closing

5081 Somerset Ave priced at the list price.

Item		Fix and flip: 15% down
At closing
Qualifies as entered	No
Buyer down payment	$8,235 (15%)
Loan at closing	$46,665
Cosmetic renovation, rough estimate*	We fund $94,410
Total loan	$141,075
Rate, interest only	from 9.75%
Points	1.5 ($2,116)
Appraisal	Required
Estimated monthly interest	$1,146 at full draw
Cash to close, rough estimate	$14,741

Rough estimates at the list price of $54,900 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 James Haidar, RE/MAX First ((586) 781-2900). To see it or make an offer, contact James 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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