Targeted Investment
$110,000
Annualized Return
33%
Targeted Return
$18,150
Total Payout
$128,150
Targeted Exit
6 Months
Investment Overview
1532 Atkinson St is an investment opportunity in the historic Boston-Edison neighborhood of Michigan. Known for its beautiful mansions and connection to auto magnates, Boston-Edison is experiencing rising property values and increasing appeal. With spacious homes, an aging population, and easy access to healthcare, this property makes for an ideal adult foster care site. The property is a two-story, single-family home with a basement, recently acquired by the sponsor with renovations 75% complete, with the intent to be used as an adult foster care site. The property offers secure stable income through private insurance payments and long-term leases from residents. Additionally, we have a pipeline of qualified residents ready to occupy the building, positioning the property for immediate cash flow upon completion.
Targeted Investment
The sponsor seeks $106,000 in working capital at 33% annualized interest with a 6-month exit, 2 months’ deferred interest, repayment over the next 4 months from refinance proceeds and operating cash flow, and boasts an 800 FICO score.
Use Of Funds
$36,000 Renovation Balance
$20,000 Theft of Materials Reimbursement
$50,000 Furniture & Equipment
Exit
Refinance within 30 days post renovation completion. Upon completion, the property is expected to have an estimated $150,000 in gross equity.
Property Information
| Location | Boston Edison, Michigan |
| Building units | 1 unit, 2 Stories With Basement |
| Building size | 2,461 Sqft |
| Execution Plan | |
| Renovation Status | 75% Completed |
| Exit | Refi @ 75% LTV Within 30 Days |
| Financial Overview Proforma | |
| Renovated Value | $450,000 |
| Senior Debt | $204,000 |
| New Investment | $106,000 |
| Gross Payoff | $310,000 |
| Investment Return | $20,000 |
| Total Payoff | $330,000 |
| Gross Equity | $150,000 |
| LTV (Loan-to-value) | 73% |
| Security/Collateral | Second Lien, UCC |
Neighborhood Overview | Boston–Edison | Michigan
Designed by architect Edward Voight and located just a few miles north of downtown Detroit, the historic Boston Edison district stands as one of the city’s most prestigious residential neighborhoods. Celebrated for its stunning collection of stately mansions, the area has long been home to prominent figures, including automotive pioneer Henry Ford and baseball legend Ty Cobb. Among its most famous landmarks is the Motown Mansion, a grand Italianate estate constructed in 1917 that once housed music industry titan Berry Gordy.
A. Voigt Park
Multi-Purpose Field
B. Gordon Park
Playground • Multi-Purpose Field • Walking Paths
C. Communication And Media Arts High School
9th to 12th • Public
D. Henry Ford High School
9th to 12th • Public
E. LaSalle Park
Playground • Green Space
F. Detroit Public Library
Community • Research • Events
The Context
Boston–Edison is a historic neighborhood undergoing the classic evolution seen in gentrifying districts across major U.S. cities—think Harlem, Brooklyn, or Logan Square (Chicago).
As Detroit experiences a cultural and economic revival, Boston–Edison is quickly transitioning from undervalued to desirable, with housing demand outpacing supply.
Why the $450,000 Price Makes Sense
Active Listing Comparison
5 bds | 3 ba | 3,960 sqft – House for sale
2054 Edison St, Detroit, MI 48206
BPO PROS LLC
5 bds | 3 ba | 3,960 sqft – House for sale
2054 Edison St, Detroit, MI 48206
BPO PROS LLC
5 bds | 3 ba | 3,960 sqft – House for sale
2054 Edison St, Detroit, MI 48206
BPO PROS LLC
5 bds | 3 ba | 3,960 sqft – House for sale
2054 Edison St, Detroit, MI 48206
BPO PROS LLC
Sales Comparison
| Address | Building sqft | Price/sqft | Property class | Sale date | Sale price | Time held | Zoning |
|---|---|---|---|---|---|---|---|
| 10 Spencer Pl | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| 10 Spencer Pl | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| 10 Spencer Pl | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| 10 Spencer Pl | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| 10 Spencer Pl | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| Average | 3040 | $299 | C0 | 8/25/2021 | $590,000 | 1mo | R6B |
| Address | Building sqft | Price/sqft | Property class | Sale date | Sale price | Time held | Zoning |
|---|---|---|---|---|---|---|---|
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
| Lorem ipsum | 1090 | $299 | C0 | 8/25/2021 | $1,090,000 | 1mo | R6B |
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