SUBTO · 3.875% RATE · SALE LEASEBACK · TENANT IN PLACE 24 MONTHS · BRICK CAPE COD California Dr NE, Lathrup Village, MI 48076

PURCHASE PRICE:
$262,750
Net to Seller

APPRAISED 357K (October 2026)

• PROPERTY TYPE: Single Family Residential (Cape Cod)

• ROOMS: 3 BD / 2 BA

• SQFT: 1,612 + 928 sqft full basement (about 38% finished)

• LOT: 7,841 · 0.18 Acres

• YEAR BUILT: 1951

• PARCEL: Oakland County 24-13-155-011

• TERMS: Assignment of Contract · Subject To · 5K non-refundable EMD · COE on or before 11/30

• CALL FOR ACCESS: Tenant (seller) occupied, showings by appointment

Deal Structure:

• Take over the existing 1st subject to: about 167.6K at 3.875%, PITI about 1,534/mo

• HUD 2nd: about 29K at 0% interest, no monthly payments

• 24 month sale leaseback with the seller as tenant: Year 1 rent 1,950/mo (400 prepaid), Year 2 rent 2,050/mo (500 prepaid)

• Prepaid rent credit of about 10.8K at closing

• Seller buyback option at 307.75K at the end of the lease

• Cash to close about 71.1K including about 5K closing costs, or about 60.3K net after the prepaid rent credit

• About 40K built-in spread to the option price plus about 10K principal paydown, roughly 50K on about 60K in over 24 months

DETAILS:

Brick Cape Cod in Lathrup Village with 1,612 sqft above grade, 3 bedrooms, 2 baths, and a full basement with partial finish, outside entry and a sump. It has a 1 car attached garage on a 50x154 lot. The kitchen and one bath have been updated, and the living areas have wood floors, a fireplace and central air. The appraisal rates it C3 (well maintained, normal wear). One spot of missing floor tile at the kitchen doorway is the only visible repair. The rate is the play here: a 3.875% first, a 0% HUD second with no payments, and a seller tenant locked in for 24 months with a buyback at 307.75K if executed. Appraised at 357K against a 262.75K buy price. Southfield school district, flood zone X, 2025 taxes 3,731. Buyer to perform own due diligence

Disclaimer: Offered as an assignment of the contract (equitable interest). Buyer to verify all information including square footage, lot size, room count, zoning, loan terms and assumability, lien payoffs, lease terms and tenant rights, mechanical systems, and property condition prior to closing.

CALL or TEXT FOR MORE INFO

(623) 283 2623

COMPARABLE SALES:

• 18761 Dolores Ave · Sold 415,000 (Single Family · Lathrup Village 48076)

• 18577 San Jose Blvd · Sold 388,000 (Single Family · Lathrup Village 48076)

• 27791 Lathrup Blvd · Sold 320,000 (Single Family · Lathrup Village 48076)
  

(623) 283-2623
[email protected]